Base's quarterly report raised its 24-year production guidance, and the 25-year guidance was much lower than 24-year.

季末过后，Base Resources与美国铀和关键矿产生产商Energy Fuels达成协议，拟合并创建一家全球关键矿产业务。

Kwale项目操作在South Dune矿石储量枯竭后，采矿作业在两周内成功地转移到Bumamani矿床，从而减少了本季度的吨位。

由于HMC质量的改善，FY24生产指导已向上修订。还发布了25财年(至Kwale Operations的矿山寿命结束)的生产指导。

After a challenging environment over the past few quarters, the market has stabilized as demand improves and some downstream replenishment stocks support uniform pricing for all products.

Toliara项目拉乔利纳总统1月份组建新政府后，重新开始就托利亚拉项目的财政条款和取消项目的实地暂停进行磋商。

Significant progress had been made in reaching agreement on the financial conditions of the Toliala project and the Government indicated that finalizing the conditions and launching the project was a priority.

南沙丘矿石储量在本季度初已完全耗尽，随后，采矿作业成功转移到Bumamani矿床。这一重大物流作业在两周时间内完成，导致本季度采矿吨位降低至370万吨(上季度为390万吨)。在整个季度，北沙丘的采矿活动继续不间断进行。

The grade of heavy minerals (HM) mined in the current quarter was 2.4 per cent higher than that in the previous quarter (last quarter: 2.2%HM), due to the introduction of high-grade raw materials from the Bumamani deposit and high-grade ore belts encountered in the north dunes. The grade and mining volume of the ore in the quarter, coupled with the lower slime content and the increase in mineral processing recovery, increased the output of HMC to 733000 tons. Last quarter: 67.5kt). With these ore grades and HMC productivity, the concentrator (MSP) continues to operate on an operating cycle basis to ensure optimal product recovery while extending downtime between operating cycles so that HMC inventory can be rebuilt. The HMC supplied to MSP was lower in the last quarter, which was 63.0kt (last quarter: 71.4kt)

公司利科尼出口设施的散装航运业务继续平稳运行，发运了2万吨散装钛铁矿(上季度:73.6万吨)。金红石和锆中矿的集装箱装运通过蒙巴萨港出口。尽管夸勒运营公司矿山寿命的剩余时间内生产水平较低，但公司计划继续批量发运钛铁矿(高达54万吨)和金红石(5-10万吨之间)，这将导致季度之间的销售大幅波动如最近几个季度的销售量所示。

After the presidential election at the end of last year, President Rajoelina formed a new government and appointed a cabinet in January this year. The current minister of mining was re-elected. Shortly after forming the cabinet, he re-contacted the Madagascar government, including the minister of mining, and continued throughout the quarter. The Minister stated that negotiating the financial terms of the Toliara project and lifting the ground moratorium on the project was a priority for the Government. Using the agreement in principle reached last year on the financial terms applicable to the ore of the project, substantial progress was made in the discussion of financial terms during the quarter. The discussion focused on the financial system of the new Mining Law and how it could be applied to the entire Toliara project (i.e. ore and monazite), which the Government expressed its support for the production of monazite products. Although progress slowed at the end of the quarter as the government turned its attention to the legislative elections to be held on May 29, 2024, the company expects good progress once these elections are over.

新的《采矿法》在去年年底通过成为法律后，政府正在拟订《执行法令》。最近就实施法令的关键方面举行了初步的高级别行业磋商(在季度末之后)，预计近期将提供法令草案供审查和行业磋商。如前所述，虽然新《采矿法》的关键财务要素似乎与Toliara项目矿砂DFS2的假设并无重大差异，但这些要素和其他关键条款的应用缺乏足够的细节，无法全面评估其对项目的潜在影响。《执行令》(以及任何进一步的配套条例、命令和法令)一旦定稿，将进一步明确新的《采矿法》制度及其对Toliara项目的适用

The company remains committed to advancing the final investment decision on the world-class Toliara project, with the ground suspension lifted once financial terms are guaranteed.

通过剔除更多的“垃圾”矿物生产的HMC质量的改善，增加了金红石、钛铁矿和锆中矿在MSP进料中的比例。由于预计这一趋势将持续下去，加之今年迄今为止的采矿量和矿石品位均高于计划，2024财年(FY24)所有产品的生产指导已上调，如下表所示。下表还列出了2025财政年度(FY25)的生产指导。Kwale Operations的开采预计将在2024年12月矿石储量完全耗尽时结束，因此25财年的生产指导将大大低于24财年。

市场营销在经历了过去几个季度充满挑战的情况后，市场在3月季度稳定下来，因为需求改善，一些下游补充库存支持所有产品的价格持平。

With the continued strong promotion of pigment exports, Chinese pigment factories continue to maintain high production and maintain a stable demand for ilmenite. The improved global outlook for pigments and speculation that the EU may impose new import duties on Chinese pigments in mid-2024 supported an increase in European imports of Chinese pigments in the current quarter, a trend that continued into the second quarter. Increased demand for Chinese pigment exports has balanced the ilmenite market, which has been oversupplied in previous quarters.

中国的氯化钛白粉生产商仍然依赖于优质的进口钛铁矿，预计随着时间的推移，产量将继续增加，这为Base Resources的钛铁矿提供了通大的持续市场支持。

Most of the western titanium dioxide manufacturers reported an improvement in sales this quarter, and the outlook for quarterly orders in June was optimistic. This has led to an increase in pigment productivity and the consumption of high-grade raw materials, including rutile. Although demand has improved, the price of rutile in bulk is still under pressure this quarter due to an increase in inventories. However, the recent moratorium on rutile mining at Sierra Leone and a reduction in production guidance from some major high-grade raw material producers in 2024 may lead to reduced inventories and tighter market conditions in the coming quarters.

规模较小的焊接和钛金属行业对金红石的需求依然坚挺。预计金红石市场的收紧可能会在未来几个月的某个时候看到这些部门的价格有所改善。Base Resources得益于其优质的金红石产品，该产品适用于利基高端焊接应用，并将继续瞄准这一市场的高比例金红石销售。