TIDMBSE 
 
AIM and Media Release 
 
13 August 2020 
 
BASE RESOURCES LIMITED 
2020 Mineral Resources and Ore Reserves Statement 
 
Key Points 
 
  * Maiden Ranobe Ore Reserves estimate for the Toliara Project announced on 6 
    December 2019 of 586Mt at an average HM grade of 6.5% containing 38Mt of 
    in-situ HM. 
  * Kwale South Dune Mineral Resources and Ore Reserves estimates were reduced 
    by mining depletion in the year to 30 June 2020, as well as by a 5% 
    reduction in the estimated material bulk density, sterilisation of 
    sub-economic material and a reduction in the size of the prospecting 
    licence omitting some low-grade material, with the total effect of: 
      + Reducing the South Dune Mineral Resources by 38Mt containing 1.1Mt of 
        in situ HM. 
      + Reducing the South Dune Ore Reserves by 22Mt containing 0.9Mt of in 
        situ HM. 
 
The 2020 Mineral Resources and Ore Reserves estimates for Base Resources 
Limited (ASX & AIM: BSE) (Base Resources or the Company) are summarised in the 
table below together with the 2019 Mineral Resources and Ore Reserves estimates 
for comparison. 
 
                             2020                                          2019 
                      as at 30 June 2020                            as at 30 June 2019 
 
                                      HM Assemblage                                 HM Assemblage 
        Tonnes   HM   HM   SL   OS                     Tonnes   HM   HM   SL   OS 
Deposit                             ILM  RUT LEUC  ZIR                              ILM   RUT   ZIR 
 
          (Mt) (Mt)  (%)  (%)  (%)  (%)  (%)  (%)  (%)   (Mt) (Mt)  (%)  (%)  (%)   (%)   (%)   (%) 
 
              Mineral Resources (Measured + Indicated + Inferred, inclusive of Ore Reserves) 
 
 Kwale     246  4.9  2.0   34    2   51   13         5    285  6.0  2.1   33    2    52    13     6 
                                                - 
 
Ranobe   1,293   66  5.1    6    0   72   2*    -    6  1,293   66  5.1    6    0    72     2     6 
 
                                     Ore Reserves (Proved + Probable) 
 
 Kwale      40  1.4  3.4   26  1.7   57   13         6     62  2.3  3.8   27    3    57    13     6 
                                              - 
 
Ranobe     586   38  6.5  3.9  0.1   74  1.1 0.9^  5.9      -    -    -    -    -     -     -     - 
 
Table subject to rounding differences. *Rutile reported is rutile + leucoxene 
mineral species. ^ Recovered Leucoxene will be split between Rutile and 
Chloride Ilmenite products depending on product specification requirements. 
 
Mineral Resources and Ore Reserves estimates in this statement are reported in 
accordance with the JORC Code (2012 edition).  Accordingly, this statement 
should be read in conjunction with the respective explanatory Mineral Resources 
and Ore Reserves information included in the following announcements1: 
 
           Deposit                  Announcement Title        Estimate Date     Release 
                                                                                   Date 
 
Kwale South    Mineral        Updated Kwale South Dune        31 March 2020     27 July 
Dune           Resources &    Mineral Resources and Ore                            2020 
               Ore Reserves   Reserves estimate 
 
Kwale North    Mineral        Mineral Resource for Kwale         1 May 2019  1 May 2019 
Dune           Resources      North Dune deposit 
 
Ranobe         Ore Reserves   Maiden Ranobe Ore Reserves        27 November  6 December 
                              Estimate                                 2019        2019 
 
Ranobe         Mineral        Updated Ranobe Deposit Mineral     23 January  23 January 
               Resources      Resources (corrected)                    2019        2019 
 
2019           Mineral        2019 Mineral Resources and Ore   30 June 2019   21 August 
Comparatives   Resources &    Reserves Statement                                   2019 
               Ore Reserves 
 
[Note (1):  ASX announcements are available at https://baseresources.com.au/ 
investors/announcements/.] 
 
