Mr. Wylie Hui reports

EASTPLATS' SOUTH AFRICAN SUBSIDIARY RECEIVES A SUMMONS

Eastern Platinum Ltd.'s South African subsidiary, Barplats Mines Pty. Ltd., has received a combined summons from ABT Toda Pty. Ltd. that is related to the matter in respect of which Barplats is in arbitration with Advanced Beneficiation Technologies Pty. Ltd. regarding the agreement (as defined as follows) (see the company's amended management discussion and analysis for the three months ended March 31, 2023, and news release dated Jan. 26, 2022). The summons was filed with the High Court of South Africa (North West Division, Mahikeng) by ABT Toda.

Barplats is currently engaged in a confidential arbitration process with ABT to resolve a dispute between the parties regarding the termination of the project framework agreement for the development and construction of a modular plant to process platinum group metals from the tailings redeposited from the retreatment project at a designated area of the Zandfontein tailings dam situated at the Crocodile River mine (the Circuit H project). There were several milestones required under the agreement to complete and establish the Circuit H project, including a joint venture agreement between Barplats and ABT, financing agreements, and offtake agreements for the project. None of these agreements were concluded prior to the termination of the agreement. The company understands that ABT Toda is ABT's intended nominee to hold its interest in the joint venture.

The company will seek advice and make a recommendation on the appropriate action.

We seek Safe Harbor.