Bannerman Energy Limited (ASX:BMN, OTCQB:BNNLF, NSX:BMN) is pleased to report its progress during the quarter, which saw a sharp rise in the U3O8 spot price and a positive flow-on effect into capital markets. With this backdrop, the Company continued to advance the Front-End Engineering and Design for its flagship Etango Uranium Project1 in Namibia (Etango) while focusing on prudent cost control and project timeliness.
HIGHLIGHTS
- Etango Project:
- Front End Engineering and Design (FEED) is progressing to schedule.
- Mining Licence (ML) application advancing with grant expected H2 CY2023.
- Targeting positive Final Investment Decision (FID) during H1 CY2024.
- Inaugural 2023 Sustainability Report:
- ESG credentials and sustainability performance for the fiscal year ended 30 June 2023.
- Future Sustainability Plans and Commitments.
- Three Core Pillars: People, Planet and Performance.
- Substantial cash balance of A$39.9M at quarter end and zero debt.
- Uranium spot price continued its rise during the period, finishing the quarter above US$73/lb.
- Global investment in new and extended life reactors continues to strengthen sector fundamentals as utilities pursue long-term, multi-year supply contracts that emphasise the importance of a secure supply and the need for uranium deliveries from stable jurisdictions free from geopolitical conflicts.
“It has been an exciting quarter as we report continued progress on the Etango FEED against the backdrop of a significant rise in the U3O8 spot price. This momentum continues to reflect favourable uranium market fundamentals, which have also been broadly mirrored in uranium capital markets. These dynamics continue to move in our favour as we advance discussions with prospective offtake customers and evaluate the range of project finance options potentially available to us in this environment. In September, we published our inaugural Sustainability Report for the 2023 financial year. This report demonstrates our organisation-wide commitment to People, Planet and Performance.”
The full report can be downloaded here.