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ELR — Eastern Platinum News Story

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Canada's Eastern Platinum Q2 net loss widens on lower sales, higher costs

Canada's Eastern Platinum Q2 net loss widens on lower sales, higher costs


Overview

  • Canada PGM and chrome miner's Q2 revenue fell 26% yr/yr amid lower sales and higher costs

  • Q2 net loss widened to $6.1 mln, driven by decreased sales and higher production costs

  • Gross margin for Q2 dropped to -53% from 3% a year earlier


Outlook

  • Company says it will focus on operational efficiencies to improve PGM and chrome production


Result Drivers

  • LOWER PGM SALES - Co said revenue decline was mainly due to decreased platinum-group-metal sales at Crocodile River Mine

  • HIGHER PRODUCTION COSTS - Co attributed wider loss and lower margin to increased production costs at CRM

  • LOWER PROCESSING TONNAGES - Interim CEO cited lower-than-targeted run-of-mine processing tonnages at Crocodile River Mine as a challenge


Company press release: ID:nCNW8n4Qja


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

$7.9 mln

Q2 Net Loss

$6.1 mln

Q2 Gross Margin

-53%

Q2 Mine Operating Income

-$4.2 mln


Reuters Recommended Reads

  • Aug 12 - Canada's Sherritt International posts Q2 adjusted core loss amid Cuba disruptions

  • Aug 12 - Canada's Pan American Silver Q2 adjusted EPS misses estimates on lower gold output

  • Aug 13 - South Africa's DRDGOLD FY revenue rises on increase in Rand gold price


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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