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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Base Resources Limited | LSE:BSE | London | Ordinary Share | AU000000BSE5 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.125 | -0.99% | 12.50 | 12.25 | 12.75 | 12.625 | 12.40 | 12.625 | 582,425 | 09:14:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Iron Ores | 271.43M | -4.84M | -0.0041 | -58.54 | 283.2M |
TIDMBSE AIM Release 23 February 2018 BASE RESOURCES LIMITED Interim Financial Report - period ended 31 December 2017 Base Resources Limited (ASX & AIM: BSE) (Base Resources) is pleased to provide the following extracts from the company's Interim Financial Report for the six month ended 31 December 2017. 1. Review of Operations 2. Market Developments and Outlook 3. Review of Financial Performance 4. Consolidated Statement of Profit or Loss and Other Comprehensive Income 5. Consolidated Statement of Financial Position 6. Consolidated Statement of Changes in Equity 7. Consolidated Statement of Cash Flows These extracts should be read with reference to the notes contained in the full version of the Interim Financial Report, a copy of which is available from the Company's website: www.baseresources.com.au . Highlights Highlights from Base Resources' interim financial results for the six month period ended 31 December 2017 are as follows: A$ million[1] Six months to Six months to % Change 31 December 2017 31 December 2016 (reporting period) (comparative period) Kwale Operation Sales Revenue 115.9 90.6 +28% Kwale Operation EBITDA 72.4 46.8 +55% Group EBITDA 69.3 44.0 +58% Net Profit / (loss) 21.5 3.8 +466% Reduction in Net Debt (during the 44.1 24.5 +80% six-month period)[2] Net Debt outstanding at end of period (84.1) (179.7) -53% [2] [Note 1: All figures reported in Australian dollars unless otherwise stated. Note 2: Net Debt consists of the outstanding balance of debt facilities less cash less restricted cash held in the debt service reserve account.] * Sales volumes: 225,814 tonnes of ilmenite (comparative period: 236,488 tonnes), 37,971 tonnes of rutile (comparative period: 42,796 tonnes), 17,427 tonnes of zircon (comparative period: 17,957 tonnes) and 3,287 tonnes of zircon low grade (comparative period: 3,397 tonnes). Sales volumes were lower than the comparative period, despite higher production volumes, solely due to the timing of shipments. * Sales revenue: A$115.9 million (comparative period: A$90.6 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of A$407 per tonne, or US$317 per tonne, (comparative period: A$302 per tonne or US$227 per tonne) with the main drivers being higher ilmenite and zircon prices. * Costs: Underlying costs remained steady at an average cost of A$131, or US$102, per tonne of product sold (comparative period: A$130, or US$98, per tonne). Reflecting the 5% decrease in sales volume, total cost of goods sold decreased by 5% to A$37.2 million (comparative period: A$39.0 million). * Revenue to cash cost ratio: The Kwale Operation achieved a revenue to cost of sales ratio of 2.8:1, comfortably positioning it in the first quartile of mineral sands producers. * Group EBITDA: A$69.3 million, representing a 58% increase (comparative period: A$44.0 million) on the back of improving commodity prices and a continued tight focus on cost management. * Cash flow from operations: A$73.5 million (comparative period: A$45.1 million). * Capital investment: Cash flows used in investing activities increased to A$21.4 million (comparative period: A$3.0 million) due to the Kwale Phase 2 mine optimisation project commencing during the reporting period and on track for completion of construction in the June quarter of 2018. * Reduction in net debt: A$44.1 million (comparative period: A$24.5 million), bringing net debt to A$84.1 million (US$65.6 million) at the end of the reporting period. 1. Review of Operations Base Resources operates the 100% owned Kwale Operation in Kenya, which commenced production in late 2013. The Kwale Operation is located 10 kilometres inland from the Kenyan coast and 50 kilometres south of Mombasa, the principal port facility for East Africa. During the reporting period, the staged increase in the Hydraulic Mining Unit ( HMU) production progressed according to plan, with the HMU successfully increasing from 400 tonnes per hour (tph) to 800tph and resulting in increased HMU mining volume of 2.4 million tonnes compared with 1.4 million tonnes in the six months to 30 June 2017 (prior period) and 0.8 million tonnes in the comparative period. The increase in HMU capacity has commensurately reduced the demand on the existing