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.
- 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.