Basin Energy Ltd (BSN.AX) Significant Mineralisation Confirmed In Sweden

Perth, Oct 21, 2025 AEST (ABN Newswire) - Basin Energy Limited (ASX:BSN) (BSNEF:OTCMKTS) is pleased to provide results from geochemical sampling and data validation of historical diamond drill core from its Bjorkberget ('Bjork'), Ravaberget ('Rava') and Virka Projects (collectively the "North Sweden Projects"), refer figure 1*.

A total of 59 drillholes were reviewed across the projects, with drill hole collar details provided in Appendix 2*. The program was successful in that the geochemistry has infilled missing data and verified the quality of the available historical data

Key Highlights

- Re-assaying of historical core validates previously incomplete data, demonstrating significant mineralisation over three project areas in Sweden

- Significant shear-hosted mineralisation recognised at Bjorkberget including

o BJK78002 which included 12 metres at 0.12% U3O8 from 42.5m, including 4 metres at 0.23% U3O8 from 46 metres

o BJK78001 which included 2.5 metres at 0.27% U3O8 from 169.5 metres

o Mineralisation appears open at depth and along strike

- Limited historic data and core at Ravaberget identified significant thickness of mineralisation including

o RVB76003 which included 14.4 metres at 0.15% U3O8 from 16.1 metres depth

o Mineralisation appears open at depth and geophysical data supports interpretation of 20km of prospectivity between Rava and Bjork, within the Trollberget project

- Further sampling at Virka supports Aura Energy's previously released results, whilst outlining

o Additional high-grade mineralisation identified in VIR80005 including 2.6 metres at 0.15% U3O8 from 27.8 metres

o Additional high-grade mineralisation identified in VIR8004 including 2.75 metres at 0.10% U3O8 from 70 metres

o Localised high-grade zones noted over 0.5 metres, including VIR80013 from 26.3 metres at 0.66% U3O8

o Mineralisation at Virka remains open along strike to the southwest and down dip.

- Sweden is scheduled to remove the existing ban on uranium exploration in January 2026, paving the way to the next phases of exploration for all three project areas.

Basin's Managing Director, Pete Moorhouse commented:

"These results demonstrate the presence of an active mineralising system across three project areas each capable of producing significant thickness and grades of uranium mineralisation. The work completed in the 1970s and 80s was of good calibre, however, it was tightly focussed on the limited areas of outcrop. The two best intervals occur at Rava and Bjork, with Basin staking the entire 20 kilometres of prospective ground between these two prospects, which has never seen a drill hole.

With the upcoming policy change in Sweden paving the way to the next phase of uranium opportunity, Basin will use this data along with its in house uranium exploration expertise to explore along strike, to realise the scale of potential for the district. Basin Energy's early-mover advantage, positions the Company to be at the forefront of a revitalised European uranium and critical minerals sector, supporting the continent's shift toward secure, low-carbon energy supply chains."

Historical Data Verification

As detailed in Appendix 2 and 3*, geochemical sampling to verify historical data from a number of holes have been completed on each of the projects. To achieve this, Basin has resampled holes from each project to cross check the historical data and historical assays reported. These samples were all 1/4 core, vs the historical 1/2 core samples. It is noted that it is requirement that 1/4 of the core need to remain, as such a full comparison of the samples could not be completed. The samples returned results within the accuracy that would be expected for the shear-hosted style of mineralisation and the sampling method. As such the Competent Person considers the historical data suitable to be basis for exploration results to be reported.

Below is a summary of each project area and the returned results.

Bjorkberget

The Bjork project is a subset of the Trollberget project, located at the southern tip approximately 20 kilometres from Rava, refer figure 1*. Historical drilling at Bjork comprised 40 drillholes totalling 5,939 metres, completed by SGU between 1976 and 1978 (Figure 2*), along with one additional drillhole of 70.25 metres drilled by Geoforum in 2008. Of the 41 historical holes, 20 were assayed by SGU for selected elements; however, uranium assay data are not consistently available in the existing record archives. Most drillholes were gamma logged in accordance with the logging standards in place at the time.