Dozer Trap Mining Unit (DMU) with tonnes mined falling to 3.5 million compared with 4.2 million in the prior period and 4.6 million in the comparative period. Mined ore grade remained consistent with the prior period (7.6%) as mining proceeded around the north-western fringes of the Central Dune orebody and was higher than the comparative period (6.6%) as the HMU was initially implemented in lower grade blocks. Mining and WCP Performance Six months Six months Six months to Dec 2017 to Jun 2017 to Dec 2016 Ore mined (tonnes) 5,906,079 5,640,432 5,374,507 Heavy mineral (HM) % 7.61% 7.59% 6.56% WCP Heavy mineral concentrate produced 435,305 391,953 316,451 (tonnes) The Kwale Operation is designed to process ore to recover three separate products - rutile, ilmenite and zircon. Ore is received at the wet concentrator plant (WCP) from the mining units via a slurry pipeline. The WCP removes slimes, concentrates the valuable heavy minerals (rutile, ilmenite and zircon) with a number of gravity separation steps and rejects most of the non-valuable, lighter gangue minerals to produce a heavy mineral concentrate ( HMC). The HMC, containing approximately 90% heavy minerals, is then processed in the mineral separation plant (MSP). The MSP cleans and separates the rutile, ilmenite and zircon minerals into finished products for sale. The increase in mining volume and improved ore grade resulted in production of HMC increasing to 435,305 tonnes, higher than the prior period's 391,953 tonnes and the comparative period's 316,451 tonnes. The HMC stockpile increased to 137,741 tonnes at 31 December 2017 (83,632 tonnes at 30 June 2017), due to the high HMC production and steady MSP throughput. Current HMC inventory is more than sufficient to ensure uninterrupted MSP feed during the final implementation of the Kwale Phase 2 (KP2) Project, where a one month shut of the WCP is scheduled in the March quarter to tie in plant modifications and equipment upgrades. MSP Performance Six months Six months Six months to Dec 2017 to Jun 2017 to Dec 2016 MSP feed (tonnes of heavy mineral 381,297 379,246 384,925 concentrate) MSP feed rate (tph) 91 91 92 MSP recovery % [3] Ilmenite 100% 101% 100% Rutile 100% 99% 96% Zircon 77% 73% 73% Production (tonnes) Ilmenite 238,585 231,732 235,627 Rutile 45,587 45,869 44,756 Zircon 18,705 16,587 17,641 Zircon low grade 1,425 5,500 4,710 [Note 3: The presence of altered ilmenite species that are not defined as either "rutile" or "ilmenite" in the Resource but are recovered in the production of both, results in calculated recoveries above 100% being achievable for both products] The MSP has continued to yield high throughput rates with an average of 91tph achieved for the reporting period (91tph in the prior period) and total MSP feed remaining steady at 381,297 tonnes (379,246 tonnes in the prior period). Ilmenite production continued at above design capacity, achieving production of 238,585 tonnes (231,732 tonnes in the prior period), primarily due to slightly higher contained ilmenite in the MSP feed. This was partially offset by the lower average ilmenite recoveries of 100% (101% in the prior period). Rutile production remained steady at 45,587 tonnes in the reporting period (45,869 tonnes in the prior period). Zircon production increased to 18,705 tonnes for the reporting period (16,587 tonnes in the prior period) due to higher average zircon recoveries of 77% (73% in the prior period). In addition to primary zircon, in July 2016, Kwale Operations commenced production of a lower grade zircon product (zircon low grade) from the re-processing of run-of-production and stockpiled zircon circuit tails into a zircon rich concentrate. Sales of this zircon low grade product have realised 70-80% of the value of each contained tonne of zircon. Reported zircon low grade represents the volume of zircon contained in the concentrate. When combined with primary zircon recoveries, the production of zircon low grade has effectively lifted total zircon recoveries well above the design target of 78%. During the reporting period the zircon tails feed stockpile was fully depleted, and no further zircon low grade will be produced in the 2018 financial year. With no serious injuries occurring during the reporting period, Kwale Operations lost time injury (LTI) frequency rate remains at zero. The
