REG-Base Resources Limited: LTIP performance rights update

Base ResourcesAnnouncement

14/12/2022 09:15

AIM and Media Release 

14 December 2022

BASE RESOURCES LIMITED
LTIP performance rights update

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that 10,625,562 vested performance rights
issued under the Base Resources Long Term Incentive Plan (LTIP) have been
exercised.

For each performance right that was exercised, LTIP participants were
allocated one fully paid ordinary share in Base Resources previously acquired
on-market by the LTIP trustee.  In accordance with the terms of the LTIP, the
exercise price was nil and the shares were allocated for nil cash
consideration.

The LTIP participants that exercised vested performance rights included senior
management of the Company classified as key management personnel.  Their
updated securityholdings in the Company are set out below.

 Name               Vested performance rights exercised and shares allocated  Holding of performance rights*        Holding of shares  
                                                                                                               (direct and indirect)** 
 Tim Carstens                                                      2,864,477                       8,041,663                13,001,474 
 Kevin Balloch                                                       956,065                       2,780,045                 4,589,796 
 Andre Greyling                                                      935,060                       2,810,895                 4,129,026 
 Stephen Hay                                                       1,004,950                       2,868,360                 2,527,761 
 Chadwick Poletti                                                    878,044                       2,629,161                 2,845,376 

*       Performance rights are unvested and therefore remain subject to
vesting conditions.
**    Mr Hay’s holding reflects the sale of 500,000 ordinary shares
on-market on 12 December 2022 at an average price of A$0.205 per share for the
purpose of funding future tax liabilities arising from his exercise of vested
performance rights.

The 10,625,562 performance rights that were exercised were from the 2019 LTIP
cycle that vested following performance testing as at 30 September 2022.

As a result of the exercise of the vested performance rights, the Company has
the following securities on issue:
* 1,178,011,850 ordinary shares.
* 61,986,873 performance rights issued pursuant to the terms of the LTIP,
comprising: * 5,916,750 vested performance rights, which remain subject to
exercise(1); and
* 56,070,123 unvested performance rights subject to performance testing in
accordance with their terms of issue.
[Note (1): Vested performance rights have a nil cash exercise price and,
unless exercised beforehand, expire five years after vesting.]

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
RFC Ambrian Limited
Stephen Allen
Phone: +61 8 9480 2500

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

JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
Phone: +44 20 7523 8000
 



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