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Base Resources Limited

BASE RESOURCES LIMITED - LTIP performance rights update

AIM and Media Release 

25 October 2019

LTIP performance rights updateBASE RESOURCES LIMITED

African mineral sands producer, (ASX & AIM: BSE) ( or the ) advises that, following performance testing of the 2016 cycle of rights issued pursuant to the Base Resources Long Term Incentive Plan () as at , a total of 11,514,341 performance rights have vested.  Subsequent to vesting, 4,986,734 new fully paid ordinary shares in have today been issued for the benefit of LTIP participants that elected to immediately exercise their vested performance rights.Base Resources LimitedBase ResourcesCompanyLTIP30 September 2019Base Resources

In accordance with the terms of the LTIP, the new shares were issued for nil cash consideration.  An application has been made for the new shares to be admitted to trading on AIM (), with admission expected on or around .admission30 October 2019

has further issued 20,648,363 new performance rights pursuant to the terms of the LTIP, comprising:Base Resources

The issue of 2019 cycle performance rights to Mr Carstens and Mr Bwye is subject to approval by shareholders at Base Resources’ upcoming 2019 Annual General Meeting on .  Further details about performance rights issued under the LTIP are set out in Base Resources’ 2019 Annual Report and, in the case of 2019 cycle performance rights, Base Resources’ 2019 Notice of Annual General Meeting sent to shareholders on or around .  Both are available from the company’s website: .22 November 201918 October 2019www.baseresources.com.au

As a result of the issue of the new shares and the new performance rights, and forfeiture of 906,204 performance rights upon personnel retirement and resignation, the Company has the following securities on issue:

        [ Vested performance rights have a nil cash exercise price and, unless exercised beforehand, these rights expire on ]Note (1)30 September 2024

The figure of 1,171,609,774 ordinary shares on issue may be used by shareholders as the denominator for calculations when determining if they are required to notify their interest in, or a change to their interest in, the company under the Disclosure Guidance and Transparency Rules.FCA's

ENDS.

For further information contact:

AboutBase 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 and is developing the in Madagascar.  is an ASX and AIM listed company.  Further details about are available atBase ResourcesToliara ProjectBase ResourcesBase ResourcesKenyawww.baseresources.com.au

Level 1, , 6005 Email:  Phone: +61 (0)8 9413 7400 Fax: +61 (0)8 9322 8912 Phone: +61 (0)8 9480 2500 / Detlir Elezi Phone: +44 20 3207 7800 / / Phone: +44 20 7260 1000  PRINCIPAL & REGISTERED OFFICENOMINATED ADVISOR
RFC Ambrian Limited
JOINT BROKER Berenberg
JOINT BROKER
Numis Securities Limited


















50 Kings Park RoadWest Perth, Western Australiainfo@baseresources.com.auStephen AllenMatthew ArmittJohn PriorJames BlackPaul Gillam

--  19,251,904 performance rights issued to senior management pursuant to
        the current 2019 cycle (other than executive Directors  and
        Colin Bwye); and
    --  1,396,459 performance rights pursuant to the 2018 cycle issued on a
        pro-rata basis to those senior management that joined the company after
        the start of that cycle.Tim Carstens
--  1,171,609,774 ordinary shares.
    --  63,341,487 performance rights issued pursuant to the terms of the LTIP,
        comprising:
            --  6,527,607 vested performance rights, which remain subject to
                exercise.1
            --  56,813,880 unvested performance rights subject to performance
                testing in accordance with their terms of issue.
,  and Investor  Media Relations
Relations

                                    

Tel: +61 (8) 9413 7426                             and 

Mobile: +61 (0) 488 093 763                       Tel: +44 (0) 207 920 3150

Email:James FullerJos SimsonBarnaby HaywardManager CommunicationsBase ResourcesTavistock CommunicationsUKjfuller@baseresources.com.au
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