Mr. Wylie Hui reports

EASTERN PLATINUM LIMITED ANNOUNCES UPDATE ON SPECIAL COMMITTEE INVESTIGATIONS

Further to its news releases dated April 24, 2023, and May 12, 2023, Eastern Platinum Ltd. has formed a special committee consisting of two independent directors, George Graham Dorin and Xin (Alex) Guan. The committee has commenced, together with independent special counsel retained by the committee, an investigation and review of certain unproven whistleblower allegations, including allegations of undisclosed related party transactions pertaining to the sale of chrome concentrate at discounted prices.

The committee's investigation is well under way with information and documents obtained from management and interviews conducted with the chief executive officer and chief financial officer, respectively. Further, the committee is engaging an e-discovery specialist to conduct a document discovery of the company's servers to ensure that the committee may review all relevant documents. Once this process is in place, the committee will assess next steps.

About Eastern Platinum Ltd.

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

Operations at the Crocodile River mine currently include remining and processing its tailings resource to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.

We seek Safe Harbor.