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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