Bannerman Energy says the window for the targeted favourable Etango Final Investment Decision (FID) has expanded into 2025.
The company also says the Etango mine development is continuing, facilitated by recent equity raising and a ‘phased greenlight’ approach.
In June, Bannerman Energy completed the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) and delivered significant de-risking of project development and execution profile.
In July, Bannerman Energy completed the construction of the water supply and site access road early works on time and within the budget.
Bannerman Energy says it awarded essential 24-month bulk earthworks and construction power contracts.
In addition, Bannerman ordered a tertiary crusher (HPGR), and manufacture commenced while advancing detailed plant design work.
According to the company, Etango financing is advancing across project/corporate debt and potential offtake and joint venture opportunities with strategic counterparties.
It says long-term contracting prices continue to build, with tightening supply and rising demand aligned with renewed interest in nuclear power.
Bannerman Energy CEO Gavin Chamberlain says the contract partners have performed strongly and delivered their scopes effectively, with the completion of the initial construction water supply and site access road facilities earlier this quarter.
“We 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.
“This enables us to maintain critical path timelines whilst also allowing robust management of execution and market risks,”
Chamberlain says.
According to Chamberlain, the company’s recent equity raising has facilitated a rapid transition into the next phase of long lead order and critical path contract awards for Etango.
He says the bulk earthworks contract comprises a large, lengthy body of work, the commencement of which maintains the Etango mine construction timeline.
“The same goes for the commencement of manufacture of key plant items, including the High-Pressure Grinding Rolls (HPGR), a key component of the Etango plant front end,” Chamberlain says.
Chamberlain explains that the Etango financing progress is also advancing, comparing a broader range of conventional and strategic funding opportunities that reflect the growing interest in long-term uranium supply.
“With our current robust cash balance, we can take the appropriate time in this area to ensure the optimal overall funding mix is delivered – a key differentiating feature compared to many developers,” he says.
Chamberlain says Bannerman Energy has the financial runway to progress development while ensuring the initial offtake contract book is established on terms truly representative of long-term uranium market fundamentals.
