2025/10/16 – 09:45:00 – 1086034637802701584
Quarterly Activities Report For The Period Ended 30 September 2025
Bannerman Resources Limited
Registration No. ABN 34 113 017 128
Registered as an external company in Namibia
ISIN Code: AU000000BMN9
NSX Share Code: BMN
QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Bannerman Energy Ltd (ASX: BMN, OTCQX: BNNLF, NSX: BMN) (Bannerman or the
Company) is pleased to report on continued strong progress at its Etango Uranium
Project (Etango) during the quarter, with significant developments across a range of key
workstreams. The Company is advancing towards a targeted positive Final Investment
Decision (FID) on Etango, market conditions permitting.
HIGHLIGHTS
• Outstanding safety record with Etango LTI-free for 16 years.
• Etango early works construction activities tracking in line with budget and schedule:
• Construction power commissioned within Mining Licence boundary.
• Detailed design work on Etango process plant progressing in line with
schedule, with dry plant engineering now approx. 86% complete.
• Factory Acceptance Test of High Pressure Grinding Rolls (HPGR)
tertiary crusher successfully completed.
• Phase 1 concrete contract placed.
• Blasting and crushing contract for the heap leach drainage material placed.
• Permanent power supply agreement fully executed.
• Signed initial offtake contracts with two Tier-1 North American generation
companies
• Purchase commitments for 1 Mlbs U3O8 (in aggregate) over five years (2029-33).
• Contractual terms under both agreements provide the Company with
delivery
• flexibility to preserve Bannerman’s capacity for strategic patience ahead of
FID.
• Initial contracts enhance Etango’s credibility as a highly advanced new
supply source, which continues to attract strong interest from utilities.
• Strong quarter-end cash balance of A$111.8M and liquid assets valued at A$13.1M.
• Enables continued stage-gated approach to awarding early works contracts.
• Early works commitments stand at approx. A$49.2M (at 30 September 2025).
• Long-term uranium price outlook remains strong, with the term price
increasing to US$84/lb U3O8 by quarter end.
Bannerman Executive Chairman, Brandon Munro, commented:
“The visual advancement of our early works on site, and their on-schedule and on-budget
delivery from the Bannerman team and our contract partners, was a particular highlight
of the quarter. Under Gavin Chamberlain’s leadership, our focus on tight contract and
activity controls is yielding excellent safety, physical and financial outcomes through our
early works activities.
“Our advancing early works programs and strong balance sheet allow us to effectively
demonstrate to potential customers a solid basis for confidence in our ability to meet
future supply commitments. The signing of initial offtake agreements with high-quality
utility counterparties represents a further important step in our systematic advancement
of Etango as we observe market conditions continuing to develop towards incentivising
a targeted Final Investment Decision.”
This announcement can be viewed at the following link:
https://wcsecure.weblink.com.au/clients/bannermanresources/headline.aspx?headlineid=61261212
For and on behalf of Bannerman Energy Ltd by
Steve Herlihy
CFO & Company Secretary
16 October 2025
Registered Office
Bannerman Minig Resources Namibia (Pty) Ltd
Registration no. 2005/115
71 Seeadler Street, Vineta
Swakopmund
Namibia
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
4th Floor, 1@Steps, C/O Grove and Chasie Street, Klein Kuppe
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 16-10-2025 09:45:00
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Namibia Securities Exchange – NAM News