Basin Energy Limited (ASX:BSN)

Basin Energy Limited (ASX: BSN) provided an operational update on its Newmans rare earth discovery within the Sybella-Barkly Project in northwest Queensland, outlining multiple near-term catalysts being advanced in parallel during H2 CY2026, including preliminary metallurgical leachability test work, follow-up and proposed drilling, and heritage survey activities. The company has engaged ANSTO and Brisbane Metallurgical Laboratories to begin early-stage metallurgical studies, including leachability assessment and XRD analysis across different weathering domains, with initial results expected in Q4 2026 to help assess potential recoverability of mineralisation and guide later work. Basin also completed 18 RC follow-up drillholes to test continuity of the 3.3 km mineralised corridor identified in Q2 2026 maiden drilling, which previously returned notable shallow magnet rare earth intersections such as 24 m at 453 ppm MREO within 2,247 ppm TREO from 6 m in SBRC26006 and 18 m at 449 ppm MREO within 2,160 ppm TREO from surface in SBRC26003, supporting its preserved weathering profile exploration model over fertile rare earth-bearing granites. Initial cultural heritage surveys for priority drilling transects east and west of the corridor have been completed, with outcomes expected in October, and Basin said it remains funded for further targeted programs in 2026, including CEI-supported drilling for phosphate-associated heavy rare earth prospectivity and additional step-out drilling at Newmans, subject to heritage clearances and current results.