Twenty-two drillholes were selected and re-sampled by Basin from the Bjork core archive. Whilst full verified historical and accompanying new data is provided in Appendix 2* and 3*, key highlights showing intervals with a grade X thickness equivalent of greater than 2,000 ppm U3O8 from these holes include:

o BJK78002 which included 12 metres at 0.12% U3O8 from 42.5m, including 4 metres at 0.23% U3O8 from 46 metres

o BJK78001 which included 2.5 metres at 0.27% U3O8 from 169.5 metres

o BJK76013 which included 5 metres at 0.09% U3O8 from 81 metres and 4.5 metres at 0.05% U3O8 from 143.5 metres

o BJK79004 which included 1.5 metres at 0.31% U3O8

Bjorkberget assays display the strongest base-metal results of the three projects. Results confirmed the presence of zinc, including the following intervals which recorded above 1% zinc over 0.5 metres or greater:

o BJK78006B which included 0.5 metres at 5.64% Zn from 123.5 metres within a broader interval of 1.5 metres of 1.15% zinc from 123 metres, and 2 metres at 0.55% zinc from 15.25 metres

o BJK79003 which included 0.5 metres at 1.51% Zn from 88.3 metres

o BJK81003 which included 0.5 metres at 1.01% Zn from 11.0 metres and 0.5 metres at 1.07% Zn from 21.0 metres

Ravaberget

The Rava project is a subset of the Trollberget project, located at the northern tip approximately 20 kilometres from Bjork refer figure 1*. Historical drilling at Rava comprised 42 diamond drillholes totalling 4,262 metres, completed by SGU between 1975 and 1977, refer figure 3*. All drillholes were gamma logged at time of drilling in accordance with the logging standards of the time, although only three holes-RVB76003, RVB76009, and RVB77005-were assayed by the Swedish Geological Survey ("SGU") on select intervals for uranium and selected elements.

Basin Energy identified and prioritised core intervals from six archived diamond drillholes for re-assay and data validation.

Whilst full verified historical and accompanying new data is provided in Appendix 2 and 3*, key highlights showing intervals with a minimum grade X thickness equivalent of greater than 900 ppm U3O8 from these holes, or 5 metres at 600 ppm TREO from these holes include:

o RVB76003 which included 14.4 metres at 0.15% U3O8 from 16.1 metres, and

o 12.5 metres at 460ppm Zn from 8.2 metres including 2 metres at 2,442 ppm Zn from 16.3 metres depth.

o RVB75015 which included 4 metres at 0.06% U3O8 from 39 metres including 1 metre at 0.15% U3O8 from 39 metres, and

o 0.5 metres at 0.55% Zn from 42.5 m

o 4.5 metres at 620ppm TREO from 34.1 m.

o RVB76005 which included 1.5 metres at 0.08% U3O8 from 85.25 metres

o RVB76006 which included 3.2 metres at 0.03% U3O8 from 18.2 metres

o RVB77009 which included 13.9 metres at 680.7ppm TREO from 18.2 metres and

o 4.5 metres at 0.06% U3O8 from 40 metres

The standout drillhole from Rava of those reviewed by Basin is RVB76003. Geological observations from historical drill core and select rock chip samples from a granitic outcrop near the historical drilling site show visible disseminated fine grained uraninite. This is in contrast to the interpreted structurally hosted mineralisation observed at Bjork, and it is interpreted that potentially the controlling structure is located undercover, west of this outcrop within the Trollberget exploration licence staked by Basin in Q4 2024.

Virka Assay Results

All archived diamond drill core at Virka (20 drillholes, 2,654.3 m) was reviewed by Basin's geologists.

Drilling was completed by the Swedish Geological Survey ("SGU") between 1980 and 1982 and no multi element assay data was reported for this program. Aura Energy (ASX:AEE) assayed the partial cores in 2008 which provides increased confidence in this system, although some of the best mineralized intervals, as indicated by historic downhole radiometric data and remaining quarter cut core could not be sampled as insufficient core remained.

