Etango Construction Early Works Update, December 2025

Bannerman Energy Ltd has delivered a comprehensive construction update for its flagship Etango Uranium Project in Namibia, demonstrating significant progress across multiple work streams in December 2025. The company has successfully scaled its site workforce to over 370 personnel and achieved 51% completion of bulk earthworks, with particular emphasis on heap leach pad construction. Critical infrastructure milestones include the successful manufacture, transport and delivery of the High-Pressure Grinding Rolls tertiary crusher, as well as completion of concrete foundations for both the primary crusher and stockpile tunnel.

The engineering and design phases are advancing according to plan, with the dry plant detailed design now 92% complete following successful completion of the detailed model review. The wet plant design remains in earlier stages at 23% completion as the team focuses on validation test work. Long-term infrastructure development is also progressing, with the permanent water supply pipeline installation reaching 16% completion in its first phase.

CEO Gavin Chamberlain highlighted the project's commitment to working with local Namibian contractors who have demonstrated their ability to deliver to international standards. This approach not only supports the local economy but has proven effective in maintaining project schedules and quality standards. The successful execution of complex concrete pours, including a continuous 1,200m3 pour for the stockpile tunnel base, demonstrates the technical competency of the construction teams.

This construction progress represents a significant milestone for Bannerman Energy as it advances one of the few uranium projects currently under construction globally. The Etango project's development comes at a time of renewed interest in uranium as a critical component of clean energy infrastructure, positioning Bannerman to capitalize on strengthening uranium market fundamentals. The company's disciplined approach to construction management and integration of local capabilities suggests strong execution risk mitigation as the project moves toward production.