In Base64 encoding '=' is a special symbol that is added to end of the Base64 string to indicate that there is no data for these chars in original value.
Each char is equal to 6 original bits of data, so to produce 8 bit values the string length has to be dividable by 4 without remainder. (6 bits * 4 = 8 bits * 3). When the resulting BASE64 string is shorter than 4n then '=' are added at the end to make it valid.
Update
Last char before '==' encodes only 2 bits of information, so by replacing it with all possible Base64 chars will give you only 4 different keys out of 64 possible combinations. In other words, by generating strings in format "bbbbbbbbbbbbbbbbbbbbbb==" (where 'b' is valid Base64 character) you'll get 15 duplicate keys per each unique key.