Bannerman Energy (ASX:BMN) Completes A$124M Placement to Fund Etango Uranium Project Ahead of Q4 2026 FID

Sonal Goyal

10 September 2026 11:19 AM AEST

Bannerman Energy (ASX:BMN) Completes A$124M Placement to Fund Etango Uranium Project Ahead of Q4 2026 FID

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Key Highlights

• Bannerman Energy has completed a fully underwritten institutional Placement of approximately 31 million shares at A$4.00 per share, raising A$124 million before costs.

• The placement, alongside existing cash, near-term CNOL subscription and reimbursement payments and CNOL pro-rata Working Capital contributions, is expected to fully fund Etango through construction and ramp-up.

• A non-underwritten Share Purchase Plan targeting up to A$10 million is also underway for eligible Australian and New Zealand shareholders at the same offer price.

• A Final Investment Decision on the Etango uranium mine is targeted for Q4 2026 alongside joint venture partner CNNC Overseas Limited.

Bannerman Energy Ltd (ASX:BMN) has announced the successful completion of the bookbuild for its fully underwritten institutional placement to raise A$124 million before costs, through the issue of approximately 31 million new fully paid ordinary shares at an Offer Price of A$4.00 per share. The company reported receiving Demand from both existing shareholders and new domestic and overseas institutional investors. Settlement of the placement is expected on Tuesday, 15 September 2026, with new shares expected to be allotted on Wednesday, 16 September 2026. Bannerman shares resumed trading on the ASX from market open on 10 September 2026 following the lifting of the trading halt.

Full Funding Pathway for Etango

Bannerman stated that the placement proceeds, combined with the company's existing cash, near-term subscription and reimbursement payments from joint venture partner CNNC Overseas Limited (CNOL), and CNOL's pro-rata working capital contributions, are expected to fully fund the Etango Uranium Project through construction and ramp-up. This follows the company's recent announcement that all conditions precedent to the completion of its strategic investment and joint venture with CNOL for the funding, development and operation of Etango had been either satisfied or waived. The fundraise is described as resolving the last funding hurdle for Bannerman as it moves toward a Final Investment Decision on the Etango mine, which is targeted for Q4 2026. No Debt is involved in the funding structure.

Share Purchase Plan for Retail Shareholders

In parallel with the institutional placement, Bannerman is conducting a non-underwritten Share Purchase Plan targeting up to A$10 million at the same offer price of A$4.00 per share. The SPP is open to eligible shareholders with registered addresses in Australia and New Zealand as at the Record Date of 8 September 2026. The SPP Offer Booklet and further details are expected to be dispatched on Friday, 18 September 2026, with the SPP closing date set for Friday, 2 October 2026 and results and share issuance expected on Friday, 9 October 2026.

Etango Project Background

The Etango Uranium Project is located in the Erongo Region of Namibia, a Jurisdiction Bannerman describes as possessing a 45-year history of uranium production with strong government and community support. A Definitive Feasibility Study completed in December 2022 confirmed the technical and economic viability of conventional open pit Mining and heap leach processing at 8 million tonnes per annum throughput, for average annual output of 3.5 million pounds of uranium oxide (U3O8). A subsequent scoping study in March 2024 demonstrated the potential to expand annual production to 6.7 million pounds of U3O8. All environmental approvals for the proposed mine have been received and the Mining Licence was awarded in December 2023.

Advisers to the Transaction

Macquarie Capital (Australia) Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the placement. Jett Capital Advisors acted as Co-Lead Manager. Shaw and Partners, Euroz Hartleys and Wallabi Group served as Co-Managers. Johnson Winter Slattery and Fivemark Partners provided legal and strategic advisory services respectively to the placement.

Conclusion

Bannerman Energy (ASX:BMN) has secured A$124 million through a fully underwritten institutional placement at A$4.00 per share, completing the funding structure for the Etango Uranium Project without recourse to debt. With the CNOL joint venture conditions satisfied and the placement proceeds in place, Bannerman has indicated this resolves its last funding hurdle ahead of the Q4 2026 FID. An SPP for up to A$10 million provides retail shareholders an opportunity to participate at the same price.

FAQs

Q: How much has Bannerman Energy (ASX:BMN) raised in its institutional placement?

A: A$124 million before costs through the issue of approximately 31 million new shares at A$4.00 per share.

Q: Does the Etango funding involve any debt?

A: No. The placement proceeds, combined with existing cash and CNOL contributions, are expected to fully fund Etango through construction and ramp-up with no debt.

Q: When is Bannerman targeting its Final Investment Decision on Etango?

A: The FID is targeted for Q4 2026 alongside joint venture partner CNNC Overseas Limited.

Q: What is the Share Purchase Plan for eligible shareholders?

A: A non-underwritten SPP targeting up to A$10 million at A$4.00 per share is open to eligible shareholders in Australia and New Zealand, with the SPP closing on 2 October 2026.

Q: What is the annual uranium production capacity outlined in the Etango DFS?

A: The December 2022 DFS outlined average annual output of 3.5 million pounds of U3O8 at 8Mtpa throughput, with a March 2024 scoping study demonstrating expansion potential to 6.7 million pounds per annum.

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