Base Resources Limited released its maiden Ranobe Ore Reserves estimate which forms the foundation of its Toliara Project in Madagascar. The Ranobe Ore Reserves estimate has been prepared by Base Resources and IHC Robbins and is based on the Ranobe Mineral Resources estimate released on 23 January 2019 (2019 Ranobe Mineral Resources), which was reported in accordance with the JORC Code2. The Ranobe Ore Reserves are contained within the Measured and Indicated categories of the 2019 Ranobe Mineral Resources estimate. The Ranobe Ore Reserves estimate is reported in accordance with the JORC Code. The information set out below is a summary of the information material to understanding the Ranobe Ore Reserves estimate. The Toliara Project is based on the Ranobe deposit which is located on the 125.4 km2 Mining Lease (Permis D'Exploitation) 37242 (PDE 37242), approximately 40 kilometres north of the regional town of Toliara in south west of Madagascar and 15 kilometres inland from the coast. The Ranobe deposit comprises a single continuous body of mineralisation, comprising three units: the upper sand unit (USU), the intermediate clay sand unit (ICSU) and the lower sandy unit (LSU). The Ranobe Ore Reserves estimate only comprises material in the Measured and Indicated resource categories from the USU. A 26,141m drilling program was completed over the course of 2019 with the samples currently being analysed. The aim of this drilling program is to increase the volume of Mineral Resources in the Measured and Indicated categories in all three mineralised units and provide a basis to update the Ranobe Ore Reserves estimate over the course of 2020. In addition to the 2019 Ranobe Mineral Resources estimate, the Ranobe Ore Reserves estimate is also based on the Toliara Project PFS metrics. The key findings from the PFS were: Post-tax /pre-debt (real) NPV @ 10% discount rate of USD 671m, measured from the date of the final investment decision. Revenue to cost of sales ratio of 3.06. Stage 1 capex cost of US$439m - to establish 13 million tonnes per annum (Mtpa) operation consisting of a single 1,750 t/hr dozer mining unit paired with a relocatable primary wet concentrator plant (WCP). Stage 2 capex cost of US$67m - to increase the operation to 19Mtpa from year 3.5 onwards through the addition of a smaller 825 t/hr dozer mining unit paired to a second fixed location WCP. Annual averages (excluding first and last partial operating years): Production of 806kt ilmenite (sulphate, slag and chloride), 54kt zircon and 8kt rutile; Revenue US$254m - 62% ilmenite, 34% zircon and 4% rutile. Operating costs of USD 77m or USD 82m incl. assumed 2% royalty. Non-operating costs of US$7m (community, external affairs, marketing etc.); EBITDA US$165m, NPAT US$110m; Free cash flow USD 133m; For the purposes of the PFS, Base Resources' internal price forecasts were used up to 2030. From 2035, TZMI's forecast long term inducement prices were used, with prices transitioning between 2030 and 2035 in a straight line.