Company's employees and contractors have now worked 11.0 million man-hours LTI free, with the last LTI recorded in February 2014. Marketing and sales Six months Six months Six months to Dec 2017 to Jun 2017 to Dec 2016 Sales (tonnes) Ilmenite 225,814 265,188 236,488 Rutile 37,971 49,195 42,796 Zircon 17,427 16,609 17,957 Zircon low grade 3,287 6,104 3,397 Base Resources has a number of off-take agreements across each of its three products with some of the world's largest consumers of titanium dioxide minerals and zircon products, including a cornerstone agreement with Chemours for the majority of our rutile production. These agreements provide off-take security for the Kwale Operation and contain firm minimum annual offtake volumes. All sale values are derived from prevailing market prices, based on agreed price indices or periodic price negotiations. In the reporting period, Base Resources sold more than 280,000 tonnes of product from the Kwale Operation, with shipments being made to a combination of customers with existing offtake agreements, regular customers buying on a spot basis and casual spot customers. Base Resources has maintained its strong market presence in China - the world's largest ilmenite market - with over 225,000 tonnes of ilmenite sold into the Chinese market during the reporting period. Solid relationships with major Chinese ilmenite consumers have ensured regular sales through a mix of shorter term contracts (one to three-year duration) and spot sales. 2. Market Developments and Outlook Titanium Dioxide Ilmenite and rutile are primarily used as feedstock for the production of titanium dioxide (TiO2) pigment, with a small percentage also used in the production of titanium metal and fluxes for welding rods and wire. TiO2 is the most widely used white pigment because of its non-toxicity, brightness and very high refractive index. It is an essential component of consumer products such as paint, plastics and paper. Pigment demand is therefore a major driver of ilmenite and rutile pricing. Global consumption of pigment has maintained a long-term average growth rate closely correlated to global GDP, at approximately 3% per annum. However, volatility in the global economy in recent years has created significant fluctuations in this growth rate, manifesting in big swings in inventory levels throughout the entire pigment supply chain. Excess pigment inventories in the downstream supply chain were finally exhausted by the end of the 2016 financial year, resulting in a significant tightening of the market. The global TiO2 pigment industry remained buoyant through the reporting period. High plant utilisation rates and low inventory levels among the major western pigment producers have continued to support a strong pigment pricing environment. Chinese pigment prices stabilised following some volatility through the first half of the reporting period. Restrictions to Chinese pigment production, caused by government environmental inspections and a gas shortage, helped underpin pigment prices and off-set the impact of the usual seasonal slowdown in pigment demand through the northern hemisphere winter. Chinese domestic ilmenite production has gradually increased through the reporting period following a sharp decrease in July and August on the back of central government environmental inspections. This has been offset by decreasing foreign ilmenite supply into China from Vietnam as export quotas from the Vietnamese government were exhausted and the ongoing ban on production and export of ilmenite from Tamil Nadu in India. As a result, the price of ilmenite sales to Chinese customers has been volatile throughout the reporting period, with prices softening towards the end of the period due to the restricted pigment production and seasonal slowdown. The combination of increased Chinese production, a possible increase in Vietnamese ilmenite supply following granting of new export quotas, (although actual volume increase will be heavily dependent on the economic viability of mines) and the seasonally weak demand is restraining prices of ilmenite sales to China in the short term. Ilmenite demand for pigment production is expected to increase as the Chinese gas shortages ease and the seasonal demand picks up in the northern hemisphere spring. A supply deficit in the high-grade feedstock sector (which includes rutile), driven mostly by the strength in the western chloride pigment sector, is resulting in continued upward price momentum. It is expected that this will translate into price gains as offtake contracts are renewed in 2018 for bulk rutile and chloride slag sales to large mainstream customers. In the absence of substantial new feedstock supply coming online, the titanium dioxide feedstock market is expected to remain in structural supply deficit, providing an opportunity for continued price strength in both ilmenite and rutile over the coming