Basin Energy (ASX:BSN) has entered a binding agreement to acquire 100% of issued capital of NeoDys Limited in the Mount Isa region, Queensland, which is one of the largest prospective uranium and rare earth packages in the region. The area is adjacent to Paladin Energy’s Valhalla uranium deposit and Red Metal’s Sybella rare earth discovery.
The area has strong exploration potential, supporting three distinct, drill-ready models:
- Paleochannel uranium targets identified via AEM geophysical surveys
- Granite-hosted rare earths, with auger sampling showing high TREO and Nd+Pr oxide values
- Sediment-hosted ionic clay rare earths, supported by $150,000 in Queensland Government funding
Additional Valhalla-style uranium targets with multiple radiometric anomalies near known deposits totalling 116Mlbs U₃O₈.
Basin Energy has received firm commitments to raise $1.25M at $0.025 per share, representing a 9% premium to the 20-day VWAP. The funds will support:
- Aircore drilling on Barkly Tablelands
- RC drilling at Newmans Bore
- Mapping and sampling at West Valhalla
- General working capital
Exploration in the region is expected to begin in Q4 2025, and will focus on shallow, high-priority targets using aircore and RC drilling.
Peter Moorhouse, Managing Director of Basin Energy commented, “This acquisition propels Basin into Australia’s uranium and rare earth exploration landscape. These projects deliver exceptional geology, strategic scale and compelling upside across two of the most critical mineral sectors of the energy transition. With drill-ready targets and a low-cost structure, this portfolio is primed to deliver value for shareholders. Over the next 6 months, Basin Energy will be drilling the first holes on three district-scale opportunities for uranium and rare earth deposits in Northwest Queensland.
The Company is delighted with the strong interest in the capital raising. On behalf of the Board, I welcome our new shareholders, and thank existing shareholders for their continued support at an exciting time of development for the Company. We will be holding a webinar to walk through the projects on 28th August and encourage people to log in and learn more about this opportunity.”
To read more about this, please visit https://basinenergy.com.au/
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