Bannerman Energy

Etango Construction Early Works Update, March 2026

Emma Culver — Thu, 26 Mar 2026 12:04:59 +0000

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to advise of further progress in the construction early works activities at its Etango Uranium Project.

KEY OUTCOMES

Early works construction activities tracking to overall budget and schedule:
- Site contractor workforce now over 560 personnel and 500,000 LTI-free hours achieved on the project to date.
- Bulk earthworks contract progressing well and approx. 66.5% complete, major focus remains construction of heap leach pads and wet plant terraces.
- Blasting, crushing and screening of heap leach drainage aggregate advancing to schedule and on-spec with approx. 24% of total requirement completed.
- Total 5,509m3 of concrete cast as part of Phase 1 and Phase 2A concrete contracts at the primary crusher, stockpile tunnel and fine ore silo. This represents approx. 32% of the volume of concrete to be poured for these packages.
Detailed design and procurement activities advancing well:
- Civil and mechanical design for dry plant approx. 93% complete and aligned with schedule requirement for issue of construction drawings.
- Wet plant design currently focused on layout optimisation; progress also remains aligned with schedule requirement for issue of construction drawings later this year.
Long-term infrastructure and utilities supply activities progressing strongly:
- Phase 1 of permanent water supply pipeline installation advancing with approx. 70% complete.

“The Etango site is developing rapidly as construction of the project advances at a visible and impressive pace. The presence of over 560 contract personnel actively working on this initial build program shows the scale and significance of our progress. “We are two thirds of the way through the 24-month bulk earthworks contract, which continues to advance on budget and schedule. Our early construction works activities continue to maintain the critical path for the Etango construction timeline. “The excellent outcome to date is largely due to the quality and dedication of our key contract partners in the delivery of all major programs of work currently in progress. This commitment is matched amongst the Bannerman owner’s team, as Etango continues towards a targeted Final Investment Decision and full-scale construction launch later this year.”

Gavin Chamberlain - Chief Executive Officer, Bannerman Energy

Read the full update here and watch the latest project update video here

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Company News: New Board Appointments

Emma Culver — Wed, 04 Mar 2026 10:00:29 +0000

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to advise of the further strengthening of the Bannerman Board with the appointment of its existing Chief Executive Officer, Mr Gavin Chamberlain, as Managing Director and Mr Danny Goeman as an independent non-executive director.

“I would like to warmly congratulate Gavin on his elevation to the Bannerman Board. Our recent transformational project funding arrangement with global nuclear leader, CNNC/CNOL, brings a targeted Final Investment Decision on the Etango Uranium Project into sharp focus. We believe this is a logical point for the progression of Gavin to the combined Chief Executive Officer and Managing Director role – a reflection of his outstanding contributions over the past two years in leading our business to this position. Gavin’s promotion takes effect as we target completion of the CNOL transaction and a transition into full-scale construction from H2 2026.

“Danny has made an excellent contribution to the Bannerman team, proving to be a highly insightful and focussed leader of our Product Offtake Committee, whilst demonstrating astute commercial judgment and extensive experience in international markets. I am delighted this natural progression enables the Company to harness these skills more extensively at Board level. His depth of knowledge in the marketing, commercial negotiation and offtake space in both Asian and European markets is second to none and will prove increasingly valuable as we advance further towards uranium production.”

Brandon Munro - Executive Chairman, Bannerman Energy

The full announcement can be read here.

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Etango Strategic Financing with Leading Global Integrated Nuclear Utility, CNNC

Emma Culver — Thu, 12 Feb 2026 10:50:44 +0000

ATTRACTIVE LONG-TERM DEVELOPMENT AND OPERATING JOINT VENTURE DELIVERS CONSTRUCTION FUNDING, FULLY MARKET-PRICED OFFTAKE ARRANGEMENTS AND STRATEGIC PARTNERSHIP

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to advise of the execution of landmark binding investment subscription and joint venture documentation with CNNC Overseas Limited (CNOL) for the funding, development and operation of its world-class Etango Uranium Project (Etango Project or Etango) in Namibia. CNOL is a subsidiary of Shenzhen Stock Exchange listed China National Uranium Corporation (CNUC) and part of leading integrated global nuclear utility, China National Nuclear Corporation (CNNC).

