Etango Project

The Etango Uranium Project is located in the Erongo Region of Namibia, 30 kilometres south-east of Swakopmund. It possesses a World class uranium mineral resource endowment of 207 Mlbs of contained U3O8.

Etango has benefited from extensive exploration and feasibility activity over the past 15 years. This includes detailed feasibility work on a large-scale development of Etango that culminated in the 2012 Definitive Feasibility Study (DFS 2012) and 2015 DFS Optimisation Study (OS 2015). As part of these processes, we have obtained environmental permitting for the proposed Etango mine (2012) and all associated external infrastructure (2014).

In 2015, we completed construction of its Etango Heap Leach Demonstration Plant, which ran as a pilot plant until 2020. The operation of the Demonstration Plant comprehensively de-risked the proposed heap leaching processing method for Etango, allowed optimisation of processing parameters and generated a large database of processing data.

In August 2020, we completed a Scoping Study on development of Etango at an 8Mtpa throughput rate (Etango-8). The Etango-8 Scoping Study was heavily informed by the detailed study work undertaken across all relevant disciplines as part of the DFS 2012 and the OS 2015, and operation of the Heap Leach Demonstration Plant. The Scoping Study demonstrated that this accelerated, streamlined project is strongly amenable to development – both technically and economically.

In August 2021, we completed a Pre-Feasibility Study (PFS) on Etango-8. The PFS has confirmed the strong technical and economic viability of conventional open pit mining and heap leach processing of the world-class Etango deposit at 8Mtpa throughput. The level of planning rigour for Etango-8 has been bolstered through the PFS process via the inclusion of dual pit ramps in the northern and central pits, detailed plant design and higher accuracy estimation.

To learn more about the key physical and financial outcomes of the Etango-8 Pre-Feasibility Study, click here.

The Bannerman Board has approved the commencement of a Definitive Feasibility Study on the Etango-8 Project with completion targeted for the September 2022 quarter.

Highly robust technical parameters AND STRONG PROJECTED ECONOMICS

15+ years

Initial mine life

8 Mtpa

Throughput capacity

87.8%

Processing yield

52.9 Mlb U3O8

Total production

20.3%

Post-tax IRR

US$222

Post-tax NPV8%

US$274M

Pre-production capital expenditure

US$40.3/lb

All-in-sustaining-cost (AISC) U3O8

Namibia

Namibia is a premier operational uranium jurisdiction with a 45-year history of safe uranium production and export. It possesses excellent utilities, transport and export infrastructure as well as established support for uranium mining from both government and community.

As the world’s fourth largest producer of uranium, Namibia is an ideal jurisdiction in which to advance a world-class uranium project given its attractive combination of political stability, security, a strong rule of law and an assertive development agenda.

Location and Infrastructure

The C28 road from Swakopmund passes approximately 10km to the south of Etango, with planned construction of a spur road to site, parallel to the power line and water pipeline services route.

Power is to be sourced from the grid, via a planned 29km, 132kV line from the Kuiseb substation. Significant upgrades to the power generation capacity and distribution infrastructure have been undertaken by NamPower (national utility) over the last 5 years.

Water is to be sourced from NamWater, the national water utility company, with the planned pipeline and pumping route from NamWater’s Base Reservoir in Swakopmund.

The port of Walvis Bay is a highly established uranium export facility that has been handling Class 7 cargo for over 40 years. It has controlled areas within the facility specifically designated for uranium export, which Bannerman plans to utilise.

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