Base Resources Limited (AIM:BSE, ASX:BSE) chair Michael Stirzaker, in his address to the company’s AGM, described to investors an ‘operationally and financially successful year’.
Stirzaker highlighted a successful year at its Kwale Operations in Kenya, despite the challenge of transitioning to lower grade ore sources – which was reflected in volumes that were slightly below the company record levels of the prior year.
He also noted that the team had maintained a strong safety record with no lost time injuries, adding to their impressive safety history.
Financially, he pointed to a robust pricing environment, which helped the company deliver underlying EBITDA of US$158.6 million.
As previously announced, it reported a net loss of US$4.8 million for the year after a non-cash impairment of US$88.9 million.
Base ended the year with a strong cash position of US$92.9 million. It is paying a final dividend of AUD 4.0 cents per share, bringing the total for 2023 to AUD 6.0 cents per share.
Looking ahead to late 2024, when operations at Kwale in December 2024, the company is increasingly focusing growth efforts to the Toliara Project, which the company described as ‘world class’ and said has significant potential.
Base added that it is also exploring other business development opportunities and accelerating exploration in Kenya.
Separately, the company notified investors that Malcolm Macpherson had retired as a non-executive of the board at the AGM, and, he is to be replaced by Sheila Khama.