KEY OUTCOMES

Attractive and preferred project funding solution resulting from global Etango financing process; facilitates highest forecast risk-weighted value outcome.
CNOL strategic investment at completion of up to US$321.5 million:
- CNOL to hold a 45% interest in Bannerman UK subsidiary, Bannerman Energy (UK) Ltd (JVCo), which in turn owns 95% of Etango Project.
- Delivers underlying Etango Project economic ownership of 52.25% Bannerman, 42.75% CNOL, with Namibian social welfare organisation One Economy Foundation (OEF) continuing to hold a 5% loan-carried shareholding.
Key transaction benefits:
- Enables debt-free construction of Etango mine – a financing pathway that delivers greater financial and offtake flexibility and with reduced risk.
- Excellent long-term partner alignment – Bannerman and CNOL will each fund post-completion capital expenditure and operating costs of JVCo and the Etango Project pro rata to their respective 55% and 45% equity interests.
- Market-based offtake cornerstone with Tier-1 customer – CNOL to purchase 60% of Etango production, granting significant supply flexibility, with pricing on arm’s-length, market-based terms.
- Long-term strategic partnership with subsidiary of global nuclear giant, CNNC:
  - Strongly established and respected operating presence in Namibia via CNNC group’s ownership of Rossing (68.62%) and Langer Heinrich (25%).
  - Potential cooperation opportunities beyond Etango.
Transaction completion targeted in mid-2026; key conditions precedent to completion include filings with the relevant Chinese government authorities (National Development and Reform Commission, Ministry of Commerce) and foreign exchange registration, CNUC shareholder approval, clearance from the Namibian Competition Commission, amendment to OEF funding agreement, and execution of key infrastructure supply contracts.
Etango early works program to continue through H1 2026, with Final Investment Decision (FID) targeted promptly upon transaction completion.

“The execution of this documentation represents the culmination of the extensive Etango funding workstream we have undertaken over the past two years. In short, we believe that this transaction delivers the optimised finance solution for the development of Etango and provides ideal support to our broader aspirations in the uranium business.

“By enabling the debt-free construction of Etango, this solution maximises flexibility and dramatically derisks the construction and ramp-up phases of project execution. It also delivers us a Tier-1 cornerstone offtake partner on genuine and market terms, ensuring Bannerman remains strongly exposed to future uranium price upside potential. Importantly, the residual 40% of Etango offtake will be independently marketed by Bannerman, with strict confidentiality ring-fencing arrangements in place, and strengthened by the flexibility embedded in the cornerstone offtake with CNOL.

“CNNC is a deeply respected company within the worldwide nuclear fuel chain. It is one of the world’s largest consumers of uranium and is advancing a significant nuclear reactor growth program, with 18 units under construction or approved. We are delighted to be partnering with such a global leader. We also believe that this partnership has the potential to deliver substantial technical and economic efficiencies in the construction, ramp-up and operation of Etango. More particularly, CNNC brings deep experience in open-pit uranium mining and processing, including its successful operation of the Rössing Mine in Namibia since 2019. Moreover, the joint venture will be ideally placed to evaluate the expansion of Etango once the mine is in steady state production.

“The appetite of CNNC to invest in this manner delivers strong validation of the world-class nature of the Etango Project, the quality of technical study work undertaken by Bannerman over the past almost 20 years and the extensive derisking undertaken in recent years. This investment and funding agreement represents the final key hurdle to project development and positions Etango as the next major greenfield uranium project globally to enter production.

“I would like to thank the CNNC/CNOL team for their highly constructive engagement through this process. We now look forward to working together towards transaction completion, followed by targeted FID and full-scale construction commencement of the Etango uranium mine.”

Bannerman Executive Chairman, Brandon Munro

The full announcement can be downloaded here and view the presentation here.

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Bannerman Releases Quarterly Activities Report – Period Ended 31 December 2025

Emma Culver — Thu, 29 Jan 2026 12:22:24 +0000

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to report on continued strong progress at its Etango Uranium Project during the quarter, with significant developments across a range of key workstreams. The Company is advancing towards a targeted positive Final Investment Decision on Etango, market conditions permitting.

