The unseasonal heavy rains experienced in Namibia recently caused floods, which affected roads and other infrastructure.
Paladin Energy had to suspend operations at the Langer Heinrich Mine, which is in the same location as the Etango project.
Bannerman Energy says the rains have had a minimal impact on its infrastructure and early works construction.
However, the rains limited access to the restricted site over several days and caused minor stormwater causeways and road repairs.
The Etango final investment decision is expected during this year.
The company says the early works construction activities are on track and in line with the budget and schedule.
The primary crusher site is fully excavated, and all construction power overhead infrastructure has been erected and the transformer delivered.
The construction water supply is in operation, while the installation of site distribution infrastructure is advancing well.
The manufacture of the key long lead item, the high-pressure grinding rolls (HPGR) tertiary crusher, remains ahead of schedule.
Bannerman says it has received and is reviewing the draft permanent power and acid facility lease agreements.
In addition, Bannerman Energy says the spending rate remains conservative, with a cash balance of A$81.1 million at December 31, 2024.
The company committed A$24.4 million to fund the residual early works programs, while the remaining cash balance is available for working capital and discretionary expenditure.
Bannerman Energy says it will review further construction work commitments about uranium market dynamics and term contracting advancement.
The CEO, Gavin Chamberlain, says the early works construction and long lead items program is advancing well.
Chamberlain says they continue to exercise a gated approach to Etango development, with phased green lighting of various construction works in line with advancement across broader project workstreams and financial capacity.
He says this enables the company to minimise any impacts on critical path timelines while allowing robust management of execution and market risks.
“This process sees us constantly evaluating the cadence of our early construction activities alongside the observed trends in uranium contract markets. We are comfortable with our current setting in this regard,” Chamberlain says.
According to Chamberlain, in light of the ongoing direction of term uranium market fundamentals, Bannerman Energy continues to work towards a targeted favourable final investment decision on Etango during 2025.
