BASE RESOURCES LIMITED - Final director's interest and LTIP update

BASE RESOURCES LIMITED - Final director's interest and LTIP update

PR Newswire

London, April 1

AIM and Media Release

1 April 2022

BASE RESOURCES LIMITED
Final director's interest and LTIP update

African mineral sands producer and developer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that, following his previously announced retirement on 31 March 2022, former Executive Director - Operations and Development, Colin Bwye's final interests in the securities of the Company was 7,199,238 ordinary shares.

Mr Bwye's final interest follows the automatic forfeiture of his 5,604,456 unvested performance rights issued under the Base Resources Long Term Incentive Plan (LTIP) on the date of his retirement in accordance with the terms of that plan.

Subsequent to the Company's last LTIP update, a further 561,886 vested performance rights from the 2018 LTIP cycle were exercised by other LTIP participants. The relevant participants were allocated one fully paid ordinary share in Base Resources previously acquired on-market by the LTIP trustee for each performance right exercised. In accordance with the terms of the LTIP, the exercise price was nil and the shares were allocated for nil cash consideration.

As a result of the forfeiture and exercises of performance rights mentioned above, the Company has the following securities on issue:

• 1,178,011,850 ordinary shares.
• 62,556,558 performance rights issued pursuant to the terms of the LTIP, comprising:
  • 949,004 vested performance rights, which remain subject to exercise¹; and
  • 61,607,554 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

PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
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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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