Kwale Deposits 
 
The Company's 100% owned Kwale Mineral Sands Operations (Kwale Operations) in 
Kenya is located approximately 50 kilometres south of Mombasa and 10 kilometres 
inland from the Kenyan coast.  The Company's wholly owned subsidiary, Base 
Titanium Limited, holds Prospecting Licence 2018/0119 (PL119) which hosts the 
Kwale South Dune and North Dune deposits.  The majority of the Kwale South Dune 
deposit resides within Special Mining Lease No. 23 (SML23), which sits within 
PL119 and is currently being mined.  A pre-feasibility study is currently 
underway to assess the potential to mine the North Dune deposit. 
 
Base Resources is the operator of Kwale Operations and has a net attributable 
interest of 100% in the 2020 Kwale Mineral Resources and Ore Reserves 
estimates. 
 
Mineral Resources 
 
The 2020 Kwale Mineral Resources, as at 30 June 2020, are estimated to be 246 
million tonnes (Mt) at an average heavy mineral (HM) grade of 2.0% for 4.9Mt of 
contained HM, at a 1% HM cut-off grade. 
 
Table 2: 2020 Kwale Mineral Resources estimate compared with the 2019 estimate 
at a 1% HM cut-off grade. 
 
                               2020                                         2019 
                        as at 30 June 2020                           as at 30 June 2019 
 
                                         HM Assemblage                                HM Assemblage 
          Tonnes    HM    HM   SL   OS                   Tonnes     HM   HM   SL   OS 
Category                                 ILM   RUT   ZIR                               ILM  RUT  ZIR 
 
            (Mt)  (Mt)   (%)  (%)  (%)   (%)   (%)   (%)   (Mt)   (Mt)  (%)  (%)  (%)  (%)  (%)  (%) 
 
                                          Kwale South Dune 
 
Measured      55   1.8   3.2   24    1    58    14     6     81    2.6  3.2   25    1   59   14    6 
 
Indicated     20   0.6   2.9   26    7    52    12     6     33    0.8  2.5   26    7   52   12    6 
 
  Total       76   2.3   3.1   25    3    57    13     6    114    3.5  3.0   25    3   56   13    6 
 
                                          Kwale North Dune 
 
Indicated    136   2.1   1.5   38    2    45    12     5    136    2.1  1.5   38    2   45   12    5 
 
Inferred      34   0.5   1.4   36    3    46    13     6     34    0.5  1.4   36    3   46   13    6 
 
  Total      171   2.6   1.5   38    2    45    12     5    171    2.6  1.5   38    2   45   12    5 
 
                                   Total Kwale Mineral Resources 
 
Measured      55   1.8   3.2   24    1    58    14     6     81    2.6  3.2   25    1   59   14    6 
 
Indicated    157   2.7   1.7   37    2    47    12     5    169    2.9  1.7   36    3   47   12    5 
 
Inferred      34   0.5   1.4   36    3    46    13     6     34    0.5  1.4   36    3   46   13    6 
 
  Total      246   4.9   2.0   34    2    51    13     5    285    6.0  2.1   33    2   52   13    6 
 
Table subject to rounding differences.  Mineral Resources are inclusive of 
Kwale South Dune Ore Reserves. 
 
The 2020 Kwale Mineral Resources estimate represents a decrease of 13.5% in 
material tonnes and 18.5% in contained HM tonnes when compared with the 2019 
Kwale Mineral Resources estimate. 
 
The decrease was solely to the Kwale South Dune Mineral Resources which are 
estimated to be 76Mt at an average HM grade of 3.1% for 2.3Mt of contained HM 
as at 30 June 2020, a decrease of 38Mt containing 1.1Mt of HM to the 2019 
estimate.  The decrease was due to: 
 
