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.
HIGHLIGHTS
- 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.
"The December quarter was a milestone quarter for Bannerman shareholders and our other valued stakeholders. The grant of the Etango Mining Licence represents the culmination of more than 15 years of technical and environmental work, coupled with our strong commitment to community development over that time. The immediate commencement of early infrastructure works is an enabler for our construction timeline and is consistent with our strategy of ensuring we are free of development constraints. Etango has now joined a small and elite group of large-scale, greenfield uranium projects that are fully permitted and construction-ready. I couldn't be more pleased with the timing of these events as uranium macro-fundamentals are finally recognised in the spot price."
The full report can be downloaded here.