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Key Highlights
QUEENSLAND:
- Finalised the acquisition of NeoDys Ltd, securing the Sybella-Barkly project, the largest prospective uranium-REE tenement package in Queensland, with three clearly defined and drill-ready, district-scale targets amenable to low-cost, shallow drilling.
- Completed 2,736 m of maiden aircore drilling (63 drill holes) at Sybella-Barkly. Assay results expected in early February 2026.
- Commenced planning for granite-hosted ("Sybella-style") hard rock REE drilling, with Phase 2 drilling targeted for Q2 2026.
- Expanded the Sybella-Barkly project via additional staking of EPM 29328 and EPM 29333.
NORTH SWEDEN:
- Assaying of historical core demonstrates significant mineralisation over three project areas in Sweden including:
o Significant shear-hosted mineralisation recognised at Bjorkberget ("Bjork") open at depth and along strike including:
- BJK78002 which included 12 m at 0.12% U3O8 from 42.5 m, including 4 m at 0.23% U3O8 from 46 m.
- BJK78001 which included 2.5 m at 0.27% U3O8 from 169.5 m.
o Significant thickness of mineralisation identified at Ravaberget ("Rava") including up to 14.4 m at 0.15% U3O8 from 16.1 m depth.
- Mineralisation at Bjork and Rava remains open at depth, with historic geophysics supporting a ~20 km prospective corridor between Rava and Bjork, within the Trollberget project.
- Additional high-grade mineralisation identified at Virka remains open at depth along strike including:
o 2.6 m at 0.15% U3O8 from 27.8 m (VIR8005), and
o 2.75 m at 0.10% U3O8 from 70 m (VIR8004)
CANADA:
- Entered binding agreement to sell the Marshall uranium project to realise shareholder value for non-core deeper unconformity uranium targets.
Basin's Managing Director, Pete Moorhouse, commented:
"The Quarter has been one of the busiest since Basin listed, with the completion of the transformational acquisition of an extensive rare earth and uranium opportunity in North Queensland. The team wasted no time on getting started, successfully completing 2,736 m of aircore drilling as we commenced testing the district scale potential for sediment hosted rare earths sourced from Red Metal's Sybella Deposit, and assessing the potential for a new paleochannel hosted uranium district.
As we eagerly await the assay data from this program, the team is preparing for phase 2 which has been designed to follow up on rare earth mineralisation identified within the Sybella granite, in what appears to be an analogy to Red Metal's Sybella discovery.
Furthermore, we increased the Sybella-Barkly project size through the application of tenure being released from moratorium, leading to Basin holding prime exploration land adjacent to the prolific mining town of Mount Isa.
Away from Queensland, significant milestones were also achieved on our Swedish and Canadian projects.
In Sweden, our sampling and logging program has revealed extensive uranium mineralisation, including over 14 m at 0.15% U3O8 highlighting the prospectivity of our Virka, Bjork and Rava projects in Northern Sweden. Coupled with the lift of the uranium mining ban which was finalised subsequent to this Reporting Period, Basin has positioned itself to capitalise on shallow, explorable uranium opportunities in a largely overlooked and extremely attractive district.
We were also pleased to announce entering into a binding agreement with Green Canada Corporation, for the proposed sale of the Marshall uranium project in the Athabasca basin. This deal will ensure that Marshall gets the drill testing that is required whilst retaining significant upside for Basin Shareholders through the retention of equity and a partial buyback ability, in addition to releasing capital to support our exploration efforts on our core projects.
With the uranium spot price continuing to gain traction and the continued push for quality rare earth opportunities in well regulated, stable jurisdictions, Basin has positioned itself with multiple high conviction exploration opportunities amenable to low-cost rapid advancement. 2026 looks to be an exciting year!"
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/J904JI8Q
About Basin Energy Ltd:
Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.
Source:
Basin Energy Ltd
Contact:
Pete Moorhouse
Managing Director
pete.m@basinenergy.com.au
+61 7 3667 7449
Chloe Hayes
Investor and Media Relations
chloe@janemorganmanagement.com.au
+61 458619317
