Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on the winter 2024 geophysical program that was conducted at the Marshall and North Millennium Uranium Projects (‘Marshall’, ‘North Millennium’ or the ‘Projects’), located in the southeastern part of the uranium-rich Athabasca Basin, refer to figure 3. The Southeastern Athabasca hosts some of the highest-grade uranium mines, with recent significant unconformity-related mineralisation discoveries occurring over the past few years^1,2.

Key Highlights

• Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
• Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
• Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
• The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
• Basin remains funded for the next round of field exploration.

Basin’s Managing Director, Pete Moorhouse, commented:

“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”

Key results

Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects^3,4, Basin contracted Discovery International Geophysics⁵ to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.

Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.

The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.

Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.

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