Bannerman Energy Ltd (ASX: BMN, OTCQX: BNNLF, NSX: BMN) is pleased to report on the continued progress of its Etango Uranium Project (Etango) during the quarter, with significant developments across a range of key workstreams. The Company is advancing towards a targeted Final Investment Decision (FID) on Etango, supported by a strong cash position and strengthening market conditions.
HIGHLIGHTS
- Etango construction early works activities progressing well
- Key bulk earthworks and construction power contracts are on schedule, with the first blast completed on the primary crusher site.
- Construction water supply and ancillary storage dam completed, delivering seamless continuity for bulk earthworks in progress.
- Manufacture of High-Pressure Grinding Rolls (HPGR) tertiary crusher, a critical long lead item, running ahead of schedule.
- Detailed engineering on Etango processing facilities (based on certified vendor data) advancing well.
- Board and management strengthened by key appointments
- Mr Bruce MacFadzean and Ms Felicity Gooding appointed as Non-Executive Directors.
- Mr Matthew Horgan to join as Vice President, Corporate Development.
- Financing and offtake marketing workstreams progressing via conventional and strategic funding alternatives.
- Strong quarter-end cash balance of A$81.1 million, with zero debt.
- Long-term uranium price outlook remains positive, closing the quarter at a 15-year high of US$82/lb U3O8.
“The December quarter saw significant progress at the Etango Uranium Project, with several important milestones achieved. Early works remained on schedule, including the completion of the construction water supply and storage dam, the first blast at the primary crusher site, and continued progress in detailed engineering for the processing facilities. Manufacturing of long lead items, such as the High-Pressure Grinding Rolls tertiary crusher, also advanced ahead of schedule, ensuring alignment with our development timeline. “The Etango financing process continued to progress, with a focus on evaluating both conventional and strategic funding opportunities. The increasing global interest in securing long-term uranium supply complements our disciplined approach to identifying an optimal funding mix, supported by our strong financial position. “Favourable market conditions, including long-term uranium prices at a 15-year high, reflect the growing demand for nuclear energy as part of the global energy transition. These dynamics underscore the strategic significance of the Etango Project and its potential to address the increasing need for secure and reliable uranium supply.”