Quarterly Activities Report For The Period Ending 30 September 2022

Basin Energy Limited (ASX:BSN) (‘Basin’, or ‘the Company’) is pleased to provide the quarterly report for the period ending 30 September 2022 (“Quarter”, “Reporting Period”) to accompany the Appendix 5B.

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Key Highlights

• Basin Energy finalised its Initial Public Offering on the ASX to raise $9 Million for uranium exploration on three projects located in the Athabasca Basin, Canada.
• The Company was granted successful admission to the ASX on 30 September 2022.
• Subsequent to the Quarter, on 4 October 2022 the Company’s shares commenced trading on the ASX.

The Company completed preparations for an Initial Public Offering (‘IPO’) on the Australian Securities Exchange (‘ASX’). A prospectus was finalised on 22 August 2022 and was met with heavy demand resulting in an oversubscribed offer, raising the maximum of $9 million at $0.20 per share. Strong support was received from both the retail and institutional investment community within Australia and North America.

The Company was successfully admitted to the ASX on the 30 of September 2022, and subsequent to the end of the Reporting Period commenced trading on 4 October 2022.

Basin Managing Director, Pete Moorhouse, commented: “The September Quarter was a milestone period for the Company, with a successful IPO raising $9m and subsequent listing on the ASX. Aligning with our strategy, we commenced active exploration concurrently with the IPO, as we work toward our maiden drill campaign scheduled to commence at the Geikie project in Q1 2023.

I would like to thank shareholders for their support to date and we look forward to an exciting December quarter and beyond.”

Exploration

No exploration was completed during the quarter by the Company due to the finalisation of the IPO process. Costs were incurred for the preparation of the independent geologist report and the pre- payment for geophysical and prospecting work at the Geikie Uranium Project (‘Geikie’, or the ‘Project’).

Subsequent to the Quarter, exploration commenced at Geikie which is located near the eastern margin of the world-class Athabasca basin. The Company, in conjunction with its joint venture partner CanAlaska acquired high resolution airborne radiometric and magnetic survey data, which successfully identified four additional high priority target areas deemed highly prospective for uranium mineralisation (see ASX announcement 14 October 2022). In addition to this, two previously unrecognised structural corridors have been delineated further enhancing the prospectivity of the Geikie Project area.

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