Basin Energy executes definitive sale of Marshall uranium project to Green Canada

Basin Energy has executed a definitive Mineral Rights Purchase and Sale Agreement to transfer its 100% interest in the Marshall uranium project in Saskatchewan to Green Canada Corporation (GCC), crystallising up to C$900,000 in staged cash and scrip and a 9.99% equity stake in the resulting listed vehicle. The deal creates an operational trigger for near‑term exploration, but completion is conditional on GCC completing a reverse takeover of Maackk Capital and securing minimum financing of C$2.5 million ahead of a planned listing on the Canadian Securities Exchange or another agreed exchange.

Basin Energy is the seller; the company is listed as ASX:BSN and OTCMKTS:BSNEF and is led by Managing Director Pete Moorhouse. Basin and GCC first announced a binding letter of intent in late November 2025, reported as November 23 or 24 in different wire feeds, and Basin published the definitive agreement on 27 February 2026, with some outlets time‑stamping the news late on 26 February due to time zone differences.

Addressing the commercial rationale, Basin Managing Director Pete Moorhouse said: “The execution of the definitive agreement marks a key milestone in unlocking value from the Marshall Uranium Project, while maintaining meaningful upside exposure for Basin shareholders. With GCC progressing toward its public listing and associated financing, we are pleased to see a clear pathway toward funded exploration and drill testing at Marshall in the near term. Importantly, Basin retains leverage and upside through our equity interest, buyback option and right of first refusal, ensuring continued alignment with the project’s success.”

The sale is structured with explicit performance and protection mechanics. GCC must fund an initial work programme at Marshall within 24 months of closing with a budget of at least C$1.5 million or the minimum required to keep the mineral claims in good standing, whichever is greater. Basin retains a right of first refusal on any future sale of Marshall for three years after closing and holds a repurchase option to acquire a 25% interest for C$1 million, exercisable for up to five years from closing or until GCC has incurred C$10 million in exploration expenditure.

Mining‑technology reporting adds that Basin may be able to nominate one director to the board of the resulting listed entity. That same reporting notes a withdrawal clause allowing GCC to revert ownership back to Basin if GCC withdraws post‑completion, in which case no further payments would be payable to Basin.

Alongside the Marshall sale, Basin and CanAlaska have consented to give GCC a nine‑month exclusivity to carry out due diligence and potentially negotiate an earn‑in of up to 51% of the North Millennium joint venture. Market reaction was immediate: Marketscreener posted a Basin share snapshot on 27 February showing a price of 0.0320 AUD and an intraday rise of 10.34%, with year‑to‑date performance at minus 31.91%. The next milestones to watch are GCC’s progress on the Maackk Capital reverse takeover, the securing of the C$2.5 million financing, and the delivery of the C$1.5 million initial work programme within 24 months.