New Risk • Sep 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 39% per year for the foreseeable future. Minor Risks Shareholders have been diluted in the past year (4.5% increase in shares outstanding). Significant insider selling over the past 3 months (AU$450k sold). Recent Insider Transactions Derivative • Sep 20
General Manager of Marketing exercised options and sold AU$701k worth of stock On the 16th of September, Stephen Hay exercised options to acquire 4m shares at no cost and sold these for an average price of AU$0.20 per share. This trade did not impact their existing holding. Since June 2024, Stephen's direct individual holding has decreased from 2.53m shares to 527.76k. Company insiders have collectively sold AU$2.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 13
General Manager of Marketing recently sold AU$450k worth of stock On the 10th of September, Stephen Hay sold around 2m shares on-market at roughly AU$0.22 per share. This transaction amounted to 79% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Sep 10
Upcoming dividend of AU$0.065 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 01 October 2024. The company last paid an ordinary dividend in August 2020. The average dividend yield among industry peers is 6.0%. Reported Earnings • Aug 27
Full year 2024 earnings released: US$0.001 loss per share (vs US$0.004 loss in FY 2023) Full year 2024 results: US$0.001 loss per share (improved from US$0.004 loss in FY 2023). Revenue: US$135.1m (down 50% from FY 2023). Net loss: US$1.64m (loss narrowed 66% from FY 2023). Revenue is expected to decline by 90% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Aug 26
Base Resources Limited Announce Special Dividend, Payable on October 1, 2024 Base Resources Limited has determined to pay a special dividend of AUD 6.5 cents per share (unfranked) (Special Dividend), conditional on the scheme of arrangement to effect the Company’s combination with Energy Fuels Inc. becoming effective (Scheme). Ex-date 17 September 2024, Special Dividend record date Date 18 September 2024, Special Dividend payment date 1 October 2024. Declared Dividend • Aug 04
Dividend of AU$0.065 announced Shareholders will receive a dividend of AU$0.065. Ex-date: 17th September 2024 Payment date: 1st October 2024 Dividend yield will be 24%, which is higher than the industry average of 5.1%. Announcement • Jul 23
Base Resources Limited Reaffirms Production Guidance for the Fiscal Year 2025 Base Resources Limited reaffirmed production guidance for the fiscal year 2025. For the year 2025, to end of mine life, the company expects Rutile production of 17,000 tonnes to 19,000 tonnes. Ilmenite production of 55,000 tonnes to 63,000 tonnes. Zircon production of 5,500 tonnes to 7,000 tonnes. Announcement • Apr 30
Base Resources Limited Revises Production Guidance for the Year 2024 and Provides Production Guidance for the Year 2025 Base Resources Limited revised production guidance for the year 2024 and provided production guidance for the year 2025. For the year 2024, the company now expects Rutile production of 38,000 tonnes to 42,000 tonnes compared to previous guidance of 35,000 tonnes to 41,000 tonnes; Ilmenite production of 145,000 tonnes to 160,000 tonnes compared to previous guidance of 130,000 tonnes to 160,000 tonnes; and Zircon production of 15,000 tonnes to 17,000 tonnes compared to previous guidance of 13,000 tonnes to 16,000 tonnes.For the year 2025, to end of mine life, the company expects Rutile production of 17,000 tonnes to 19,000 tonnes. Ilmenite production of 55,000 tonnes to 63,000 tonnes. Zircon production of 5,500 tonnes to 7,000 tonnes. Announcement • Apr 23
Energy Fuels Inc. (TSX:EFR) entered into a binding agreement to acquire Base Resources Limited (ASX:BSE) from Pacific Road Resources fund II L.P. managed by Pacific Road Capital Management Pty Limited, Sustainable Capital Limited and others for AUD 360 million. Energy Fuels Inc. (TSX:EFR) entered into a binding agreement to acquire Base Resources Limited (ASX:BSE) from Pacific Road Resources fund II L.P. managed by Pacific Road Capital Management Pty Limited, Sustainable Capital Limited and others for AUD 360 million on April 21, 2024. Base Resources shareholders will receive 0.0260 Energy Fuels common shares plus an unfranked special dividend of AUD 0.065 payable by Base Resources for each Base Resources share held, implying an offer price of AUD 0.302 per share and total equity value for Base Resources of AUD 375 million. The deed includes includes certain circumstances in which a break fee of $2.4 million (approximately AUD 3.7 million) would be payable to Energy Fuels, or a reverse break fee of also $2.4 million (approximately AUD 3.7 million). The Transaction will be effected by way of a scheme of arrangement under Australia's Corporations Act (the "Scheme"). The combined group will retain Base Resources’ proven leadership team, who will continue to oversee the development and operation of the Toliara Project and the completion of operations and closure of Kwale Operations, as well as the progression of other mineral sands and rare earths interests of the combined group. Subject to satisfaction of all necessary regulatory requirements, one existing Base Resources Director nominated by Base Resources will be invited to join the Board of the combined group upon implementation of the scheme. The transaction is