Marshall Uranium Project Sale Poses Execution Risks Amid GCC’s Listing Plans
Basin Energy has executed a definitive agreement to sell its Marshall Uranium Project to Green Canada Corporation, securing upfront payments and retaining significant future upside through equity and buyback options.
- Sale of 100% interest in Marshall Uranium Project to Green Canada Corporation
- Up to C$900,000 in cash and shares plus 9.99% equity stake in GCC’s newly listed entity
- Basin retains 25% buyback option and three-year right of first refusal on project sales
- GCC to fund minimum C$1.5 million exploration program within 24 months
- Nine-month exclusivity granted to GCC on North Millennium joint venture project
A Definitive Step Forward
Basin Energy Limited (ASX: BSN) has taken a significant stride in its uranium exploration strategy by executing a Mineral Rights Purchase and Sale Agreement to divest its 100% interest in the Marshall Uranium Project, located in Saskatchewan’s prolific Athabasca Basin, to Green Canada Corporation Inc (GCC). This move follows a binding letter of intent announced in November 2025 and marks a pivotal moment in unlocking value from Basin’s Canadian uranium assets.
The transaction is structured to provide Basin with a blend of immediate and future value: C$600,000 payable in cash over four years, C$300,000 in shares issued over three years, and a near 10% equity stake in the newly listed GCC entity following its proposed reverse takeover (RTO) of Maackk Capital Corp. This equity position, subject to a 12-month escrow, ensures Basin maintains a meaningful interest in the project’s upside potential.
Strategic Upside and Protections
Beyond the initial sale, Basin has negotiated robust protections and optionality. It retains a 25% buyback right in the Marshall Project exercisable within five years or until GCC commits C$10 million in exploration expenditures. Additionally, Basin holds a three-year right of first refusal on any future sale of the project by GCC, safeguarding its ability to re-enter or influence the project’s trajectory.
GCC, a 54% owned subsidiary of PTX Metals Inc, is advancing toward a public listing on the Canadian Securities Exchange via the RTO with Maackk Capital Corp, contingent on regulatory approvals and a minimum C$2.5 million financing. Basin will also nominate a director to GCC’s board, ensuring ongoing involvement and oversight.
Exploration and Regional Context
The Marshall Project lies in a highly prospective uranium region, less than 11 kilometres from Cameco Corporation’s Millennium deposit and approximately 40 kilometres from the McArthur River mine, one of the world’s highest-grade uranium operations. Recent geophysical surveys at Marshall have identified compelling drill targets consistent with regional unconformity-style uranium mineralisation models, underpinning the project’s exploration potential.
GCC is committed to funding an initial exploration program with a budget of at least C$1.5 million within 24 months of closing, aiming to advance drill testing and resource definition. This financial commitment is critical to moving the project forward and realising its value.
Broader Partnership Opportunities
In addition to the Marshall sale, Basin and CanAlaska Uranium Ltd have granted GCC a nine-month exclusivity period to conduct due diligence and potentially negotiate an earn-in option on the North Millennium joint venture project. This exclusivity signals Basin’s openness to further collaboration and value creation in the region.
Managing Director Pete Moorhouse emphasised the balanced nature of the deal, highlighting the clear pathway to funded exploration while retaining meaningful upside exposure for Basin shareholders through equity, buyback rights, and first refusal options.
Bottom Line?
As GCC moves toward listing and exploration funding, Basin Energy’s strategic divestment balances immediate returns with future growth potential in a globally significant uranium region.
Questions in the middle?
- Will GCC successfully complete its reverse takeover and secure the necessary financing to advance exploration?
- How will Basin’s retained equity and buyback rights influence its future involvement and valuation of the Marshall Project?
- What are the prospects and timelines for exploration results from the initial C$1.5 million work program?
