What’s happening?
Basin Energy Limited has entered a binding agreement to acquire 100% of NeoDys Limited, a private critical minerals explorer with dominant tenure in the Mount Isa region of northwest Queensland. The landholding spans 5,958 km² and is located near Paladin Energy’s Valhalla uranium deposit and Red Metal’s Sybella rare earth discovery.
The acquisition delivers multiple drill-ready targets, supported by previous geophysical and geochemical exploration, across three low-cost, shallow drilling models:
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Paleochannel roll-front uranium systems have been defined using airborne electromagnetic (AEM) surveys adjacent to Sybella’s uranium-rich granite.
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Clay and sediment-hosted rare earth elements (REE) show promising soil geochemical anomalies, with multiple samples exceeding 600 ppm TREO, peaking at 653 ppm TREO.
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Granite-hosted REE systems at Newmans Bore returned strong auger drilling results, including 5 m @ 1,951 ppm TREO with 578 ppm neodymium and praseodymium (Nd+Pr) oxide, with a 3 m section reaching 705 ppm Nd+Pr oxide.
In addition to these targets, Basin Energy has identified multiple Valhalla-style uranium prospects defined by untested shear-zone radiometric anomalies located near the Valhalla, Skal, and Odin uranium deposits, which hold a combined 116 million pounds (Mlbs) of U₃O₈.
Why it matters
This acquisition gives Basin Energy a commanding land position in one of Australia’s most promising but underexplored regions for uranium and rare earths.
The company is fully funded to test all three target types and is moving quickly to commence drilling in Q4 2025.
Managing Director Pete Moorhouse said:
“This acquisition propels Basin into Australia’s uranium and rare earth exploration landscape. These projects deliver exceptional geology, strategic scale and compelling upside across two of the most critical mineral sectors of the energy transition.”
He added: “With drill-ready targets and a low-cost structure, this portfolio is primed to deliver value for shareholders. Over the next 6 months, Basin Energy will be drilling the first holes on three district-scale opportunities for uranium and rare earth deposits in Northwest Queensland.”
Local Impact
Drill programs will begin in Q4 2025 across the company’s expanded northwest Queensland footprint, including:
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Aircore drilling on the Barkly Tablelands, targeting shallow uranium and REE paleochannel systems
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Reverse circulation drilling at Newmans Bore, focused on the high-grade granite-hosted REE zone
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Mapping and sampling at West Valhalla, aimed at identifying uranium anomalies in radiometric shear zones
These activities are supported by a $150,000 Queensland Government Collaborative Exploration Initiative (CEI) grant, enabling fast-tracked exploration in the region west of Mount Isa.
By the numbers:
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5,958 km² – Landholding acquired in the Mount Isa region through NeoDys, giving Basin Energy one of Queensland’s largest uranium and REE portfolios
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653 ppm TREO – Maximum value found in soil sampling of the sediment-hosted REE target, supporting ionic clay potential
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5 m @ 1,951 ppm TREO – Granite-hosted REE intercept at Newmans Bore, including 3 m @ 705 ppm Nd+Pr oxide, confirming high-value hard rock potential
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116 Mlbs U₃O₈ – Total uranium resources in nearby Valhalla, Skal, and Odin deposits, validating regional exploration strategy
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$1.25 million – Capital raised via a two-tranche placement at $0.025 per share, a 9% premium to 20-day VWAP, to fund drilling
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28 August 2025 – Date of investor webinar to showcase project opportunities
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Early October 2025 – Scheduled date for shareholder vote to approve the NeoDys acquisition
Zoom In
The targets Basin Energy will explore in Q4 2025 include:
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Paleochannel uranium systems, identified by AEM surveys and located next to Sybella’s “hot” uranium-rich granite
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Ionic clay-hosted REE zones, with confirmed high-grade TREO in soil sampling, supported by government funding
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Granite-hosted REE at Newmans Bore, already returning strong auger drilling results for TREO and Nd+Pr oxide content
These target styles are aligned with those being successfully pursued in neighbouring tenures by Paladin Energy (ASX:PDN) and Red Metal (ASX:RDM).
Zoom Out
Basin Energy’s expanded Queensland position complements its international green energy portfolio:
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Three uranium projects in the Athabasca Basin, Canada
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100% ownership of green-energy exploration assets in Scandinavia
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And now, district-scale uranium and REE projects in northwest Queensland, near world-class mineral systems
What To Look For Next?
On 28 August 2025, Basin Energy will host an investor webinar to detail targets and upcoming exploration plans.
In early October 2025, shareholders will meet to consider approval of the NeoDys acquisition terms. In Q4 2025, drilling will begin across the Barkly Tablelands, Newmans Bore and West Valhalla. Mapping, sampling and drill targeting are already underway.
