This $600M Uranium Developer Offers a Timely Leveraged Play on Rising Uranium Prices

• Bannerman Energy has a large-scale uranium project in Namibia called Etango that is fully permitted and close to development, with the potential to produce 3.5 million pounds per year.
• The project has strong support from the Namibian government and local stakeholders, as well as an experienced management team with expertise in uranium mining.
• Bannerman is focused on risk mitigation and preparation to ensure smooth development and construction once financing is secured. This includes things like securing water access and placing early contracts.
• The company is well-funded, with A$35 million cash on hand, providing flexibility in timing project financing and potential upside exposure to rising uranium prices.
• Bannerman offers leverage to forecast rising uranium prices, with minimal commitments or contracts signed to date that would lock in less favourable pricing.

Why Bannerman Energy Offers Leveraged Uranium Exposure

Uranium prices have doubled in the last 6 months on the back of rising demand for nuclear power. With few near-term production projects on the horizon, analysts forecast further upside. Namibia-focused Bannerman Energy is well-positioned to capitalize on its advanced Etango uranium project.

Large-Scale Asset with Clear Path to Production

The Etango project is slated to produce 3.5 million pounds of uranium annually, with a significant expansion potential of up to 7 million pounds. Located in a stable mining jurisdiction, Etango has strong local and government support. The company is now fully permitted and technically de-risked, with construction planned over an expedited 2-year timeline:

"We should be able to once we've achieved FID we should be looking at about two years."

Having secured water access and placed initial construction contracts, Bannerman has proactively derisked development. The project features simple mineralogy and relatively low acid consumption, though the management team brings significant technical experience to navigate any challenges:

"You would think it's simple, but you may remember last year, we said my role was to be prepared and Brandon's role was to be patient."

With project financing and execution as the remaining steps, Bannerman offers investors a clear line of sight to production just as the uranium market enters a long-anticipated supply deficit.

Optimal Leverage to a Rising Uranium Price

A key attraction of Bannerman is the high leverage to increase uranium prices. With no locked-in contracts and large resources to support expansion, shareholders get full exposure to forecast rising prices.

The company expects higher production beyond the initial 3.5 million pounds as Etango is expanded. Attractive project economics remain intact even at lower prices, providing downside protection.

This exposure drives exceptional shareholder return potential if uranium continues its upward trajectory

Discipline and Optionality on Project Funding

Bannerman is in an unusually strong financial position with A$35M in cash reserves. This bankrolls initial construction to accelerate progress while preserving flexibility on financing timing and structure.

The company has commenced a strategic financing process aided by the definitive feasibility study and was recently awarded a mining license. Debt, equity, streaming, and off-take agreements are all potential options uniquely open given full ownership and no existing encumbrances on Etango's production profile.

This optionality allows management to hold out for optimal terms rather than face external funding pressures:

"It's not really about an unintentional delay it's about this luxury that we've got at the moment to choose the timing of it to optimise it."

Water Security

Securing a reliable water supply is often a major hurdle for mining projects, but Bannerman has proactively mitigated this risk for Etango. The company holds an agreement with Namibia's national water company guaranteeing adequate supply for Phase 1 operations.

Rather than simply accepting assurances, Bannerman's involvement in the country's Water Committee provides direct visibility into future demand and supply dynamics:

"We know all of the mines that are planned, all of the expansions that are planned, what the capacity of the current plant is. They're currently actually upgrading the plant. So we don't have any concerns right now for the 8 million ton project. We have enough water."

In another sign of prudent project de-risking, Bannerman has already installed water pipelines and storage infrastructure on site. Trucking water from a distance would have added substantial costs and schedule risk. Proactive steps like this increase investor confidence in the team's ability to navigate potential obstacles.

Why Invest in Bannerman Energy and Etango

For investors seeking leverage to rising uranium prices, Bannerman Energy offers:

• Pure play exposure given the sole focus on the Etango uranium project with no competing assets
• High torque to increasing prices before production with no contracts signed
• Backing of strong, aligned management team with financing/operational expertise
• Definitive development plan de-risking execution, with flexibility on timing

Trading at a fraction of peers and at a discount to project value at current prices, Bannerman delivers investors excellent risk-adjusted leverage. Near-term share price appreciation potential is outstanding as Etango progresses through key de-risking milestones on the path to production.

Bannerman Energy - Primed to Capitalise on Forecast Rising Uranium Prices

Uranium has begun what analysts forecast as a structural bull market driven by a growing supply deficit. As the nuclear renaissance gathers steam but mines struggle to secure financing, prices must rise to incentivise reluctantly mobilising production. With few advanced projects globally, huge upside potential exists for companies that can capitalise on higher prices.

Namibia-focused Bannerman Energy with their Etango uranium project is well positioned in this environment. Fully permitted and technically de-risked, Bannerman expects to deliver the first production by 2027 after only a 2-year construction timeline. The company carries no legacy encumbrances from weaker pricing periods that might hold back competitors.

As CEO Brandon Munro summarises:

"We're fortunate to have many different options, some of which would not involve the issue of any equity at all."

This unmatched flexibility and leverage warrant a close look from uranium investors seeking to maximise exposure to rising prices forecast by most market experts.