Resource and Reserves
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 (100ppm U308 cut-off).
Etango is one of the world’s largest undeveloped uranium projects, underpinned by more than 15 years of exploration and feasibility work. The project’s Definitive Feasibility Study (DFS), completed in December 2022, confirmed the strong technical and economic viability of conventional open pit mining and heap leach processing at a rate of 8Mtpa, producing 3.5 Mlbs U₃O₈ annually. A March 2024 Scoping Study further outlined potential expansion to 6.7 Mlbs U₃O₈ per year.
Extensive de-risking has been achieved through the successful operation of the Etango Heap Leach Demonstration Plant, validating the project’s processing method. All environmental approvals are in place, and a Mining Licence was granted in December 2023. Bannerman is now advancing key workstreams towards a Final Investment Decision (FID).
Located in Namibia, a leading global uranium jurisdiction with a 45-year production history, Etango benefits from excellent infrastructure, political stability and strong government and community support. Bannerman’s experienced team brings deep local knowledge and global nuclear sector connections. ²,³
Licence to operate in Namibia, a stable, highly established uranium jurisdiction
- Recognised tier-one supplier to global utilities
- 45-years of uranium production and export
- Three large-scale uranium mines; Top 3 global producer
- Excellent infrastructure – port, rail and power
- Clear mining code and strong rule of law
- Strong community and social support for uranium
One of the world’s largest, most advanced uranium development assets
Mineral Resource Estimate (55ppm U₃O₈ cut-off)¹,³
| Resource category | Tonnes (Mt) | Grade (ppm U₃O₈) | Contained U₃O₈ (Mlb) |
|---|---|---|---|
|
Measured |
32.4 |
201 |
14.3 |
|
Indicated |
345.7 |
195 |
148.5 |
|
Inferred |
140.6 |
200 |
62.0 |
|
Total |
518.6 |
197 |
224.9 |
Mineral Resource Estimate (100ppm U₃O₈ cut-off)²,³
| Resource category | Tonnes (Mt) | Grade (ppm U₃O₈) | Contained U₃O₈ (Mlb) |
|---|---|---|---|
|
Measured |
26.6 |
226 |
13.3 |
|
Indicated |
276.9 |
223 |
136.4 |
|
Inferred |
112.5 |
230 |
57.1 |
|
Total |
416.1 |
225 |
206.8 |
- November 2021 Mineral Resource Estimate JORC (2012) reported within a US$75 pit shell, 55ppm U3O8 cut-off
- November 2021 Mineral Resource Estimate JORC (2012) reported within a US$75 pit shell, 100ppm U3O8 cut-off
- For full details of the Mineral Resources and Ore Reserve estimate and disclosures, please refer to ASX release dated 6 December 2022, “Etango-8 Definitive-Feasibility Study”. The Mineral Resources underpinning the Ore Reserve have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement(s) are found in the section of this ASX release titled “Competent Person’s Statement(s)”. Bannerman confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed
Geology
SIMPLE ALASKITE HOSTED URANIUM GEOLOGY
- Uranium mineralisation predominantly hosted by a stacked sequence of leucogranitic bodies (alaskite)
- Uranium defined within an approximately +5km long zone trending south-east to north-east that dips moderately (30° to 50°) to the west
- Dominant primary uranium mineral is uraninite (UO2)
- Approximately 90% of logged mineralised intervals (>50 ppm U3O8) at the Etango Project occur within alaskite
- Minor uranium mineralisation is also found in the metasedimentary sequences