  * Mining depletion, decreasing material by 18.5Mt containing 0.67Mt of HM. 
  * Mining sterilisation of 12.0Mt of material and 0.25Mt of contained HM 
    comprising material that was not mined as it was not considered economic to 
    do so. 
  * A 5% reduction in the estimated material bulk density, decreasing material 
    by 5.7Mt containing 0.17Mt of HM compared to the 2019 estimate.As announced 
    on 27 July 20202, the reduction in estimated material bulk density was the 
    result of routine reconciliations undertaken between the resource model 
    predictions and run-of-mine operating data gained for ore mined since 
    mining commenced on the Kwale South Dune in July 2019. 
  * A prospecting licence area reduction, decreasing material by 2.2Mt 
    containing 0.03Mt of HM.  The previous prospecting tenure instrument, 
    Special Prospecting Licence 173, which was granted under the previous 
    Kenyan Mining Act, was converted to PL119 in May 2018, which was granted 
    under the 2016 Kenyan Mining Act, requiring a 50% reduction in size. 
    Material excluded by the reduction was not considered economic. 
 
The Kwale North Dune Mineral Resources as at 30 June 2020 are unchanged from 
the 2019 estimate. 
 
[Note (2):  Refer to Base Resources' market announcement "Updated Kwale South 
Dune Mineral Resources and Ore Reserves estimate" released on 27 July 2020, 
which is available at https://baseresources.com.au/investors/announcements/.] 
 
Ore Reserves 
 
Contained within the Kwale South Dune Mineral Resources are the Kwale Ore 
Reserves, estimated as at 30 June 2020 to be 40Mt at an average HM grade of 
3.4% for 1.4Mt of contained HM. 
 
Table 3:  The 2020 Kwale Ore Reserves estimate compared with the 2019 estimate. 
 
                             2020                                         2019 
                      as at 30 June 2020                           as at 30 June 2019 
 
                                      HM Assemblage                                  HM Assemblage 
         Tonnes   HM   HM   SL   OS                    Tonnes    HM     HM   SL   OS 
Category                              ILM   RUT   ZIR                                 ILM  RUT  ZIR 
 
           (Mt) (Mt)  (%)  (%)  (%)   (%)   (%)   (%)    (Mt)  (Mt)    (%)  (%)  (%)  (%)  (%)  (%) 
 
                                         Kwale South Dune 
 
 Proved      35  1.2  3.5   26  0.8    58    14     6      39   1.6    4.0   27    1   59   14    6 
 
Probable      5  0.2  2.9   27    7    51    12     5      23   0.8    3.3   26    5   53   13    6 
 
 Total       40  1.4  3.4   26  1.7    57    13     6      62   2.3    3.8   27    3   57   13    6 
 
Table subject to rounding differences. 
 
The 2020 Kwale Ore Reserves estimate represents a decrease of 35% in total ore 
tonnes and 41% in contained HM tonnes compared to the 2019 Kwale Ore Reserves 
estimate.  This decrease was due to: 
 
  * Mining depletion, decreasing ore by 18.3Mt containing 0.68Mt of HM. 
  * A 5% reduction in the estimated material bulk density of the resource 
    model, decreasing ore by 3.1Mt containing 0.11Mt of HM. 
  * Other minor changes, including updates to the resource model (other than 
    for material bulk density), altering the mine design to reflect the switch 
    from dozer mining to hydraulic mining and sterilisation of ore, resulting 
    in total reduction in ore of 0.16Mt containing 0.16Mt of HM. 
 
The estimated material and contained HM tonnes for the 2020 Kwale South Dune 
Mineral Resources are significantly higher than the 2020 Kwale South Dune Ore 
Reserves estimate because the Ore Reserves are constrained within SML23, 
whereas the Mineral Resources are constrained within the much larger PL119. 
Mining tenure arrangements are being progressed with the Kenyan Ministry of 
Petroleum and Mining to extend the SML23 boundary to incorporate some of these 
additional Mineral Resources as a precursor to an anticipated updated Ore 
Reserves estimate. 
 
No Ore Reserves estimate has been completed for the Kwale North Dune deposit. 
 
Ranobe Deposit 
 
The Company's 100% owned Toliara Project is based on the Ranobe deposit, 
located approximately 45 kilometres north of the town of Toliara and 15km 
inland from the coast in south west Madagascar.  The Ranobe deposit sits within 
Permis d'Exploitation 37242, which is a mining lease under Malagasy law.  The 
Company is currently progressing the project towards development, with a 
definitive feasibility study completed in December 20193. 
 
