Bannerman Energy invested about N$800 million in advancing its Etango uranium project in Namibia during the 2026 financial year, with construction-related expenditure accounting for the largest share of spending as the company progressed early works on one of the country’s largest undeveloped uranium projects.
The company’s latest quarterly cash flow report shows that A$39.817 million (approximately N$470 million) was spent on property, plant and equipment during the 12 months to 30 June 2026.
A further A$27.787 million (about N$328 million) was invested in exploration and evaluation activities, bringing total capital expenditure on the project to roughly A$67.6 million (about N$800 million) over the financial year.
In addition to project spending, Bannerman reported A$7.221 million (about N$85 million) in administration and corporate costs and A$1.600 million (approximately N$19 million) in staff costs during the year.
The company also invested A$642,000 (about N$7.6 million) in investments and spent A$34,000 (around N$400,000) on other non-current assets.
During the June quarter alone, Bannerman spent A$10.363 million (approximately N$122 million) on property, plant and equipment and A$8.220 million (about N$97 million) on exploration and evaluation. Staff costs for the quarter totalled A$387,000 (around N$4.6 million).
Administration and corporate costs were A$1.242 million (about N$14.7 million).
The expenditure was supported by the successful completion of an A$85 million equity raising during the financial year, which strengthened Bannerman’s balance sheet as it continued advancing Etango.
Despite spending more than A$68 million on investing activities over the year, the company finished the June quarter with A$53.125 million (approximately N$627 million) in cash and cash equivalents.
Editor’s note: Namibia dollar equivalents are approximate and are based on the prevailing Australian dollar/Namibia dollar exchange rate at the time of writing. Bannerman Energy reports its financial results in Australian dollars (A$).
