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 or the Company) advises that it has received notification from Bank of America Corporation that, as at 6 May 2020, it and its related bodies corporate (Bank of America) had increased their voting power in Base Resources to 93,680,997 ordinary shares, representing 8.00% of the total Base Resources ordinary shares on issue and constituting a significant shareholding for the purposes of the AIM Rules for Companies.

Bank of America’s interest in 93,680,997 ordinary shares was held as follows:

Holder of interest	Nature of interest	Registered holder of shares	Number of ordinary shares
Merrill Lynch (Australia) Futures Ltd	Power to control voting and/or disposal of securities in its capacity as ultimate beneficial owner having a principal position.	Merrill Lynch (Australia) Nominees Pty Ltd	55,126,926
Merrill Lynch International (Australia) Ltd	Borrowing of securities pursuant to a Prime Brokerage Agreement, with power to control the voting and/or disposal of borrowed securities.	Merrill Lynch (Australia) Nominees Pty Ltd	38,554,071

The increase in Bank of America’s holding for the purposes of the AIM Rules for Companies since its last notification to the Company was the net result of the acquisition of ordinary shares, and the borrowing and return of ordinary shares pursuant to prime brokerage agreements, since 24 April 2020. 

Bank of America acquired 20,021,974 shares for an average price of A$0.130 per share between 27 April 2020 and 6 May 2020 (excluding any shares borrowed pursuant to a prime brokerage agreement).  Other than by way of the return of securities pursuant to prime brokerage agreements, Bank of America did not dispose of any shares between 24 April 2020 and 6 May 2020.

A copy of the notice referred to in this release is available from the Company’s website:  www.baseresources.com.au.

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]