Basin Energy Defines 3.3 km Rare Earth Corridor at Newmans Prospect

Newmans Drilling Uncovers Significant Rare Earth Corridor

Basin Energy Limited (ASX:BSN) has revealed that its maiden reverse circulation (RC) drilling campaign at the Newmans Prospect within the Sybella-Barkly Project has delineated a substantial 3.3-kilometre corridor of magnet rare earth oxide (MREO) mineralisation. The drilling returned thick, shallow, and high-grade intercepts, notably 24 metres at 453 ppm MREO within 2,247 ppm total rare earth oxides (TREO) from 6 metres in hole SBRC26006, and 18 metres at 449 ppm MREO from surface within 2,160 ppm TREO in SBRC26003.

This corridor validates Basin’s preserved-weathering exploration model, which links mineralisation tenor closely with the intensity of preserved weathering profiles over fertile rare earth-bearing granites. The model offers a practical geological framework for targeting rare earths at a district scale across the Sybella-Barkly portfolio.

Expansion of Sybella-Barkly Footprint and Follow-Up Drilling

During the quarter, Basin lodged a new tenement application (EPM 29556) adjacent to Newmans, increasing the overall Sybella-Barkly Project area to approximately 5,864 square kilometres. This new area is prospective for complementary rare earth mineralisation styles, including clay-rich, sediment-hosted, and phosphate-associated deposits, broadening the project’s geological scope.

With a completed A$1.1 million strategic placement led by uranium-sector investors, Basin is fully funded to pursue follow-up RC drilling aimed at extending the mineralised corridor and advancing initial resource definition at Newmans. Two priority target areas totalling around 22 square kilometres have been identified for this next phase, with geochemical signatures indicating potential to prioritise targets using radiometric and satellite imagery.

Progress on Marshall Uranium Project Sale in Canada

On the corporate front, Basin executed an amended and restated Mineral Rights Purchase and Sale Agreement with Green Canada Corporation Inc. (GCC) for the sale of its 100% interest in the Marshall Uranium Project in Saskatchewan. The transaction is conditional on GCC completing a reverse takeover and financing, targeting a mid-August 2026 listing on the TSX Venture Exchange.

Key terms include Basin receiving 9.99% equity in the resulting issuer, C$600,000 in staged cash payments, and retaining a 25% project-level buyback right exercisable within five years. Additionally, Basin holds a three-year right of first refusal on any future sales of the Marshall Project by GCC, preserving meaningful upside for shareholders.

Financial Position and Outlook

Basin ended the quarter with A$1.1 million in cash, having spent A$77,000 on exploration activities primarily at Sybella-Barkly. No mining production or development occurred during the period. The company’s Managing Director, Pete Moorhouse, highlighted the breakthrough at Newmans and emphasised the potential to replicate the preserved-weathering model across the broader district, signalling a busy period ahead with multiple catalysts.