US$20 Million in Additional Funding Secured

ASX, AIM and Media Release 23 December 2014 BASE RESOURCES LIMITED US$20 MILLION IN ADDITIONAL FUNDING SECURED Base Resources Limited (ASX & AIM: BSE) ("Base" or the "Company"), is pleasedto advise that it has executed a US$20 million unsecured debt facility with oneof its major shareholders, Taurus Funds Management ("Taurus") ("TaurusFacility"). The Taurus Facility will provide corporate working capital and thefunding necessary to deliver up to US$15 million in additional liquidity to theKwale Project by 30 June 2015, if required. This commitment was a condition ofthe recently completed rescheduling of the Kwale Project Debt Facility. The Taurus Facility has the following key terms: * Repayments are only made from the permitted distributions from the Kwale Project every six months, commencing 31 December 2015. * Commitment fee of 2% on any undrawn balance. * Interest rate of 10% on the drawn balance. * Upfront fee of 2% plus establishment costs. * Loan maturity date of 31 December 2016. * Taurus is entitled to 61,425,061 unlisted options over unissued fully paid ordinary shares, for nil consideration and exercisable at A$0.40 with half being issued at execution and half pro-rata on facility drawdown above US$5 million. The options expire on 31 December 2018 and have no vesting conditions. The Taurus Facility puts Base on a sound financial footing, providing a sourceof additional funding for the Kwale Project should it be needed, the means tosatisfy the US$15 million addition liquidity covenant and US$5 million incorporate funding. A full PDF version of this announcement is available from www.asx.com.au and onthe Company's website at www.baseresources.com.au. For further enquiries contact: Base Resources LimitedTim CarstensManaging DirectorPhone: +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 DirectorMike Stirzaker 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