VANCOUVER, BC, Aug. 13, 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 and six months ended June 30, 2024 and the corresponding management's discussion and analysis ("MD&A"). Below is a summary of the Company's financial results for the second quarter of 2024 ("Q2 2024") and for the six months ended June 30, 2024 ("YTD 2024") in comparison to the same respective period in in 2023 ("Q2 2023" and "YTD 2023") (all amounts in USD unless specified): Revenue for Q2 2024 decreased to $18.8 million (Q2 2023 - $36.6 million), representing a $17.8 million or 48.6% decrease. Revenue for YTD 2024 decreased to $34.5 million (YTD 2023 - $54.7 million), representing a $20.2 million or 36.9% decrease.  Mine operating income decreased by $8.9 million (or -66.9%) to $4.4 million in Q2 2024 (Q2 2023 - $13.3 million) as gross margin declined to 23.6% in Q2 2024 from 36.2% in Q2 2023. Mine operating income in YTD 2024 decreased by $7.1 million (or -42.3%) to $9.7 million (YTD 2023 - $16.8 million), resulting from a reduced gross margin of 28.2% in YTD 2024 from 30.7% in YTD 2023. Operating income was $1.6 million in Q2 2024 compared to $10.4 million in Q2 2023. Operating income was $1.6 million in YTD 2024 compared to $12.2 million in YTD 2023. Net income attributable to equity shareholders was $3.5 million ($0.02 earnings per share) in Q2 2024 versus net income attributable to equity shareholders of $7.7 million ($0.04 earnings per share) in Q2 2023. The decrease in Q2 2024 net income was largely attributable to lower chrome sales in the quarter offset by a decrease in finance costs and a foreign exchange gain in the period due to the strengthening of the South African Rand. Net income attributable to equity shareholders was $2.6 million ($0.01 earnings per share) in YTD 2024 compared to net income attributable to equity shareholders of $7.3 million ($0.05 earnings per share) in YTD 2023. The decrease of YTD 2024 net income was mainly attributable to lower gross margins earned on year-to-date chrome sales offset by a decrease in finance costs. The Company had a working capital deficit (current assets less current liabilities) of $17.0 million as at June 30, 2024 (December 31, 2023 – working capital deficit of $15.5 million) and short-term cash resources of $17.4 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 continue to focus our efforts on ramping up production in the Zandfontein underground section at the Crocodile River Mine and expect to process the run-of-mine ore soon. We are all working hard to improve chrome recoveries from the remaining tailings resource." Operations The Company derived revenue from the processing of PGM and chrome concentrates at the Crocodile River Mine ("CRM"). Eastplats' majority of revenue (approximately 96% and 95% for Q2 2024 and YTD 2024, respectively) is from chrome concentrate sales to third parties. Summary of chrome production for the three and six months ended June 30, 2024 and 2023: Q2 2024 Q2 2023 YTD 2024 YTD 2023 Total Tailings Feed (Tons) 281,867 615,060 667,166 1,247,014 Average grade Cr concentrate 38.4 % 39.0 % 38.5 % 38.8 % Tons of Cr concentrate