Quarterly Activities Report For The Period Ending 31 March 2023

Basin Energy Limited (ASX:BSN) (‘Basin’, or ‘the Company’) is pleased to provide the quarterly report for the period ending 31 March 2023 (“Quarter”, “Reporting Period”) to accompany the Appendix 5B.

Key Highlights

• Successful completion of Airborne Electromagnetic survey at the Geikie Uranium Project
  • Significant conductor demonstrating splays and offsets identified
• Historical Geikie data review provides confidence in the geological setting for the suitability of high-grade uranium mineralisation
• Work completed by Basin to date has identified multiple shallow targets ready for drill testing at Geikie
• Continued engagement and consultation with First Nations and stakeholder groups
• Strong cash balance of $7.3M ensures Basin is fully funded for an aggressive 2023 exploration campaign, including maiden diamond drilling programs

Airborne Electromagnetic Survey at Geikie1,2,3,4

Basin commissioned the airborne electromagnetic (‘AEM’) survey in Q4 2022. A helicopter-borne Versatile Time-Domain Electromagnetic (‘VTEM’) survey method was selected as most appropriate to achieve the survey objectives.

Geotech Ltd were engaged to conduct the survey, which covered the entire project area, at a combination of 400 m line spacing in the northern part of the property and 200 m line spacing in the south. A total of 1,399-line kilometres of data was acquired. Final survey specifications are outlined in ASX release dated 22 March 2023.

Upon receipt of preliminary data, a series of anomalies were categorised into primary and secondary targets, with the next steps for primary targets being the modelling of final AEM data followed by drill testing. The secondary anomalies are potentially significant considering the correlation with regional faults, however further assessment will be conducted as modelling of final data is completed.

Figures 1 and 2: Locations of AEM primary and secondary targets over (left) Channel 10 VTEM data and (right) 2022 magnetic data. Note: potential AEM target zones are based on preliminary data. Final levelled data is yet to be received.

A strong coherent northeast trending conductor, classified as a primary target, striking through the southern half of the Project is clearly defined. A series of splays and offsets of this conductor are visible, often in correlation with intersections of regionally significant deep-seated north-south trending faults, part of the Tabbernor Fault System (‘Tabbernor’, or ‘TFS’).

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