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 (Etango Project or Etango).
KEY OUTCOMES
- Minimal impact from recent heavy rains.
- Early works construction activities tracking in line with budget and schedule:
- Primary crusher site fully excavated.
- All construction power overhead infrastructure erected and transformer delivered.
- Construction water supply in full operation; installation of site distribution infrastructure advancing well.
- Manufacture of key long lead item, High Pressure Grinding Rolls (HPGR) tertiary crusher, remains ahead of schedule.
- Draft permanent power and acid facility lease agreements received and under review.
- Spending rate remains conservative, maximising corporate flexibility:
- Cash balance of A$81.1 million (at 31 December 2024).
- A$24.4 million committed to fund residual early works programs (at 31 December 2024).
- Remaining cash balance available for working capital and discretionary expenditure.
- Further construction works commitments to be evaluated with regard to uranium market dynamics and term contracting advancement.
- Positive Final Investment Decision (FID) on Etango targeted during 2025.
“Our early works construction and long lead items program is advancing well. The transformation of our Etango site is particularly pleasing to observe, as we progressively put in place key building blocks to facilitate the ongoing construction of a premier uranium mining and processing operation.We continue to exercise a gated approach to Etango development, with phased green lighting of various construction works in-line with advancement across broader project workstreams and financial capacity. This enables us to minimise any impacts to critical path timelines whilst also allowing robust management of execution and market risks. This process sees us undertaking a constant evaluation of the cadence of our early construction activities alongside the observed trends in uranium contract markets. We are comfortable with our current setting in this regard. In light of the ongoing direction of term uranium market fundamentals, we continue to work towards a targeted positive FID on Etango during 2025.”
The full announcement can be downloaded here.