HIGHLIGHTS

Outstanding safety record with Etango LTI-free for 16 years.
Etango early works construction activities tracking to overall budget and schedule:
- Site contractor workforce progressively increased to over 370 personnel.
- Bulk earthworks contract progressing well and approx. 51% complete, major focus remains construction of heap leach pads.
- Blasting, crushing and screening of heap leach drainage aggregate advancing to schedule and on-spec.
- Phase 1 and Phase 2A concrete contracts placed and commenced, with foundations for both primary crusher and stockpile tunnel already poured.
- High-Pressure Grinding Rolls (HPGR) tertiary crusher successfully manufactured, transported and delivered to site.
Detailed design and procurement activities advancing well:
- Detailed model review (M2) for dry plant successfully completed; civil and mechanical design for dry plant approx. 92% complete.
- Wet plant design currently focused on validation test work; detailed engineering of wet plant approx. 23% complete.
Long-term infrastructure and utilities supply activities progressing strongly:
- Phase 1 of permanent water supply pipeline installation approx. 16% complete.
Strong quarter-end cash balance of A$89.3M and liquid assets valued at A$12.7M.
- Enables continued stage-gated approach to awarding early works contracts.
- Early works commitments stand at approx. A$42.1M (at 31 December 2025).
Long-term uranium price outlook remains strong, with the term price increasing to US$87/lb U3O8 by quarter end.

“Bannerman continued to progress Etango’s early works programme during the December 2025 quarter, with key construction activities and delivery of long-lead equipment advancing in line with schedule and budget. This progress reflects disciplined execution and effective leadership across the project team as engineering and procurement activities continue to meet key milestones. “Uranium market fundamentals strengthened further over the quarter. While spot pricing remained volatile, long term price indicators improved and policy support is increasingly translating into reactor life extensions, restarts, and new build commitments – reinforcing utility focus on long term supply security. With advancing early works and a strong balance sheet, Bannerman is well positioned as market conditions continue to align toward a targeted Final Investment Decision on Etango.”

Brandon Munro - Executive Chairman, Bannerman Energy

The full report can be downloaded here. Access a recording of our quarterly update webinar with Bannerman Energy, Executive Chairman, Brandon Munro here.

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Etango Construction Early Works Update, December 2025

Emma Culver — Thu, 18 Dec 2025 12:33:52 +0000

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to advise of further progress in the construction early works activities at its Etango Uranium Project.

KEY OUTCOMES

Early works construction activities tracking to overall budget and schedule:
- Site contractor workforce progressively increased to over 370 personnel.
- Bulk earthworks contract progressing well and approx. 51% complete, major focus remains construction of heap leach pads.
- Blasting, crushing and screening of heap leach drainage aggregate advancing to schedule and on-spec.
- Phase 1 and Phase 2A concrete contracts placed and commenced, with foundations for both primary crusher and stockpile tunnel already poured.
- High-Pressure Grinding Rolls (HPGR) tertiary crusher successfully manufactured, transported and delivered to site.
Detailed design and procurement activities advancing well:
- Detailed model review (M2) for dry plant successfully completed; civil and mechanical design for dry plant approx. 92% complete.
- Wet plant design currently focused on validation test work; detailed engineering of wet plant approx. 23% complete.
Long-term infrastructure and utilities supply activities progressing strongly:
- Phase 1 of permanent water supply pipeline installation approx. 16% complete.

““The Etango site is now truly abuzz with activity. Across the board, our early works construction and long lead activities are progressing safely and to schedule. This is a direct function of the dedication of both our contract partners and Bannerman personnel. We are continuing to award key contracts to local Namibian contract partners, who have proven their ability to deliver to world-class standards. A particular highlight for the project team over recent weeks was the pouring of the stockpile tunnel base, which was a 1,200m3 continuous concrete pour that was achieved seamlessly.”

Gavin Chamberlain - Chief Executive Officer, Bannerman Energy

The full construction update can be read here.

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Sustainability Scorecard and Targets 2025/26

Emma Culver — Fri, 12 Dec 2025 06:53:57 +0000

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) (Bannerman or the Company) is pleased to report our achievement against our Sustainability Targets for 2025 and our new Sustainability Targets for the financial year 2026.

The Sustainability Scorecard and Targets 2025/26 is also available for download from our website: https://bannermanenergy.com/sustainability/

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Bannerman Releases Quarterly Activities Report – Period Ended 30 September 2025

Emma Culver — Tue, 30 Sep 2025 13:56:45 +0000

Bannerman Energy Ltd (ASX: BMN, OTCQX: BNNLF, NSX: BMN) (Bannerman or the Company) is pleased to report on continued strong progress at its Etango Uranium Project (Etango) during the quarter, with
significant developments across a range of key workstreams. The Company is advancing towards a targeted positive Final Investment Decision (FID) on Etango, market conditions permitting.