years. Zircon Zircon has a range of end-uses, the largest of which is in the production of ceramic tiles, which accounts for more than 50% of global zircon consumption. Milled zircon enables ceramic tile manufacturers to achieve brilliant opacity, whiteness and brightness in their products. Zircon's unique properties include heat and wear resistance, stability, opacity, hardness and strength, making it sought after for other applications such as refractories, foundries and specialty chemicals. Demand growth for zircon is closely linked to growth in global construction and increasing urbanisation in the developing world. These factors have improved in line with the acceleration of global economic growth over the past two years resulting in steady demand growth for zircon. A significant draw down of inventories of zircon throughout the supply chain, along with constraints on global production, have resulted in a rapidly tightening market and sharp increases in zircon prices since 2016. Ongoing firm demand and restricted supply is expected to lead to further price improvement in zircon through the remainder of financial year 2018. 3. Review of Financial Performance Base Resources recorded a profit after tax of A$21.5 million for the six-month reporting period, compared with A$3.8 million in the comparative period, primarily due to higher sales revenues. Six months to 31 December 2017 Six months to 31 December 2016 Kwale Other Total Kwale Other Total Operations operations Operations operations A$000s A$000s A$000s A$000s A$000s A$000s Sales Revenue 115,905 - 115,905 90,646 - 90,646 Cost of goods sold excluding depreciation & amortisation: Operating costs (35,502) - (35,502) (32,500) - (32,500) Changes in inventories of concentrate and finished 6,340 - 6,340 (339) - (339) product Royalties expense (7,995) - (7,995) (6,165) - (6,165) Total cost of goods sold (37,157) - (37,157) (39,004) - (39,004) [4] Corporate & external (2,393) (2,499) (4,892) (2,410) (2,693) (5,103) affairs Community development (1,311) - (1,311) (1,303) - (1,303) Selling & distribution (2,522) - (2,522) (1,478) - (1,478) costs Other income / (expenses) (141) (590) (731) 325 (108) 217 EBITDA [4] 72,381 (3,089) 69,292 46,776 (2,801) 43,975 Depreciation & amortisation (30,146) (27) (30,173) (23,467) (45) (23,512) EBIT [4] 42,235 (3,116) 39,119 23,309 (2,846) 20,463 Net financing expenses (9,929) (1,819) (11,748) (12,509) (4,122) (16,631) Income tax expense (5,877) - (5,877) - - - NPAT [4] 26,429 (4,935) 21,494 10,800 (6,968) 3,832 [Note 4: Base Resources' financial results are reported under International Financial Reporting Standards (IFRS). These Financial Statements include certain non-IFRS measures including EBITDA, EBIT and NPAT. These measures are presented to enable understanding of the underlying performance of the Group and have not been audited/reviewed] Sales revenue was A$115.9 million for the reporting period (comparative period: A$90.6 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of A$407 or US$317 per tonne (A$302 or US$227 per tonne in the comparative period), with the main driver being the rising ilmenite and zircon prices. Total cost of goods sold, excluding depreciation and amortisation, was A$37.2 million for the reporting period (comparative period: A$39.0 million) at an average cost of A$131 or US$102 per tonne of product sold (A$130 or US$98 per tonne in the comparative period). Operating cost per tonne produced was higher at A$117 or US$91 per tonne for the reporting period (A$107 or US$81 per tonne in the comparative period), due to higher unit electricity costs and mobile equipment maintenance as the fleet ages. With an achieved revenue to cost of sales ratio of 2.8 in the reporting period (2.3 in the comparative period), the Company remains well positioned in the upper quartile of mineral sands producers. Improved commodity prices and a continued focus on cost management has delivered a Kwale Operations EBITDA for the reporting period of A$72.4 million
