Eastern Platinum has reported improved financial results for the first quarter of 2022 during which the Vancouver-based company managed to raise its revenue to some $17.4 million, up 4.3 percent compared with the first three months of last year.
The expansion in revenue for the January-March 2022 period was primarily due to an increase in platinum group metal sales, the miner said in a statement.
"The Company continues its Retreatment Project at Barplats Mines (Pty) Limited's tailings facility (the "Retreatment Project") located at the Company's Crocodile River Mine ("CRM") in South Africa," Eastern Platinum said.
"The majority of the Company's revenue (approximately 84% for Q1 2022) is generated from the offtake agreement with Union Goal Offshore Solution Limited … in relation to chrome concentrate production from the Retreatment Project. The remaining amount of the Company's revenue was from PGM concentrate sales to Impala Platinum Limited," according to the statement.