Bannerman Energy (ASX: BMN) Confirms Etango Construction Fully Funded After FID

Aditi Sarkar

23 October 2026 07:58 PM AEDT

Bannerman Energy (ASX: BMN) Confirms Etango Construction Fully Funded After FID

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Highlights

Positive Final Investment Decision taken on the Etango Uranium Project in Namibia.
Forecast average annual production of about 3.5 Mlbs U3O8.
Commissioning and first yellowcake production expected in 2028.
Bannerman’s share of construction and working capital fully funded from existing cash.

Bannerman Energy Ltd (ASX:BMN) has announced that the Etango Joint Venture, owned 55% by Bannerman and 45% by CNNC Overseas Limited, has taken a positive Final Investment Decision (FID) on the Etango Uranium Project in Namibia. The decision marks the start of full-scale construction on site over the coming months, building on an early works program that began in January 2024. Commissioning and first yellowcake production are expected during 2028.

Project Scope and Capital Cost

The FID has been taken on the Etango-8 design, which involves conventional open pit mining and heap leach processing at 8 million tonnes per annum, with forecast average annual production of about 3.5 Mlbs U3O8. A 2024 Scoping Study indicated the potential to expand production to 6.7 Mlbs U3O8 per year.

Forecast pre-production capital expenditure is about US$353 million (+/-10%), of which about US$64 million has already been spent on early works as at 30 September 2026. The remaining pre-production capital is funded by existing Etango JV cash of about US$295 million.

Funding and Partnership

Bannerman said its share of working capital through construction, ramp-up and into commercial production is fully funded from its own cash balance of about A$175 million, excluding Etango JV cash. The JV call for this working capital will only occur after most of the existing JV cash has been spent.

Managing Director and CEO Gavin Chamberlain said construction is fully funded on a debt-free basis, supported by a strategic partner in CNNC Overseas and a cornerstone offtake framework on market-based terms. He added that early works had tracked to budget and schedule, with bulk earthworks substantively complete and detailed design well advanced. CNNC’s parent group also holds significant interests in other Namibian uranium mines, including Rössing and Langer Heinrich.

Leadership Appointment

Bannerman appointed Danie van Aswegen as Chief Executive Officer of Bannerman Mining Resources Namibia. Mr van Aswegen has served as Chief Operating Officer (Namibia) since October 2025 and has more than 25 years of mining industry experience, including as Head of Projects and Technology Development at Debmarine Namibia.

His appointment complements Mr Chamberlain’s project development experience, which includes serving as Project Director for the US$2 billion Husab Uranium Project in Namibia. All environmental approvals for Etango have been received, and the Mining Licence was awarded in December 2023.

Key Takeaways

The Etango FID moves Bannerman from developer towards producer, with construction fully funded and first production targeted in 2028. The project’s scale and expansion potential provide long-term exposure to the uranium market. Delivery of construction on schedule and budget will now be the main focus for shareholders.

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