Etango Construction Early Works Update, March 2026

Bannerman Energy Ltd has delivered a comprehensive progress update on early works construction activities at its flagship Etango Uranium Project in Namibia, demonstrating significant momentum as the project advances toward full construction. The update highlights the substantial scale of current operations, with over 560 contract personnel actively working on site and the achievement of 500,000 lost-time injury-free hours, underscoring both the project's operational significance and strong safety performance.

Construction progress across multiple work streams is tracking well against budget and schedule expectations. The bulk earthworks contract, representing a critical foundation for project development, has reached approximately 66.5% completion with major focus areas including heap leach pad construction and wet plant terrrace development. Concrete operations have achieved meaningful milestones, with 5,509 cubic meters cast for Phase 1 and Phase 2A contracts at key facilities including the primary crusher, stockpile tunnel, and fine ore silo, representing 32% of total concrete volume requirements for these packages.

Engineering and design activities continue to progress systematically, with civil and mechanical design for the dry plant reaching 93% completion and remaining aligned with construction drawing issuance schedules. Wet plant design work is currently focused on layout optimization while maintaining schedule alignment for drawing delivery later this year. Infrastructure development is also advancing, with Phase 1 of the permanent water supply pipeline installation reaching 70% completion.

The comprehensive nature of this update reflects Bannerman's systematic approach to project execution as it approaches a targeted Final Investment Decision later this year. The company's ability to maintain multiple parallel work streams while achieving safety and schedule targets positions the Etango project favorably within the uranium development landscape. With uranium markets experiencing renewed interest driven by nuclear energy expansion and supply security concerns, the visible progress at Etango represents a significant step toward bringing new uranium production capacity online.

For the broader uranium sector, Etango's advancement is particularly noteworthy given the limited number of projects currently in active construction phases globally. The project's scale and the demonstrated execution capability provide important validation for uranium project development in Namibia, a jurisdiction that has emerged as a key uranium production region. As the project moves toward full construction authorization, it represents a meaningful addition to the global uranium development pipeline at a time when new supply sources are critically needed.