unanimously recommended by Base Resources Board and each Director intends to vote all the Base Resources shares held by or on behalf of them in favour of the scheme. In addition, Pacific Road Capital Management GP II Limited and Pacific Road Capital II Pty Limited and Sustainable Capital Ltd intend to vote all of the Base Resources shares that they hold or control in favor of the Scheme. The transaction is conditional upon Base Resources shareholder approval, the Independent Expert concluding that the Scheme is in the best interests of Base Resources shareholders, approval by the Federal Court of Australia, no Base Resources or Energy Fuels material adverse change or prescribed events, approval by Australia’s Foreign Investment Review Board, the Competition Authority of Kenya and Malagasy Competition Council, certain other regulatory approvals including necessary NYSE and TSX listing approvals and a U.S. Securities Act exemption for the share consideration and other customary conditions. The transaction is expected to close in mid August 2024.Azure Capital Pty Ltd. is acting as the financial advisor and Herbert Smith Freehills is acting as the legal advisor to Base Resources Limited (ASX:BSE). Energy Fuels has engaged BMO Capital Markets and SCP Resource Finance as its financial advisers, and Dentons Canada LLP as its Canadian legal advisor, John Mollard of Dentons Australia Limited as its Australian legal advisor and Dorsey & Whitney LLP as its U.S. legal advisor. New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 37% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Feb 28
Base Resources Limited Omits to Pay Interim Dividend Base Resources Limited announced that in light of progress achieved and the Government’s demonstrated level of focus and engagement, in applying the Company’s capital management policy the Board has decided not to pay an interim dividend. Reported Earnings • Feb 28
First half 2024 earnings released: US$0.001 loss per share (vs US$0.039 profit in 1H 2023) First half 2024 results: US$0.001 loss per share (down from US$0.039 profit in 1H 2023). Revenue: US$73.1m (down 42% from 1H 2023). Net loss: US$1.47m (down 103% from profit in 1H 2023). Revenue is forecast to decline by 72% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Jan 31
Base Resources Limited to Report First Half, 2024 Results on Feb 26, 2024 Base Resources Limited announced that they will report first half, 2024 results on Feb 26, 2024 Announcement • Dec 15
Base Resources Limited Announces Additional Critical Mineral Product Stream Doubles Toliara Project's NPV Base Resources Limited released the outcomes of its pre-feasibility study on exploitation of the contained monazite at its Toliara Project in Madagascar through concentration of the existing waste stream from the project’s mineral sands processing facilities to produce a valuable monazite product (Monazite PFS). On an incremental basis, the Monazite PFS has delivered exceptional outcomes and is a significant enhancement of the Toliara Project as outlined in the enhanced definitive feasibility study on the project’s mineral sands (Mineral Sands DFS2). For modest additional estimated capital expenditure of USD 71 million, the Monazite PFS outcomes include an incremental post-tax/pre-debt (real) NPV10 of USD 1.0 billion, IRR of 79% and an average revenue to cost of sales ratio of 7.9, over an initial 38-year mine life. When combined with the Mineral Sands DFS2, the Toliara Project has an overall post-tax/pre-debt (real) NPV10 of USD 2.0 billion. Key Points: Pre-feasibility study on the production of monazite has significantly enhanced the forecast financial returns from the Toliara Project. With an incremental NPV10 of USD 1.0 billion (post-tax, real), the Monazite PFS has doubled the Toliara Project’s overall NPV10 to USD 2.0 billion (post-tax, real). Monazite is a rich source of rare earth elements critical to the world’s green energy transition and represents 2.0% of the heavy mineral in the Toliara Project’s Mineral Resources estimate. The Monazite PFS demonstrates that tails from the mineral sands processing planned under the Mineral Sands DFS2 can be easily upgraded to a monazite product, for modest additional capital expenditure. Capitalising on what is essentially a ‘waste’ stream will make the Toliara Project one of the largest and most cost-competitive sources of rare earth oxides globally. Other key incremental outcomes from the Monazite PFS include: IRR of 79%. Capex of USD 71 million and a capital payback period of 1 year. Average annual monazite production of 21.8kt, containing 2.8kt of NdPr. Board Change • Nov 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Diane C. Radley was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 24
Base Resources Limited Announces Retirement of Malcolm Macpherson as Non-Executive Director Base Resources Limited advised that, after serving for more than 10 years, Malcolm Macpherson has informed the Board that he will retire as Non-Executive Director at the conclusion of the Company's Annual General Meeting to be held on 24 November 2023. Mr. Macpherson joined the Board in July 2013, overseeing achievement of many significant milestones, including completion of construction of Kwale Operations and its transition into a safe, efficient and highly profitable mining operation and the Company's acquisition and progression of the Toliara Project in Madagascar. As a result, Mr. Macpherson will not stand for re-election at the 2023 Annual General Meeting and item 3 in the Notice of 2023 AGM, seeking his re-election, is withdrawn. New Risk • Nov 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$121.7m market cap, or US$77.2m). New Risk • Oct 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$156.5m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (AU$156.5m market cap, or US$99.6m). Announcement • Oct 31
