Bannerman Energy Limited (ASX:BMN, OTCQX:BNNLF, NSX:BMN) has released its Quarterly Activities Report and is pleased to report on its progress during the quarter.
The quarter’s highlight was the granting in December of the Mining Licence for Bannerman’s flagship Etango Uranium Project in Namibia (Etango Project or Etango). This milestone enabled the immediate commencement of key infrastructure works for Etango on the back of ongoing Front-End Engineering and Design (FEED) activities.
The quarter also saw further strengthening of the U3O8 spot price, a dynamic that continued to positively impact uranium-linked capital markets. The Company remained focused on cost-effective management and timely project execution.
- Etango Mining Licence ML250 granted:
- All environmental permits in place to construct and operate the proposed Etango mine.
- Etango is now fully permitted.
- Etango Project development:
- Early works contracts for the access road and temporary water pipeline placed.
- Front End Engineering and Design (FEED) is progressing to schedule.
- Product marketing and financing workstreams advancing.
- Substantial cash balance of A$35.2M at quarter end and zero debt.
- Uranium spot price continued to rise, finishing the quarter at US$91/lb and appreciating beyond US$100/lb in early 2024.
- Multi-lateral pro-nuclear pledge at COP28 marked a pivotal moment in global commitment to nuclear energy, signalling a significant increase in future uranium demand.