(A$46.8 million in the comparative period) and a Group EBITDA of A$69.3 million (A$44.0 million in the comparative period). Depreciation and amortisation has increased for the reporting period to A$30.1 million (A$23.5 million in the comparative period), due to a reduction in the Kwale Operations expected mine life following the approval of the Kwale Phase 2 project implementation, which will significantly increase future mining rates. A net profit after tax of A$26.4 million was recorded by Kwale Operations (A$10.8 million in the comparative period) and A$21.5 million for the Group (A$3.8 million in the comparative period). Earnings per share for the Group was 2.89 cents per share (0.52 cents per share in the comparative period). Cash flow from operations was A$73.5 million for the reporting period (A$45.1 million in the comparative period), slightly higher than Group EBITDA due to working capital movements. In July 2017, following approval from the Kwale Operations Debt Facility (Kwale Facility) lenders to waive their entitlement to sweep 50% of the operations surplus cash in July 2017 (a 'cash sweep'), US$14.8 million was distributed up to Base Resources. Base Resources applied US$11.8 million of the cash sweep to retire the Taurus Debt Facility. In October 2017, the Group established a US$25.0 million (subsequently increased to US$30 million) corporate Revolving Credit Facility (RCF) to provide the Group with additional funding flexibility. In accordance with the terms of the RCF, In December 2017, Base Resources utilised US$7.4 million of the RCF to repay the Kwale Facility lenders waived portion of the July 2017 cash sweep. During the reporting period, US$28.3 million of the Kwale Operations Debt Facility (Kwale Facility) was paid down through a combination of scheduled repayments and supplementary repayments, from the proceeds of the RCF, reducing the outstanding Kwale Facility to US$112.8 million. Total debt outstanding at 31 December 2017 was A$154.1 million (US$120.3 million) reduced from A$199.0 million at 30 June 2017 (US$153.0 million). The Company's net debt position at 31 December 2017 reduced to A$84.1 million (US$65.6 million), from A$128.2 million (US$98.5 million) at 30 June 2017. Net debt at 31 December excludes A$15.5 million of restricted cash proceeds received prior to completion of the A$100.0 million share offer announced on 19 December 2017 and held at period end. After Balance Date Events Subsequent to the end of the reporting period, in January 2018, in accordance with the terms of the Kwale Facility, a cash sweep of US$12.5 million was distributed from Kwale Operations. Half of the cash sweep (US$6.25 million) went towards mandatory repayment of the Kwale Facility, with the other half distributed to the parent entity, Base Resources. The outstanding Kwale Facility debt after this repayment was US$106.6 million (A$136.6 million). Total debt outstanding has been reduced to US$114.0 million (A$146.1 million). Subsequent to the end of the reporting period, in January 2018, the Company completed the US$75 million acquisition of an initial 85% interest in the wholly owned Mauritian subsidiaries of World Titane Holdings Ltd (World Titane ), which between them hold a 100% interest in the Toliara Sands Project in Madagascar (held through wholly owned subsidiaries in Madagascar). Base Resources will acquire the remaining 15% interest, with a further US$17.0 million payable on achievement of key milestones, as the project advances towards mine development. The acquisition was funded by the issue of 380,381,075 shares at a price of A$0.255 per share, raising funds of A$97.0 million, completed in January 2018. 4. Consolidated Statement of Profit or Loss and Other Comprehensive Income 6 months to 6 months to 31 December 31 December 2017 2016 Note A$000s A$000s Sales revenue 115,905 90,646 Cost of sales 2 (67,303) (62,471) Profit from operations 48,602 28,175 Corporate and external affairs (4,919) (5,148) Community development costs (1,311) (1,303) Selling and distribution costs (2,522) (1,478) Other (expenses) / income (731) 217 Profit before financing income and 39,119 20,643 income tax Financing costs 3 (11,748) (16,631) Profit before income tax 27,371 3,832 Income tax expense (5,877) - Net profit after tax for the period 21,494 3,832 Other comprehensive income Items that may be reclassified subsequently to profit or loss: Foreign currency translation differences (3,208) 6,239 - foreign operations Total other comprehensive income for the (3,208) 6,239 period Total comprehensive income for the 18,286 10,071 period Net Earnings per share Cents Cents Basic earnings per share (cents per 2.89 0.52 share) Diluted earnings per share (cents per 2.69 0.48 share) The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company's website: www.baseresources.com.au . 