ASX-listed Basin Energy has signed a binding letter of intent to divest its 100%-owned Marshall uranium project in Saskatchewan to Green Canada Corporation (GCC), in a transaction that strengthens Basin’s balance sheet while retaining upside exposure to exploration success.

GCC, a 54%-owned subsidiary of PTX Metals, is advancing toward a public listing through a reverse takeover (RTO) of Maackk Capital, alongside a planned minimum C$2.5-million financing.

Under the deal terms, Basin will receive up to C$900 000 in cash and shares over multiple years, together with a 9.99% equity interest in the newly listed entity. The consideration comprises C$600 000 in cash, paid in four equal annual installments, and C$300 000 in shares issued across three annual tranches. Basin will additionally receive 400 000 shares in the resulting issuer for granting GCC a nine-month exclusivity period over the North Millennium joint venture project.

MD Pete Moorhouse said the agreement aligned Basin with a partner capable of unlocking value at Marshall.

As part of the transaction, GCC must spend at least C$1.5-million on exploration at Marshall within 24 months of completion, or more if required to keep the claims in good standing. Basin will also nominate one director to the board of the resulting issuer.

Basin has secured a three-year right of first refusal over any future sale of Marshall, as well as a 25% project buyback option for C$1-million, exercisable within five years or prior to GCC incurring C$10-million in exploration spend.

GCC may withdraw from the agreement after closing, in which case the project would revert to Basin with no further obligations.

The agreement runs in parallel with Basin and CanAlaska Uranium granting GCC a nine-month exclusivity period to complete due diligence on the North Millennium project, with the option to negotiate an earn-in of up to 51%.

Marshall and North Millennium lie less than 11 km from Cameco’s Millennium deposit and about 40 km from the high-grade McArthur River mine, in one of the world’s premier regions for unconformity-style uranium mineralisation.

The deal remains subject to final due diligence, completion of GCC’s RTO, and its minimum C$2.5-million capital raise.