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
  0.25 1.64% 15.50 15.00 16.00 15.50 15.50 15.50 7,478 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 115.9 25.4 1.9 8.3 183

Base Resources Limited Annual General Meeting materials

20/11/2020 7:00am

UK Regulatory (RNS & others)

AIM and Media Release 
20 November 2020 
Annual General Meeting materials 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) advises that the following address was delivered by 
Base Resources' Chair at the Company's Annual General Meeting held today at 
1.00pm (Perth time) in Perth, Western Australia and online via the Lumi 
software platform. 
The Company's Managing Director also gave a presentation at the Annual General 
Meeting.  A copy of that presentation is available from the Company's website: 
Chair's AGM Address 
Ladies and gentlemen 
In a volatile, uncertain and complex year globally, Base Resources has 
continued to deliver results, with our Kwale Operations in Kenya exceeding 
expectations in its first full year mining in the South Dune and good progress 
being made with the world class Toliara development project in Madagascar. 
Base Resources adapted quickly to the COVID-19 pandemic, altering workplace 
conditions as required to maintain a safe environment for our people and the 
communities in which we operate.  The fact that Kwale Operations maintained 
full production and met shipping schedules throughout the 2020 financial year 
is testament to the commitment and flexibility of the whole Base Resources 
Our strong operational performance, combined with the healthy pricing 
environment, allowed the Company to record revenue of US$208.0 million, EBITDA 
of US$108.7 million and a net profit after tax of US$39.6 million for the 
financial year, and end the period with US$87.6 million net cash.  Following 
this result, the Board was pleased to determine a maiden dividend of AUD3.5 
cents per share, unfranked, which was paid in early October. 
On site, the Company maintained its uncompromising focus on safety and health 
and wellbeing, with no workplace lost time injuries during the financial year. 
Kwale Operations also continued to set a benchmark for sustainability in mining 
project implementation and operation with a wide range of activities focused on 
our people, community and environment undertaken. 
We remain focused on Kwale mine life extension to maximise value creation from 
the Kwale development for all stakeholders.  A number of mine life extension 
and near mine exploration options continue to be pursued and a pre-feasibility 
study on mining the North Dune deposit was commenced in January 2020. 
The Toliara Project in Madagascar represents a significant and attractive 
growth opportunity for the Company.  The definitive feasibility study released 
in December 2019 reinforced our view that we have secured one of the best 
undeveloped mineral sands assets in the world.  Subsequently, front end 
engineering design was advanced and lenders' due diligence commenced.  This was 
all achieved while complying with a temporary suspension of on-the-ground 
activity required by the Government of Madagascar pending the outcome of 
discussions on fiscal terms.  We remain confident that acceptable terms should 
be able to be secured and, on this basis, the Company remains committed to 
development of the Toliara Project. 
The last 12 months have brought many challenges, but they have also highlighted 
the resilience of Base Resources.  Kwale Operations remains a high cash 
generating asset with an enviable revenue to cost of sales ratio and 
extensional opportunities.  We have a very strong balance sheet.  Our product 
markets are proving relatively stable and we enjoy sound long term 
relationships with our customers.  We are well positioned to deliver 
shareholder value while weathering future global uncertainty.  The commencement 
of dividend flows to shareholders is both a statement and a major milestone on 
this journey. 
Since the end of the financial year, we have announced changes to our Board 
composition as part of our succession plan.  In October, we welcomed Janine 
Herzig as an independent non-executive director and Sam Willis will today 
retire from the Board.  Sam has served as an independent non-executive director 
of Base Resources for 13 years and made a significant contribution to the 
Company in that time, including as Chair of the Audit Committee.  We wish Sam 
all the best with his future endeavours.  With Sam's retirement from the Board, 
I am pleased to announce that Diane Radley has taken up the role of Chair of 
the Audit Committee. 
As always, I'd like to thank the Board, our employees, suppliers, local 
communities and host governments for their steadfast support and commitment. 
Finally, thank you to you, our shareholders, for your confidence, and 
patience.  We appreciate your ongoing support as we continue to build a truly 
unique mineral sands company. 
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 Barnaby Hayward 
Mobile: +61 (0) 488 093 763                        Tel: +44 (0) 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 
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 
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

November 20, 2020 02:00 ET (07:00 GMT)

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