5. Consolidated Statement of Financial Position 31 December 30 June 2017 2017 Note A$000s A$000s Current assets Cash and cash equivalents 30,524 36,790 Restricted cash 4 55,024 34,042 Trade and other receivables 5 42,438 57,317 Inventories 6 33,959 24,090 Other current assets 6,480 5,891 Total current assets 168,425 158,130 Non-current assets Property, plant and equipment 7 320,931 334,634 Capitalised exploration and evaluation 2,780 2,652 Total non-current assets 323,711 337,286 Total assets 492,136 495,416 Current liabilities Trade and other payables 4 43,365 26,926 Borrowings 8 68,483 77,034 Provisions 1,759 1,696 Deferred revenue 1,068 1,084 Other liabilities 826 841 Total current liabilities 115,501 107,581 Non-current liabilities Borrowings 8 79,283 114,633 Provisions 28,752 28,907 Deferred tax liability 13,218 7,606 Deferred revenue 1,334 1,897 Total non-current liabilities 122,587 153,043 Total liabilities 238,088 260,624 Net assets 254,048 234,792 Equity Issued capital 9 225,992 225,298 Reserves 44,604 48,246 Accumulated losses (16,548) (38,752) Total equity 254,048 234,792 The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company's website: www.baseresources.com.au . 6. Consolidated Statement of Changes in Equity Share Foreign Issued Accumulated based currency Total capital losses payment translation reserve reserve A$000s A$000s A$000s A$000s A$000s Balance at 1 July 2016 223,548 (61,454) 6,775 48,005 216,874 Profit for the period - 3,832 - - 3,832 Other comprehensive income - - - 6,239 6,239 Total comprehensive income for - 3,832 - 6,239 10,071 the period Transactions with owners, recognised directly in equity Shares issued during the 1,750 - - - 1,750 period, net of costs Share based payments - 1,671 (851) - 820 Balance at 31 December 2016 225,298 (55,951) 5,924 54,244 229,515 Balance at 1 July 2017 225,298 (38,752) 6,757 41,489 234,792 Profit for the period - 21,494 - - 21,494
Other comprehensive income - - - (3,208) (3,208) Total comprehensive income for - 21,494 - (3,208) 18,286 the period Transactions with owners, recognised directly in equity Share based payments 694 710 (434) - 970 Balance at 31 December 2017 225,992 (16,548) 6,323 38,281 254,048 The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company's website: www.baseresources.com.au . 7. Consolidated Statement of Cash Flows 6 months to 6 months to 31 December 31 December 2017 2016 Note A$000s A$000s Cash flows from operating activities Receipts from customers 128,269 91,447 Payments in the course of operations (54,760) (46,340) Other (54) (28) Net cash from operating activities 73,455 45,079 Cash flows from investing activities Purchase of property, plant and (21,733) (2,849) equipment Other 332 (135) Net cash used in investing activities (21,401) (2,984) Cash flows from financing activities Proceeds from borrowings 9,608 - Repayment of borrowings (51,658) (32,383) Transfers (to) / from restricted cash (6,014) 4,830 Payment of debt service costs (9,489) (11,205) Net cash used in financing activities (57,553) (38,758) Net (decrease) / increase in cash held (5,499) 3,337 Cash at beginning of period 36,790 36,295 Effect of exchange fluctuations on cash (767) 801 held Cash at end of period 30,524 40,433 The notes contained in the full version of the Interim Financial Report form part of these consolidated financial statements, a copy of which is available from the company's website: www.baseresources.com.au . ENDS. CORPORATE PROFILE Directors Keith Spence (Non-Executive Chairman) Tim Carstens (Managing Director) Colin Bwye (Executive Director) Sam Willis (Non-Executive Director) Michael Stirzaker (Non-Executive Director) Malcolm Macpherson (Non-Executive Director) Diane Radley (Non-Executive Director) Company Secretary Chadwick Poletti NOMINATED ADVISOR & BROKERS RFC Ambrian Limited As Nominated Adviser: Andrew Thomson / Stephen Allen Phone: +61 (0)8 9480 2500 As Joint Broker: Jonathan Williams Phone: +44 20 3440 6800 Numis Securities Limited As Joint Broker: John Prior / James Black / Paul Gillam Phone: +44 20 7260 1000 SHARE REGISTRY: ASX Computershare Investor Services Pty Limited Level 11, 172 St Georges Terrace PERTH WA 6000 Enquiries: 1300 850 505 / +61 (3) 9415 4000 www.computershare.com.au SHARE REGISTRY: AIM Computershare Investor Services PLC The Pavilions Bridgwater Road BRISTOL BS99 6ZZ Enquiries: +44 (0) 870 702 0003 www.computershare.co.uk AUSTRALIAN MEDIA RELATIONS Cannings Purple Annette Ellis / Andrew Rowell Email: aellis@canningspurple.com.au / arowell@canningspurple.com.au Phone: +61 (0)8 6314 6300 UK MEDIA RELATIONS Tavistock Communications Jos Simson / Barnaby Hayward Phone: +44 (0) 207 920 3150 KENYA MEDIA RELATIONS Africapractice (East Africa) Evelyn Njoroge / James Njuguna/Joan Kimani Phone: +254 (0)20 239 6899 Email: jkimani@africapractice.com PRINCIPAL & REGISTERED OFFICE 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 END
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February 23, 2018 02:00 ET (07:00 GMT)
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