Quarterly Activities Report for the Period Ending 31 December 2023

Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to provide an overview of activities for the period ending 31 December 2023 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.

Key Highlights

• Preparation for phase 2 drilling program at Geikie commenced following the initial drilling success which included;
  • Anomalous uranium discovered in four of the eight holes drilled, up to 0.27% U₃O₈ ¹
  • Elevated lead isotope anomalies and extensive hydrothermal alteration observed in five holes indicate potential for a major uranium mineralising system.
• Airborne gravity results from Geikie received, identifying multiple targets proximal to phase one drilling success.
• Preparations for ground electromagnetics survey commenced following significant anomalies identified through 3D inversion of North Millennium and Marshall historic geophysical data.
• Continued engagement and consultation with Indigenous and stakeholder groups.
• U₃O₈ spot price² 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). The primary focus was the planning of phase 2 exploration drilling at the Geikie Project (‘Geikie’) and for maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’).

Basin has been advancing exploration targets deemed prospective for high grade uranium mineralisation, using analogies and models derived from neighbouring uranium deposits and discoveries of the Athabasca Basin. Maiden drilling completed at Geikie successfully identified uranium in drilling with assays up to 0.27% U₃O₈ ³. Extensive hydrothermal alteration along with pathfinder element halo indicative of large uranium mineralising systems were also identified proximal to two regionally significant structures at the Aero Lake and Preston Creek prospects.

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