Basin Energy Uncovers High-Grade Uranium and Polymetallic Zones in North Sweden

Exploration Breakthroughs in North Sweden

Basin Energy Limited (ASX, BSN) has reported significant progress in its exploration activities for the quarter ending 30 June 2025, highlighting promising high-grade uranium and polymetallic mineralisation in its North Sweden projects. The company’s recent structural relogging of historical drill cores has identified key mineralised structures associated with surface rock chip samples that include uranium grades exceeding 5.9% U3O8, zinc concentrations up to 9.8%, and notable rare earth oxide values.

This polymetallic system, uncovered within the Virka, Björkberget, Rävaberget, and Trollberget projects, is particularly compelling given the historical focus on uranium and the potential for shallow, blind extensions beneath shallow cover. Basin’s approach of re-examining legacy drill cores with modern techniques has allowed it to refine target definitions and better understand the structural controls on mineralisation.

Advancing Assays and Strategic Partnerships

The company has dispatched 441 drill core samples from 36 historical holes for multi-element laboratory assays, aiming to confirm and expand on the polymetallic potential. These assays will provide critical data to support next-stage exploration targeting and may reveal additional green energy metals beyond uranium and zinc.

In parallel, Basin Energy has initiated discussions with multiple potential partners to unlock shareholder value from its non-core deeper unconformity uranium targets. This strategic move suggests a focus on optimising capital allocation by potentially divesting or partnering on assets that lie outside the company’s core shallow uranium and green metals focus.

Canadian Expansion and Athabasca Basin Focus

On the Canadian front, Basin has expanded its Geikie project in northern Saskatchewan by staking two additional mineral claims, increasing its prospective strike length and consolidating its position near the Athabasca Basin. The Geikie project, known for basement-hosted uranium targets, has shown extensive hydrothermal alteration and uranium anomalism in recent drilling, reinforcing its high exploration potential.

Basin also maintains interests in the Marshall and North Millennium projects, located near world-class uranium deposits such as Cameco’s Millennium and McArthur River mines. The company has transitioned the North Millennium project into a joint venture with CanAlaska Uranium Limited, reflecting a strategic partnership approach to advance these unconformity-style uranium targets.

Financial Position and Outlook

As of 30 June 2025, Basin Energy held approximately A$1.0 million in cash, with exploration expenditures for the quarter totaling around A$150,000. The company reported no mining production or development activities during the period, consistent with its focus on early-stage exploration and target generation.

Managing Director Pete Moorhouse emphasised the strategic importance of Basin’s shallow, low-cost uranium targets in Sweden amid accelerating global uranium demand and Europe’s prioritisation of secure, local supply chains. The company’s dual focus on Scandinavian green energy metals and Canadian uranium assets positions it well to capitalise on evolving market dynamics.