Mr. Wylie Hui reports

EASTERN PLATINUM LIMITED TO INVEST IN ZANDFONTEIN UNDERGROUND AND GROWTH OPPORTUNITIES WITH COMPLETED RIGHTS OFFERING

Eastern Platinum Ltd. has completed its previously announced rights offering to its shareholders, subject to final approval of the Toronto Stock Exchange and Johannesburg Stock Exchange.

On Friday, May 12, 2023, Eastern Platinum will issue an aggregate of 64,080,653 common shares of the company at a price of 11 cents per common share issued in respect of the exercise of rights trading on the Toronto Stock Exchange and 145.64 South African cents per common share issued in respect of the exercise of rights trading on the Johannesburg Stock Exchange. The company is very pleased to have raised total gross proceeds of approximately $7,043,721 in terms of the rights offering.

The aggregate number of 64,080,653 common shares comprises 52,313,551 common shares, which will be issued in respect of the rights exercised under the basic subscription privilege, and an additional 11,767,102 common shares, which will be issued in respect of applications to subscribe for additional common shares received by the company under the additional subscription privilege (on the basis that all applications for additional common shares have been allocated in full). As of the issue date, 201,901,426 common shares of Eastern Platinum will be issued and outstanding. No common shares will be issued under a standby commitment and no fees or commissions will be paid in connection with the distribution.

To the knowledge of the company, after reasonable inquiry, no person that was not an insider of Eastern Platinum became an insider as a result of the issue of common shares under the rights offering.

Further to the rights offering circular of the company dated March 24, 2023, the company confirms that Ka An Development Co. Ltd., an insider by virtue of beneficial ownership of, or control or direction over, directly or indirectly, securities of the company carrying more than 10 per cent of the voting rights attached to all the company's outstanding voting securities, has exercised its basic subscription privilege to acquire 45 million common shares and its additional subscription privilege to acquire 10,767,000 common shares, for a total of 55,767,000 common shares, bringing Ka An's holdings after the rights offering to 100,767,000 common shares of the company, representing 49.9 per cent of the total issued and outstanding common shares of the company.

The company intends to use the net proceeds from the rights offering to commence and/or complete various projects as described in the rights offering circular to expand and grow Eastern Platinum's revenue potential. Eastern Platinum will provide a more detailed and definitive update in regards to the specific projects and priorities in due course.

About Eastern Platinum Ltd.

Eastern Platinum owns directly and indirectly a number of platinum group metals (PGM) and chrome assets in the Republic of South Africa. All of the company's properties are situated on the western limb of the Crocodile River mine and eastern limb of Kennedy's Vale, Spitzkop and Mareesburg projects within the Bushveld Complex, the geological environment that hosts approximately 80 per cent of the world's PGM-bearing ore.

We seek Safe Harbor.