Eight drillholes were re sampled by Basin from the Virka core archive. No new historical results are reported in this release. Whilst all new data is provided in Appendix 2*, key highlights showing intervals with a grade X thickness equivalent of greater than 1,000 ppm U3O8 from these holes include:

o VIR80013 which included 8.2 metres at 0.11% U3O8 from 25.3 metres including previously unrecognised localised high-grade zones noted over 0.5 metres at 0.66% U3O8 from 26.3 metres

o Additional high-grade mineralisation identified in VIR80005 including 2.6 metres at 0.15% U3O8 from 27.8 metres

o This falls within an interval that Aura Energy reported as 17 metres at 0.07% U3O8 from 23 metres

o Previously unrecognised mineralisation in VIR80014 including 3.5 metres at 0.04% U3O8 from 70 metres

o Additional high-grade mineralisation identified in VIR80015 including 2.0 metres at 0.10% U3O8 from 48.25 metres

The mineral distribution at Virka sees a general increase in grade and thickness in the central part of the system which remains untested at depth. Basin sees this as a priority for further work.

Program Overview

The North Sweden Projects are located approximately 140 km northwest of Skelleftea and 160 km southwest of Lulea. The Projects are strategically positioned in a highly prospective metallogenic belt within the Fennoscandian Shield, hosting a diverse range of mineral deposits (Figure 1*). Geologically, the area is dominated by Proterozoic-aged metavolcanic sequences and extensive granitoid intrusions, and is structurally complex due to multiple orogenic events, particularly the Svecofennian orogeny.

The region hosts significant mineralisation, including volcanogenic massive sulphide (VMS), orogenic gold, and holds a strong potential for shear-hosted and epigenetic uranium and/or REE mineralisation.

The Arjeplog-Arvidsjaur-Sorsele uranium district is host of approximately 30 known mineralised prospects (Figure 1*).

In Q4 2024, Basin conducted initial reconnaissance mapping7,8,9,10 and an extensive compilation of historical data, which included a detailed review of the SGU core archive, across its North Sweden Projects. Following this work, the Company completed in Q1 2025 a program of re-logging and reassaying of selected historical diamond drill core from the Bjork, Rava, and Virka projects.

A total of 59 drillholes were reviewed across the projects. Logging included detailed geological and structural observations, radiometric measurements, and photographic documentation. 103 selected core trays were subsequently shipped to ALS Laboratories in early Q2 2025 for sawing, sample preparation, and analysis using modern ICP-MS techniques.

Although some of the most mineralised core intervals were missing or unsampleable in several holes, sampling of the available core returned high-grade uranium intersections across multiple intervals and projects (Appendix 3*). Notably, only minor ancillary metals were noted, primarily zinc. The new assay results showed strong correlation with the original SGU data where direct comparisons were possible.

This consistency between datasets validates the historical assay records and reinforces confidence in the integrity of the broader historical drill database.

New assay results demonstrate a good correlation with original SGU data, typically within 15% variance for uranium grades where direct comparisons were possible. Discrepancies are attributed to core sample size variation, the mineralisation nature of shear hosted system and analytical method differences. Typically, results sub 200 ppm U3O8 appeared higher grade in the historical data, however above 200ppm correlation improved. Overall, the consistency between datasets validates the historical assay records and provides confidence in the integrity of the broader historical drill database.

Geological observations and assay results confirm that high-grade uranium mineralisation is closely associated with hematite, magnetite, and sulphide phases, including sphalerite (ZnS) and galena (PbS).

At Virka and Bjork, uranium mineralisation is structurally controlled in microfracture stockwork, while at Rava it occurs as finely disseminated mineralisation within metasomatized granite. Mineralisation is not closed off at depth by historical drilling and multiple target opportunities remain to fully test the uranium systems on the Projects.

These results highlight the strong exploration potential of Basin's northern Sweden portfolio, located within a geologically favourable region hosting multiple uranium and base-metal occurrences. Basin's 2025 re-logging and re-assay program establishes a robust technical foundation for future drill targeting aimed at defining the scale and grade of the mineralising system(s) at play within the North Sweden Projects.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/2B444ISS

About Basin Energy Ltd

Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.

   

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