Bannerman Energy

Bannerman Energy is an Australian-based uranium resource development business focused on its flagship Etango Uranium Project. Strategically located in the highly established uranium mining jurisdiction of Namibia, Etango is one of the world’s largest advanced uranium assets with a resource endowment of 225 Mlbs (55ppm U3O8 cut-off).

Fully permitted, Bannerman is currently in the Front End Engineering and Design (FEED) phase for its base-case 3.5 Mlbs U3O8 p.a. development, and is working towards a targeted positive Final Investment Decision (FID) for Etango, market conditions permitting, during 2024.

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. The Company possesses a large-scale resource endowment of 225 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.

A history of quality

The Etango Uranium Project was initially conceived as a larger scale 20Mtpa development. Based on these parameters, a DFS was completed in 2012 along with a DFS Optimisation Study in 2015. Following this, Bannerman focused on comprehensively de-risking the project’s technical processing parameters via the construction and operation of the Demonstration Plant at the Etango site for several years.

Following a comprehensive review in early 2020, Bannerman advanced an accelerated and streamlined development case for Etango based on an 8Mtpa operation – the Etango-8 Project.

Utilising the large body of technical and commercial study work 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 culminated in the completion of the DFS (December 2022). At each stage of evaluation on Etango-8, the technical and commercial viability of the development was affirmed, and to a progressively greater level of estimation certainty.

The Etango Mining Licence application was granted in December 2023. This key milestone was followed swiftly by the commencement of early development works at Etango. Bannerman has awarded two contracts to local Namibian businesses for the construction of a temporary water pipeline and access road.

Embedded expansion optionality

The Etango-8 development and operating model was specifically designed to retain the flexibility to expand to higher throughput levels following the construction phase and operational ramp-up being completed.

To reinforce the technical and economic viability of Etango’s expansion optionality, Bannerman completed a Scoping Study in February 2024 outlining two future phase development options: an expansion of mine and plant throughput to 16Mtpa (Etango-XP) and a life-of-mine extension with mine and plant throughput maintained at 8Mtpa (Etango-XT).

The outcomes of the Scoping Study readily demonstrate the substantial in-ground leverage and scalability of the world-class Etango resource to higher uranium price outcomes.