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BASE RESOURCES LIMITED - 2021 LTIP cycle performance rights

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AIM and Media Release

26 October 2021

BASE RESOURCES LIMITED
2021 LTIP cycle performance rights

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) advises that 17,420,710 performance rights have been granted to eligible employees pursuant to the Base Resources Long Term Incentive Plan (LTIP) for the current 2021 cycle.

The performance rights were granted 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 2022.

Vesting of the 2021 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 other gates to vesting, in each case, over a three-year performance period that commenced on 1 October 2021 and concludes on 30 September 2024.

The employees granted 2021 cycle performance rights included senior management of the Company classified as persons discharging managerial responsibilities for the purposes of the United Kingdom’s Market Abuse Regulation. Their updated securityholdings in the Company are set out below.

Name

New 2021 cycle performance rights

Vested 2018 cycle performance rights

Unvested performance rights*

Total performance rights**

Holding of shares
(direct and indirect)

Kevin Balloch

918,981

594,418

2,789,557

3,383,975

3,039,313

Andre Greyling

969,567

562,288

2,799,046

3,361,334

4,193,966

Stephen Hay

965,351

624,812

2,931,573

3,556,385

1,697,999

Chadwick Poletti

885,257

518,473

2,603,183

3,121,656

1,448,859

*Includes 2021 cycle performance rights.

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

The grant of 2021 cycle performance rights to Tim Carstens will be considered by shareholders at Base Resources’ upcoming 2021 Annual General Meeting on Friday, 26 November 2021. Accordingly, for further details about the terms of the 2021 cycle performance rights, refer to the Company’s Notice of 2021 Annual General Meeting to be released on 27 October 2021.

Shares acquired on-market by the LTIP trustee have also been allocated to LTIP participants following their valid exercise of vested 2017 and 2018 cycle performance rights.

As a result of the above events, the Company has the following securities on issue:

  • 1,178,011,850 fully paid ordinary shares;

  • 74,169,717 performance rights issued under the LTIP, comprising:

    • 8,149,202 vested performance rights, which remain subject to exercise; and

    • 66,020,515 unvested performance rights subject to performance testing in accordance with their terms of 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.

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 (0)8 9413 7400
Fax: +61 (0)8 9322 8912

NOMINATED ADVISOR
RFC Ambrian Limited

Stephen Allen
Phone: +61 (0)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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