Basin Energy sells Marshall Project for equity stake

Basin Energy (ASX:BSN) has executed a mineral rights purchase and sale agreement for the total divestment of its Marshall Uranium Project in Saskatchewan, Canada.

The project is being acquired by Green Canada Corporation, a subsidiary of PTX Metals, following a binding letter of intent established in late 2025.

The transaction is structured around a combination of cash, equity, and long-term project exposure.

Basin is set to receive up to CAD$600,000 in cash, payable in four annual instalments, and CAD$300,000 in shares over three years.

Basin will secure a 9.99% equity stake in the newly listed entity.

A key feature of the deal is the retention of significant upside optionality; Basin maintains a 25% project-level buyback option and a three-year right of first refusal on any future sale of the asset.

Completion of the deal is primarily contingent on GCC's successful public listing on the Canadian Securities Exchange via a reverse takeover of Maackk Capital Corp, alongside a minimum CAD$2.5 million financing round.

Beyond the Marshall Project, Basin and its partner CanAlaska Uranium have granted GCC a nine-month exclusivity period to conduct due diligence on the North Millennium joint venture project.

At the time of reporting, Basin Energy's share price was $0.030.