Basin Energy identifies multiple near-term catalysts at Newmans

• Advancing three work streams simultaneously at Newmans
• Metallurgical test work, further drilling and heritage surveys
• ANSTO and Brisbane Metallurgical Laboratories to commence preliminary metallurgical test work
• Targeting early-stage assessment of leachability of the Newmans mineralisation

Basin Energy (ASX:BSN) is ramping up activities on multiple fronts at its Newmans rare earth discovery, part of the Sybella-Barkly rare earth project in northwest Queensland.

A key focus is preliminary metallurgical studies being undertaken by Australian Nuclear Science and Technology Organisation (ANSTO) and Brisbane Metallurgical Laboratories alongside the recently announced collaboration with James Cook University.

Initial work comprises leachability assessment of the Newmans rare earth mineralisation, together with XRD analysis. The program is designed to provide an early-stage assessment across a range of weathering domains.

Initial heritage surveys to allow the first drilling transects east and west of the identified mineralised corridor at Newmans, within identified priority target areas, are now complete.

MD, Pete Moorhouse, said the survey outcomes are expected in October.

“Excited by our results to date, we are advancing Newmans on multiple fronts in parallel. With follow-up drilling complete, leachability studies underway, and initial heritage surveys completed, these parallel work streams are progressively our understanding of the broader potential at Newmans,” Mr Moorhouse said.

“Assay results are expected imminently, with initial leachability results expected to follow in the fourth quarter. Both represent important next steps in assessing the scale, grade and potential recoverability of the rare earth mineralisation identified at Newmans.”

Alongside the metallurgical program, follow-up drilling was completed at Newmans to test continuity of the 3.3 km mineralised corridor identified in scout drilling in Q2 2026. An additional 18 reverse circulation (RC) drillholes were completed on existing tracks.

Mr Moorhouse said Basin’s exploration model is targeting preserved weathering profiles developed over fertile rare earth-bearing granites, hosting rare earth mineralisation at Newmans.

A further two drilling campaigns are proposed for 2026. The next proposed program is supported by the Queensland Government Collaborative Exploration Initiative (CEI). This drilling is designed to test for heavy rare earth element prospectivity associated with phosphates adjacent to the Newmans discovery.

A further program at Newmans is proposed for Q4 and is subject to the outcomes of the initial heritage surveys and results from the current work.

Shallow magnet rare earth mineralisation with strong heavy rare earth support was returned in four of the eight previous drill holes, with the tenor of mineralisation consistently associated with the degree and intensity of the preserved weathering profile logged in each hole, supporting Basin’s exploration model.

BSN is steady at 2.9¢, with a Mkt cap of $6.823M prior to markets opening.

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