REG-Base Resources Limited: LTIP performance rights update – June Quarter

Base ResourcesAnnouncement

13/07/2022 07:15

AIM and Media Release 

13 July 2022

BASE RESOURCES LIMITED
LTIP performance rights update – June Quarter

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that, during the quarter ended 30 June 2022,
there were the following changes to the performance rights granted under the
Base Resources Long Term Incentive Plan (LTIP).

 Change      Number of Performance Rights  LTIP Cycle                                                                                 Transaction Date  
 Forfeiture  239,879                       2019 Cycle – performance period commenced 1 October 2019 and ends on 30 September 2022.    16 May 2022       
             201,230                       2020 Cycle - performance period commenced 1 October 2020 and ends on 30 September 2023.    
             216,928                       2021 Cycle - performance period commenced 1 October 2021 and ends on 30 September 2024.    
 Grant       142,908                       2021 Cycle - performance period commenced 1 October 2021 and ends on 30 September 2024.    22 June 2022      

The performance rights specified above were forfeited in accordance with the
LTIP due to one or more employees ceasing to be employed other than for a
“Qualifying Reason” (as that term is defined in the LTIP).  The grant of
performance rights occurred on a pro rata basis to employees that became
eligible to participate in the LTIP after commencement of the performance
period for the 2021 Cycle.      

For a summary of the terms of the LTIP and the material terms of the 2021
Cycle performance rights, including the gates and performance criteria that
determine the extent of any vesting, refer to the Company’s 2021 Notice of
Annual General Meeting released on 27 October 2021 and available from the
Company’s website:  https://baseresources.com.au/investors/announcements/.

As a result of the above changes, Base Resources has the following securities
on issue:
* 1,178,011,850 fully paid ordinary shares;
* 62,041,429 performance rights issued under the LTIP, comprising: * 949,004
vested performance rights, which remain subject to exercise(1);
* 61,092,425 unvested performance rights(2).
[Note (1): Vested performance rights have a nil cash exercise price. Unless
exercised beforehand, performance rights expire five years after vesting.

Note (2): Vesting of performance rights is subject to testing in accordance
with their terms of issue.]

ENDS.

For further information contact:

 James Fuller, Manager Communications and Investor Relations  UK Media Relations             
 Base Resources                                               Tavistock Communications       
 Tel: +61 (8) 9413 7426                                       Jos Simson and Gareth Tredway  
 Mobile: +61 (0) 488 093 763                                  Tel: +44 (0) 207 920 3150      
 Email: jfuller@baseresources.com.au                                                         

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
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912

NOMINATED ADVISOR
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Stephen Allen
Phone: +61 8 9480 2500

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Phone: +44 20 7523 8000



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