Basin Energy Establishes Mt Isa Uranium and REE Footprint with NeoDys Acquisition

Basin Energy (ASX: BSN) is fast-tracking drilling plans for new Queensland uranium and rare earth elements (REE) assets it is moving to add to its portfolio, news that saw the company’s share price jump more than 150%.

The proposed acquisition of privately held critical minerals explorer NeoDys would leave Basin with 5,958 square kilometres of uranium and REE landholding in the Mount Isa region of northwest Queensland.

The new tenure sits adjacent to Paladin Energy’s (ASX: PDN) Valhalla uranium deposit and Red Metal Limited’s (ASX: RDM) Sybella rare earth discovery.

Early Drilling Plans

The company plans to drill at three district-scale opportunities across the project area, which also contains multiple shear-hosted Valhalla-style uranium targets.

The drill-ready targets include a paleochannel roll front uranium site, along with two others featuring both sediment and ionic clay hosted and hard rock, granite hosted REEs.

Basin’s next phase of exploration in the region will include deeper reverse circulation (RC) drilling to test potential continuity of a number of anomalies, with the maiden program set for Q4 2025.

Queensland Government Funding

Basin plans to use the existing Queensland government $150,000 Collaborative Exploration Initiative funding agreement NeoDys has in place on its upcoming drilling programs.

“This acquisition propels Basin into Australia’s uranium and rare earth exploration landscape,” managing director Pete Moorhouse said.

“These projects deliver exceptional geology, strategic scale and compelling upside across two of the most critical mineral sectors of the energy transition.”

The company will be hosting an investor webinar on August 28 to walk through the new prospects.

Share Placement

To help fund the acquisition and future exploration, Basin has received firm commitments to raise $1.25 million by way of a two-tranche share placement of 50 million shares at an issue price of $0.025.

The company plans to use proceeds from the raising to support initial air core drilling on uranium and REE targets, mapping and sampling of the West Valhalla radiometric targets, and an RC drilling program at the Newmans Bore granite-hosted REE target.

The transaction leaves Basin fully funded to test the high priority targets, and to fast-track multiple uranium and rare earth drill programs.