REG-Base Resources Limited: LTIP performance rights update

Base ResourcesAnnouncement

13/04/2023 10:15

AIM and Media Release 

13 April 2023

BASE RESOURCES LIMITED
LTIP performance rights update

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises that, since the Company’s last LTIP update
on 11 January 2023, 2,757,437 vested performance rights granted under the Base
Resources Long Term Incentive Plan (LTIP) have been exercised, and a further
504,915 performance rights have been granted.

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 performance rights exercised were from the 2018 and 2019
LTIP cycles, which vested following performance testing as at 30 September
2021 and 30 September 2022, respectively.

The performance rights granted were for the current 2022 LTIP cycle, with the
three-year performance period for those rights having commenced on 1 October
2022.  The performance rights were granted to employees that became eligible
to participate in the LTIP after commencement of the three-year performance
period and form the equity component of their at-risk remuneration for the
financial year ending 30 June 2023.   

Base Resources further advises that 2,169,738 unvested performance rights,
from the 2020, 2021 and 2022 LTIP cycles, have also been forfeited after one
or more LTIP participants ceased to be employed other than for a “Qualifying
Reason” (as that term is defined in the LTIP).  

As a result of the above events, the Company has the following securities on
issue:
* 1,178,011,850 ordinary shares.
* 53,598,359 performance rights issued pursuant to the terms of the LTIP,
comprising: * 1,872,852 vested performance rights, which remain subject to
exercise(1); and
* 51,725,507 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:

 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,
is developing the Toliara Project in Madagascar and is conducting exploration
in Tanzania.  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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