At the end of February the-then debt-free Base had cash of $37.7 million.

Base has to pay $25 million of the new debt by mid-2021, with the remaining $50 million due by the end of 2021.

Base said operations continue at Kwale in Kenya, though a halt or curtailment can't be ruled out given the evolving situation with regards the pandemic.

Base ended 2019 with net cash of $32.6 million after starting the year with a net position of $1 million.

Nearly $40 million was spent over the course of the year on capex at Kwale and definitive feasibility work at the Toliara asset.

The latter is a world class mineral sands opportunity in Madagascar that'll cost about A$1 billion to develop, with Base and the Madagascan government trying to come to agreement on the fiscal terms ahead of financing.