TIDMBSE 
 
AIM and Media Release 
 
22 October 2021 
 
BASE RESOURCES LIMITED 
Base Resources Chair and Board succession 
 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises of the following planned changes to the Board 
of Directors of the Company. 
 
Chair succession 
 
Keith Spence has informed the Board that he intends to retire as Chair and 
Non-Executive Director of the Company at the conclusion of the Company's Annual 
General Meeting to be held on Friday, 26 November 2021 (2021 AGM).  Mr Spence 
joined the Board in February 2015, becoming Chair in May 2015. 
 
Mr Spence said: "It has been a pleasure to have worked with the Base Resources 
Board and management team since 2015, during which time we achieved many 
significant milestones including the continued evolution of safe and efficient 
Kwale Operations in Kenya, the acquisition and progression of the Toliara 
Project in Madagascar and the Company's transition to being a dividend payer. 
Base Resources is an exceptional organisation and I am proud to have been part 
of its development.  Base Resources has a well-earned reputation for excellence 
- particularly in the area of sustainable mining in Africa.  Base Resources 
makes a genuine difference to the lives of those involved in its projects and 
in surrounding communities.  Having served as a Director and Chair for more 
than six years, the timing is right for me to step down to provide an 
opportunity for renewal as the company enters the next phase of its 
development." 
 
Managing Director, Tim Carstens said: "As Chair, Keith has left an indelible 
mark on Base Resources.  His wise counsel and deep experience willingly shared 
has served to elevate our capability and performance and ensure a business well 
prepared to successfully meet its future challenges." 
 
Non-Executive Director, Michael Stirzaker, will be appointed as Non-Executive 
Chair immediately following the 2021 AGM.  Mr Stirzaker has over 30 years' 
commercial experience, mainly in mining finance and mining investment. 
Mr Stirzaker has been a Non-Executive Director of Base Resources since 2014, 
having acted as an alternate since November 2011.  Mr Stirzaker is a member of 
the Company's Remuneration & Nomination Committee and the Environment, Social 
and Ethics Committee.  Mr Stirzaker is also chair of Akora Resources Limited 
and a non-executive director of Prodigy Gold NL. 
 
In accordance with the definition of independence specified in the Company's 
Board Charter, the Board has determined that Chair-elect, Mr Stirzaker, will be 
considered independent upon commencing as Chair.  Having retired from his prior 
role with major shareholder, Pacific Road1, in August 2019, and with him 
ceasing to be Pacific Road's nominee on the Board, as supported by his 
consistent and demonstrated prior behaviour, the Board is entirely satisfied 
with Mr Stirzaker's capacity to bring an independent judgement to bear on 
issues before the Board and to act in the best interests of the Company as a 
whole. 
 
[Note (1):  As at the date of this announcement, Pacific Road Capital II Pty 
Ltd and Pacific Road Capital Management GP II Limited hold a combined 26.5% of 
the Company's issued share capital.] 
 
Board succession 
 
Scot Sobey has been nominated by Pacific Road for election as a Director of the 
Company at the 2021 AGM.  Mr Sobey is an Investment Director at Pacific Road 
where he is responsible for the screening of, evaluation of and subsequent 
investment in, resource related investment opportunities.  He is a mechanical 
engineer, with greater than 15 years' experience in the resources industry and 
significant development and operating expertise across multiple commodities. 
Mr Sobey's proposed election as a Director is subject to shareholder approval 
at the 2021 AGM, further details of which will be provided in the Notice of 
2021 AGM to be released to ASX by 27 October 2021. 
 
Chair-elect, Mr Stirzaker said: "Keith has contributed significantly to the 
Company and its successes over many years, and we are fortunate to have had a 
person of his calibre chairing the Company over this time.  I would again like 
to thank Keith on behalf of my fellow directors for his service to the Company 
and wish him well in pursuing his future endeavours.  Subject to shareholder 
consideration at the 2021 AGM, I also welcome Scot to the Board.  I look 
forward to the exciting opportunity of being Chair of this great company as we 
pursue all opportunities to create value for our stakeholders". 
 
Subject to the outcomes of the meeting, following conclusion of the 2021 AGM 
the Board of the Company is expected to comprise: 
 
Mr Michael Stirzaker                         Independent Non-Executive Chair 
 
Mr Tim Carstens                              Managing Director 
 
Mr Colin Bwye                                Executive Director - Operations and 
                                             Development 
 
Mr Malcolm Macpherson                        Independent Non-Executive Director 
 
Ms Diane Radley                              Independent Non-Executive Director * 
 
Ms Janine Herzig                             Independent Non-Executive Director 
 
Mr Scot Sobey                                Non-Executive Director # 
 
* Ms Radley will retire by rotation at the 2021 AGM and, being eligible, is to 
be considered for re-election at that meeting. 
 
# Mr Sobey's election as a Director is subject to shareholder approval at the 
2021 AGM. 
 
ENDS. 
 
For further information contact: 
 
James Fuller, Manager Communications and Investor  UK Media Relations 
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 
 
This release has been authorised by the Board of Base Resources. 
 
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 
 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 22, 2021 02:00 ET (06:00 GMT)

Base Resources (LSE:BSE)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Base Resources Charts.
Base Resources (LSE:BSE)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Base Resources Charts.