Quarterly Activities Report For The Period Ending 30 June 2023

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an overview of activities for the period ending 30 June 2023 (“Quarter”, “Reporting Period”) and accompanying Appendix 5B.

Key Highlights

• Contractors and team secured for 2023 summer exploration program within the Athabasca Basin
• Commencement of maiden drilling at Geikie Uranium Project
  • 2,000 metre program at Preston Creek, Aero Lake and Hourglass Lake prospects
  • Multiple shallow prospects deemed favourable for high grade uranium
• Additional mineral claims added to Geikie Uranium Project
• 3D inversion of North Millenium ZTEM data commenced
• Continued engagement and consultation with First Nations and stakeholder groups
• Strong cash balance of $5.2M following maiden drilling program ensures Basin is fully funded for further exploration

Geikie Maiden Drilling ^1,2,3,4

During the Quarter, the Company commenced a 2,000-metre diamond drilling program at Geikie. Basin’s joint venture partner budgeted for the completion of this program, the total agreed budget estimate was pre-paid by Basin. This was Basin’s maiden drilling campaign, which follows a series of modern, high-resolution geophysical surveys, and is the first drilling to occur within the Geikie Project area for over 50 years. Subsequent to this Reporting Period, drilling has now been completed and initial results are currently under compilation and will be reported imminently, with final geochemical results expected in late August.

Basin has identified over 15 kilometres of strike-length deemed prospective for uranium mineralisation, which focuses on a strong coherent, regionally significant, northeast trending conductor. The conductor was identified through versatile time-domain electromagnetics (‘VTEM’) and trends through the southern half of the Project. The conductive trend was subject to minimal drilling in 1971 which revealed a tightly folded stratigraphic package of metasediments, discontinuous quartzite lenses and granitic rocks deemed to form a suitable rheological contrast for potential uranium mineralisation (Figures 1 and 2). This area is largely covered by glacial deposits, masking any surface radiometric responses, however providing shallow sub 200 metre target depths.

This initial drilling campaign targeted three prospects along this 15 kilometre trend. The prospects being Preston Creek, Hourglass Lake and Aero Lake (Figure 1), and were prioritised by the identification of a series of splays and offsets of the conductor visible in the VTEM and magnetic data. Often these splays and offsets correlate with intersections of regionally significant deep-seated north-south trending faults, which form part of the Tabbernor Fault System (‘Tabbernor’, or ‘TFS’) as interpreted through airborne magnetic data and historic mapping.

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