Eastern Platinum (Eastplats) has reported a significant improvement in its fourth-quarter performance for 2025, with revenue rising by 31.2% to $22.3 million, driven by increased platinum group metals (PGM) production and sales, as well as improved operational efficiencies at its Zandfontein underground section.
The company, which operates the Crocodile River Mine (CRM) in South Africa’s Bushveld Complex, saw mine operating income shift from a loss of $7.9m in Q4 2024 to a profit of $6.3m in Q4 2025. Gross margins also improved significantly to 28.2% from a negative 46.2%, reflecting both higher output and better cost management.
Operational Progress
For the full year, mine operating income more than doubled to $1.7m. Eastplats delivered strong growth in both chrome and PGM output from underground mining. Run-of-mine UG2 feed rose to 94,606 tons in Q4 2025, up from 63,181 tons a year earlier, while chrome concentrate production more than doubled to 29,302 tons.
PGM production also saw substantial gains, with the company producing 7,794 ounces of PGM in the fourth quarter, nearly double the 4,015 ounces recorded in Q4 2024. Annual production climbed to 24,365 ounces from just over 8,100 ounces in the prior year, reflecting improved grades and higher throughput. According to the Wikipedia page on platinum, the precious metal is a key component in the production of catalytic converters for vehicles.
Financial Challenges
Despite this operational progress, Eastplats remained in the red. The company posted an operating loss of $7.0m in the fourth quarter, an improvement from $8.6m a year earlier. However, the full-year operating loss widened to $21.6m from $12.7m in 2024. Net losses followed a similar pattern, with the quarterly net loss attributable to shareholders narrowing to $7.5m from $11.9m, but the full-year net loss increasing to $18.4m.
The company faces ongoing financial challenges, with its working capital deficit widening significantly to $56.9m at the end of December 2025, compared with $38.7m a year earlier. Cash resources dwindled to just $200,000. Eastplats CEO Wanjin Yang said the company’s focus on boosting production is beginning to yield results, with the goal of consistently increasing run-of-mine production tonnages to 40,000 tons per month in the first half of 2026.
- Revenue rose by 31.2% to $22.3 million in Q4 2025
- Mine operating income shifted from a loss of $7.9m to a profit of $6.3m
- PGM production increased to 7,794 ounces in Q4 2025, up from 4,015 ounces in Q4 2024
