Successful completion of A$85 million placement to advance Etango Project towards FID

Bannerman Energy Ltd has successfully completed a significant equity financing round, raising approximately A$85 million through a single tranche placement. The company issued approximately 26.6 million new fully paid ordinary shares at A$3.20 per share to a mix of new and existing institutional and sophisticated investors, demonstrating strong market confidence in the project.

The proceeds are specifically earmarked to advance the Etango uranium project toward a final investment decision (FID), representing a critical milestone in the project's development timeline. This substantial funding round positions Bannerman to complete the remaining technical, commercial, and regulatory work required before committing to full-scale development of what is one of the world's largest undeveloped uranium deposits.

The successful completion of this placement at a premium price point reflects the current favorable market conditions for uranium investments, driven by growing nuclear energy demand and supply chain concerns. For Bannerman, securing this level of funding provides the financial foundation necessary to advance through the final pre-development phase and potentially move into construction, positioning the company as a significant future uranium producer in an increasingly supply-constrained market.