Notice of change of Significant Shareholder

AIM and Media Release 

11 May 2020

BASE RESOURCES LIMITED
Notice of change of Significant Shareholder

Base Resources Limited (ASX & AIM: BSE) (Base Resources) advises that it has received notification from UBS Group AG and its related bodies corporate (UBS) that, on 5 May 2020, UBS reduced their voting power in Base Resources by 25,536,738 ordinary shares. 

Base Resources understands that, as at 5 May 2020, UBS had a relevant interest in 44,591,300 ordinary shares, representing 3.81% of the total Base Resources ordinary shares on issue and constituting a significant shareholding for the purposes of the AIM Rules for Companies on that date.

The decrease in UBS’s relevant interest was the net result of the disposal and acquisition of ordinary shares, and the return and borrowing of ordinary shares pursuant to prime brokerage agreements, in each case, since 3 March 2020.

UBS disposed of 60,047,582 shares for an average price of A$0.139 per share between 3 March 2020 and 1 May 2020 (excluding any shares returned pursuant to a prime brokerage agreement).  It acquired 34,510,844 shares for an average price of A$0.148 per share between 3 March 2020 and 23 March 2020 (excluding any shares borrowed pursuant to a prime brokerage agreement). 

ENDS.

For further information contact:

James Fuller, Manager Communications and Investor Relations	UK Media Relations
Base Resources	Tavistock Communications
Tel: [phone]	Jos Simson and Barnaby Hayward
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

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email:  [e-mail]
Phone: [phone]
Fax: [phone]

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: [phone]

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: [phone]

JOINT BROKER
Numis Securities Limited
John Prior / James Black / Paul Gillam
Phone: [phone]