Bannerman Energy reports that all key workstreams remain on track for a targeted positive Final Investment Decision (FID) on its Etango Uranium Project.
The Etango Project has now operated for over 15 years without a lost time injury (LTI).
In June 2025, the project surpassed 1 million LTI-free manhours, reflecting the strong safety culture of Bannerman Mining Resources Namibia and its contractors.
Construction progress continues in line with budget and schedule. The bulk earthworks contract, awarded in August 2024, remains on schedule.
Terracing for the construction laydown area and crusher zones is complete. The heap leach pad construction is progressing well, with excavation of the leach ponds underway.
The site access road is approximately 89% complete, ahead of the planned 79% completion, despite minor damage from recent rainfall. Work is ongoing to widen the intersection at the C28 junction. Completion of this contract is forecast for the end of July 2025.
The drainage layer contract for the heap leach pad has been secured, with drilling, blasting, and crushing set to commence upon delivery of equipment.
The construction power works awarded in October 2024 include the installation of permanent 33 kV overhead power lines and connection to the local distributor in the Erongo Region.
These facilities have been completed and commissioned, with final work scheduled for July 2025. The site’s water distribution infrastructure installation is complete, with pressure testing planned for July.
Manufacture of the High-Pressure Grinding Rolls tertiary crusher began in May 2024 and remains ahead of schedule. Delivery is expected by the end of 2025, with factory acceptance testing scheduled for September 2025 in Germany.
Off-site infrastructure and utility supply arrangements for the construction period are secured to ensure uninterrupted water and power.
A letter of intent with NamWater, signed in October 2024, secures the full operational water supply for Etango’s initial 15-year mine life.
This includes a back-to-back letter of intent with the operator of the Erongo Desalination Plant.
The binding supply agreement with NamWater is under review and will be signed upon a positive FID. Bannerman has completed the water line design, with tenders under adjudication.
For power supply, Bannerman has accepted a commercial proposal from NamPower for the permanent operational supply.
Bannerman has executed the full-form agreement and awaits NamPower’s final signature. The design for the overhead power line is complete, with tender preparation and consultant appointment next.
The site lease agreement for the planned acid storage and import/export facility at Walvis Bay port is under review with Namport, and the Environmental and Social Impact Assessment has been submitted.
Detailed engineering continues to advance under the leadership of Wood Group PLC alongside Bannerman’s Namibian owner’s team.
Civil and mechanical design for the dry plant has progressed significantly, with issued construction drawings complete for the primary crusher, stockpile tunnel, and secondary/tertiary crushing areas.
The detailed engineering for the dry plant is approximately 58% complete.
For the wet plant, mechanical layouts are largely complete, and procurement packages have been issued. Detailed engineering progress for the wet plant stands at around 13%.
Bannerman is also progressing its financing strategy. It continues to evaluate project and corporate debt, offtake agreements, and joint venture opportunities, with Azure Capital and Vermilion Partners advising on an optimal funding mix.
The recent N$1.02 billion equity placement strengthens the company’s ability to continue early work commitments while reducing the residual financing requirement for the Etango Project.
Bannerman maintains its strategy of securing uranium offtake contracts on terms that reflect long-term market fundamentals.
Several initial term contracts are now under discussion with top-tier utility counterparties.
As part of its risk management activities, Bannerman recently acquired 434,000 units in the Sprott Physical Uranium Trust (SPUT) for approximately N$135 million, providing liquid synthetic exposure to physical uranium.
Following the completion of the equity placement, Bannerman holds pro forma cash and liquid assets of approximately N$1.68 billion (unaudited, before issue costs).
As of June 30, 2025, the company has completed approximately N$300 million in early works programs, with residual commitments of about N$276 million.
Additional early works commitments are planned in line with Bannerman’s gated approach to project expenditure, ensuring disciplined progress toward its goal of a positive Final Investment Decision on the highly advanced Etango Uranium Project.
