Exploration Agreement with English River First Nation Signed and Changes to Board of Directors

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce the signing of an Exploration Agreement (the “Agreement”) that formalises the Company's relationship with the English River First Nation (‘ERFN’) in respect to Basin’s exploration and evaluation activities at its Marshall uranium project (the “Project”).

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Key Highlights

• Exploration Agreement with English River First Nation formalises meaningful communication and engagement between the parties facilitating mutually beneficial, sustainable and safe exploration activities.
• Agreement relates to activities at the Marshall uranium project located in the southeast Athabasca Basin.
• English River First Nation confirm consent for the Company’s future exploration activities subject to compliance with the agreement.
• Basin reduces board size following resignations.

The Agreement addresses the process for consultation, environmental management and information sharing between Basin and the ERFN communities relating to the Company’s exploration and evaluation activities at the Project. It also provides a framework for the ERFN communities and the Company to ensure the meaningful participation of the ERFN communities in the Project by providing economic, employment and training opportunities and benefits to support community development initiatives. The Agreement confirms the ERFN’s consent and support for the Company’s exploration activities, subject to Basin meeting its obligations under the Agreement. The Company continues to engage with other rights holders affected by Basin’s exploration activities.

Cheyenna Hunt, Director, Lands & Consultation of ERFN, commented:

“English River First Nation is dedicated to build strong partnerships with the exploration industry to ensure the respect of the land while maintaining sustainable operations within our Ancestral Territory. Signing this agreement with Basin Energy is a step forward in the protection of our land and traditions, and fundamentally assuring that our inherent Aboriginal and Treaty Rights are respected. We look forward working collaboratively with Basin Energy and for the meaningful opportunities to come for our Nations’s people.”

Basin’s Managing Director, Pete Moorhouse, commented:

“Basin is extremely pleased to have established a framework for on-going consultation, cooperation and economic participation with the English River First Nation. We are committed to sustainable and environmentally responsible operations, and we value building mutually beneficial and transparent relationships with all rights holders impacted by our operations. Through this Agreement, we look forward to building upon the relationships we have established with the communities and local businesses.”

Corporate Update

Basin wishes to advise that non-executive directors Peter Bird and Ben Donovan have advised their intention to resign with effect close of business on Friday 23rd August, as the Company looks to streamline its operations. Ben Donovan will remain in his role as Company Secretary.

Basin’s Chairperson, Blake Steele, commented:

“On behalf of Basin, I would like to thank both Peter and Ben for their valuable contributions to the Company during their tenure as directors. Peter was instrumental in negotiating the acquisition of Basin’s current exploration assets and Ben played a crucial role in the IPO process.”

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