Bannerman Energy is targeting a favourable final investment decision on the Etango-8 project during H2 2024 after finishing the quarter ending June 30, 2024, with a cash balance of N$1.2 billion (A$99.7 million).
During the quarter, Bannerman Energy raised N$1.02 billion (A$85 million) in new equity to fund early works and long-lead items.
The company also completed the front-end engineering and design (FEED) and control budget estimation (CBE) processes for the Etango-8 Project.
In addition, Bannerman Energy refined the December 2022 Definite Feasibility Study outcomes.
Detailed design activities commenced, focusing on bulk earthworks and civil engineering, with early works construction underway and advancing well.
With these advancements, along with the commencement of detailed design and early works construction, Bannerman Energy is targeting a favourable final investment decision (FID) during the second half of 2024.
Bannerman Energy CEO Brandon Munro said they steadily built project momentum throughout the June quarter, further positioning the company as a forerunner amongst the small group of companies in the advanced development of uranium mines globally.
Munro said completing FEED and CBE processes this quarter represents a significant milestone in de-risking and advancing the Etango-8 Project.
“Our successful capital raise strengthens our financial position, enabling us to progress with detailed design and early works construction,” Munro said.
He added that Bannerman Energy remains focused on achieving a favourable final investment decision later this year, leveraging an improving market outlook for uranium and the underlying quality of the Etango resource to meet growing demand.
