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.”