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BASE RESOURCES LIMITED - Vesting of LTIP performance rights

AIM and Media Release 

6 October 2020

BASE RESOURCES LIMITED Vesting of LTIP performance rights

African mineral sands producer, (ASX & AIM: BSE) ( or the ) advises that, following performance testing of the 2017 cycle performance rights issued pursuant to the Base Resources Long Term Incentive Plan () as at , 6,373,301 performance rights have vested, equivalent to approximately 42% of the total number of 2017 cycle performance rights issued.Base Resources LimitedBase ResourcesCompanyLTIP30 September 2020

Vesting of performance rights issued under the LTIP is subject to achievement of specified performance criteria over a three-year performance period.  The performance criteria specified for the 2017 cycle performance rights required achievement of total shareholder return () targets, with 50% subject to absolute TSR performance criteria and 50% subject to relative TSR performance criteria assessed against a set group of comparator companies. TSR

Further details about the LTIP, including specified performance criteria, are included in the Base Resources 2020 Annual Report, which can be accessed from the Company’s website.

In accordance with the terms of the LTIP, those 2017 cycle performance rights that did not vest following testing were automatically forfeited.  Those LTIP participants whose performance rights were automatically forfeited included employees classified as “persons discharging managerial responsibilities” () for the purposes of the European Union’s Market Abuse Regulation.  Their updated securityholdings in the Company are set out below.PDMRs

* Includes both vested and unvested LTIP performance rights which remain subject to vesting conditions.

As a result of the forfeiture of a portion of the 2017 cycle performance rights, the Company has the following securities on issue:

The figure of 1,178,011,850 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 FCA's Disclosure Guidance and Transparency Rules.

[Note (1):Vested performance rights have a nil cash exercise price.  Unless exercised beforehand, performance rights expire five years after vesting.]

ENDS.

For further information contact:

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 and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available atKenyawww.baseresources.com.au

Level 1, , 6005 Email:  Phone: +61 (0)8 9413 7400 Fax: +61 (0)8 9322 8912PRINCIPAL & REGISTERED OFFICE




50 Kings Park RoadWest Perth, Western Australia[email protected]

Phone: +61 (0)8 9480 2500NOMINATED ADVISOR RFC Ambrian Limited


Stephen Allen

/ Detlir Elezi Phone: +44 20 3207 7800  BROKER Berenberg



Matthew Armitt

Name                  Vested 2017 cycle          Holding of Holding of shares
                     performance rights performance rights*       (direct and
                                                                    indirect)

Tim Carstens                    896,820           6,616,299         7,546,013
(Managing Director)

Colin Bwye                      896,820           6,616,299         7,204,572
(Executive Director)

Kevin Balloch                   347,980           2,304,926         2,691,333

Andre Greyling                  308,337           2,190,697         3,885,629

Stephen Hay                     365,908           2,422,918         1,512,091

Chadwick Poletti                286,313           2,038,110         1,162,546
--  1,178,011,850 ordinary shares.
    --  54,122,220 performance rights issued pursuant to the terms of the LTIP,
        comprising:
            --  6,498,832 vested performance rights;1 and
            --  47,623,388 unvested performance rights subject to performance
                testing in accordance with their terms of issue.
, Manager Communications and Investor  Media Relations
Relations

Base Resources                                    Tavistock Communications

Tel: +61 (8) 9413 7426                             and 

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

Email:James FullerJos SimsonBarnaby HaywardUK[email protected]

Quick facts: Base Resources Limited

Price: -

Market: AIM
Market Cap: -
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