Basin Energy Advances Rare Earths with Newmans Follow-Up Drilling Underway

• Follow-up drilling targets 3.3 km rare earth corridor
• Maiden drilling confirmed significant magnet and heavy rare earth oxides
• Three drill programs planned for H2 2026 including government-supported phosphate REE testing
• Assays from current program expected mid to late September
• Preliminary metallurgical assessments underway

Follow-Up Drilling Targets Rare Earth Continuity at Newmans

Basin Energy (ASX:BSN) has resumed drilling at its Newmans rare earth discovery in northwest Queensland, embarking on the first of three planned programs for the second half of 2026. This phase is focused on testing the continuity of a 3.3-kilometre mineralised corridor defined by maiden reverse circulation (RC) drilling earlier this year, which uncovered thick zones of magnet rare earth oxides (MREO) including neodymium and praseodymium, alongside heavy rare earth oxides (HREO) such as terbium and dysprosium.

The initial drilling campaign, which comprised eight vertical holes over a 9-kilometre north-south transect, returned standout results including 24 metres at 453 ppm MREO within a broader 2,247 ppm total rare earth oxide (TREO) interval from 6 metres depth. Notably, a 9-metre section within that interval hit 596 ppm MREO, underscoring the shallow and high-grade nature of the mineralisation within a weathered granite system. These findings underpin Basin's exploration model that preserved weathering profiles over fertile granites are key to rare earth enrichment.

Three-Stage Drill Campaign and Government Support

The current infill drilling aims to confirm grade continuity and refine geological understanding along the corridor. Beyond this, Basin plans two additional campaigns: one supported by the Queensland Government’s Collaborative Exploration Initiative (CEI) to explore phosphate-associated heavy rare earth prospects southwest of Newmans, and a step-out drilling phase targeting priority zones identified by ongoing results and remote sensing data, pending heritage clearances.

This structured approach reflects Basin's strategic intent to scale the discovery and explore adjacent targets within its extensive 5,864 square kilometre Sybella-Barkly Project area, which lies within the fertile Sybella Batholith. The region is gaining prominence as a critical minerals hub, with neighbouring discoveries such as Red Metal’s Sybella rare earth project located approximately 20 kilometres north.

Assay Results and Metallurgical Work on the Horizon

Assay results from the current follow-up drilling are anticipated by mid to late September, providing a near-term catalyst for the stock and a clearer picture of mineralisation continuity. Basin is also progressing preliminary metallurgical assessments to evaluate processing characteristics, an essential step toward resource development.

Managing Director Pete Moorhouse highlighted the discovery’s upside potential and the company’s active exploration pipeline: "Our initial follow-up program is designed to test the continuity of that system. We are targeting up to three drill programs between now and the end of the year, each with the potential to add significant scale to this emerging discovery."

Exploration Model Validated and Broader Targeting

Basin’s preserved weathering exploration model has been validated by drilling results showing rare earth mineralisation correlates strongly with weathering intensity. The company has identified two priority target zones totaling about 22 square kilometres adjacent to the main corridor, with geochemical and radiometric signatures aiding target prioritisation. Remote sensing filters, tuned from Newmans observations, are being applied across the wider Sybella Batholith to seek further rare earth anomalies, indicating a methodical approach to expanding the project’s footprint.

With funding secured from a recent strategic placement, Basin is well-positioned to execute its exploration plans and advance metallurgical studies, setting the stage for multiple catalysts over the coming months.

Bottom Line?

Basin Energy’s methodical follow-up drilling and government-backed initiatives position Newmans as a rare earth project to watch, with assay results in September likely to shape near-term momentum.

Questions in the middle?

• Will follow-up assays confirm grade and continuity along the 3.3 km corridor?
• How will metallurgical test results influence the project's development potential?
• What impact will heritage clearance timing have on step-out drilling plans?