Base Resources Limited Provides Production Guidance for the Year 2024 Base Resources Limited provided production guidance for the year 2024. For the year, the company expects Rutile production of 35,000 to 41,000 tonnes. Ilmenite production of 130,000 to 160,000 tonnes. Zircon – 13,000 to 16,000 tonnes. Announcement • Oct 30
Base Resources Limited Announces Kwale Operations to Complete Mining at End of 2024 Base Resources Limited announced that, following an exhaustive exploration and evaluation process seeking to further extend the life of the Company's Kwale Operations in Kenya, mining is expected to end in December 2024 as per the current mine plan. Processing activities will conclude shortly thereafter. After completing the previously announced evaluations of the two remaining near mine prospective areas, being the Kwale North Dune Mineral Resource not currently in the mine plan and the Kwale East exploration area, both lack sufficient grade or scale to support the capital investment required to extend or establish new mining operations. A significant factor in these evaluations is the limited remaining capacity of the Kwale Operations tailings storage facility, with any extension to the existing mine plan requiring an alternative tailings disposal solution that comes with a significant capital expenditure requirement and increased operating costs. Additional key factors considered in the Company's evaluations included the softening product price outlook for mineral sands over the relevant period, and the cost, timing and human impact of a substantial land acquisition and community resettlement program. On this basis, when existing Kwale Ore Reserves are fully depleted by December 2024 as expected, Kwale Operations will transition to post-mining as planned. Announcement • Sep 15
Base Resources Limited, Annual General Meeting, Nov 24, 2023 Base Resources Limited, Annual General Meeting, Nov 24, 2023, at 11:00 W. Australia Standard Time. Location: Subiaco Room at the Vibe Hotel, 9 Alvan Street Subiaco Western Australia Australia Upcoming Dividend • Sep 01
Upcoming dividend of AU$0.04 per share at 27% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 28 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 27%. Within top quartile of Australian dividend payers (7.0%). Higher than average of industry peers (5.5%). Reported Earnings • Aug 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$0.004 loss per share (down from US$0.069 profit in FY 2022). Revenue: US$271.4m (down 2.8% from FY 2022). Net loss: US$4.84m (down 106% from profit in FY 2022). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 52% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to grow by 2.3%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 28
Base Resources Limited Announces Final Dividend, Payable on 28 September 2023 Base Resources Limited announced final dividend of AUD 4.0 cents per share, unfranked (FY23 Final Dividend). Ex-date is 8 September 2023. Record date is 11 September 2023. Payment date is 28 September 2023. Announcement • Jul 26
Base Resources Limited Provides Production Guidance for the Financial Year 2024 Base Resources Limited provided production guidance for the financial year 2024. For the period, the company forecast production of Rutile to be in the range of 35,000 tonnes to 41,000 tonnes, Ilmenite to be in the range of 130,000 to 160,000, Zircon to be in the range of 13,000 to 16,000. Announcement • Jul 25
Base Resources Limited to Report Q4, 2023 Results on Aug 28, 2023 Base Resources Limited announced that they will report Q4, 2023 results on Aug 28, 2023 Announcement • Jul 04
Base Resources Limited Announces Kwale East Exploration Drilling Update Base Resources Limited release initial assay results from the first phase of scout auger drilling at its Kwale East exploration project (Kwale East) in Kwale County, Kenya (Phase 1). Kwale East is located within Prospecting Licence 2018/0119 and is the eastern expression of a large, mineralised Plio-Pleistocene dune system also covering the Kwale Central, South and North Dunes and the Bumamani deposit. Kwale East is located to the immediate east of the Company's Kwale Operations, with distances from Kwale Operations' processing facilities ranging from 2 to 6 km. Kwale East's close proximity to Kwale Operations' infrastructure makes it a near-term mine life extension opportunity. Exploration at Kwale East started in 2015 when a regional mapping exercise and desktop geological, geographical and geomorphological investigations of the mineral potential of the late Pliocene sediments were carried out. Historical geophysical surveys were reviewed but found to be insufficiently resolved. Consequently, a new airborne survey was commissioned to cover the southern coastal plain, from Mombasa to the Tanzanian border, as aeromagnetic and radiometric surveys are known to be effective tools for exploration of strand and dune deposits. Scout drilling targets were subsequently identified from coincident geophysical anomalism and compelling geomorphological features. In 2018, a 400m north by 100m east scout air core drilling program was completed in the northern part of Kwale East and 123 holes for 1,851.5m were drilled, with no significant continuous mineralisation intersected. This program did not extend over other portions of Kwale East, as landowner consents for those areas were not forthcoming at that time. Following a lengthy and concerted community engagement and sensitisation program, further landowner consents began to be obtained and a scout auger drilling program was commenced over other portions of KwaleEast in October 2022. Announcement • Jun 27
