Base Resources (ASX:BSE) announced financial results for the quarter ended 30 September 2022.

Strong demand for rutile supported further price gains while ilmenite and zircon prices remained stable.

Record revenue to cost of sales ratio of 3.6:1.

Bumamani Project implementation remains on schedule - extending Kwale Operations mine life to late 2024.

Drilling program commenced in Tanzania with 74 holes for 1,548m drilled and an auger drill program has commenced North-East of Kwale Operations.

Discussions with the Government of Madagascar on Toliara Project fiscal terms continued to progress positively.

Toliara Project Rare Earths Concept Study is on track for completion early in the March quarter.

Following the announcement the company?s share price unchanged.