Basin Energy Quarterly Activities Report for the Period Ending 31 March 2024

Basin Energy Ltd (ASX: BSN) (‘Basin’, or the ‘Company’) is pleased to provide an overview of activities for the period ending 31 March 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.

• Active exploration of all three of Basin’s Athabasca uranium properties including:
  • Phase 2 exploration drilling at Geikie
  • Ground geophysics at Marshall and North Millennium
• Significantly oversubscribed $3.3 million capital raise completed
• Continued engagement and consultation with stakeholder groups
• U3O8 spot price1 surpasses US$100/Lb; hitting 16-year high, with uranium spot price trading as high as US$106/Lb during January 2024

Exploration for the Quarter occurred on all of Basin’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1). Phase 2 exploration drilling at the Geikie Project (‘Geikie’) commenced, with more than 2,000 metres of drilling completed, and maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) with 86-line kilometres of data acquired.

In February, the Company raised A$3.3 million (before costs) via a share placement to institutional, sophisticated, and professional investors. The treasury remained over $5 million at the end of the Reporting Period.

Basin’s Managing Director, Pete Moorhouse, commented:

“The first quarter of 2024 has been a busy period for Basin, with exploration happening concurrently on all three of our Athabasca Uranium projects.

Basin is in a strong position with funding in place to allow continued exploration in the heartland of the world’s premier uranium district.

We look forward to updating the market in the coming weeks on the outcomes of the drilling and geophysics.”

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