Base Resources Limited Provides Production Guidance for the Financial Year 2024 Base Resources Limited provided production guidance for the financial year 2024. For the period, the company forecast production of Rutile to be in the range of 35,000 tonnes to 41,000 tonnes, Ilmenite to be in the range of 130,000 to 160,000, Zircon to be in the range of 13,000 to 16,000. Price Target Changed • May 23
Price target decreased by 42% to AU$0.49 Down from AU$0.85, the current price target is an average from 2 analysts. New target price is 175% above last closing price of AU$0.18. Stock is down 41% over the past year. The company is forecast to post earnings per share of US$0.076 for next year compared to US$0.069 last year. Announcement • May 10
Base Resources Limited Announces Update on Umba South Prospect Base Resources Limited provided assay results from the first phase of drilling at its Umba South Project - typically quite thin (1-2m) but can be locally up to 9m thick and has demonstrated widespread rutile mineralisation. Underlying saprolite material - variable thickness with sporadic rutile mineralisation, and does not appear to be sufficiently weathered to represent free-dig material from which rutile is readily liberated. Bedrock - heavy mineral content is variable but typically high grade (20%) however it is dominated by pyrite - a known deleterious element for mineral sands processing, requiring dedicated tailings handling and storage. Preliminary mineralogical assessment of drill samples is yet to be completed, with the presence of rutile calculated based on XRF analysis of the non-magnetic fraction of heavy mineral. While graphite is present in some drill samples, analysis suggests the overall grade and distribution of mineralisation is not significant. A Phase 2 infill drilling program to assess the continuity of saprolite mineralisation has been completed, with the results expected to be available in the September 2023 quarter. These results will assist in planning future exploration activity at Umba South and elsewhere along the prospective geological zone once necessary approvals are obtained. Base Resources Limited to provide assay results from the first phase the first phase of drilling at the Umba South Project ("Uua South") ("UUUa South"). Base Resources Limited ("UUa South") is pleased to provide assay results from the First phase of drilling at its Umb a first phase of drilling at its umba South Project ("UUa South") Project ("UUa South"). The Company is currently being completed in the first phase of drilling at it's Umba South Project is currently being completed. Umba South is located near the junction of the Umba and Bombo Rivers in northern Tanzania, approximately 75km west-south-west of the Company’s Kwale Operations in Kenya. Exploration at Umba South was designed to test the southern extremity of a prominent north-south trending ridge of quartzite and gneiss that extends 35km north to the Kuranze region of Kenya, where initial rock chip and soil sampling indicated the presence of rutile. With the Company unable to carry out exploration activities in Kuranze due to its prospecting licence applications for that area being on hold following the Government of Kenya’s ongoing moratorium on issuance of new mineral rights, efforts were instead directed to the southern portion of the ridge in Tanzania. Exploration activity in Tanzania has so far been confined to areas south of the Umba River, while the Company seeks to obtain the necessary approvals from various government departments to explore in the Mkomazi Game Controlled Area to the north which hosts the target ridge feature extending north to the Kenyan border. Upcoming Dividend • Mar 03
Upcoming dividend of AU$0.02 per share at 21% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 30 March 2023. Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating. Trailing yield: 21%. Within top quartile of Australian dividend payers (7.0%). Higher than average of industry peers (8.0%). Announcement • Feb 20
Base Resources Limited to Report First Half, 2023 Results on Feb 27, 2023 Base Resources Limited announced that they will report first half, 2023 results on Feb 27, 2023 Announcement • Jan 24
Base Resources Limited Provides Production Guidance for the Financial Year 2023 Base Resources Limited provided production guidance for the financial year 2023. For the year, the company expects Rutile production to be in the range of 62,000 tonnes to 73,000 tonnes. Ilmenite production to be in the range of 260,000 tonnes to 310,000 tonnes. Zircon production to be in the range of 22,000 tonnes to 27,000 tonnes. Recent Insider Transactions • Dec 23
