Bannerman Releases Quarterly Activities Report – Period Ended 31 December 2025

Bannerman Energy Ltd delivered a comprehensive quarterly update highlighting substantial progress across its flagship Etango Uranium Project in Namibia during the December 2025 quarter. The company reported strong advancement in early works construction activities, with bulk earthworks approximately 51% complete and the site contractor workforce expanded to over 370 personnel. Key milestones included successful delivery and installation of the High-Pressure Grinding Rolls tertiary crusher, completion of foundations for the primary crusher and stockpile tunnel, and progression of heap leach pad construction.

The company's financial position remains robust with a quarter-end cash balance of A$89.3M and liquid assets valued at A$12.7M, enabling continued execution of its stage-gated approach to early works contracts totaling approximately A$42.1M. Engineering and procurement activities are advancing according to plan, with detailed design for the dry plant 92% complete and wet plant design 23% complete following successful completion of the detailed model review.

Market fundamentals for uranium continued to strengthen during the quarter, with long-term uranium prices rising to US$87/lb U3O8 by quarter-end. Executive Chairman Brandon Munro emphasized that policy support is increasingly translating into reactor life extensions, restarts, and new build commitments, reinforcing utility focus on long-term supply security. The company maintains an outstanding safety record with the Etango project remaining lost-time injury free for 16 years.

Bannerman's disciplined execution and strong balance sheet position the company favorably as it advances toward a targeted Final Investment Decision on Etango, contingent on favorable market conditions. The systematic progression of construction activities, combined with strengthening uranium market fundamentals and growing policy support for nuclear energy, creates a compelling investment case as the company moves closer to production readiness.