Eastern Platinum Limited Reports Financial Results for the Quarter and Year Ended December 31, 2013
March 13 2014 - 7:35PM
Marketwired
Eastern Platinum Limited Reports Financial Results for the Quarter
and Year Ended December 31, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 13, 2014) -
Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) -
As a result of the suspension of production at the end of July
2013, the Company believes that it is not meaningful to compare the
operations of the year ended December 31, 2013 against the
operations of the year ended December 31, 2012. However, for
information purposes, certain production statistics have been
provided in the Management's Discussion and Analysis which
accompanies the audited consolidated financial statements for the
year ended December 31, 2013.
Summary of results for the quarter ended December 31, 2013:
- At December 31, 2013, the Company had a cash position
(including cash, cash equivalents and short term investments) of
$92,960,000 (December 31, 2012 - $130,925,000).
- Eastplats recorded a loss attributable to equity shareholders
of the Company of $1,559,000 ($0.00 per share) in the three months
ended December 31, 2013 ("Q4 2013") compared to a loss of
$1,963,000 ($0.00 loss per share) in the three months ended
December 31, 2012 ("Q4 2012").
- General and administrative costs decreased 60% from $2,151,000
in Q4 2012 compared to $861,000 in Q4 2013.
- Eastplats incurred care and maintenance costs of $2,807,000 at
CRM and at its Eastern Limb project in Q4 2013.
Summary of results for the year ended December 31, 2013
- Production at CRM scaled down with effect from June 22, 2013
and ceased by the end of July 2013. CRM was placed on care and
maintenance commencing August 1, 2013.
- Eastplats recorded a loss attributable to equity shareholders
of the Company of $156,852,000 ($0.17 per share) for the year ended
December 31, 2013 ("2013") compared to a loss of $103,708,000
($0.11 loss per share) for the year ended December 31, 2012
("2012").
- Adjusted EBITDA was negative $14,825,000 in 2013 compared to
negative $12,558,000 in 2012.
- PGM ounces sold decreased 68% to 27,352 ounces in 2013 compared
to 86,225 PGM ounces in 2012.
- The U.S. dollar average delivered price per PGM ounce decreased
to $918 in 2013 compared to $925 in 2012.
- The Rand average delivered price per PGM ounce increased 13% to
R8,500 in 2013 compared to R7,528 in 2012.
- During the year, the Company recorded an impairment charge of
$147,787,000 against its Crocodile River Mine.
Financial Information
For complete details of financial results, please refer to the
audited condensed consolidated financial statements and
accompanying Management's Discussion and Analysis ("MD&A") for
the year ended December 31, 2013. These financial statements and
MD&A, and the comparative financial statements for the year
ended December 31, 2012 are all available on SEDAR at www.sedar.com
and on the Company's website www.eastplats.com.
Total shares issued and outstanding - 928,187,807
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking
statements, is intended to provide readers with a reasonable basis
for assessing the financial performance of the Company. All
statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward looking statements. These
forward-looking statements pertain to assumptions regarding the
price of PGMs, fluctuations in currency markets (specifically the
Rand and the U.S. dollar), the future funding of the Company's
projects, the future development of the Company's projects, the
Company's plans for its properties, the anticipated timing for the
awarding of tenders, and the accounting policies issued but not yet
effective for the Company. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Company, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results
to differ materially from those projected in the forward-looking
statements. Such factors include, but are not limited to, the risk
of fluctuations in the assumed exchange rates of currencies that
directly impact the Company, such as Canadian dollar, South African
Rand and U.S. dollar, the risk of fluctuations in the assumed
prices of PGM and other commodities, the risk of changes in
government legislation, taxation, controls, regulations and
political or economic developments in Canada, the United States,
South Africa, or Barbados or other countries in which the Company
carries or may carry on business in the future, risks associated
with mining or development activities, the speculative nature of
exploration and development, including the risk of obtaining
necessary licenses and permits, and assumed quantities or grades of
reserves. Many of these uncertainties and contingencies can affect
the Company's actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Readers are cautioned that forward-looking statements are not
guarantees of future performance. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those acknowledged in
such statements. Specific reference is made to the Company's most
recent Annual Information Form on file with Canadian provincial
securities regulatory authorities for a discussion of some of the
factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except to the extent
required by applicable laws.
Eastern Platinum LimitedIan RozierPresident &
C.E.O.+1-604-685-6851+1-604-685-6493info@eastplats.comwww.eastplats.comNOMAD:Neil
Elliot, Damien HackettCanaccord Genuity Limited, London+44 (0) 207
7523 8000JSE SPONSOR:Johan FouriePSG Capital (Pty) Limited+27 21
887 9602johanf@psgcapital.com
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