Basin Energy has expanded its footprint in Queensland with the acquisition of NeoDys Ltd and maiden drilling at Sybella-Barkly, while confirming significant uranium mineralisation in Sweden and agreeing to sell its Canadian Marshall uranium project.
- Acquisition of NeoDys Ltd secures Sybella-Barkly project with drill-ready uranium and rare earth targets
- Completed 2,736 metres of maiden aircore drilling in Queensland; assay results expected February 2026
- Significant uranium mineralisation confirmed in Sweden’s Bjorkberget, Ravaberget, and Virka projects
- Binding agreement to sell Canadian Marshall uranium project with retained equity and buyback rights
- Raised $1.25 million via share placement; holds $1 million cash at quarter end
Queensland Expansion and Maiden Drilling
Basin Energy’s recent acquisition of NeoDys Ltd marks a strategic leap into one of Australia’s most prospective uranium and rare earth element (REE) provinces. The Sybella-Barkly project, now under Basin’s control, encompasses a vast tenement package near Mount Isa, featuring three district-scale, drill-ready targets. These include sediment-hosted REEs, paleochannel uranium, and granite-hosted hard rock REEs, all amenable to low-cost, shallow drilling techniques.
During the quarter ending December 2025, Basin completed 2,736 metres of maiden aircore drilling across 63 holes, targeting sediment-hosted mineralisation models. While assay results are pending and expected in early February 2026, initial geological observations and geophysical data have already validated the exploration model, with broad clay intercepts supporting the presence of REE mineralisation sourced from the Sybella Batholith granites.
Significant Uranium Mineralisation in Northern Sweden
In Northern Sweden, Basin’s re-assaying of historical drill core has revealed substantial uranium mineralisation across three key projects, Bjorkberget, Ravaberget, and Virka. Highlights include thick intervals such as 12 metres at 0.12% uranium oxide from 42.5 metres at Bjorkberget and 14.4 metres at 0.15% at Ravaberget. Notably, mineralisation remains open at depth and along strike, with geophysical data supporting a prospective 20-kilometre corridor within the Trollberget project area.
The lifting of Sweden’s uranium mining ban subsequent to the reporting period further enhances Basin’s position to advance exploration in this stable and underexplored district. Additional high-grade zones at Virka, including localized intervals exceeding 0.6% uranium oxide, underscore the potential for further discoveries.
Canadian Asset Sale and Capital Management
In Canada, Basin has entered a binding agreement to sell its 100% owned Marshall uranium project in the Athabasca Basin to Green Canada Corporation, a subsidiary of PTX Metals Inc. The deal includes upfront cash payments, share issuances, and retention of a 9.99% equity stake in the resulting issuer, alongside a repurchase right for Basin. This transaction aligns with Basin’s strategy to focus on shallow, high-conviction targets while enabling the Marshall project to receive dedicated drill testing.
Alongside these operational moves, Basin completed a two-tranche share placement raising $1.25 million at a premium to the market, bolstering its cash position to $1 million at quarter end. Exploration expenditures during the quarter totalled approximately A$286,000, primarily directed towards the Sybella-Barkly project.
Outlook and Strategic Positioning
Basin Energy’s diversified portfolio across Australia, Sweden, and Canada positions it well to capitalise on rising uranium and rare earth prices amid the global energy transition. The company’s focus on rapid, low-cost exploration and strategic asset management suggests a nimble approach to unlocking value. The pending assay results from Queensland and ongoing developments in Sweden will be critical near-term catalysts, while the Canadian asset sale provides capital and focus for core projects.
Bottom Line?
As assay results loom and asset sales progress, Basin Energy’s next moves will be pivotal in defining its growth trajectory in uranium and rare earths.
Questions in the middle?
- What will the assay results from the Sybella-Barkly maiden drilling reveal about resource potential?
- How will the lifting of Sweden’s uranium mining ban accelerate Basin’s exploration and development plans?
- What impact will the Marshall project sale have on Basin’s capital allocation and exploration focus?