Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to advise of further progress in the construction early works activities at its Etango Uranium Project.
KEY OUTCOMES
- Outstanding safety record with 1 million LTI-free manhours achieved in June.
- Early works construction activities tracking in line with budget and schedule:
- Construction power overhead infrastructure erected and connected to grid.
- Installation of site water distribution infrastructure complete.
- Heap leach pad bulk earthworks advancing well and excavation of leach ponds commenced.
- Detailed design work on Etango process plant progressing in line with schedule, with dry plant engineering now approx. 58% complete.
- Manufacture of key long lead item, High Pressure Grinding Rolls tertiary crusher, on schedule, with factory acceptance testing set for September 2025.
- Permanent power supply agreement in agreed form and awaiting final execution.
- Enhanced project development and corporate flexibility delivered with recent A$85 million equity raising:
- Pro-forma cash and liquid assets balance of approx. A$140 million (unaudited, before issue costs).
- Residual early works program commitments (at 30 June 2025) of A$23 million.
- Further early works commitments expected over coming months, in line with Bannerman’s gated approach to project expenditure.
- Offtake marketing and development financing workstreams advancing well, with competitive positioning and flexibility also enhanced via recent equity raising.
“The entire team is enormously proud of Bannerman’s outstanding safety record with Etango. The commitment of our people to working safely is unwavering and a key enabler of our overall success. Early construction works continue to advance on schedule and on budget. Our focus on tight contract and activities controls is a core driver of the team’s performance. It is particularly pleasing to observe the substantial, high-quality progress on the ground, as early development phases are progressively designed, tendered, and executed. Our recent equity raising significantly enhances the capacity to execute our streamlined strategy to finance and construct Etango. Alongside growing nuclear utility activity and positive uranium price momentum, we continue to advance in a systematic and optimised manner towards a targeted positive Final Investment Decision on the highly advanced Etango Project.”
The full announcement can be downloaded here.