Base Resources is the operator of the Toliara Project and has a net 
attributable interest of 100% in the 2020 Ranobe Mineral Resources and Ore 
Reserves estimates. 
 
[Note (3):  Refer to Base Resources' market announcement "DFS reinforces 
Toliara Project's status as a world class mineral sands development" released 
on 12 December 2019, which is available at https://baseresources.com.au/ 
investors/announcements/.] 
 
Mineral Resources 
 
The 2020 Ranobe Mineral Resources are estimated to be 1,293Mt at an average HM 
grade of 5.1% for 66Mt of contained HM, based on a 1.5% HM cut-off grade.  The 
Ranobe Mineral Resources at 30 June 2020 are unchanged from the 2019 estimate. 
 
Table 4: The 2020 Ranobe Mineral Resources estimate, compared with the 2019 
estimate, at a 1.5% HM cut-off grade. 
 
                              2020                                          2019 
                       as at 30 June 2020                            as at 30 June 2019 
 
 
                      In                 HM Assemblage              In                 HM Assemblage 
          Material  Situ   HM   SL   OS                 Material  Situ   HM   SL   OS 
Category              HM                                            HM 
                                         ILM  RUT*  ZIR                                ILM  RUT*  ZIR 
 
              (Mt)  (Mt)  (%)  (%)  (%)  (%)   (%)  (%)     (Mt)  (Mt)  (%)  (%)       (%)   (%)  (%) 
 
                                      Ranobe Mineral Resources 
 
Measured       419    28  6.6    4    0   75     2    6      419    28  6.6    4    0   75     2    6 
 
Indicated      375    18  4.9    8    1   72     2    6      375    18  4.9    8    1   72     2    6 
 
Inferred       499    20  3.9    7    1   70     2    5      499    20  3.9    7    1   70     2    5 
 
  Total      1,293    66  5.1    6    0   72     2    6    1,293    66  5.1    6    0   72     2    6 
 
Table subject to rounding differences.  Mineral Resources are inclusive of 
Ranobe Ore Reserves. * Rutile reported in the table is rutile + leucoxene 
mineral species. 
 
Ore Reserves 
 
Contained within the Ranobe Mineral Resources are the Ranobe Ore Reserves, 
estimated as at 30 June 2020 to be 586Mt at an average HM grade of 6.5% for 
38Mt of contained HM.  The Ranobe Ore Reserves estimate as at 30 June 2020 are 
unchanged from the maiden estimate announced on 6 December 20194. 
 
Table 5: The 2020 Ranobe Ore Reserves estimate. 
 
                                2020                                            2019 
                         as at 30 June 2020                              as at 30 June 2020 
 
Deposit  Tonnes   HM   HM   SL   OS      HM Assemblage      Tonnes  HM  HM   SL   OS    HM Assemblage 
 
                                      ILM   RUT  LEUC   ZIR                            ILM  RUT LEUC ZIR 
 
           (Mt) (Mt)  (%)  (%)  (%)   (%)   (%)   (%)   (%)   (Mt) (Mt) (%) (%)   (%)  (%)  (%)  (%) (%) 
 
                                          Ranobe Ore Reserves 
 
 Proved     347   24  7.0  3.8  0.1    75   1.0   1.0   5.9                     N/A 
 
Probable    239   14  5.8  4.2  0.2    73   1.3   0.8   5.7                     N/A 
 
 Total      586   38  6.5  3.9  0.1    74   1.1  0.9^   5.9                     N/A 
 
Table subject to rounding differences. ^ Recovered Leucoxene will be split 
between Rutile and Chloride Ilmenite products depending on product 
specification requirements. 
 
[Note (4): Refer to Base Resources' market announcement "Maiden Ranobe Ore 
Reserves Estimate" released on 6 December 2019, which is available at https:// 
baseresources.com.au/investors/announcements/.] 
 
