The nonlinear parametric resonance of a cantilever under axial base excitation is examined while capturing extremely large oscillation amplitudes for the first time. A geometrically exact model is developed for the cantilever based on the Euler-Bernoulli beam theory and inextensibility condition. In order to be able to capture extremely large oscillation amplitudes accurately, the equation of motion is derived for centreline rotation while keeping trigonometric terms intact. The developed model is verified for the static case through comparison to a three-dimensional nonlinear finite element model. The internal energy dissipation model of Kelvin-Voigt is used to model the system damping in large amplitudes more accurately. The Galerkin modal decomposition scheme is utilised for discretisation procedure while keeping the trigonometric terms intact. It is shown that in parametric resonance region, the oscillation amplitudes grow extremely large even for smallest possible amplitudes of the base excitation, which highlights the significant importance of employing a geometrically exact model to examine the parametric resonance response of a cantilever.