REG-Base Resources Limited: 2023 LTIP cycle performance rights

Base ResourcesAnnouncement

09/11/2023 10:00

AIM and Media Release 

9 November 2023

Base Resources Limited
2023 LTIP cycle performance rights

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that 28,790,016 performance rights have
been granted to eligible employees under the Base Resources Long Term
Incentive Plan (LTIP) for the 2023 cycle.  The performance rights were
granted off-market on 6 November 2023 for nil cash consideration and form the
equity (and long-term incentive) component of the at-risk remuneration of
relevant employees for the financial year ending 30 June 2024.

Vesting of the 2023 cycle performance rights is subject to satisfaction of
performance criteria tied to the Company's total shareholder return
performance, either in absolute or relative terms, and certain gates to
vesting, in each case over a three-year performance period that commenced on 1
October 2023 and concludes on 30 September 2026. 

The employees granted 2023 cycle performance rights included senior management
of the Company classified as persons discharging managerial
responsibilities.  Their updated securityholdings in the Company are set out
below.

 Name and position                                             New 2023 cycle performance rights  Vested 2020 cycle performance rights  Total unvested performance rights*  Holding of shares (direct and indirect)  
 Kevin Balloch (Chief Financial Officer)                       1,680,460                          552,235                               3,562,198                           4,589,796                                
 Andre Greyling (General Manager, Growth)                      1,680,460                          540,101                               3,612,784                           4,129,026                                
 Stephen Hay (General Manager, Marketing)                      1,673,501                          580,471                               3,597,622                           2,527,761                                
 Chadwick Poletti (Chief Legal Officer and Company Secretary)  1,603,917                          507,169                               3,408,078                           2,845,376                                

* Includes 2023 cycle performance rights

The grant of 2023 cycle performance rights to Managing Director, Tim Carstens,
will be considered by shareholders at Base Resources' upcoming 2023 Annual
General Meeting to be held on Friday, 24 November 2023.  For further details
about the terms of the 2023 cycle performance rights, refer to the Company's
Notice of 2023 Annual General Meeting released on 24 October 2023.

Further, since the Company's last LTIP update:
* 356,557 performance rights for the 2022 cycle were granted on a pro rata
basis to employees who became eligible to participate in the LTIP following
the initial grant of performance rights for that cycle in October 2022; and  
* 3,673,286 vested 2020 cycle performance rights were exercised by
participants, with the resultant entitlement to ordinary shares satisfied by
the allocation of shares previously acquired on-market by the LTIP trustee.
As a result of the above events, the Company has the following securities on
issue:
* 1,178,011,850 fully paid ordinary shares; and
* 72,473,738 performance rights issued under the LTIP, comprising:	* 8,727,959
vested performance rights, which remain subject to exercise(1); and
* 63,745,779 unvested performance rights subject to performance testing in
accordance with their terms of issue.
[Note (1): Vested performance rights have a nil exercise price.  Unless
exercised beforehand, performance rights expire five years after conclusion of
the relevant performance period.]

ENDS.

For further information contact:

 Australian Media Relations        UK Media Relations             
 Citadel Magnus                    Tavistock Communications       
 Cameron Gilenko and Michael Weir  Jos Simson and Gareth Tredway  
 Tel: +61 8 6160 4900              Tel: +44 207 920 3150          

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 & LEI
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912
LEI Code:  2617005DDMEAZ8OBD979

NOMINATED ADVISER & JOINT BROKER
Canaccord Genuity Limited
James Asensio / Raj Khatri / George Grainger
Phone: +44 20 7523 8000

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



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