Independent Non-Executive Chairman recently bought AU$98k worth of stock On the 20th of December, Michael Stirzaker bought around 425k shares on-market at roughly AU$0.23 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Price Target Changed • Nov 16
Price target decreased to AU$0.57 Down from AU$0.85, the current price target is an average from 2 analysts. New target price is 141% above last closing price of AU$0.23. Stock is down 20% over the past year. The company is forecast to post earnings per share of US$0.067 for next year compared to US$0.069 last year. Announcement • Oct 25
Base Resources Limited Provides Production Guidance for the 2023 Financial Year Base Resources Limited provided production guidance for the 2023 financial year. For the period, the company expects Rutile production to be in the range of 62,000 tonnes to 73,000 tonnes. Ilmenite production to be in the range of 260,000 tonnes to 310,000 tonnes. Zircon to be in the range of 22,000 tonnes to 27,000 tonnes. Announcement • Sep 15
Base Resources Limited, Annual General Meeting, Nov 25, 2022 Base Resources Limited, Annual General Meeting, Nov 25, 2022, at 11:00 W. Australia Standard Time. Location: in the Subiaco Room at the Vibe Hotel, 9 Alvan Street Subiaco Western Australia Australia Agenda: To consider for election as a director. Price Target Changed • Sep 15
Price target decreased to AU$0.57 Down from AU$0.85, the current price target is an average from 4 analysts. New target price is 83% above last closing price of AU$0.31. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$0.067 for next year compared to US$0.069 last year. Announcement • Aug 22
Base Resources Limited Announces Unfranked Final Dividend for the Year-Ended 30 June 2022, Payable on 22 September 2022 Base Resources Limited announced that since the end of the reporting period the Board determined a final dividend of AUD 3.0 cents per share, unfranked, with a record date of 5 September 2022 and payment date of 22 September 2022. The financial impact of the dividend amounting to an estimated USD 24.4 million has not been recognised in the Consolidated Financial Statements for the year-ended 30 June 2022. Announcement • Aug 17
Base Resources Limited to Report Fiscal Year 2022 Results on Aug 22, 2022 Base Resources Limited announced that they will report fiscal year 2022 results on Aug 22, 2022 Announcement • Jul 21
Base Resources Limited Provides Operations Production Guidance for the 2022 and 2023 Base Resources Limited provided Operations production guidance for the 2022 and 2023. For the year 2022, the company expected Rutile - 73,000 to 83,000 tonnes. Ilmenite - 310,000 to 340,000 tonnes. Zircon - 24,000 to 28,000 tonnes.For the year 2023, the company expected Rutile - 62,000 to 73,000 tonnes. Ilmenite - 260,000 to 310,000 tonnes. Zircon - 22,000 to 27,000 tonnes. Announcement • Jun 15
Base Resources Limited Reports Kwale Operations Resumes Normal Operations Base Resources Limited reported that mining at the Company's Kwale Operations has, over the past week, progressively returned to normal following the outage caused by localised flash flooding. Although this was an abnormal weather event, a series of mitigations are being implemented to reduce the likelihood of a future reoccurrence, including construction of additional storm water diversion bunds and the acquisition of supplementary high capacity diesel dewatering pumps. The Company confirms that it remains on schedule to achieve financial year 2022 production guidance. Announcement • Jun 07
Base Resources Limited Advises That Mining At Kwale Operations Has Been Impacted by Recent Abnormal Rainstorms in Kwale County, Kenya Base Resources Limited advised that mining at the Company’s Kwale Operations has been impacted by recent abnormal rainstorms in Kwale County, Kenya. This series of rainstorms over recent days resulted in flash flooding that overwhelmed the dewatering systems for the three operating hydraulic mining units (HMUs). Recovery work is underway, with one of three HMUs back in operation and delivering approximately 45% of normal mining volumes. The remaining two HMUs are currently not operating as they continue to be dewatered and replacement of the pump motors progresses. While the timing for returning to full mining volumes is uncertain, it is not currently expected that the Company’s production guidance for financial year 2022 will need to be revised. Announcement • Jun 06
Base Resources Limited Announces Kwale Operations Impacted by Local Rainstorms Base Resources Limited advised that mining at the Company's Kwale Operations has been impacted by recent abnormal rainstorms in Kwale County, Kenya. This series of rainstorms over recent days resulted in flash flooding that overwhelmed the dewatering systems for the three operating hydraulic mining units (HMUs). Recovery work is underway, with one of three HMUs back in operation and delivering approximately 45% of normal mining volumes. The remaining two HMUs are currently not operating as they continue to be dewatered and replacement of the pump motors progresses. Announcement • May 08
An unknown buyer acquired unknown stake in Base Resources Limited (ASX:BSE) from NGE Capital Limited (ASX:NGE). An unknown buyer acquired unknown stake in Base Resources Limited (ASX:BSE) from NGE Capital Limited (ASX:NGE) during April, 2022.
