Quarterly Activities Report For The Period Ending 31 December 2022

Basin Energy Limited (ASX:BSN) (‘Basin’, or ‘the Company’) is pleased to provide the quarterly report for the period ending 31 December 2022 (“Quarter”, “Reporting Period”) to accompany the Appendix 5B.

Key Highlights

• Successful Initial Public Offering and commenced trading on the ASX
• Strong cash balance of $7.6M ensures Basin is fully funded for an aggressive 2023 exploration campaign, including maiden drilling programs at its Geikie and North Millennium projects
• Multiple new shallow prospects at Geikie following acquisition of airborne radiometric and magnetic data, and completion of initial ground reconnaissance surveys
  • 10 shallow prospects have now been identified to date
• Commenced regional target definition airborne electromagnetic (EM) survey of Geikie
• Appointment of highly experienced Athabasca uranium geologist Odile Maufrais as Exploration Manager
• Commenced Athabasca Basin wide data compilation and prospectivity study utilising existing public data to assist with exploration targeting
• Commenced engagement and consultation with First Nations and stakeholder groups
• Strong news flow outlook with airborne EM survey results due in February to support target generation and prioritisation in the lead up to the maiden Geikie drilling program

Exploration at Geikie

Exploration for the Quarter was focused on progressing the Geikie Uranium Project (‘Geikie’, or the ‘Project’) toward maiden drill testing. A total of ten shallow prospects have been identified to date, of which four have been selected as priority for Basin’s initial 2023 exploration campaign. These are the GK1-GK4 prospects and are deemed favorable for high-grade basement-hosted uranium mineralisation as shown in figure 1.

Work from this Quarter has confirmed the Company’s initial analysis that the Project is highly prospective for near-surface uranium mineralisation. Geikie demonstrates multiple classic characteristics of high-grade uranium deposits of the Athabasca Basin comprising coincident geophysical and geochemical anomalies, structural intersections, and lithological rheology contrasts. The Project area remains untested with extremely shallow target depths of less than 200 metres.

Initial exploration conducted by Basin at Geikie consisted of the acquisition of high resolution airborne radiometric and magnetic survey data, and the completion of an on ground geological mapping and rock chip sampling program.

The data resulted in a total of ten prospects areas identified for further work, and the prioritisation of four of these prospects for the immediate 2023 field season on ground exploration campaign. In addition, two previously unrecognised structural corridors were identified, further enhancing the prospectivity of the Project area.

The recommendations following this initial phase of work was to conduct a high resolution airborne electromagnetic survey (‘AEM’), and complete initial reconnaissance prospecting to identify lithological settings before drill testing in 2023.

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