Quarterly Activities Report for the Period Ending 30 June 2024

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an overview of activities for the period ending 30 June 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.

Key Highlights

• Completion of exploration programs and preliminary results received for all three of Basin’s Athabasca uranium properties including:
  • Phase 2 exploration drilling at Geikie
  • Ground geophysics at Marshall and North Millennium
• Continued engagement and consultation with stakeholder groups
• U3O8 spot price¹ stable in US$80/Lb - US$85/Lb range

Phase 2 exploration drilling at the Geikie Project (‘Geikie’) identified a 1.5km zone of alteration typical of basement-hosted mineralisation comparable to multiple world class uranium deposits. Results from the maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) were received, with significant conductive anomalies identified at Marshall, located above and below the unconformity, consistent with the regional exploration model.

The treasury was $2.5 million at the end of the Reporting Period.

Basin’s Managing Director, Pete Moorhouse, commented:

“Basin is highly encouraged by the drilling results at Geikie and geophysics at Marshall, and we remain committed to advancing these exploration targets in a scientific and system manner.

The fundamentals behind the uranium market remain strong, whilst spot price has stabilised, we have seen a steady increase in the long price underpinned by a shift to nuclear power globally for clean stable energy.

The recent entry into the Athabasca by ASX listed Paladin Energy Limited furthers enhances the appetite for quality uranium deposits in this jurisdiction, which are only found through exploration.

Basin is in a strong position with $2.5 million remaining in the treasury allowing continued work.”

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