Basin Energy Limited (ASX:BSN) has successfully completed the acquisition of a promising uranium and green energy metals exploration portfolio in Scandinavia.
The company, which has been expanding its reach beyond its initial focus on Canadian projects, finalised the purchase of Normetco AS, the registered owner of the portfolio.
The acquisition includes five exploration licences in Sweden and five reservations in Finland, targeting shear-hosted and intrusive-related mineralisation.
Historical exploration data suggests potential for various green energy commodities across these sites.
As part of the deal structure, Basin Energy issued 18,479,694 shares, subject to a 24-month escrow period, and 4,619,924 options with a 10-cent exercise price and a three-year validity period.
The agreement also includes a contingent consideration of up to $2 million based on achieving specific milestones.
Pete Moorhouse, Basin’s Managing Director, expressed enthusiasm about the acquisition, stating: “Basin is pleased to announce the finalisation of the acquisition of this exciting and complimentary exploration portfolio.
“The prospectivity was identified by our team as a largely overlooked region for modern exploration.”
This strategic move aligns with Basin Energy’s goal to broaden its exposure to uranium and green energy metal discoveries, addressing the growing demand created by global decarbonisation efforts.
The company is now eagerly awaiting initial geochemical results from fieldwork completed in late 2024.
The acquisition marks a significant step for Basin Energy as it continues to diversify its portfolio beyond its original Athabasca Basin projects in Canada.
As the nuclear energy sector experiences a revival, Basin Energy’s expanded portfolio positions the company to capitalise on the growing uranium market.
