Highlights

  • Bulk earthworks at Etango are approximately 99% complete.
  • The contractor workforce has reached about 523 people.
  • Engineering and infrastructure work is progressing across plant, water, power and acid storage packages.
  • The CNOL strategic Investment and joint venture transaction has been completed.
  • A Final Investment Decision is targeted for the fourth quarter of 2026.

Bannerman Energy Ltd (ASX:BMN) describes itself as an Australian listed uranium development company focused on its flagship Etango Uranium Project in Namibia. The company's construction early works update, released on 29 September 2026, sets out progress across earthworks, engineering, infrastructure and safety as it works towards a Final Investment Decision on the project.

Earthworks and Civil Activities

Bulk earthworks are approximately 99% complete, with the final phase, Phase 4, expected to finish by December 2026. The contractor workforce has reached approximately 523 people.

Bannerman reports that 14,700 cubic metres of concrete have been cast across Phase 1 and Phase 2A activities, which it says represents approximately 86% of the total volume. Production of drainage aggregate for the heap leach pad has reached about 50% of requirements.

Engineering, Water and Power

Phase 1 of the permanent water Supply pipeline is around 90% complete, while design of the acid storage Facility at Walvis Bay is approximately 53% complete. Design of the dry plant is about 98% complete, and structural engineering for the wet plant stands at 33%.

Detailed design for a 132 kV overhead powerline and associated substations is advancing under a definitive agreement with NamPower, with early procurement planned for the fourth quarter of 2026. The company also noted contracts awarded to Namibian small and medium-sized contractors for work including the gatehouse, fencing and in-situ culvert works.

Safety Performance

The project recorded 1.6 million lost-time-injury-free hours before its first lost-time injury on 2 September 2026. Bannerman said the incident involved a contractor employee who suffered a hairline fracture to the left foot while operating compaction equipment.

Project Targets and Partner Transaction

Bannerman states that Etango targets average annual output of 3.5 million pounds of U3O8 at a throughput of 8 million tonnes per annum. These are company targets rather than production results. The announcement also states that all environmental approvals have been received for the proposed mine and external mine infrastructure.

The update confirmed completion of the CNOL strategic investment and joint venture transaction with joint venture partner CNNC Overseas Limited. The announcement did not set out the terms of that transaction, and it did not include a Capital cost estimate, offtake agreements or financing details.

Investment Decision Timing

Bannerman is targeting a Final Investment Decision during the fourth quarter of 2026, with full-scale construction to follow promptly afterwards. Until that decision is made, the early works remain preparatory, and the announcement does not commit the project to full construction. Remaining items include completion of the final earthworks phase, early procurement for the power supply and further design work on the wet plant and acid facility.

Key Insights

The update shows early works advancing across several packages at Etango, with earthworks close to completion and engineering continuing. Progression to full construction depends on the investment decision, and financing and offtake details were not covered in this announcement. The progress figures are the company's own estimates, and timelines and costs for pre-construction projects can change.