Base Resources Limited announced that, following an exhaustive exploration and evaluation process seeking to further extend the life of the Company's Kwale Operations in Kenya, mining is expected to end in December 2024 as per the current mine plan. Processing activities will conclude shortly thereafter. After completing the previously announced evaluations of the two remaining near mine prospective areas, being the Kwale North Dune Mineral Resource not currently in the mine plan and the Kwale East exploration area, both lack sufficient grade or scale to support the capital investment required to extend or establish new mining operations.

A significant factor in these evaluations is the limited remaining capacity of the Kwale Operations tailings storage facility, with any extension to the existing mine plan requiring an alternative tailings disposal solution that comes with a significant capital expenditure requirement and increased operating costs. Additional key factors considered in the Company's evaluations included the softening product price outlook for mineral sands over the relevant period, and the cost, timing and human impact of a substantial land acquisition and community resettlement program. On this basis, when existing Kwale Ore Reserves are fully depleted by December 2024 as expected, Kwale Operations will transition to post-mining as planned.