HIGHLIGHTS

Outstanding safety record with Etango LTI-free for 16 years.
Etango early works construction activities tracking in line with budget and schedule:
- Construction power commissioned within Mining Licence boundary.
- Detailed design work on Etango process plant progressing in line with schedule, with dry plant engineering now approx. 86% complete.
- Factory Acceptance Test of High Pressure Grinding Rolls (HPGR) tertiary crusher successfully completed.
- Phase 1 concrete contract placed.
- Blasting and crushing contract for the heap leach drainage material placed.
- Permanent power supply agreement fully executed.
Signed initial offtake contracts with two Tier-1 North American generation companies
- Purchase commitments for 1 Mlbs U₃O₈ (in aggregate) over five years (2029-33).
- Contractual terms under both agreements provide the Company with delivery flexibility to preserve Bannerman’s capacity for strategic patience ahead of FID.
- Initial contracts enhance Etango’s credibility as a highly advanced new supply source, which continues to attract strong interest from utilities.
Strong quarter-end cash balance of A$111.8M and liquid assets valued at A$13.1M.
- Enables continued stage-gated approach to awarding early works contracts.
- Early works commitments stand at approx. A$49.2M (at 30 September 2025).
Long-term uranium price outlook remains strong, with the term price increasing to US$84/lb U₃O₈ by quarter end.

“The visual advancement of our early works on site, and their on-schedule and on-budget delivery from the Bannerman team and our contract partners, was a particular highlight of the quarter. Under Gavin Chamberlain’s leadership, our focus on tight contract and activity controls is yielding excellent safety, physical and financial outcomes through our early works activities.
“Our advancing early works programs and strong balance sheet allow us to effectively demonstrate to potential customers a solid basis for confidence in our ability to meet future supply commitments. The signing of initial offtake agreements with high-quality utility counterparties represents a further important step in our systematic advancement of Etango as we observe market conditions continuing to develop towards incentivising a targeted Final Investment Decision.”

Brandon Munro - Executive Chairman, Bannerman Energy

The full report can be downloaded here. Access a recording of our quarterly update webinar with Bannerman Energy, Executive Chairman, Brandon Munro here.

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Etango Construction Early Works Update, September 2025

Emma Culver — Tue, 30 Sep 2025 06:31:54 +0000

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to advise of further progress in the construction early works activities at its Etango Uranium Project.

KEY OUTCOMES

Early works construction activities tracking in line with budget and schedule:
- Construction power commissioned within Mining Licence boundary.
- Detailed design work on Etango process plant progressing in line with schedule, with dry plant engineering now approx. 86% complete.
- Factory Acceptance Test of High Pressure Grinding Rolls (HPGR) tertiary crusher successfully completed.
Key contracts advanced:
- Phase 1 concrete contract placed.
- Blasting and crushing contract, for the heap leach drainage material, placed.
- Both contracts awarded to Namibian contractors, with contractors now establishing on site.

“I am pleased with the on-time, on-budget progress that the Bannerman team is achieving in conjunction with our contractors. Our focus on tight contract and activity controls continues to be consistently applied by the team. Bannerman’s strong balance sheet provides strong support for our corporate strategy as we move through stage gate approvals for ongoing early works and maintain tight capital control.” “A highlight for the project team was the completion of the Factory Acceptance Testing for the HPGR tertiary crusher earlier this month in Germany. The contract for the manufacturing of this key piece of equipment has been well managed by Wood and the quality of final construction was at the expected highest level.”

Gavin Chamberlain - Chief Executive Officer, Bannerman Energy

The full announcement can be downloaded here.

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Two Initial Offtake Agreements Secured With Tier 1 Utilities

Emma Culver — Fri, 05 Sep 2025 07:38:58 +0000

Bannerman Energy Ltd (ASX: BMN, OTCQX: BNNLF, NSX: BMN) (Bannerman or the Company) is pleased to announce that it has executed two binding contracts for the sale of 1,000,000 lbs of uranium (in aggregate) over a five-year term from 2029 to 2033.

HIGHLIGHTS

Binding offtake purchase commitments for 1 Mlbs of uranium (with +/- 10% flex) over five years (2029-33) with two Tier-1 North American generation companies.
Contractual terms under both agreements provide the Company with delivery flexibility to preserve Bannerman’s capacity for strategic patience ahead of final investment decision at Etango.
Etango’s significance as a highly advanced credible new supply source continues to attract strong interest from utilities.
Overarching offtake contracting strategy remains highly flexible, designed to incorporate substantial market-related pricing components to capture higher forecast future prices.

