VANCOUVER, BC, May 14, 2024 /CNW/ - Eastern Platinum Limited (TSX:ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to report that it has filed its condensed interim consolidated financial statements for the three months ended March 31, 2024 and the corresponding management's discussion and analysis ("MD&A"). Below is a summary of the Company's financial results for the first quarter of 2024 ("Q1 2024") in comparison to the restated period in 2023 ("Restated Q1 2023") (all amounts in USD unless specified): Revenue for Q1 2024 decreased to $15.7 million (Restated Q1 2023 - $18.0 million), representing a $2.3 million or -12.9% decrease. Mine operating income increased by $1.8 million (or 49.5%) to $5.3 million in Q1 2024 (Restated Q1 2023 - $3.5 million) while gross margin increased from 19.6% in Restated Q1 2023 to 33.7% in Q1 2024. Operating loss was $0.03 million in Q1 2024 compared to an operating income of $1.8 million in Restated Q1 2023. Net loss attributable to equity shareholders was $0.9 million ($0.00 loss per share) in Q1 2024 versus net loss attributable to equity shareholders of $0.4 million ($0.00 loss per share) in Restated Q1 2023. The decrease in Q1 2024 net income was largely attributable to the increase in overall operating costs associated with the soft restart of the Zandfontein underground operations located at the Crocodile River Mine ("CRM") in South Africa and foreign exchange losses incurred in the period due to the strengthening of the U.S. dollar. The Company had a working capital deficit (current assets less current liabilities) of $16.7 million as at March 31, 2024 (December 31, 2023 – working capital deficit of $15.5 million) and short-term cash resources of $20.7 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2023 – $21.3 million) Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We are encouraged by the first quarter results despite the challenging PGM market price environment. Our focus is on chrome recoveries from the remaining tailings resource as we approach the end of the retreatment project. We expect to start earning chrome and PGM revenue from the Zandfontein underground section at the CRM in June as we ramp up run-of-mine tonnages." Prior Period Error - Restatement of Comparatives Certain 2023 comparative numbers in the condensed interim consolidated financial statements and corresponding MD&A have been restated to correct an error in the condensed interim consolidated financial statements for the three months ended March 31, 2023, that was identified subsequent to the period-end and is discussed below. As discussed in the previous news release of May 3, 2024, in connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2023, an error was identified in the recognition of revenue related to a chrome concentrate sales transaction in fourth quarter of 2022 which impacted the Company's previously filed audited consolidated financial statements for the year ended December 31, 2022 and its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2023. Chrome concentrate revenue is recognized when control is transferred to the buyer and payment is considered probable. A sales transaction that was included in deferred revenue at the end of 2022 and recognized as revenue in the first quarter of 2023 should have been recognized in fourth quarter of 2022 based on the fact that the Company had met all of its required performance obligations at the time, as supported by the ...