Credit Approval Received for Debt Facility Reschedule

ASX, AIM and Media Release 6 October 2014 CREDIT APPROVAL RECEIVED FOR DEBT FACILITY RESCHEDULE Base Resources Limited (ASX:BSE; AIM:BSE) ("Base" or the "Company") is pleasedto advise that it has received confirmations of credit approval from alllenders for the rescheduling of the US$215 million Kwale Project Debt Facility("Debt Facility"). The rescheduling has the primary effect of realigning theDebt Facility repayment schedule to reflect the delay in commencement of salesfrom the Kwale Project to February 2014 from the original expectation ofOctober 2013 when the facility was arranged in 2011. Under the approved terms of the restructure, all principal repayments andfunding of the debt service reserve account will be deferred by six months withsome re-profiling to suit future cash flows. Once implemented, the firstprincipal repayment will be deferred from December 2014 to June 2015 and thedebt repayments during the 2015 financial year will be reduced from US$45.9million to US$11.0 million. The Debt Facility restructure has the following key terms: * All principal repayments deferred six months, with the first repayment now scheduled for 15 June 2015. * Deferral of the backstop date for Project Completion by six months to 30 September 2015. * Re-profiling of debt repayments to decrease the initial repayments. * An increase in the portion of the surplus cash sweep distributed to lenders at each repayment date to 50% until the total cumulative cash sweep reaches US$30 million, at which time the lender's portion returns to 35%. Under the Common Terms Agreement the lender's portion of the cash sweep is applied to accelerate repayment of the Debt Facility. * Base committing to contribute up to US$15 million in additional liquidity by 30 June 2015 ("Liquidity Injection"), if required by any lender. The Liquidity Injection may be provided by way of subordinated debt on terms satisfactory to all lenders, an equity injection or some combination thereof. * A 0.6% per annum increase in the applicable margin until the Liquidity Injection has been satisfied, thereafter a 0.2% increase. * A rescheduling fee of US$1.612 million, being 0.75% of the US$215 million Debt Facility, of which US$1.07 million is due within 30 days of document execution and the balance within 30 days of contributing any required Liquidity Injection or 30 June 2015, whichever is the earlier. The finalisation of the restructure is subject to the agreement and executionof final documentation, which is expected to be concluded over the next twomonths. The implementation of the debt facility restructure puts Base in a soundposition to complete the ramp-up and optimisation of the Kwale Project. ENDS For further enquiries contact: Base Resources LimitedTim CarstensManaging DirectorEmail: [email protected]: +61 (0)8 9413 7400 RFC Ambrian Limited (Nominated Adviser and Broker)As Nominated Adviser As BrokerAndrew Thomson or Trinity McIntyre Jonathan WilliamsPhone: +61 (0)8 9480 2500 Phone: +44 20 3440 6800 Africapractice (East Africa) (Kenyan Media Relations)David Maingi/ James Njuguna/Joan KimaniPhone: +254 (0)20 239 6899Email: [email protected] Tavistock Communications (UK Media Relations)Jos Simson / Emily Fenton / Nuala GallagherPhone: +44 (0) 207 920 3150 Cannings Purple (Australian Media Relations)Annette Ellis / Warrick HazeldineEmail: [email protected]@canningspurple.com.auPhone: +61 (0)8 6314 6300 Corporate Details: Board of Directors:Andrew King Non-Executive ChairmanTim Carstens Managing DirectorColin Bwye Executive DirectorSam Willis Non-Executive DirectorMichael Anderson Non-Executive DirectorTrevor Schultz Non-Executive DirectorMalcolm Macpherson Non-Executive DirectorWinton Willesee Company Secretary Principal & Registered Office: Contacts:Level 1 Email: [email protected] Kings Park Road Phone: +61 (0)8 9413 7400West Perth Fax: +61 (0)8 9322 8912WA 6005