Basin Energy Acquires Major Queensland Uranium and Rare Earth Portfolio; $1.25m Placement to Fund Q4 Drilling
Jane Morgan Management
Basin Energy Acquires Major Queensland Uranium and Rare Earth Portfolio; $1.25m Placement to Fund Q4 Drilling
Basin Energy Limited has signed a binding agreement to acquire 100% of NeoDys Limited, providing the Company with a district-scale position in northwest Queensland covering 5,958 km² of tenure prospective for uranium and rare earth elements (REE). The assets are located near Paladin Energy’s Valhalla uranium deposits and Red Metal’s Sybella REE discovery.
The acquisition delivers multiple drill-ready targets across three highly prospective geological settings:
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Paleochannel roll-front uranium systems defined by airborne electromagnetics.
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Sediment/ionic clay-hosted REE with encouraging geochemical anomalies (>600 ppm TREO; max 653 ppm TREO).
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Granite-hosted REE supported by auger drilling including 5 m @ 1,951 ppm TREO with 578 ppm Nd+Pr oxide (incl. 3 m @ 705 ppm Nd+Pr oxide) at Newmans Bore.
In addition, Basin has identified multiple Valhalla-style uranium targets associated with shear-zone radiometric anomalies in close proximity to deposits containing a combined 116 Mlbs U₃O₈.
Transaction and financing
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Consideration (subject to shareholder approval): 18.5m Basin shares, 15m options (7.5m exercisable at $0.05; 7.5m at $0.10), and up to 45m performance rights across staged exploration and market milestones, plus a 1.25% NSR royalty. A shareholder meeting is scheduled for early October 2025.
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Oversubscribed placement: Basin has secured commitments to raise $1.25 million via a two-tranche placement of 50 million shares at $0.025 per share, a 9% premium to the Company’s 20-day VWAP. The placement attracted strong demand from existing and new investors and was managed internally without broker fees.
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Exploration funding: Placement proceeds, together with a $150,000 Queensland Government CEI grant, will fund drilling and exploration activities in Q4 2025.
Upcoming work program
Basin plans to commence aircore and RC drilling in Q4 2025, testing uranium and REE targets across the Barkly Tablelands, Newmans Bore and West Valhalla. Drill planning, mapping and sampling programs are already underway. An investor webinar will be held on 28 August 2025 to provide further details.
About us:
Basin Energy (ASX: BSN) is a green energy metals exploration and development company with an interest in three highly prospective uranium projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada, and 100% ownership in significant portfolios of uranium-green energy metals exploration assets located in Scandinavia and uranium-REE assets west of Mount Isa in Queensland, Australia.
Contact details:
Pete Moorhouse – Managing Director
[email protected] | +61 7 3667 7449
Chloe Hayes – Investor & Media Relations
[email protected] | +61 458 619 317
