Basin Energy Limited to advise that the airborne electromagnetic (`AEM') survey is now complete at the Geikie Uranium Project (`Geikie' or the`Project'). All preliminary data has been received with high priority targets identified. Data processing analysis has commenced which will be used for final target definition to support the maiden drill program.

In addition to the significant, newly identified electromagnetic (`EM') conductor in the Southeast of the Project (Refer ASX announcement dated 8th March 2023) and the multiple conductive anomalies associated with regional structures, the survey has also highlighted an additional conductor in the west of the Project. Data acquisition for the AEM survey has now been completed at Geikie. The survey objectives were to map suitable lithological and structural settings conducive to high-grade uranium mineralisation.

This includes the identification of graphitic lithologies coincident with fault zones, as seen in deposits of the local region. The data in conjunction with existing knowledge will now be used for drill targeting. Preliminary results from the initial 65% of the survey were released on the ASX on 8 March 2023, "Geophysical Targets Identified at Geikie" and identified a new, significant EM conductor in the southeast of the Project.

On completion of the full survey, an additional conductor in the west of the Project was identified. Preliminary data has been categorised into primary and secondary targets, with the next steps for primary targets being the modelling of final AEM data followed by drill testing. The secondary anomalies are potentially significant considering the correlation with regional faults, however further assessment will be conducted as modelling of final data is completed.

Additional significance is added to this conductor as geological logs from a historic drill hole has identified structural graphite proximal to this main conductor. Basin interprets this as providing confidence in the presence of structurally related graphite in the region, a known key pathfinder for uranium-rich fluid circulation and mineralisation precipitation in the Athabasca Basin. Furthermore, a series of AEM anomalies have been identified associated with 3 of the prominent regional north south Tabbernor faults, delineated in the airborne magnetic and radiometric survey completed in 2022 (see ASX announcement dated 13 October 2022).

Using analogies from known uranium mineralisation both proximal to Geikie and within the broader Athabasca Basin, it is hypothesised Tabbernor faults are structural fluid conduits, allowing deep circulation of uranium ore- forming fluids. Additionally, evidence for a spatial relationship between where the ductile Tabbernor faults intersect regional lithological and structural trends is observed at significant deposits within the Basin. These include the Dawn Lake, Midwest, Sue and Rabbit Lake's Collins Bay B Zone and Eagle Point uranium deposits.