An unknown buyer completed the acquisition of unknown stake in Base Resources Limited (ASX:BSE) from NGE Capital Limited (ASX:NGE) during April, 2022. Announcement • May 05
Base Resources Limited Announces Resignation of Janine Herzig as Non-Executive Director Base Resources Limited announced that Janine Herzig has resigned as a Non-Executive Director of the company. Ms Herzig's resignation is for personal reasons having regard to her commitments outside the Board. Ms Herzig joined the Board as an independent Non-Executive Director in October 2020 and was a member of the Company's Remuneration & Nomination Committee, a member of the Risk Committee and a member of the Environment, Social & Ethics Committee. Price Target Changed • Apr 27
Price target decreased to AU$0.85 Down from AU$0.92, the current price target is an average from 3 analysts. New target price is 166% above last closing price of AU$0.32. Stock is up 16% over the past year. The company is forecast to post earnings per share of US$0.053 for next year compared to US$0.0093 last year. Announcement • Apr 22
Base Resources Limited Provides Operations Production Guidance for the 2022 Base Resources Limited provided Operations production guidance for the 2022. For the period, the company expected Rutile - 73,000 to 83,000 tonnes. Ilmenite - 310,000 to 340,000 tonnes. Zircon - 24,000 to 28,000 tonnes. Recent Insider Transactions • Mar 11
Key Executive recently bought AU$559k worth of stock On the 10th of March, Colin Bwye bought around 2m shares on-market at roughly AU$0.33 per share. This was the largest purchase by an insider in the last 3 months. This was Colin's only on-market trade for the last 12 months. Upcoming Dividend • Mar 04
Upcoming dividend of AU$0.03 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 31 March 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 24%. Within top quartile of Australian dividend payers (5.6%). Higher than average of industry peers (8.3%). Reported Earnings • Mar 02
First half 2022 earnings: EPS exceeds analyst expectations First half 2022 results: EPS: US$0.016 (up from US$0.005 loss in 1H 2021). Revenue: US$104.6m (up 44% from 1H 2021). Net income: US$19.2m (up US$25.6m from 1H 2021). Profit margin: 18% (up from net loss in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Over the next year, revenue is forecast to stay flat compared to a 1,049% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Feb 28
Base Resources Limited Announces Interim Dividend (Unfranked) FY22 Base Resources Limited announced interim dividend of AUD 3.0 cents per share (unfranked) (FY22 Interim Dividend) . Ex Date is 11 March 2022, Record Date is 14 March 2022 and Payment Date is 31 March 2022. Announcement • Jan 26
Base Resources Limited Provides Production Guidance for the Financial Year 2022 Base Resources Limited provided production guidance for the financial year 2022. For the year, the company expected rutile production of 73,000 tonnes to 83,000 tonnes. Ilmenite production of 310,000 tonnes to 340,000 tonnes. Zircon production of 24,000 tonnes to 28,000 tonnes. Price Target Changed • Jan 19
Price target decreased to AU$0.85 Down from AU$0.92, the current price target is an average from 3 analysts. New target price is 162% above last closing price of AU$0.33. Stock is up 12% over the past year. The company is forecast to post earnings per share of US$0.054 for next year compared to US$0.0093 last year. Executive Departure • Nov 26
Independent Non-Executive Chairman Keith Spence has left the company On the 26th of November, Keith Spence's tenure as Independent Non-Executive Chairman ended after 6.5 years in the role. As of September 2021, Keith still personally held 666.67k shares (AU$173k worth at the time). Keith is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 9.50 years. Announcement • Sep 27
Base Resources Limited Announces Update to the Estimated Ranobe Mineral Resources and Ore Reserves at its 100% Owned Toliara Project in Madagascar Base Resources Limited announced an update to the estimated and Ore Reserves at its 100% owned Toliara Project in Madagascar. The Ranobe Mineral Resources estimate has been updated to incorporate results from the 29,753m aircore drilling program completed over 2018 and 2019 which focused on defining the western and vertical extents of mineralisation for the Ranobe deposit, as well as high definition infill drilling for detailed mining planning over the first four years of mining. Approximately 70% of drill samples from the 2018/19 drilling program have been assayed and results incorporated into the 2021 Ranobe Mineral Resources estimate. The remaining 30% of drill samples are awaiting dispatch in Toliara and will be assayed following the lifting of the on-the-ground suspension of activities by the Government of Madagascar. Significant mineralisation was discovered at depth in the lower sandy unit (LSU), however, the mineralogy required to include this geological domain in a Ranobe Mineral Resources estimate has not yet been completed due to the on-the-ground suspension. The 2021 Ranobe Mineral Resources estimated heavy mineral contains 2.0% monazite, which, given the grade and size of the deposit, represents a significant potential source of Rare Earth Oxides (REO) that will be investigated in future studies. Analysis of monazite produced from a bulk sample collected in 2018 indicated that 55% of the monazite comprised REO of which approximately 73% was cerium oxide (CeO2) and lanthanum oxide (La2O3), 24% was neodymium oxide (Nd2O3) and praseodymium oxide (Pr6O11), 0.1% was dysprosium oxide (Dy2O3) and 0.02% was terbium oxide (Tb4O7). Upcoming Dividend • Sep 03
Upcoming dividend of AU$0.04 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 29 September 2021. Trailing yield: 25%. Within top quartile of Australian dividend payers (5.2%). Higher than average of industry peers (9.3%). Reported Earnings • Aug 31
