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Bannerman Releases Quarterly Activities Report – Period Ended 31 December 2025

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Bannerman Releases Quarterly Activities Report – Period Ended 31 December 2025

Executive Summary

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.
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Press Release

Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) is pleased to report on continued strong progress at its Etango Uranium Project during the quarter, with significant developments across a range of key workstreams. The Company is advancing towards a targeted positive Final Investment Decision on Etango, market conditions permitting.

HIGHLIGHTS

  • Outstanding safety record with Etango LTI-free for 16 years.

  • Etango early works construction activities tracking to overall budget and schedule:

    • Site contractor workforce progressively increased to over 370 personnel.
    • Bulk earthworks contract progressing well and approx. 51% complete, major focus remains construction of heap leach pads.
    • Blasting, crushing and screening of heap leach drainage aggregate advancing to schedule and on-spec.
    • Phase 1 and Phase 2A concrete contracts placed and commenced, with foundations for both primary crusher and stockpile tunnel already poured.
    • High-Pressure Grinding Rolls (HPGR) tertiary crusher successfully manufactured, transported and delivered to site.

  • Detailed design and procurement activities advancing well:

    • Detailed model review (M2) for dry plant successfully completed; civil and mechanical design for dry plant approx. 92% complete.
    • Wet plant design currently focused on validation test work; detailed engineering of wet plant approx. 23% complete.

  • Long-term infrastructure and utilities supply activities progressing strongly:

    • Phase 1 of permanent water supply pipeline installation approx. 16% complete.

  • Strong quarter-end cash balance of A$89.3M and liquid assets valued at A$12.7M.

    • Enables continued stage-gated approach to awarding early works contracts.
    • Early works commitments stand at approx. A$42.1M (at 31 December 2025).

  • Long-term uranium price outlook remains strong, with the term price increasing to US$87/lb U3O8 by quarter end.

    “Bannerman continued to progress Etango’s early works programme during the December 2025 quarter, with key construction activities and delivery of long-lead equipment advancing in line with schedule and budget. This progress reflects disciplined execution and effective leadership across the project team as engineering and procurement activities continue to meet key milestones. “Uranium market fundamentals strengthened further over the quarter. While spot pricing remained volatile, long term price indicators improved and policy support is increasingly translating into reactor life extensions, restarts, and new build commitments – reinforcing utility focus on long term supply security. With advancing early works and a strong balance sheet, Bannerman is well positioned as market conditions continue to align toward a targeted Final Investment Decision on Etango.”

Brandon Munro - Executive Chairman, Bannerman Energy

The full report can be downloaded here. Access a recording of our quarterly update webinar with Bannerman Energy, Executive Chairman, Brandon Munro here.

The post Bannerman Releases Quarterly Activities Report – Period Ended 31 December 2025 appeared first on Bannerman Energy.

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