Highlights

  • Positive Final Investment Decision taken on the Etango Uranium Project in Namibia.
  • Forecast average annual production of approximately 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.

Uranium developer Bannerman Energy Ltd (ASX:BMN) crossed a major development threshold when its Etango joint venture approved a final investment decision for the Namibian project. The decision put full-scale construction in focus, supported by existing joint-venture funds and Bannerman’s own cash provision for its working-capital obligations.

Etango’s Production Blueprint

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 approximately 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 approximately US$353 million (+/-10%), of which approximately 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 approximately US$295 million.

Cash Behind the Construction Plan

Bannerman said its share of working capital through construction, ramp-up and into commercial production is fully funded from its own cash balance of approximately 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.

Chief executive 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, such as Rössing and Langer Heinrich.

People and Permits

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, such as 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.

Execution Takes Centre Stage