AIM and Media Release 

2 October 2024

Implementation of Scheme

Base Resources Limited (ASX & AIM: BSE) (Base Resources) is pleased to advise that the scheme of arrangement under which EFR Australia Pty Ltd (a wholly owned subsidiary of Energy Fuels Inc. (Energy Fuels)) acquired all of the issued shares in Base Resources has today been implemented.

Special Dividend

The Special Dividend of AUD 6.5 cents for each Base Resources share was paid yesterday (1 October 2024).

Scheme Consideration

Base Resources shareholders and Base Resources DI Holders (who are not Ineligible Foreign Shareholders or Electing Small Shareholders) have today received the Scheme Consideration of 0.0260 Energy Fuels shares for each Base Resources share held on the Scheme Record Date (being 6.00pm (London time) on Friday, 20 September 2024 for Base Resources DI Holders).

As soon as reasonably practicable, Energy Fuels will cause a DRS Advice to be sent to each Base Resources shareholder and Base Resources DI Holder (who is not an Ineligible Foreign Shareholder or an Electing Small Shareholder) in respect of the Energy Fuels shares representing their Scheme Consideration, which will be sent to their registered address as shown in the Base Resources Share Register or Base Resources DI Register (as applicable) as at the Scheme Record Date. Energy Fuels expects it will take between 11-20 Business Days for the DRS Advices to be received by post.

Ineligible Foreign Shareholders or Electing Small Shareholders will not receive Energy Fuels shares.  Instead, those holders will receive their pro-rata proportion of the net cash proceeds of the sale of the applicable Energy Fuels shares by the sale agent.  Further details are set out in Section 10.6 of the Scheme Booklet.

Cancellation of admission to trading

As previously announced, trading in Base Resources DIs on AIM was suspended at the commencement of trading on 13 September 2024.  Following an application to the London Stock Exchange by Base Resources, admission to trading of Base Resources DIs on AIM will be cancelled with effect from 7.00am on Thursday, 3 October 2024.

Scheme information line

If Base Resources shareholders or Base Resources DI Holders have any questions in relation to the Scheme, please contact the Base Resources Scheme information line on 1300 271 804 (within Australia) and +61 3 9938 4380 (outside Australia) between 8.30am and 5.00pm (Melbourne time), Monday to Friday, excluding public holidays.

ENDS.

For further information contact:

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:  [email protected]
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