- Eastern Platinum Limited (ELR) released its Q2 2022 financial statements
- Revenue for Q2 increased to $20.5 million, representing a 2.5 per cent increase from Q2 2021’s $20.0 million
- Mine operating income increased by $0.9 million (25.2 per cent) to $4.2 million
- Operating income was $0.9 million in Q2compared to $0.7 million in Q2 2021
- 1,868 tons of platinum group metal (PGM) concentrate was produced by the company in Q2 2022, compared to 539 tons in Q2 2021
- Eastern Platinum Limited (ELR) is trading steady at C$0.25
Eastern Platinum Limited (ELR) released its financial statements for the three and six months ended June 30, 2022.
Revenue for Q2 2022 increased to $20.5 million, representing a 2.5 per cent increase from Q2 2021’s $20.0 million. 2022 revenue year to date increased to $37.9 million (YTD 2021 – $36.7 million), representing a 3.4 per cent increase.
Mine operating income increased by $0.9 million (25.2 per cent) to $4.2 million in Q2 2022, whereas Q2 2021 saw $3.3 million, resulting in an improved gross margin of 20.3 per cent in Q2 2022 versus Q2 2021’s 16.6 per cent. Mine operating income in the 2022 year to date increased by $2.8 million (or 59.1 per cent) to $7.6 million (year to date 2021 – $4.8 million), resulting in an improved gross margin of 19.9 per cent year to date from 13.0 per cent in the year to date in 2021.
Operating income was $0.9 million in Q2 2022 compared to $0.7 million in Q2 2021. Operating income improved by $2.0 million to $1.0 million in 2022 from an operating loss of $1.0 million in2021.
Net income attributable to equity shareholders was $1.2 million ($0.01 earnings per share) in Q2 2022 versus net income attributable to equity shareholders of $4.1 million ($0.03 earnings per share) in Q2 2021.
1,868 tons of platinum group metal (PGM) concentrate was produced by the company in Q2 2022, compared to 539 tons in Q2 2021.
The company looks to operate and optimize its Retreatment Project and maximize returns by the end of the year.
Wanjin Yang, Chief Executive Officer and President of Eastern Platinum, commented on the results.
“The Q2 financial results have shown the Company is on the right path to continue its revenue growth and profitability improvements from the Retreatment Project and capacity increases from the PGM circuits. We are also focused on achieving a commercial result to reduce Union Goal’s outstanding receivables.”
Eastern Platinum owns several platinum group metal (PGM) and chrome assets in the Republic of South Africa. All of the company’s properties are situated on the western and eastern limbs of the Bushveld Complex. This geological environment hosts approximately 80 per cent of the world’s PGM-bearing ore.
Eastern Platinum Limited (ELR) is trading steady at C$0.25.