LTIP performance rights update – June Quarter

AIM and Media Release 

13 July 2022

BASE RESOURCES LIMITED
LTIP performance rights update – June Quarter

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that, during the quarter ended 30 June 2022, there were the following changes to the performance rights granted under the Base Resources Long Term Incentive Plan (LTIP).

Change	Number of Performance Rights	LTIP Cycle	Transaction Date
Forfeiture	239,879	2019 Cycle – performance period commenced 1 October 2019 and ends on 30 September 2022.	16 May 2022
	201,230	2020 Cycle - performance period commenced 1 October 2020 and ends on 30 September 2023.
	216,928	2021 Cycle - performance period commenced 1 October 2021 and ends on 30 September 2024.
Grant	142,908	2021 Cycle - performance period commenced 1 October 2021 and ends on 30 September 2024.	22 June 2022

The performance rights specified above were forfeited in accordance with the LTIP due to one or more employees ceasing to be employed other than for a “Qualifying Reason” (as that term is defined in the LTIP).  The grant of performance rights occurred on a pro rata basis to employees that became eligible to participate in the LTIP after commencement of the performance period for the 2021 Cycle.   

For a summary of the terms of the LTIP and the material terms of the 2021 Cycle performance rights, including the gates and performance criteria that determine the extent of any vesting, refer to the Company’s 2021 Notice of Annual General Meeting released on 27 October 2021 and available from the Company’s website:  https://baseresources.com.au/investors/announcements/.

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

• 1,178,011,850 fully paid ordinary shares;
• 62,041,429 performance rights issued under the LTIP, comprising:
  • 949,004 vested performance rights, which remain subject to exercise¹;
  • 61,092,425 unvested performance rights².

[Note (1): Vested performance rights have a nil cash exercise price. Unless exercised beforehand, performance rights expire five years after vesting.

Note (2): Vesting of performance rights is subject to testing in accordance with their terms of issue.]

ENDS.

For further information contact:

James Fuller, Manager Communications and Investor Relations	UK Media Relations
Base Resources	Tavistock Communications
Tel: [phone]	Jos Simson and Gareth Tredway
Mobile: [phone]	Tel: [phone]
Email: [e-mail]

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

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