Basin Energy Ltd. has raised AU$1.1 million, providing the company with the financial support to accelerate its critical minerals exploration program.
The company has secured firm commitments for 44 million new shares at an issue price of 2.5 cents per share. The new shares are expected to be issued on April 29.
The capital raising was anchored by two new investors from the uranium sector, who collectively contributed over 40 per cent of the total funds.
This injection of capital, coupled with strong follow-on support from existing institutional shareholders, serves as a major vote of confidence in Basin Energy’s current project pipeline.
Basin Energy Managing Director Pete Moorhouse said: “The strong institutional support and the cornerstone involvement of two globally diversified strategic investors is a powerful endorsement of the quality of the portfolio, strategy, and team we have at Basin.”
“This funding provides us with the firepower to significantly expand our exploration programs, including to continue unlocking the scale potential of our Sybella-Barkly rare earths and uranium position.”
The fresh funding is earmarked for immediate operational expansion across two of the company’s primary focus areas.
For the company’s Sybella Barkly project, the proceeds will be used to execute a significant drilling and geophysics campaign, which has already received financial backing from the Queensland government.
The funding also provides essential capital for follow-up work at the Newmans rare earth elements prospect, where initial maiden drilling is already underway.
By focusing on these high-potential projects, Basin Energy aims to unlock the scale of its uranium and rare earth portfolio while maintaining a lean cost structure.
