Base Resources Limited announced that The 2023 Kwale Mineral Resources, as at 30 June 2023, are estimated to be 184Mt at an average HM grade of 1.5% for 2.8Mt of contained HM, at a 1% HM cut-off grade. The 2023 Kwale Mineral Resources estimate represents a decrease of approximately 21Mt (or 10%) in material tonnes containing 0.7Mt of HM compared to the 2022 Kwale Mineral Resources estimate. This was due to mining depletion and sterilisation of the Kwale South Dune Mineral Resources and mining depletion of the Kwale North Dune Mineral Resources.

The Kwale South Dune Mineral Resources are estimated to be 8.9Mt at an average HM grade of 2.2% for 0.19Mt of contained HM as at 30 June 2023, a decrease of 18.8Mt containing 0.61Mt of HM compared to the 2022 Kwale South Dune Mineral Resources estimate. The 2023 Kwale North Dune Mineral Resources are estimated to be 169Mt at an average HM grade of 1.5% for 2.51Mt of contained HM as at 30 June 2023, a decrease of 2.4Mt containing 0.05Mt of HM compared to the 2022 Kwale North Dune Mineral Resources estimate. The 2023 Bumamani Mineral Resources are estimated to be 5.9Mt at an average HM grade of 1.9% for 0.12Mt of contained HM.

The Bumamani Mineral Resources at 30 June 2023 are unchanged from the 2022 estimate. 2023 Kwale Mineral Resources estimate compared with the 2022 estimate at a 1% HM cut-off grade. Ore Reserves: Included within the Kwale Mineral Resources are the Kwale Ore Reserves, estimated to be 21.3Mt at an average HM grade of 2.2% for 0.48Mt of contained HM as at 30 June 2023.

Compared to the 2022 Kwale Ore Reserves estimate, there was a decrease of 56% in contained HM tonnes. The Kwale South Dune Ore Reserves decreased by 16.9Mt containing 0.57Mt of HM due to mining depletion and sterilisation of unmined material due to a combination of an elevated basement floor in some areas compared to that predicted in the underlying model, induration at the base of the mineralised profile that could not be readily mined and infrastructure buffers. The Kwale North Dune Ore Reserves decreased by 1.8Mt containing 0.04Mt of HM due to mining depletion.

There was no sterilisation of unmined material as the design pit floor is yet to be reached. Ranobe Deposit: The Company?s 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?s wholly owned subsidiary, Base Toliara SARL, is the 100% owner and operator of the Toliara Project and has a net attributable interest of 100% in the 2023 Ranobe Mineral Resources and Ore Reserves estimates. The Company is currently progressing the project towards development. Mineral Resources: The 2023 Ranobe Mineral Resources was unchanged from the 2022 estimate of 2,580Mt at an average HM grade of 4.3% for 111Mt of contained HM, based on a 1.5% HM cut-off grade.

Ore Reserves: Included within the Ranobe Mineral Resources are the Ranobe Ore Reserves, estimated to be 904Mt at an average HM grade of 6.1% for 55Mt of contained HM as at 30 June 2023, which are unchanged from the 2022 estimate. No monazite or garnet is incorporated in the Ranobe Ore Reserves estimate because the existing mining tenure, Permis D?Exploitation 37242, does not currently provide the right to exploit these minerals.