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Eastern Platinum Reports Results for the Quarter and Year Ended December 31, 2012

Eastern Platinum Limited (ELR.TO) this morning reported financial results for the fourth quarter and year ended December 31, 2012.

Summary of results for the quarter ended December 31, 2012:

Eastplats recorded a loss attributable to equity shareholders of the Company of $1,342,000 ($0.00 loss per share) in the quarter ended December 31, 2012 (Q4 2012) compared to a loss of $64,325,000 ($0.07 loss per share) in the quarter ended December 31, 2011 (Q4 2011).

Adjusted EBITDA was negative $2,672,000 Q4 2012 compared to negative $6,455,000 in Q4 2011.

PGM ounces sold decreased 29% to 14,066 ounces in Q4 2012 compared to 19,854 PGM ounces in Q4 2011.

Summary of results for the year ended December 31, 2012

Eastplats recorded a loss attributable to equity shareholders of the Company of $100,953,000 ($0.11 loss per share) in the year ended December 31, 2012 compared to a loss of $76,545,000 ($0.08 loss per share) in the year ended December 31, 2011.

The Company recorded an impairment charge of $88,278,000 on its Eastern Limb properties in Q2 2012 (Q4 2011 - $46,327,000 on its CRM property).

Adjusted EBITDA decreased to negative $12,558,000 in 2012 compared to negative $1,411,000 in 2011. The impairment charge was not included in the calculation of adjusted EBITDA.

PGM ounces sold decreased 7% to 86,225 ounces in 2012 compared to 92,724 PGM ounces in 2011.

Shares are down half a cent to (2.86%) to 17 cents mid-morning.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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