AIM and Media Release 

25 November 2019

BASE RESOURCES LIMITED
Issue of LTIP performance rights

Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that, following shareholder approval at the Company’s 2019 Annual General Meeting held on 22 November 2019, executive Directors Tim Carstens and Colin Bwye have each been issued 2,913,027 performance rights pursuant to the terms of the Base Resources Long Term Incentive Plan (LTIP).

Performance rights issued under the LTIP form the equity component of Mr Carstens’ and Mr Bwye’s at-risk remuneration.  Accordingly, vesting of the performance rights is subject to satisfaction of performance criteria assessed over a three-year performance period ending on 30 September 2022.  Further details about performance rights issued under the LTIP are set out in Base Resources’ 2019 Annual Report, as well as its 2019 Notice of Annual General Meeting that was sent to shareholders on or around 18 October 2019.

Mr Carstens’ and Mr Bwye’s respective shareholdings are unchanged.  As a result of the issue of the new performance rights:

• Mr Carstens now holds:
  • 5,820,446 fully paid ordinary shares, which are held by Mr Carstens directly and indirectly; and
  • 1,725,567 vested performance rights, which are subject to exercise¹, and 7,832,535 unvested performance rights subject to performance testing in accordance with their terms of issue.
• Mr Bwye now holds:
  • 6,073,671 fully paid ordinary shares, which are held by Bwye directly and indirectly; and
  • 1,725,567 vested performance rights, which are subject to exercise¹, and 7,832,535 unvested performance rights subject to performance testing in accordance with their terms of issue.

As a result of the above transactions, Base Resources now has the following securities on issue:

• 1,171,609,774 fully paid ordinary shares.
• 69,167,541 performance rights issued pursuant to the terms of the LTIP, comprising:
  • 6,527,607 vested performance rights, which remain subject to exercise¹.
  • 62,639,934 unvested performance rights, which are subject to performance testing in accordance with their terms of issue.

[Note 1: Vested performance rights have a nil cash exercise price and, unless exercised beforehand, these rights expire on 30 September 2024.]

ENDS.

For further information contact:

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available at www.baseresources.com.au

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912

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RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500

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