Bannerman Energy Limited (ASX:BMN, OTCQB:BNNLF, NSX:BMN) has released its Quarterly Activities Report. They are pleased to report on a milestone quarter in which Bannerman released a Pre-Feasibility Study (PFS) for the 8Mtpa development1 of its flagship Etango Uranium Project in Namibia (Etango-8).
HIGHLIGHTS
- Completed positive PFS confirming strong technical and economic viability of Etango-8 (see key outcomes here)
- Etango-8 Definitive Feasibility Study (DFS) underway with completion targeted for 3Q CY2022; expected cost approx. A$4M (excl. internal costs)
- Buy back and extinguishment of only private royalty over Etango Uranium Project
- Streamlines development process
- Value accretive transaction
- Successful launch of rebranded Bannerman Energy Ltd, reflecting the Company’s focus on uranium and its strong reputation within the nuclear energy industry
- Cash balance of A$9.6M at quarter end
- Uranium spot price hit a nine-year high before closing 30% higher for the quarter
“I am very pleased with the Etango-8 Pre-Feasibility Study and the high quality of work generated by the Bannerman team and our top-tier consultants. We have delivered a rigorous study that improved on last year’s Scoping Study during a quarter when the uranium spot price attained multi-year highs and investor interest in our sector surged. The nuclear power outlook is the best it has been for a decade as governments, corporates and societies come to appreciate the tremendous positive attributes of this reliable and clean energy source.”
The full report can be downloaded here.