Basin Energy expands Newmans discovery strike out to 6.7 km

• Follow-up drilling more than doubles mineralised footprint
• 13 of 18 drill holes intersected shallow magnet rare earth mineralisation
• 17 of 26 holes drilled by Basin at Newmans have returned significant intercepts
• Funded for initial leach test work and the next round of drilling

Basin Energy (ASX: BSN) has received positive final assays from its 18-hole follow-up reverse circulation (RC) drilling program at its Newmans discovery in northwest Queensland.

Maiden drilling reported in June defined a 3.3km mineralised corridor and the follow-up drill program has extended it in both directions and strike now measures to 6.7 km.

In a consistent program, 13 of 18 holes intersected shallow rare earth mineralisation above 1,000 parts per million (ppm) total rare earth oxides (TREO).

Drilling has covered approximately seven km of strike, with 17 of the 26 holes drilled at Newmans returning significant intercepts.

The current program delivered both the highest-grade magnet rare earth oxide (MREO) interval and the thickest intercept returned at Newmans to date. Drilling has found heavy rare earth mineralisation is now recurring, with seven holes across approximately 4.5 km returning 3.0m composites above 500 ppm heavy rare earth oxides (HREO).

“In June, we were confident that Newmans had a clear exploration pathway and that we would test scale first. Three months on, the mineralised footprint at Newmans has more than doubled to 6.7 km and 13 of 18 follow-up holes were mineralised, with hole SBRC26014 delivering the highest-grade magnet rare earth oxide interval we have seen,” MD, Pete Moorhouse, said.

“Equally important to the increase in strike is that the system is behaving consistently as it grows. The vertical architecture we described in June has repeated along the corridor, and the magnet basket has held at around 21% of TREO regardless of grade. That consistency is what turns a set of drill holes into a system.

“The question is no longer whether there is a discovery at Newmans, it is how big it can get and we are already seeing district scale potential. Q4 brings initial leach work and further drilling, and we intend to keep answering that question at pace.”

Mr Moorhouse said a notable feature emerging from the expanded drilling dataset is the recurrence of locally developed coherent heavy rare earth mineralisation enriched in dysprosium, terbium and yttrium across multiple drillholes.

Further RC drilling in Q4 2026 will target strike extensions and step-outs including the phosphate-associated heavy rare earth targets southwest of Newmans flagged in August.

BSN was steady at 3.0¢ with a Mkt cap of $7.059M prior to markets opening.

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