The two offtake agreements cover 1,000,000 lbs of uranium (in aggregate) targeted to be produced at the Etango Uranium Project (Etango) from 2028 onwards. Each agreement includes an option in the utility’s favour to flex up or down by 10% in each year. The counterparties to the offtake agreements are two of North America’s largest energy providers, both of which are Fortune 500 companies with investment-grade credit ratings and extensive power generation. Each agreement is subject to a customary condition precedent relating to the receipt of necessary regulatory approvals for the sale of uranium under each agreement.

Both contracts are structured as base price contracts with escalation provisions based on the US GDP-Implicit Price Deflator (GDP-IPD) as reported by the US Bureau of Economic Analysis. The escalation provisions do not come into effect until the start of the 5 year offtake term. The base price is broadly reflective of the current level of long-term uranium price indices1.

Bannerman’s marketing strategy is to progressively but flexibly secure a top-tier portfolio of uranium sales agreements that align with long-term market fundamentals, while balancing price exposure and revenue stability. This approach is underpinned by prevailing strong inbound interest from nuclear power utilities and other market participants across key jurisdictions, reflecting Etango’s strategic significance as a source of future supply diversification.

Bannerman’s phased project development approach ensures that its offtake marketing activities are aligned with project advancement and financial strategy, enabling the Company to effectively respond to evolving market conditions while maintaining a strong position as a future supplier of choice in the global uranium sector. Consistent with such an approach, it is anticipated that offtake commitments for Etango will be progressively ‘layered in’ to an expanding sales portfolio over time, in line with ongoing anticipated strengthening in term uranium market fundamentals.

“The signing of these limited, select offtake agreements (the first for Bannerman) with high-quality utility counterparties represents a further important step in our systematic advancement of Etango towards a targeted Final Investment Decision. We are able to demonstrate to potential customers a strong foundation for confidence in our ability to meet future supply commitments. In combination with growing global nuclear demand and ongoing tightening in uranium markets, this further reinforces our position as a strategic, long-term supplier to major utilities.”

Gavin Chamberlain, Bannerman’s Chief Executive Officer

Bannerman considers that disclosing the specific identities of the two counterparties to the offtake agreements is not information that a reasonable person would expect to have a material effect on the price or value of its securities, given the counterparties’ standing and creditworthiness. The Company confirms that this announcement includes all material information relevant to assessing the impact of these two offtake agreements on the price or value of Bannerman’s securities and is not misleading by omission.

The full announcement can be downloaded here.

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Bannerman releases Quarterly Activities Report – period ended 30 June 2025

Emma Culver — Thu, 31 Jul 2025 07:34:57 +0000

HIGHLIGHTS

Outstanding safety record with 1 million LTI-free manhours achieved in June.
Etango early works construction activities tracking in line with budget and schedule:
- Construction power overhead infrastructure erected and connected to grid.
- Installation of site water distribution infrastructure complete.
- Heap leach pad bulk earthworks advancing well and excavation of leach ponds commenced.
- Detailed design work on Etango process plant progressing in line with schedule, with dry plant engineering approximately 58% complete at quarter end.
- Manufacture of key long lead item, High Pressure Grinding Rolls tertiary crusher, on schedule, with factory acceptance testing set for September 2025.
- Permanent power supply agreement in agreed form and awaiting final execution.
Successful A$85 million equity placement, significantly enhancing financial flexibility in advancing Etango towards FID.
Following the institutional placement settlement in early July 2025, Bannerman held cash and liquid assets of approximately A$140 million.
Residual Etango early works commitments of approximately A$23M (at 30 June 2025), with further early works commitments expected over coming months.
Offtake marketing and development financing workstreams advancing well, with competitive positioning and flexibility also enhanced via recent equity raising.
Long-term uranium price outlook remains positive, with the term price closing the quarter steady at US$80/lb U3O8.

"We continued to make excellent progress on the staged development of our Etango Project during the quarter. Early construction works are advancing on schedule and on budget. Critically, this development work is being undertaken safely and to extremely high construction standards.Our further strengthened cash balance is a powerful enabler for us to execute our streamlined strategy of financing and constructing Etango. In saying this, we continue to maintain our disciplined approach. Further early works commitments are expected to be made over coming months, in line with Bannerman’s gated approach to project expenditure, reflecting strengthening term uranium market fundamentals and advancement towards an optimised FID on the world-class Etango Project.”

Brandon Munro - Executive Chairman, Bannerman Energy

The full report can be downloaded here. Access a recording of our quarterly update webinar with Bannerman Energy, Executive Chairman, Brandon Munro here.

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