Mineral Resources and Ore Reserves Governance 
 
A summary of the governance, internal controls and estimation process 
applicable to Base Resources' Mineral Resources and Ore Reserves estimates are 
as follows: 
 
Mineral Resources 
 
  * Review and validation of drilling and sampling methodology and data 
    spacing, geological logging, data collection and storage, sampling and 
    analytical quality control. 
  * Geological interpretation - review of known and interpreted structure, 
    lithology and weathering controls. 
  * Estimation methodology - relevant to mineralisation style and proposed 
    mining methodology. 
  * Comparison of estimation results with previous mineral resources models, 
    and with results using alternate modelling methodologies. 
  * Visual validation of block model against raw composite data. 
  * Use of external competent persons to assist in preparation of Mineral 
    Resources estimate updates. 
 
Ore Reserves 
 
  * Review of potential mining methodology to suit deposit and mineralisation 
    characteristics. 
  * Review of potential Modifying Factors, including cost assumptions and 
    commodity prices to be utilised in mining evaluation. 
  * Ore Reserves estimate updates initiated with material changes in the above 
    assumptions. 
  * Optimisation using appropriate software packages for open pit evaluation. 
  * Design based on optimisation results. 
  * Use of external competent persons to assist in preparation of Ore Reserves 
    estimates. 
 
Competent Persons' Statements 
 
The 2020 Mineral Resources and Ore Reserves Statement has been approved by the 
following competent persons on the basis detailed below: 
 
Mineral Resources - South Dune Deposit 
 
The information in this announcement that relates to the Kwale South Dune 
Mineral Resources estimate is based on, and fairly represents, information and 
supporting documentation prepared by Mr. Scott Carruthers.  Mr. Carruthers is a 
Member of The Australasian Institute of Mining and Metallurgy.  Mr. Carruthers 
is employed by Base Resources, he holds equity securities in Base Resources, 
and is entitled to participate in Base Resources' long-term incentive plan and 
receive equity securities under that plan.  Details about that plan are 
included in Base Resources' 2019 Annual Report.  Mr. Carruthers has sufficient 
experience that is relevant to the style of mineralisation and type of deposits 
under consideration and to the activity which he is undertaking to qualify as a 
Competent Person as defined in the JORC Code and as a qualified person for the 
purposes of the AIM Rules for Companies.  Mr. Carruthers has reviewed this 
announcement and consents to the inclusion in this announcement of the Kwale 
South Dune Mineral Resources estimate and supporting information in the form 
and context in which the relevant information appears. 
 
Mineral Resources - North Dune Deposit 
 
The information in this announcement that relates to Kwale North Dune Mineral 
Resources estimate is based on, and fairly represents, information and 
supporting documentation prepared by Mr. Greg Jones, who acts as a Consultant 
Geologist for Base Resources and is employed by IHC Robbins.  Mr. Jones is a 
Member of The Australasian Institute of Mining and Metallurgy and has 
sufficient experience that is relevant to the style of mineralisation and type 
of deposits under consideration and to the activity which he is undertaking to 
qualify as a Competent Person as defined in the JORC Code and as a qualified 
person for the purposes of the AIM Rules for Companies.  Mr. Jones has reviewed 
this announcement and consents to the inclusion in this announcement of the 
Kwale North Dune Mineral Resources estimate and supporting information in the 
form and context in which it appears. 
 
Ore Reserves - South Dune Deposit 
 
The information in this announcement that relates to the Kwale South Dune Ore 
Reserves estimate is based on, and fairly represents, information and 
supporting documentation prepared by Mr. Per Scrimshaw and Mr. Scott 
Carruthers.  Mr. Scrimshaw and Mr. Carruthers are both Members of The 
Australasian Institute of Mining and Metallurgy.  Mr. Scrimshaw is employed by 
Entech, a mining consultancy engaged by Base Resources.  Mr. Carruthers is 
employed by Base Resources, he holds equity securities in Base Resources, and 
is entitled to participate in Base Resources' long-term incentive plan and 
receive equity securities under that plan.  Details about that plan are 
included in the Company's 2019 Annual Report.  Mr. Scrimshaw and Mr. Carruthers 
each have sufficient experience that is relevant to the style of mineralisation 
and type of deposits under consideration and to the activity which they are 
each undertaking to qualify as Competent Persons as defined in the JORC Code 
and as qualified persons for the purposes of the AIM Rules for Companies.  Mr. 
Scrimshaw and Mr. Carruthers have each reviewed this announcement and consent 
to the inclusion in this announcement of the South Dune Ore Reserves estimate 
and supporting information in the form and context in which it appears. 
 