Full year 2021 earnings released: EPS US$0.009 (vs US$0.034 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: US$198.2m (down 4.7% from FY 2020). Net income: US$11.0m (down 72% from FY 2020). Profit margin: 5.5% (down from 19% in FY 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Aug 20
Base Resources Limited Announces Updated Kwale South Dune Mineral Resources and Ore Reserves Estimates Base Resources Limited announced an update to the estimated Kwale South Dune Mineral Resources (2021 Kwale South Dune Mineral Resources) and Ore Reserves (2021 Kwale South Dune Ore Reserves) at its 100% owned and operated Kwale Operations in Kenya. The 2021 Kwale South Dune Mineral Resources are estimated at 30 June 2021 to be 54 million tonnes (Mt) at an average heavy mineral (HM) grade of 3.2% for 1.7Mt of contained HM, at a 1% HM cut-off grade. The 2021 Kwale South Dune Mineral Resources estimate represents a decrease of 22Mt of material and 0.7Mt (or 26%) of contained HM compared with the previously announced Kwale South Dune Mineral Resources estimate as at 30 June 2020 due to mining depletion, inclusive of sterilisation of sub-economic low-grade material. The 2021 Kwale South Dune Ore Reserves are estimated at 30 June 2021 to be 40Mt at an average HM grade of 3.3% for 1.3Mt of contained HM. While ore tonnage did not change, the updated Ore Reserves estimate represents an overall decrease of 2% in contained HM tonnes from the previously reported 2020 Kwale South Dune Ore Reserves estimate due to: depletion due to mining of 19Mt of ore and 0.7Mt of contained HM, inclusive of unmined material caused by an elevated basement floor in some areas compared to that predicted in the underlying model; and an additional 19Mt of ore and 0.6Mt of contained HM being included as a result of incorporation of additional Kwale South Dune Mineral Resources located within the proposed expanded SML 23. The 2020 Kwale South Dune Ore Reserves estimate was constrained within the current SML 23 boundary and did not include any additional estimated Mineral Resources within the much larger Prospecting licence 2018/0119 (PL119). Following the Cabinet Secretary for the Ministry of Petroleum and Mining's previously disclosed public statements that the proposed extension to SML 23 had been approved and the licence will be issued soon, the Company has greater certainty as to the timing for finalising the necessary mining tenure arrangements with the Kenyan Ministry of Petroleum and Mining. As a consequence, Base Resources has incorporated the portion of the Mineral Resources estimate within the proposed expanded SML 23 into the 2021 Kwale South Dune Ore Reserves estimate. On the basis of the 2021 Kwale South Dune Ore Reserves estimate, following the expansion of SML 23, mining is scheduled to continue on the Kwale South Dune until December 2023. The 2021 Kwale South Dune Mineral Resources and Ore Reserve estimates are reported in accordance with the JORC Code. Further information about both estimates is set out in the sections below and includes the information prescribed by the ASX Listing Rules. For both the 2021 Kwale South Dune Mineral Resources and Ore Reserve estimates, the information provided should be read in conjunction with the explanatory information provided for the purposes of Sections 1 to 3 of Table 1 of the JORC Code, included as Appendix 1 to this announcement. Kwale Operations is located on SML 23, which lies within PL119. The Prospecting Licence has an area of 88.7 km2 and is located approximately 50 kilometres south of Mombasa and approximately 10 kilometres inland from the Kenyan coast. The Kwale Project initially comprised three areas that contained concentrations of heavy minerals. They were the South Dune, Central Dune (now totally depleted by mining and currently the repository for sand tailings from the South Dune) and the North Dune deposits, with the Bumamani deposit being discovered subsequently. The project was initially owned by Tiomin Resources Inc. (Tiomin) which conducted drilling in 1997 and then by Base Titanium Limited (a wholly owned subsidiary of Base Resources) (Base Titanium) which purchased the project late in 2010 and commenced confirmatory drilling of the Central, South and North Dune deposits. Announcement • Apr 29
Base Resources Limited Updates Production Guidance for the Fiscal Year 2021 Base Resources Limited announced updated production guidance for the fiscal year 2021. For the year, the company expects Rutile production between 70,000 tonnes to 80,000 tonnes; Ilmenite production to be between 300,000 to 320,000 tonnes compared to previous guidance of 270,000 to 300,000 and Zircon production to be between 26,000 to 28,000 tonnes compared to previous guidance of 23,000 to 27,000. Reported Earnings • Feb 23
First half 2021 earnings released: US$0.005 loss per share (vs US$0.008 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: US$72.8m (down 13% from 1H 2020). Net loss: US$6.34m (down 169% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 22
New 90-day high: AU$0.33 The company is up 2.0% from its price of AU$0.32 on 24 November 2020. The Australian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.65 per share. Announcement • Feb 19
Base Resources Limited Provides Updated Kwale North Dune & Maiden Bumamani Mineral Resources Base Resources Limited provided an update to the Kwale North Dune Mineral Resources (2021 Kwale North Dune Mineral Resources) estimate and announce a maiden Bumamani Mineral Resources estimate (2021 Bumamani Mineral Resources) at its 100% owned and operated mineral sands operations in Kwale County, Kenya (Kwale Operations). The 2021 Kwale North Dune Mineral Resources and 2021 Bumamani Mineral Resources estimates are being presented together because of the close proximity of the underlying deposits and as these deposits are the subject of a single pre-feasibility study (the Kwale North Dune PFS) being undertaken to assess their potential to extend the mine life of Kwale Operations. The Kwale North Dune PFS commenced in early 2020 and is due for completion early in the second quarter of 2021.
