LTIP performance rights update

AIM and Media Release 

13 April 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, since the Company’s last LTIP update on 11 January 2023, 2,757,437 vested performance rights granted under the Base Resources Long Term Incentive Plan (LTIP) have been exercised, and a further 504,915 performance rights have been granted.

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 2018 and 2019 LTIP cycles, which vested following performance testing as at 30 September 2021 and 30 September 2022, respectively.

The performance rights granted were for the current 2022 LTIP cycle, with the three-year performance period for those rights having commenced on 1 October 2022.  The performance rights were granted to employees that became eligible to participate in the LTIP after commencement of the three-year performance period and form the equity component of their at-risk remuneration for the financial year ending 30 June 2023.  

Base Resources further advises that 2,169,738 unvested performance rights, from the 2020, 2021 and 2022 LTIP cycles, have also been 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.
• 53,598,359 performance rights issued pursuant to the terms of the LTIP, comprising:
  • 1,872,852 vested performance rights, which remain subject to exercise¹; and
  • 51,725,507 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:

Australian Media Relations	UK Media Relations
Citadel Magnus	Tavistock Communications
Cameron Gilenko and Michael Weir	Jos Simson and Gareth Tredway
Tel: [phone]	Tel: [phone]

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, is developing the Toliara Project in Madagascar and is conducting exploration in Tanzania.  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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NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
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JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
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JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
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