Mr. Chang Yu Liu of Ka An reports

KA AN DEVELOPMENT CO. LIMITED ACQUIRES COMMON SHARES OF EASTERN PLATINUM LIMITED

On May 5, 2023, Ka An Development Co. Ltd. exercised subscription rights to purchase additional shares issued by Eastern Platinum Ltd. (Eastplats) in its recently completed rights offering, pursuant to which Ka An will acquire ownership and control of 55,767,000 additional common shares in Eastplats under an exempt purchaser status certificate for ineligible shareholders, raising its total holding in Eastplats from 45 million common shares to 100,767,000 common shares, representing approximately 49.9 per cent of the issued and outstanding common shares. Other than the aforementioned 100,767,000 Common Shares, Ka An does not beneficially own or control, directly or indirectly, any voting securities of Eastplats.

For the purposes of calculating the percentage of Common Shares owned and controlled by Ka An, Ka An has assumed that there will be 201,901,426 Common Shares as of the issuance date of May 12, 2023, as publicly reported by Eastplats in its news release dated May 8, 2023. Eastplats has also publicly reported that it will issue a total of 64,080,653 new Common Shares in its recently completed rights offering. Ka An does not hold any other class of securities in Eastplats and are not entitled to any additional securities by way of any agreement.

Other Information

The aggregate cash consideration paid by Ka An to acquire the Common Shares that are the subject of this press release was $6,134,370.00, being $0.11 per Common Share.

Ka An acquired control and ownership of the Common Shares that are the subject of this press release for investment purposes, and is not acting jointly or in concert with other shareholders of Eastplats.

In connection with the investment by Ka An in the Common Shares, Ka An intends to engage in communications with members of management and the board of directors of Eastplats and other current or prospective shareholders, and may engage in communications with industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors with respect to Eastplats.

Ka An has no current plans or intentions that relate to or would result in:

(a) a merger, reorganization or liquidation, involving Eastplats or any of its subsidiaries;

(b) a sale or transfer of a material amount of the assets of Eastplats or any of its subsidiaries;

(c) a material change in the present capitalization or dividend policy of Eastplats;

(d) a material change in the business or corporate structure of Eastplats;

(e) a change in the charter, bylaws, or similar instruments of Eastplats, or another action which might impede the acquisition of control of the Eastplats by any person or company;

(f) a class of securities of Eastplats being delisted from, or ceasing to be authorized to be quoted on, a marketplace;

(g) Eastplats ceasing to be a reporting issuer in any jurisdiction of Canada; or

(h) any action similar to any of those enumerated above;

depending upon various factors including, without limitation, the financial position of Eastplats, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, Ka An's business or financial condition and other factors and conditions Ka An deems appropriate, Ka An may develop such plans in the future.

Ka An may also formulate other purposes, plans or proposals regarding Eastplats or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to in this press release.

Subject to various factors, including those set forth above, Ka An may acquire additional Common Shares of Eastplats in the future.

Ka An does not intend to effect a change in the board of directors of Eastplats at this time.

Except as specifically indicated in this press release, neither the issuance of this press release in connection with the matters disclosed herein nor the anticipated filing by Ka An of the corresponding "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that an entity named or otherwise referred to in this press release owns or controls any described securities or is a joint actor with another entity named or otherwise referred to in this press release.

Ka An's address and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning report" required to be filed pursuant to National Instrument 62-103 and in accordance with applicable Canadian securities laws, contact Ka An at the address specified below. It will also appear with the documents of Eastplats on the System for Electronic Document Analysis and Retrieval.

About Ka An Development Co. Limited

Ka An Development Co. Limited is a private Hong Kong corporation with its head office located at: 9/F Amtel Bldg 148 Des Voeux RD Central Central Hong Kong

Attn: Liu Chang Yu, Managing Director

Tel: +86 156 5296 1195

Email: charlieliu_999@163.com

About Eastern Platinum Limited

Eastplats is a public British Columbia company listed non the Toronto Stock Exchange with its head office located at: 1188 West Georgia Street Vancouver, BC V6E 4A2