AIM and Media Release 

29 May 2024

Base Resources Limited
Notice of significant shareholder

Base Resources Limited (ASX & AIM: BSE) (Base Resources) advises that it has today received notification from Mitsubishi UFJ Financial Group, Inc. (MUFG) that, as at 24 May 2024, MUFG 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.

MUFG'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

Mitsubishi UFJ     Citibank N A Hong
Financial Group,   Kong                 Relevant interest in  37,742,305
Inc.                                    securities that First
                                        SentierInvestors
Mitsubishi UFJ                          Holdings Pty Limited
Financial Group,   JP MORGAN CHASE      has a                 2,956,406
Inc.                                    relevantinterest in
                                        under section 608(3)
                                        of the
                                        CorporationsAct as
                                        Mitsubishi UFJ
Mitsubishi UFJ     National Australian  Financial Group, Inc.
Financial Group,   bank                 hasvoting power of    12,179,876
Inc.                                    100% in First Sentier
                                        InvestorsHoldings Pty
                                        Limited.


                                        Relevant interest in
                                        securities that
                                        Morgan Stanleyhas a
                                        relevant interest in
Mitsubishi UFJ     Morgan Stanley       under section 608(3)
Financial Group,   Australia Securities ofthe Corporations    34,143,291
Inc.               Limited              Act as Mitsubishi UFJ
                                        FinancialGroup, Inc.
                                        has voting power of
                                        over 20% inMorgan
                                        Stanley.

Since 25 January 2024, MUFG acquired 44,042,199 ordinary shares for an average price of A$0.269 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