Since announcement of the maiden JORC 2012 North Dune Mineral Resources estimate in May 2019 (2019 Kwale North Dune Mineral Resources) 1, Base Resources has carried out additional drilling, assaying and mineralogy studies of the Kwale North Dune to improve the confidence of the Mineral Resources estimate and further the Company's understanding of the deposit. As a result of this additional work, 99% of the 2021 Kwale North Dune Mineral Resources estimate is now reported in the Measured and Indicated categories. Material tonnage for the 2021 Kwale North Dune Mineral Resources estimate has also increased by 13% and contained heavy mineral
(HM) has increased by 12% from the 2019 Kwale North Dune Mineral Resources estimate. The 2021 Kwale North Dune Mineral Resources are now estimated to be 194 million tonnes (Mt) at an average HM grade of 1.5% for 2.9Mt of contained HM, at a 1% HM cut-off grade. The Bumamani deposit is situated approximately 1.5km south of the North Dune deposit (Figure 1) and was discovered by Base Resources in 2017 when drilling to test for mineralisation in the north-east sector of the Kwale Prospecting Licence PL/2018/0119 (PL119). At that time, taking into account the results at hand and the small size of the deposit indicated by such results, it was decided
that any Mineral Resources estimate would be deferred until the full drilling program planned for the north-east sector was able to be completed and the full results incorporated into the estimation process. Due to ongoing community access issues, Base Resources has not been able to complete that program. However, with commencement of the Kwale North Dune PFS, the Bumamani deposit has now been revisited due to its proximity to the Kwale North deposit and a Mineral Resources estimate completed to allow its inclusion in that study. Announcement • Feb 16
Base Resources Limited to Report First Half, 2021 Results on Feb 22, 2021 Base Resources Limited announced that they will report first half, 2021 results on Feb 22, 2021 Is New 90 Day High Low • Nov 23
New 90-day high: AU$0.32 The company is up 14% from its price of AU$0.28 on 25 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.53 per share. Announcement • Nov 21
Base Resources Limited Board Changes Base Resources Limited announced Sam Williswill retire from the Board. With Sam’s retirement from the Board, the company announced that Diane Radley has taken up the role of Chair of the Audit Committee. Announcement • Sep 24
Base Resources Limited Announces Board Changes Base Resources Limited announced the appointment of Janine Herzig to the Board as an independent non-executive director, effective from October 12, 2020. In addition, after 13 years as an independent non-executive director, Sam Willis, will retire at the Company's Annual General Meeting on November 20, 2020 as part of the Board's succession process. Herzig commenced her professional career with Mount Isa Mines and Western Mining Corporation. She then joined Consolidated Rutile Limited and spent the next 10 years with RGC and Iluka Resources in multiple locations, involved in dredging, dry mining operations, wet concentrators, dry mills, synthetic rutile and tailings management. After commissioning a number of projects and brownfields operations, she advanced to Principal Metallurgist for Iluka's greenfields Murray Basin projects. Herzig was General Manager of the Minerals and Industrial division at Bureau Veritas from 2005 to 2009, leading the company through a major expansion and M&A phase. She then established a consulting business, undertaking due diligence work, desktop reviews, independent audits and acting as an expert witness in the field of mineral sands processing and tailings management. As part of the succession process, independent non-executive director, Diane Radley, will assume the role of Chair of the Audit Committee. Recent Insider Transactions • Sep 23
Key Executive recently sold AU$178k worth of stock On the 17th of September, Colin Bwye sold around 600k shares on-market at roughly AU$0.30 per share. This was the largest sale by an insider in the last 3 months. This was Colin's only on-market trade for the last 12 months.