Base said little more than "discussions with the government of Madagascar on Toliara project fiscal terms continue to progress" when it reported it December quarter today.

Meanwhile, in Kenya output of ilmenite, rutile and zircon in the December quarter exceeded that produced in the September quarter, with Base saying operations were going "according to plan".

Guidance for the full year has been maintained, albeit the company again cautioned the pandemic could potentially cause future issues.

In terms of pricing, Base suggested ilmenite could be set to increase, rutile could be stable, and optimism for zircon was "building".

Base's net cash declined about US$13 million to $74.6 million quarter on quarter, with nearly $30 million in maiden dividends paid during the December period.

Shares in Base closed down 3.5% to A28c Wednesday, capitalising the company at $330 million.

The stock was at levels around 23c 12 months ago.