Basin Energy (ASX:BSN) has entered into a binding agreement to acquire privately held critical mineral explorer NeoDys, which owns uranium and rare earths landholding in Queensland.
Following today’s (27 August) announcement, the company’s share price had surged 195.99% to $0.074 as of 11.30am AEST.
The project provides compelling walk-up drill targets that can be rapidly and cost-effectively tested using aircore and reverse circulation drilling. The project area contains multiple shear-hosted Valhalla-style uranium targets defined for immediate assessment.
As part of the acquisition, Basin will issue 18.47 million shares, 15 million options, and 45 million performance rights to NeoDys. NeoDys will also be granted a 1.5% net smelter return royalty.
The completion of the transaction is subject to shareholder approval which is expected to occur in early October 2025.
Basin will also raise $1.25 million via a two-tranche placement to fund exploration across the project, as well as general working capital.
Under the placement, 50 million shares will be issued at $0.025 per share, representing a 9.1% premium to the 20-day volume weighted average price.
Funds will be allocated towards aircore drilling on the Barkly Tablelands targets, reverse circulation drilling on the Newmans Bore target, as well as mapping and sampling on the West Valhalla targets.
Managing Director Pete Moorhouse says this acquisition propels Basin into Australia’s uranium and rare earths landscape.
“These projects deliver exceptional geology, strategic scale and compelling upside across two of the most critical mineral sectors of the energy transition,” Moorhouse says.
“Over the next six months, Basin Energy will be drilling the first holes on three district-scale opportunities for uranium and rare earth deposits in Northwest Queensland.”
NeoDys also has an existing Queensland Government Collaborative Exploration Initiative funding agreement for $150,000 available for Basin to support upcoming drilling programs.
Basin Energy now holds 5,958km2 of exploration tenure in the Mount Isa district of Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: Basin Energy
