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BASE RESOURCES LIMITED - US$75m RCF drawn and Kwale Operations maintained

AIM and Media Release 

1 April 2020

RCF drawn and Kwale Operations maintainedBASE RESOURCES LIMITED
US$75m

African mineral sands producer and developer, (ASX & AIM: BSE) ( or the ) has drawn down the full available under its existing revolving credit facility () to secure enhanced liquidity and ensure flexibility as part of a prudent management strategy in navigating the evolving uncertainty associated with the COVID-19 pandemic.  Base Resources LimitedBase ResourcesCompanyRCFUS$75 million

At , the Company had cash reserves of and no debt.  Under the terms of the RCF, there are no mandatory repayments until , when the available RCF reduces to .  The final maturity date for the RCF is .  Base Resources’ significant combined cash reserves make it well placed to emerge from the current crisis in sound financial shape and to capitalise on appropriate emergent opportunities.29 February 202030 June 202131 December 2021US$37.7 millionUS$50 million

Supported by sound customer demand, production at the Company’s Kwale Operation in has continued uninterrupted with broad health and safety procedures implemented to minimise the risk of COVID-19 to our personnel and surrounding communities.  The Company is working with Government of authorities to adjust work arrangements as necessary to keep operations within government restrictions.  However, in a rapidly evolving local and global landscape, operations continue to be maintained balancing the considerations of employee and community health, operational safety, community benefits, government policy and regulation, input availability, customer demand and financial prudence.  Consequently, a halt to, or curtailment of operations at some point in the future cannot be ruled out.KenyaKenya

ENDS.

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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 1000PRINCIPAL & REGISTERED OFFICENOMINATED ADVISOR
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50 Kings Park RoadWest Perth, Western Australia[email protected]Stephen AllenMatthew ArmittJohn PriorJames BlackPaul Gillam

,  and Investor  Media Relations
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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 CommunicationsUK[email protected]

Quick facts: Base Resources Limited

Price: 10

Market: AIM
Market Cap: £117.16 m
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