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Baselode Energy (TSXV: FIND) is a Saskatchewan-focused uranium explorer best known for discovering the shallow, basement-hosted ACKIO zone on its 100%-owned Hook project, 40 km southeast of Cameco’s Key Lake mill.
Led by geologist-CEO James Sykes, the company follows an “Athabasca 2.0” strategy, which entails using gravity lows, EM conductors and clay alteration as pathfinders to hunt for open-pit-amenable uranium outside the sandstone cover that complicates most Athabasca deposits.
Before announcing its merger with Forum Energy Metals, Baselode controlled three core claim blocks (Hook, Catharsis and Shadow), held roughly 134 million shares outstanding for a sub-C$20 million market cap, and counted low insider ownership (~2 %) but a retail following attracted by the near-surface grades (e.g., 1.67 % U₃O₈ over 7.5 m) drilled at ACKIO since 2021; the investment thesis hinged on proving sufficient tonnage at shallow depths to tempt a larger uranium producer or an ETF-driven rerate.
However, recently, things have taken a bit of a turn.
In this interview, Baselode Energy and Forum Energy Metals described the reasoning behind their proposed merger, outlining how Baselode’s cash position would fund exploration of Forum’s Aberdine uranium project in Nunavut and covering the deal’s rationale, timing, shareholder reaction, management shifts, exploration plans, permitting status, and expected news flow.
TL;DR
- 1. Merger
The merger would pair Baselode’s cash with Forum’s Aberdeen uranium project to finance additional drilling. Sykes moves to technical adviser; VP Exploration Cam exits; Forum founder Rick Mazur will not join the combined board.
– - 2. Drilling
Baselode intends to maintain its Athabasca 2.0 exploration model while directing near-term drilling to Aberdeen.
– - 3. Leadership
Boards and several major shareholders have indicated conditional support, despite expected dilution and management changes.
– - 4. Drill Program
The 2025 plan calls for roughly 7 000 m in 20–25 holes at Aberdeen, with scintillometer readings during the program and assays likely in the fall. Potential winter work at Ackio; other properties may be optioned.
– - 5. Target
The economic rationale rests on finding a shallow deposit exceeding about 100 Mlb U₃O₈ that would justify district-scale infrastructure in Nunavut’s Thelon Basin. Aberdeen is expected to be more expensive to drill than Ackio. However, Sykes maintains the larger scale could offset higher costs.
Baselode Energy interview with CEO, James Sykes & Dr. Rebecca Hunter, CEO of Forum Energy Metals
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