Basin Energy (ASX:BSN) has entered into a binding letter of intent to sell its Marshall Lake Uranium Project in Canada, to PTX Metals’ (TSX-V:PTX) subsidiary Green Canada Corporation.
The transaction is proposed to occur in parallel with a proposed reverse takeover by Green Canada of Maackk Capital Corp. Green Canada is also progressing towards a public listing on the Canadian Securities Exchange.
As part of the deal, Green Canada will pay C$600,000 cash in four equal instalments per year, with the first payment due upon closing the transaction. The company will also issue c$300,000 worth of shares in three equal annual installments.
Basin Energy will receive an additional C$400,000 worth of shares in the resulting issuer upon closing of the reverse takeover in return for granting a nine-month exclusivity right in the North Millennium joint venture.
Green Canada is also required to fund exploration expenditures of C$1.5 million for an initial work program on the Marshall Lake Project, as well as conduct a minimum C$2.5 million capital raise.
Basin Energy Managing Director Pete Moorhouse says the Green Canada team is well positioned to add value through drill testing targets and broader exposure to its asset base.
“We look forward to seeing these assets advance, whilst Basin retains focus on high-grade shallow opportunities,” Moorhouse says.
Green Canada Corporation is a 54% owned subsidiary of PTX Metals and a uranium explorer. The company has projects in the Thelon Basin, Nunavut, Athabasca Basin, Saskatchewan and Québec.
The Marshall Lake Project, covering 112km2, has unconformity related Athabasca-style uranium mineralisation, located in Saskatchewan, Canada.
Basin Energy is a uranium-focused explorer with assets in Australia, Canada, and Sweden.
Uranium production (including secondary supplies) is projected to rise from 83.5 kt in 2025 to 87.3 kt in 2027. The increase is expected to be driven by a mix of factors, including mines previously in care and maintenance returning to production, new mines opening, and operating mines raising production.
Uranium mining is expanding rapidly in Africa. The Dasa mine in Niger is scheduled to begin production in 2027 with a nameplate capacity of 2.7 kt a year. Production of uranium at Morocco’s Uranext mine – due to begin production in 2026 – will be a byproduct of phosphate mining, with UxC forecasting that uranium production will ramp up from 0.4 kt in 2026 to 1 kt in 2030.
Spot prices fell and then recovered in H1 2025, with uranium prices for the most part staying between US$70 to US$80 per pound in Q3 2025.
According to the Department of Industry, Science and Resources (DISR) September 2025 Resources and Energy Quarterly, contract prices have largely been steady at about US$80 so far this year. DISR notes steady contract prices are a result of higher prices being locked in by producers in previous months.
Write to Aaliyah Rogan at Mining.com.au
Images: Basin Energy