Mineral Resources - Ranobe Deposit 
 
The information in this announcement that relates to the Ranobe Mineral 
Resources estimate is based on, and fairly represents, information and 
supporting documentation prepared by Mr. Greg Jones, who acts as Consultant 
Geologist for Base Resources and is employed by IHC Robbins.  Mr. Jones is a 
Member of The Australasian Institute of Mining and Metallurgy and has 
sufficient experience that is relevant to the style of mineralisation and type 
of deposits under consideration and to the activity which he is undertaking to 
qualify as a Competent Person as defined in the JORC Code and as a qualified 
person for the purposes of the AIM Rules for Companies.  Mr. Jones has reviewed 
this announcement and consents to the inclusion in this announcement of the 
Ranobe Mineral Resources estimate and supporting information in the form and 
context in which it appears. 
 
Ore Reserves - Ranobe Deposit 
 
The information in this announcement that relates to Ranobe Ore Reserves 
estimate is based on, and fairly represents, information and supporting 
documentation prepared by Mr. Chris Sykes and Mr. Scott Carruthers.  Mr. Sykes 
and Mr. Carruthers are both members of The Australasian Institute of Mining and 
Metallurgy.  Mr. Sykes acts as a Consultant Mining Engineer for Base 
Resources.  Mr. Carruthers is employed by Base Resources, he holds equity 
securities in Base Resources, and is entitled to participate in Base Resources' 
long-term incentive plan and receive equity securities under that plan. 
 Details about that plan are included in the Company's 2019 Annual Report. 
Both Mr. Sykes and Mr. Carruthers have sufficient experience that is relevant 
to the style of mineralisation and type of deposits under consideration and to 
the activity which they are each undertaking to qualify as a Competent Person 
as defined in the JORC Code and as qualified persons for the purposes of the 
AIM Rules for Companies.  Mr. Sykes and Mr. Carruthers have each reviewed this 
announcement and consent to the inclusion in this announcement of the Ranobe 
Ore Reserves estimate and the supporting information in the form and context in 
which the relevant information appears. 
 
Glossary 
 
Assemblage      The relative proportion of valuable heavy mineral components of ilmenite, 
                rutile, zircon and, where applicable, leucoxene. 
 
Competent       The JORC Code requires that a Competent Person must be a Member or Fellow 
Person          of The Australasian Institute of Mining and Metallurgy, or of the 
                Australian Institute of Geoscientists, or of a 'Recognised Professional 
                Organisation'.  A Competent Person must have a minimum of five years' 
                experience working with the style of mineralisation or type of deposit 
                under consideration and relevant to the activity which that person is 
                undertaking. 
 
Cut-off grade   The lowest grade of mineralised material that is thought to be 
                economically mineable and available.  Typically used by Base Resources to 
                define which material is reported in a Mineral Resource estimate. 
 
Grade           A physical or chemical measurement of the characteristics of the material 
                of interest.  In this context, the grade is always a percentage and the 
                characteristics are heavy mineral, oversize, slime and the various product 
                minerals (ilmenite, rutile etc). 
 
Heavy mineral   In mineral sands, minerals with a specific gravity greater than 2.85 t/m3. 
 
ILM             Ilmenite, a valuable heavy mineral. 
 
Indicated       An Indicated Mineral Resource is that part of a Mineral Resource for which 
Resource        quantity, grade (or quality), densities, shape and physical 
                characteristics are estimated with sufficient confidence to allow the 
                application of Modifying Factors in sufficient detail to support mine 
                planning and evaluation of the economic viability of the deposit. 
 
