Base Resources

Earlier this month, Base Resources celebrated the Marianist Technical Institute’s 5th graduation ceremony, where 10 graduates from the Company’s Community Youth Life Skills Program received their certificates. The program empowers students by providing valuable opportunities to gain Technical Vocational Education Training.

Base Resources is pleased to announce that the Scheme of Arrangement, under which a wholly owned subsidiary of Energy Fuels Inc. will acquire 100% of the shares in Base, is now legally effective.   It is expected that the Company’s shares will be suspended from trading on ASX from close of trading today, 13 September 2024.   Further, with the Scheme now effective, the Special Dividend of AUD 6.5 cents per Base Resources share announced by the Board on 26 August 2024, is now unconditional. This dividend will be unfranked, and the Special Dividend Record Date will be 5.00pm (Perth time) on 18 September 2024 and will be paid on 1 October 2024.   https://bit.ly/4go0Di7

Base Resources is pleased to have conducted a 5-day community strategy training program for Kibuyuni Community Health Unit (CHU), attended by 50 Community Health Volunteers (CHVs). The training focused on addressing the challenges faced by communities and ensuring the sustainability of the Community Health Members beyond the mine’s operational life.

Last month, Base Resources hosted 200 Pepea scholars to a Career Day event at Dr Babla Secondary School in Kwale. With guidance from various private and public tertiary education institutions, the event aimed to guide students in exploring career paths and making informed choices. To date, Base’s Pepea Scholarship program has empowered over 3,500 youth, expanding access to education and opportunities.

Base Resources held its Scheme Meeting yesterday where shareholders overwhelmingly voted in favour of the combination with Energy Fuels Inc.   The combination will establish a leading global critical minerals group with a focus on REEs, uranium and mineral sands production with a clear strategic development pathway.

Base Resources is pleased to have organised a farmer’s exhibition and field day with the Kwale PAVI Cooperative Society. The event brought together farmers from Jorori, Myumoni and Gzombo where best farming practices, planting techniques and value accretive initiatives were shared amongst attendees. 

In partnership with Taji Langu Foundation, Base Resources is sponsoring 50 female entrepreneurs in Lunga-Lunga, Msambweni, Matuga, and Likoni through the "Empower Her" program. This initiative offers training in business management, entrepreneurship, mental wellness, and legal compliance, with the goal of empowering women to create sustainable businesses and attain financial independence.

Base Resources, alongside Bodo Beach Management Unit, Tushirikiane Women Group, and local community members, recently planted over 3,000 mangroves along the south coastline of Kwale County and collected a total of 573 kg of ocean debris during a beach clean-up initiative. These beach clean-up programs not only promote ocean cleanliness and wildlife safety but also enhance marine biodiversity and help combat coastal erosion through the vital support of the mangrove ecosystems.  #community #enviornment

African mineral sands producer and developer, Base Resources is pleased to present its financial, operational and development results for the year ended 30 June 2024. The Company has achieved several significant milestones throughout the year, including:   ⚪ Announcement of the proposed combination with Energy Fuels Inc to establish a global leader in the critical minerals sector. ⚪ FY24 production guidance achieved, with production of 41,317 tonnes of rutile, 159,395 tonnes of ilmenite, 17,354 tonnes of zircon and a combined 10,034 tonnes of low-grade rutile and zircon products. ⚪ Toliara Project Monazite Pre-Feasibility Study completed, significantly enhancing the overall forecast financial returns from the project. ⚪ Transition of Kwale South Dune mining operations to the Bumamani deposit, following depletion of the Kwale South Dune ore reserves. ⚪ Net cash position of US$88.1 million at 30 June 2024.   Managing Director of Base Resources, Tim Carstens, said: “The 2024 financial year has been another successful one for Base Resources. The Kwale Operations team overcame the dual challenges of new ore bodies and lower grades to deliver production volumes at the top end of guidance, while continuing to keep tight control of costs, contributing to the Group’s strong closing cash position of US$88.1 million. Unfortunately, after exploring all avenues to further extend mine life, mining at Kwale Operations will end in December 2024 when ore reserves are fully depleted as planned. Planning for closure and the transition to post-mining land use is well advanced, with the clear objective of cementing a reputation for excellence in the full life cycle of mining.   "Our belief that the Toliara Project is the best undeveloped mineral sands project in the world was reinforced following completion of the Monazite Pre-Feasibility Study in December. With our understanding that in-principle agreement has been reached with the Government on fiscal terms and focus shifting to finalising a memorandum of understanding to record the terms agreed, we considerrealisation of the Toliara Project’s potential is now closer than ever.   "By providing the opportunity to go further downstream and capture more of the rare earths supply chain value and risk diversification, the proposed combination with Energy Fuels will only enhance Toliara’s exceptional potential and also provide increased capacity and optionality for funding the project. The combination also provides shareholders with the opportunity to receive a compelling and immediate premium, and participate in the market recognition and development of a company with a diversified and unique position in the critical minerals landscape.”   See the full announcement below. 

Base Resources is pleased to announce that Energy Fuels Inc has received written confirmation from the Foreign Investment Review Board that the Australian Commonwealth Government has no objection to the scheme of arrangement to effect the Company’s proposed combination with Energy Fuels Inc.   The only outstanding regulatory approval condition precedent is an application to the Malgasy Competition Council, which is currently under review. The Scheme also remains subject to certain customary conditions including approval of the Scheme by Base Resources’ shareholders at the Scheme meeting to be held on the 5th of September.   For more information visit, https://bit.ly/4cy82bD