Base Resources has commenced ore processing through the mining unit and wet concentrator at the Kwale project. Following two weeks of water commissioning and control logic testing, the first ore from the central dune has now been taken through the dozer trap mining unit and the wet concentrator. Over the next several weeks mining and processing rates are planned to be ramped up and a stockpile of concentrate built up ahead of the commissioning of the mineral separation plant (MSP).

Construction work on the MSP is now in its final stages with commissioning of the ilmenite and rutile circuits and commencement of concentrate processing expected during November. This will be followed by the zircon circuit in December. While some small container shipments are planned during December, the bulk shipments of finished product are now scheduled to commence in January.

The majority of the supporting infrastructure is now complete, with the access road, 132 kV power supply, tailings storage facility and Mukurumudzi dam now functionally complete. The Likoni marine facility is scheduled for completion in November, well ahead of the first bulk shipment.

Base Resources is an ASX listed resources developer, with a portfolio of assets in Africa. Its flagship is the $305 million Kwale mineral sands project in Kenya. After repayment of debt, Kwale is expected to generate a cash surplus approaching $900 million over its 13‐year mine life. The front‐ended production profile is forecast to deliver a cash flow of $450 million in the first five years of operations.