About Bannerman Energy

Bannerman Energy is an Australian-based uranium resource development business.

Bannerman is currently focused on Front End Engineering and Design (FEED) and project financing for the development of a 3.5 Mlbs pa open pit uranium operation in Namibia. Namibia is a geopolitically neutral country with a 45-plus year history of uranium production and export, and is the third largest supplier of uranium globally.

Bannerman holds a 41.8% stake in Namibia Critical Metals (TSX-V:NMI), the developer of the Lofdal Heavy Rare Earths Project. Lofdal holds a strategic value in being a large-scale rare earth elements (REE) deposit that is also one of the very few outside of China that offers future production of the key heavy REEs, dysprosium and terbium.


Following COP26 and the building global commitment to net zero emissions, governments and energy providers are rapidly undertaking the transition towards less carbon-intensive energy production. Nuclear power remains the only readily available, reliable and affordable solution to achieve this at scale for baseload electricity generation across most regions.

Bannerman is positioned to provide critical new uranium supply for the expected increased uptake in nuclear power over the next decade. They possess a large-scale resource endowment of over 200 Mlbs U3O8 and is located within a well-established operating jurisdiction with excellent infrastructure and community support for uranium mining.

Bannerman has established a long-term presence in Namibia and is an established ESG leader both there and within the global uranium sector.

Investment case

Bannerman is positioned financially to further its objectives. At 30 September 2022, the business had a cash balance of A$50 million (US$34 million), zero debt and a market capitalisation of A$250 million (US$168 million).

It owns 95% of the Etango Project and has an uncomplicated, clean corporate and capital structure. With the release of its Etango-8 Definitive Feasibility Study in early December, Bannerman possesses a strong platform to advance discussions with potential strategic partners, off-takers, debt providers and equity investors with respect to the Etango-8 development.

A critical differentiator for Bannerman is the depth of specific Namibian uranium development and operating experience within its Board and senior management team.  As a function of this, the business is well equipped as it rapidly moves towards expected grant of a Mining Licence in Q2 2023 and a targeted Final Investment Decision (FID) on Etango-8 during H2 2023.

A history of quality

The Etango Project has been substantially de-risked over a 15-year history of technical study and advancement.

Initially, this work was focussed on a larger-scale 20Mtpa development, which was the subject of a DFS completed in 2012 and a DFS Optimisation Study completed in 2015. The business then focused on comprehensively de-risking process for this development via the construction and operation of the Demonstration Plant at the Etango site for several years.

Following a review, Bannerman has also advanced an accelerated and streamlined development case for Etango based on an 8Mtpa operation – the Etango-8 Project.

Utilising the technical and commercial study that had previously been completed on Etango, the Etango-8 Project was progressed rapidly from Scoping Study (August 2020) through Pre-Feasibility Study (August 2021) and to recent completion of the DFS (December 2022). At each stage of evaluation on Etango-8, the technical and commercial viability of the development has been affirmed, and to a progressively greater level of estimation certainty.

Embedded expansion optionality

The Etango-8 development and operating model has been specifically designed to retain the flexibility to expand to higher throughput levels (up to 20Mtpa) post operations commencing. This is enabled via subsequent construction of a second processing stream and minor restructuring of the site layout.

In this way, the Etango Project retains its exceptional potential leverage from delivering higher uranium output volumes at substantially higher future uranium prices.


Share price performance is likely to be significantly affected, positively and negatively, by fluctuations in U3O8 prices over time, as well as price movements in key cost inputs such as sulphuric acid.

Other potential risks include unexpected changes in tenure requirements, royalties, and taxes, and fluctuations in the N$/US$ exchange rate.

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