Basin Energy Limited has successfully completed the acquisition of 100% of the issued capital of NeoDys Limited, a privately held explorer focused on critical minerals. This acquisition positions Basin as a key player in the exploration of uranium and rare earth elements in the Mount Isa region of northwest Queensland. The deal was finalized after all conditions precedent were satisfied, with shareholder approval granted on October 14, 2025.
Significant Acquisition Enhances Exploration Potential
With this acquisition, Basin Energy has secured the largest prospective uranium and rare earth packages in Queensland. The projects are located adjacent to notable deposits, including Paladin Energy Limited’s Valhalla uranium deposit and Red Metal Limited’s Sybella rare earth discovery. The acquisition includes three distinct, fully defined, and drill-ready exploration opportunities that can be tested with low-cost shallow drilling.
The first drill target focuses on a district-scale sediment-hosted ionic clay rare earth potential. The Queensland Government has allocated $150,000 to expedite drilling efforts. Soil sampling has revealed significant anomalism, with results exceeding 600 ppm TREO and a maximum of 653 ppm TREO. The second target involves a defined paleochannel uranium system, while the third target encompasses a hard-rock granite-hosted rare earth element system, with a drilling program planned for Q2 2026.
Basin’s Managing Director, Pete Moorhouse, expressed enthusiasm about the acquisition, noting the extensive preparation for drilling and engagement with stakeholders. He highlighted the strategic importance of the newly acquired assets in light of the recent critical minerals agreement between Australia and the United States.
Financial Backing and Future Plans
To support these initiatives, Basin has completed Tranche 2 of its share placement, raising $1.25 million to fully fund initial drilling programs. The company holds a commanding position over approximately 5,958 km² of exploration tenure in the Mount Isa district. This area is recognized as an emerging and underexplored province for uranium and rare earth elements.
Basin’s exploration strategy will target three district-scale opportunities: paleochannel roll front uranium, sediment and ionic clay hosted rare earth elements, and hard rock granite hosted rare earth elements. Additionally, the project area includes multiple shear-hosted uranium targets analogous to those in the Valhalla project, which has an estimated resource of 148.4 million pounds of U3O8.
The company plans to conduct air core and reverse circulation drilling to test these compelling targets quickly and cost-effectively. Prior airborne electromagnetic surveys have identified potential mineralization pathways, further enhancing the project’s promise.
Basin’s acquisition of NeoDys marks a significant step in its growth strategy. As the company prepares for its maiden drilling programs, it aims to leverage the rich geological landscape of the Mount Isa region and capitalize on the increasing global demand for critical minerals. The exploration results and subsequent developments will be closely monitored, with updates promised in the near future.
