Basin Energy Ltd. provided an update on the exploration activities at the Geikie Uranium Project (‘Geikie' or the ‘Project'). With only 65% of unprocessed data airborne electromagnetic data (‘AEM') received, Basin is highly encouraged by the preliminary results with significant conductors identified which support the previous works undertaken and the interpreted exploration model of the Project. Furthermore, a detailed review of regional historical data has allowed further refinement of the model.

Basin now eagerly awaits the completion of the survey to allow the next step of exploration and drilling plans to be finalised ahead of the maiden drill program. Preliminary results from part of airborne electromagnetic survey (‘AEM') commissioned by Basin at Geikie have been received, and the survey is ongoing. The survey objectives are to map suitable lithological and structural settings conducive to high-grade uranium mineralization.

This includes the identification of graphitic structural zones, as seen in deposits of the local region. The data in conjunction with existing knowledge will be used for final drill targeting. The contractor has experienced significant delays in the finalization of flying this survey due to equipment failure and weather-related issues out of Basin's control.

The Company can now advise that over 65% of the survey has been completed, with preliminary data being received daily. Subject to weather conditions, the survey is expected to be completed in the coming days. Further results will be released once analysis is complete.

The initial preliminary data, which still requires full processing, has successfully identified a series of immediate and compelling targets within the claim boundary. A strong coherent northeast trending conductor, striking through the southern half of the Project is clearly defined. Additional significance is added to this anomaly as geological logs from a historic drill hole has identified structural graphite proximal to this main conductor.

Basin interprets this as providing confidence in the presence of structurally related graphite in the region, a known key pathfinder for uranium-rich fluid circulation and mineralisation precipitation in the Athabasca Basin. In addition to these, Basin previously announced the identification of 4 prominent regional north south faults, delineated in the airborne magnetic and radiometric survey completed in 2022. Using analogies from known uranium mineralisation proximal to Geikie, it is hypothesised these features are suitable structural conduits for uranium bearing fluids.

The initial preliminary EM data highlights multiple conductive anomalies running directly coherent and adjacent to two of the structures. These anomalies provide a series of discreet and immediate drill targets. Basin is also considering the application of a ground or aerial gravity survey on these targets to map broader alteration and further refine priority targets.