Company Announcements

AIM and Media Release 

28 May 2024

Base Resources Limited
Notice of change of significant shareholder

Base Resources Limited (ASX & AIM: BSE) (Base Resources) advises that it has today received notification from First Sentier Investors Holdings Pty Limited and certain of its related bodies corporate and associates (First Sentier) that, as at 24 May 2024, First Sentier had voting power in 87,021,878 ordinary shares in Base Resources, representing 7.39% of the total Base Resources ordinary shares in issue.  This constitutes a significant shareholding for the purposes of the AIM Rules for Companies.

First Sentier's interest in 87,021,878 ordinary shares was held as follows:

Holder of relevant Registered holder of Nature of relevant    Number of ordinary
interest           shares               interest              shares

First Sentier      Citibank N A Hong
Investors RQI Pty  Kong                 Relevant interest     37,742,305
Ltd                                     under paragraph 608
                                        (1)(b) and/or 608(1)
First Sentier                           (c) of the
Investors RQI Pty  JP MORGAN CHASE      Corporations Act 2001 2,956,406
Ltd                                     (Cth), being a
                                        relevant interest
                                        arising from having
                                        the power to control
                                        the exercise of the
                                        right to vote
                                        attached to
                                        securities and/or to
                                        control the exercise
                                        of the power to
                                        dispose of securities
                                        in its capacity as
                                        investment manager,
                                        as provided for under
                                        its investment
                                        mandates. In
First Sentier                           addition, if any OTC
Investors RQI Pty  National Australian  derivatives, warrants 12,179,876
Ltd                bank                 or other securities
                                        (other than ordinary
                                        shares or ordinary
                                        units (as
                                        applicable)) are
                                        referred to below in
                                        this row, the
                                        relevant interest in
                                        respect of those
                                        securities arises
                                        under subsection 608
                                        (8) being an
                                        accelerated relevant
                                        interest held in the
                                        same capacity.


                                        Mitsubishi UFJ
                                        Financial Group Inc.
                                        (MUFG) owns 100% of
                                        First Sentier
                                        Investors Holdings
                                        Pty Limited
                                        (indirectly) and has
                                        informed First
                                        Sentier Investors
                                        Holdings Pty Limited
                                        that it has a
                                        relevant interest in
                                        the shares noted in
                                        this column.
                                        Accordingly, First
                                        Sentier Investors
                                        Holdings Pty Limited
                                        has a relevant
                                        interest or voting
                                        power in those shares
                                        pursuant to section
                                        608(3) or section 12
Mitsubishi UFJ     Mitsubishi UFJ       (2)(a) of the
Financial Group    Financial Group      Corporations Act (as  34,143,291
                                        relevant). MUFG has
                                        not provided any
                                        further details of
                                        that relevant
                                        interest -
                                        accordingly no
                                        transaction
                                        information is
                                        recorded in Appendix
                                        B or holder
                                        information is
                                        recorded in Section
                                        4, in case in the
                                        full copy of notice
                                        available from the
                                        company's website
                                        (refer below for the
                                        address). Reference
                                        is made to any
                                        subsequent filing of
                                        MUFG which will
                                        reflect this
                                        interest.

Since 16 February 2024, First Sentier acquired 13,515,976 ordinary shares for an average price of A$0.236 per share.  It did not dispose of any shares during this period.

A copy of the notice referred to in this release is available from the company's website:  www.baseresources.com.au.

ENDS.

For further information contact:

Australian Media Relations       UK Media Relations

Morrow SodaliTavistock CommunicationsCameron Gilenko and Michael Weir Jos Simson and Gareth Tredway

Tel: +61 8 6160 4900             Tel: +44 207 920 3150

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available at www.baseresources.com.au .

PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912

NOMINATED ADVISER & JOINT BROKER
Canaccord Genuity Limited
James Asensio / Raj Khatri / George Grainger
Phone: +44 20 7523 8000

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800