Inferred        An Inferred Mineral Resource is that part of a Mineral Resource for which 
Resource        quantity and grade (or quality) are estimated on the basis of limited 
                geological evidence and sampling. Geological evidence is sufficient to 
                imply but not verify geological and grade (or quality) continuity. It is 
                based on exploration, sampling and testing information gathered through 
                appropriate techniques from locations such as outcrops, trenches, pits, 
                workings and drill holes. 
 
JORC Code       The 2012 Edition of the Australasian Code for Reporting of Exploration 
                Results, Mineral Resources and Ore Reserves, as published by the Joint Ore 
                Reserves Committee of The Australasian Institute of Mining and Metallurgy, 
                Australian Institute of Geoscientists and Minerals Council of Australia. 
 
LEUC            Leucoxene, a valuable heavy mineral. 
 
Measured        A Measured Mineral Resource is that part of a Mineral Resource for which 
Resources       quantity, grade (or quality), densities, shape, and physical 
                characteristics are estimated with confidence sufficient to allow the 
                application of Modifying Factors to support detailed mine planning and 
                final evaluation of the economic viability of the deposit. 
 
Modifying       Modifying Factors are considerations used to convert Mineral Resources to 
Factors         Ore Reserves. These include, but are not restricted to, mining, 
                processing, metallurgical, infrastructure, economic, marketing, legal, 
                environmental, social and governmental factors. 
 
Mineral         Mineral Resources are a concentration or occurrence of solid material of 
Resources       economic interest in or on the Earth's crust in such form, grade (or 
                quality), and quantity that there are reasonable prospects for eventual 
                economic extraction. The location, quantity, grade (or quality), 
                continuity and other geological characteristics of a Mineral Resource are 
                known, estimated or interpreted from specific geological evidence and 
                knowledge, including sampling.  Mineral Resources are sub-divided, in 
                order of increasing geological confidence, into Inferred, Indicated and 
                Measured categories. 
 
Ore Reserves    Ore Reserves are those portions of Mineral Resources that, after the 
                application of all Modifying Factors, result in an estimated tonnage and 
                grade which, in the opinion of the Competent Person making the estimates, 
                can be the basis of a technically and economically viable project, after 
                taking account of material relevant Modifying Factors. 
 
OS              Oversize material. 
 
Probable        A Probable Ore Reserve is the economically mineable part of an Indicated, 
Reserve         and in some circumstances, a Measured Mineral Resource.  The confidence in 
                the Modifying Factors applying to a Probable Ore Reserve is lower than 
                that applying to a Proved Ore Reserve. 
 
Proved Reserve  A Proved Ore Reserve is the economically mineable part of a Measured 
                Mineral Resource. A Proved Ore Reserve implies a high degree of confidence 
                in the Modifying Factors. 
 
RUT             Rutile, a valuable heavy mineral. 
 
SL              Slimes, being a waste product from the processing of mineral sands. 
 
ZIR             Zircon, a valuable heavy mineral. 
 
ENDS. 
 
For further information contact: 
 
James Fuller, Manager Communications and Investor  UK Media Relations 
Relations 
 
Base Resources                                     Tavistock Communications 
 
Tel: +61 (8) 9413 7426                             Jos Simson and Barnaby Hayward 
 
Mobile: +61 (0) 488 093 763                        Tel: +44 (0) 207 920 3150 
 
Email: jfuller@baseresources.com.au 
 
About Base Resources 
 
Base Resources is an Australian based, African focused, mineral sands producer 
and developer with a track record of project delivery and operational 
performance.  The company operates the established Kwale Operations in Kenya 
and is developing the Toliara Project in Madagascar.  Base Resources is an ASX 
and AIM listed company.  Further details about Base Resources are available at 
www.baseresources.com.au 
 
PRINCIPAL & REGISTERED OFFICE 
Level 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 
 
NOMINATED ADVISOR 
RFC Ambrian Limited 
Stephen Allen 
Phone: +61 (0)8 9480 2500 
 
BROKER 
Berenberg 
Matthew Armitt / Detlir Elezi 
Phone: +44 20 3207 7800 
 
 
 
 
END 
 

(END) Dow Jones Newswires

August 13, 2020 02:00 ET (06:00 GMT)

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