Quarterly Activities Report for the Period Ending 30 September 2023

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

• Maiden drilling program at Geikie completed;
  • Anomalous uranium discovered in four of the eight holes drilled, up to 0.27% U3O8
  • Elevated lead isotope anomalies and extensive hydrothermal alteration observed in five holes indicate potential for a major uranium mineralising system
  • Total of eight (8) drillholes for 2,217 metres completed
• Airborne gravity data acquisition completed with final results now pending, as an immediate follow up on drilling success
• 60% ownership milestone reached at Geikie Uranium Project
• 3D inversion of North Millennium and Marshall ZTEM data completed
  • Multiple anomalies identified above and below the Athabasca unconformity in both sandstone and basement stratigraphy at Marshall
  • Five-kilometre target corridor defined at North Millennium located along interpreted fault extension, host of Cameco’s Millennium uranium deposit
• Continued engagement and consultation with Indigenous and stakeholder groups
• U3O8 spot price surpasses US$70/Lb1; hitting 15-year high
• Strong cash balance of $4.2M ensures Basin is well funded for further exploration

Exploration for the Quarter occurred on all of Basin’s Athabasca Basin uranium projects (‘The Projects’) (Figure 1), however the primary focus was the completion of drilling, and subsequent follow up geophysics at the Geikie Project (‘Geikie’).

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 has now been completed at Geikie, and successfully identified uranium mineralisation with assays up to 0.27% U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek with associated extensive hydrothermal alteration indicative of large uranium mineralising systems. Furthermore, an extensive geochemical pathfinder halo has been identified at Preston Creek, characteristic of uranium mineralising systems seen elsewhere in the district.

Subsequent to the completion of drilling, Basin conducted a Falcon Airborne Gravity Gradiometer survey (‘AGG’ or ‘gravity survey’), designed to identify potential areas where alteration intensifies adjacent to the identified prospective structures. This technique has been demonstrated to be successful in identifying uranium bearing alteration systems in the eastern Athabasca Basin, most recently at the nearby uranium discoveries by 92 Energy (ASX: 92E) (“GMZ”) and Baselode Energy Corporation (TSXV: FIND) (“ACKIO”).

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