Base Resources (BSE) Q4 2024 TU earnings summary

Executive summary

• Achieved FY24 production guidance at Kwale Operations: 159kt ilmenite, 41kt rutile, 17kt zircon; mine closure planning underway with mining to end December 2024.

• Entered in-principle agreement on key fiscal terms for Toliara Project in Madagascar; binding MoU with government pending.

• Proposed combination with Energy Fuels to create a global critical minerals business progressing, with completion targeted for early October.

Financial highlights

• Cash balance of US$88.1 million and no debt as of 30 June 2024.

• Total cash operating costs at Kwale were US$18.3 million for the quarter, slightly higher than prior quarter.

• Unit operating cost decreased to US$257/tonne produced (from US$373/tonne); cost of goods sold fell to US$335/tonne sold (from US$403/tonne).

• Average unit revenue was US$655/tonne, down from US$685/tonne; revenue to cost of goods sold ratio improved to 2.0 (from 1.7).

Outlook and guidance

• FY25 production guidance unchanged: rutile 17–19kt, ilmenite 55–63kt, zircon 5.5–7kt.

• Mining at Kwale to end December 2024, with processing and decommissioning to follow.

• Toliara Project suspension expected to lift upon MoU execution; 14 months estimated to reach final investment decision post-suspension.