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Annual Report 2017 Base Resources Limited Annual Report 2017 Delivering BASE RESOURCES LIMITED ANNUAL REPORT 2017 baseresources.com.au 1 Contents Introduction 02 04 06 Base Resources’ (ASX & AIM: BSE) successful development of the Kwale Mineral Sands Project in southern Kenya and demonstrated track Highlights Chairman’s letter Operation record of delivering operational, safety and community development summary achievements, provides a solid foundation to grow a contemporary mid- tier resources company. 8 14 16 An optimised life of mine production profile, highly efficient operation and strong cash generation has Base Resources well placed to capitalise on an Sustainability in Business Corporate and improving commodity market and renewed investor interest in the sector. practice development finance With tenure secured and a near-mine exploration program underway, mine life extension now presents a significant opportunity for further 18 20 24 value creation. Marketing and Resources and Corporate Demonstrated mine development capability provides the basis to deliver sales reserves directory further shareholder value from acquisition opportunities. 25 95 Consolidated Additional financial shareholder statements information FORWARD LOOKING STATEMENTS Certain statements made in or Kwale Project, provisions and ing statements as a result of, any liability arising from fault, in connection with this Annual contingent liabilities and tax and among other factors, changes in negligence or negligent misstate- Report contain or comprise regulatory developments. economic and market conditions, ment) for any direct or indirect forward-looking statements, success of business and oper- loss or damage arising from any including but not limited to Forward-looking statements in- ating initiatives and strategies, use or reliance on this Annual statements regarding capital volve known and unknown risks, changes in the regulatory envi- Report or its contents, including cost, capacity, future production uncertainties, assumptions and ronment and other government any error or omission from, or and grades, sales projections other factors that are beyond actions, fluctuations in product otherwise in connection with, it. and financial performance of the Base Resources’ control. prices and exchange rates and Kwale Operations, estimated business and operational risk Except as required by applicable mineral resources and ore No representation, warranty, management. To the maxi- regulations or by law, Base reserves, trends in commodity assurance or guarantee can be mum extent permitted by law, Resources does not undertake prices and currency exchange given that such forward-look- Base Resources and its related to publicly update, review or rates, demand for commodities ing statements will in fact be bodies corporate and affiliates, release any revisions to these (in particular mineral sands), achieved or prove to be correct. and their respective directors, forward-looking statements plans, strategies and objectives Results or outcomes could differ officers, employees, agents and to reflect new information or of management, operating costs, materially from those expressed advisers, disclaim any liability future events or circumstances. Base Resources Limited anticipated production life of the or implied by the forward-look- (including, without limitation, ABN 88 125 546 910 3 Base Resources Annual Report 2017 Highlights Highlights Net debt reduced by US$255 average sale price A$76m: from A$204m in achieved per tonne, main FY16 to A$128m at the driver being the rise in end of FY17, improving ilmenite prices financial flexibility A$21 million maiden net profit after tax (A$42 Continued strong cost million improvement from control – average cost 2016) maintained at US$105 per tonne sold Outstanding safety Record production for all products - record maintained Rutile: 90,625 tonnes Kwale Phase 2 Project with almost 10 million Ilmenite: 467,359 tonnes approved to drive man-hours completed Zircon: 34,228 tonnes enhanced economics over without a lost-time Zircon low grade: 10,210 tonnes the remaining life of Kwale injury since 2014 Operations Record A$215.5 million Completion of first revenue, an increase of extensional drilling 28%, lifting group EBITDA programme to extend to A$110m mine life 5 Base Resources Annual Report 2017 Chairman’s letter Chairman’s Chairman’s letter Dear Shareholders, of its quality ore body, low cost-base the way for its progressive adoption as asset economics. The introduction of Government revenue. Our model of potential, an outstanding team with a and excellent operational track record, the exclusive mining method over the multiple hydro-mining units and a 69% operations is yielding benefits to Kenya recognised and growing reputation for to emerge in the right shape to benefit coming year. increase in the number of spiral starts in the areas of supply chain development, successful mineral development, an During the year from the strong recovery in the ilmenite in the wet concentrator plant lie at the safety and industrial training approaches, improving commodity price outlook and we have achieved price we have experienced over the past Most importantly, these operational and core of the project, making it a low risk environmental and community opportunities for growth emerging. We 12 months. financial results continue to be achieved enhancement project. engagement benchmarks, agricultural are firmly of the view our cash generation profitability, reduced with an uncompromising focus on the sector development and mining sector and longer-term value proposition have net debt significantly, It is against this backdrop that I am very safety of our people and the operation The KP2 enhancements increase the investment promotion, amongst many yet to be appropriately appreciated by pleased to report that for the 2017 itself. There were no lost time injuries importance of, and the value leverage others. It is in recognition of this broad- equity markets. We are working hard to initiated exploration financial year, the Base Resources group during the past year and only two medical from mine life extensions emerging from based impact and leadership role that in see this change in the year ahead. achieved a maiden net profit after tax treatment injuries in the course of 3.1 the exploration program that is underway. July this year the Kwale Operations were in support of mine-life of $21 million and a record EBITDA I’d like to thank the Board, our people, million hours worked by our employees An expanded exploration tenure was formally granted ‘flagship project’ status of $110m. The strong cashflows have suppliers, local communities and host extension and have and contractors. The Kwale Operation secured a little over a year ago and the within Kenya’s Vision 2030 framework. enabled the reduction in net debt by $76 governments for the steadfast support has not had a lost time injury since first drilling campaign was completed In doing so, Kenya is explicitly seeking begun construction million to $128 million (US$98 million) and commitment you consistently display. February 2014 and our employees and around the South Dune during the 2017 to build on the success of the Kwale at year end, the repayment in full of the I’d like to particularly thank Michael of the Kwale Phase contractors have now worked almost 10 financial year. The next phase of drilling, Operation as it goes about realising its Taurus debt facility in August and an which is planned to commence in early Anderson who recently left the Board, million man-hours LTI free. bold aspirations for what has been a having made a considerable contribution 2 project, which improving financial flexibility. 2018, will be focussed to the north-east of nascent mining industry. With the Kwale Operation performing the Central Dune. We are optimistic that since joining in 2011 in guiding the will drive enhanced Our increased revenues and profitability, to a high standard, a significant focus further mine life extension will result. Looking ahead, the 2018 financial year company through a transformational are reflective of not just rising realised economics over the has shifted to adding value to the assets has a positive outlook. Product markets period. prices but also of our continued sharp These operational and developmental for rutile, ilmenite and zircon have through optimisation of the remaining Finally, thank you to you our shareholders remaining life of Kwale focus on maximised production, achievements of the 2017 financial year returned to balance with conditions life of the mine and the extension of that for your confidence and ongoing support operational consistency, innovation and were made possible by a highly capable, conducive to a continuation of the recent Operations. life. In May, the Board were pleased to as we drive into what I am confident cost management. The year saw record settled and engaged team throughout price improvements. Demand is such approve the Kwale Phase 2 project (‘KP2’) is an increasingly bright future for Our Company is in a robust position and production for all products with over our organisation. Building on our early that we are carrying no inventory from following completion of a compelling, Base Resources. is well-placed to take advantage of an 625,000 tonnes of primary products success in establishing a strongly Kenyan shipment to shipment. On the back of definitive feasibility study. The KP2 improving commodity market with sound exported. After three years of relentlessly workforce
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