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BASE RESOURCES ASX , AIM and Media Release 29 April 2021 Quarterly Activities Report - March 2021 Key points • • • Kwale Operations maintained operational consistency through the quarter with health and safety protocols in place to minimise the risk of COVID - 19 to personnel and surrounding communities . Kwale Operations FY21 production guidance increased for both ilmenite and zircon . Ilmenite and rutile prices trended upwards in the quarter , with higher zircon prices secured for the June quarter . Kwale North Dune PFS completed , with a focused study on mining higher grade subsets of the North Dune and Bumamani deposits underway and due in mid - 2021 . • Discussions with the Government of Madagascar on Toliara Project fiscal terms continue to progress . • Half - year dividend of AUD3.0 cents per share paid . Outstanding US $ 25 million balance of the revolving credit facility repaid , and facility retired early . African mineral sands producer , Base Resources Limited ( ASX & AIM : BSE ) ( Base Resources or the Company ) is pleased to provide a quarterly operational , development and corporate update . COVID - 19 UPDATE Base Resources continues to closely monitor the COVID - 19 pandemic and its impacts on the Company's business , people and wider stakeholders . The Company's Kwale Operations in Kenya continue to operate under a suite of mitigations aimed at protecting the health and safety of our employees and neighbouring communities , including modified workplace practices and a focus on hygiene and social distancing . As the number of COVID - 19 cases in Kenya and Madagascar have increased significantly in recent weeks , the Company has also re - introduced work - from - home protocols for non - operational staff . The Company is also assisting governments and communities in both Kenya and Madagascar with several initiatives , primarily involving the construction of hygiene facilities , and the donation and distribution of food and medical supplies and equipment . KWALE OPERATIONS Production & Sales Mar 2020 Quarter June 2020 Quarter Sept 2020 Quarter Dec 2020 Quarter Mar 2021 Quarter Production ( tonnes ) Ilmenite 105,035 84,843 65,863 78,500 84,178 Rutile 23,683 19,035 15,513 18,171 19,448 Zircon 9,163 7,590 6,000 6,677 7,388 Zircon low grade¹ 780 578 426 516 482 Sales ( tonnes ) Ilmenite 87,819 102,364 75,502 53,798 97,179 Rutile 25,280 27,268 11,651 12,017 26,074 Zircon 7,377 9,086 7,336 6,399 6,612 Zircon low grade¹ 1,516 505 502 1 Reported as tonnes of zircon concentrate , it typically realises between 30 % to 50 % of the value of the equivalent volume of standard grade zircon , due to rutile credits . Base Resources Limited ABN 88 125 546 910 +61 8 9413 7400 baseresources.com.au 50 Kings Park Rd West Perth WA 6005 Page 1 of 8