Basin Energy Limited (ASX: BSN) has announced a significant expansion of its green energy metals portfolio through the acquisition of a substantial exploration package in Scandinavia.
The company has signed a binding agreement to acquire a 100 per cent interest in projects spanning approximately 185 square kilometres across Sweden and Finland.
This strategic move broadens Basin Energy’s footprint beyond its existing assets in Canada’s Athabasca Basin, targeting a diverse range of critical metals including uranium, copper, gold, silver, niobium, and rare earth elements.
The acquired portfolio boasts promising historical exploration results. Notable findings include rock chip samples from the Prästrun project with up to 0.45% U₃O₈ and 1.2% Nb, as well as drill results from the Virka project showing 9 metres at 1,087 ppm U₃O₈ from 24.5 metres depth.
These historical data points suggest significant potential for new discoveries using modern exploration techniques.
Pete Moorhouse, Managing Director of Basin Energy, expressed enthusiasm about the acquisition: “We are excited to add this complementary portfolio to our existing asset base.
“The acquisition provides multiple near-surface targets for uranium and green energy metals that can be advanced cost-effectively.”
Basin Energy plans to initiate an immediate exploration program, including stakeholder engagement, re-logging of historic drill cores, and surface sampling.
This systematic approach aims to verify and expand upon previous findings, potentially unlocking substantial value in these underexplored areas.
The timing of this acquisition is particularly significant given the growing demand for green energy metals.
Moorhouse highlighted that “Sweden’s known uranium assets make up about 27 per cent of Europe’s uranium resources”, underscoring the strategic importance of this move.
The acquisition is structured as an all-scrip transaction with deferred milestone payments, allowing Basin to preserve cash for exploration activities.
The company will issue 18.5 million shares and 4.6 million options to the vendor, with additional payments tied to resource delineation milestones.
This expansion aligns with Basin Energy’s broader strategy to support the global energy transition.
While maintaining its commitment to its Athabasca Basin projects, the company sees this Scandinavian portfolio as an opportunity to gain broader exposure to the critical metals necessary for decarbonisation efforts.
As Basin Energy embarks on this new venture, the market will be watching closely to see how this strategic move unfolds in the context of the growing green energy sector.
