LTIP performance rights update

AIM and Media Release 

11 January 2023

BASE RESOURCES LIMITED
LTIP performance rights update

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that 1,286,461 vested performance rights issued under the Base Resources Long Term Incentive Plan (LTIP) have been exercised.

For each performance right that was exercised, LTIP participants were allocated one fully paid ordinary share in Base Resources previously acquired on-market by the LTIP trustee.  In accordance with the terms of the LTIP, the exercise price was nil and the shares were allocated for nil cash consideration.  The performance rights exercised were from the 2019 LTIP cycle that vested following performance testing as at 30 September 2022. 

Since the Company’s last LTIP performance rights update on 14 December 2022, 2,679,793 unvested performance rights were also forfeited after one or more LTIP participants ceased to be employed other than for a “Qualifying Reason” (as that term is defined in the LTIP).  

As a result of the above events, the Company has the following securities on issue:

• 1,178,011,850 ordinary shares.
• 58,020,619 performance rights issued pursuant to the terms of the LTIP, comprising:
  • 4,630,289 vested performance rights, which remain subject to exercise¹; and
  • 53,390,330 unvested performance rights 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, expire five years after vesting.]

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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RFC Ambrian Limited
Stephen Allen
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Berenberg
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Canaccord Genuity
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