AIM and Media Release 
24 February 2021 
Exercise of LTIP performance rights 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises that 3,742,393 vested performance rights 
issued pursuant to the Base Resources Long Term Incentive Plan (LTIP) have been 
Of the vested performance rights that have been exercised, 3,616,862 were from 
the 2017 LTIP cycle that vested following performance testing as at 30 
September 2020.  The remaining 125,531 performance rights that have been 
exercised were from the 2016 LTIP cycle that vested following performance 
testing as at 30 September 2019. 
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 
employees classified as "persons discharging managerial responsibilities" for 
the purposes of the United Kingdom's Market Abuse Regulation (PDMRs).  As a 
result of their exercises, no PDMR presently holds vested performance rights. 
The updated security holdings of the PDMRs in the Company are set out below. 
Name                           Vested performance           Holding of    Holding of shares 
                             rights exercised and  performance rights*          (direct and 
                                 shares allocated                                 indirect) 
Tim Carstens (Managing                    896,820            8,410,908            8,442,833 
Colin Bwye (Executive                     896,820            8,410,908            8,096,058 
Kevin Balloch                             347,980            2,855,253            3,039,313 
Andre Greyling                            308,337            2,760,931            4,193,966 
Stephen Hay                               365,908            3,001,249          1,697,999** 
Chadwick Poletti                          286,313            2,576,797            1,448,859 
*       Performance rights are unvested and therefore remain subject to vesting 
**    Mr Hay's holding reflects the sale of 180,000 ordinary shares on market 
on 24 February 2021 for an average price of A$0.313 per share for the primary 
purpose of funding future tax liabilities arising from his exercise of vested 
performance rights. 
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. 
  * 71,078,976 performance rights issued pursuant to the terms of the LTIP, 
      + 266,893 vested 2017 LTIP cycle performance rights, which remain subject 
        to exercise1. 
      + 70,812,083 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. 
[Note (1): Vested performance rights have a nil cash exercise price and, unless 
exercised beforehand, these rights expire on 30 September 2025.] 
For further information contact: 
James Fuller, Manager Communications and Investor  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 
Level 1, 50 Kings Park Road 
West Perth, Western Australia, 6005 
Email:  info@baseresources.com.au 
Phone: +61 (0)8 9413 7400 
Fax: +61 (0)8 9322 8912 
RFC Ambrian Limited 
Stephen Allen 
Phone: +61 (0)8 9480 2500 
Matthew Armitt / Detlir Elezi 
Phone: +44 20 3207 7800 

(END) Dow Jones Newswires

February 24, 2021 02:00 ET (07:00 GMT)