ASX-listed Bannerman Energy has reported continued strong progress at its Etango Uranium Project during the quarter, with significant developments across a range of key workstreams. The company is advancing towards a targeted positive Final Investment Decision on Etango, market conditions permitting.
HIGHLIGHTS
- Outstanding safety record with 1 million LTI-free manhours achieved in June.
- Etango early works construction activities tracking in line with budget and schedule:
- Construction power overhead infrastructure erected and connected to grid.
- Installation of site water distribution infrastructure complete.
- Heap leach pad bulk earthworks advancing well and excavation of leach ponds commenced.
- Detailed design work on Etango process plant progressing in line with schedule, with dry plant engineering approximately 58% complete at quarter end.
- Manufacture of key long lead item, High Pressure Grinding Rolls tertiary crusher, on schedule, with factory acceptance testing set for September 2025.
- Permanent power supply agreement in agreed form and awaiting final execution.
- Successful A$85 million equity placement, significantly enhancing financial flexibility in advancing Etango towards FID.
- Following the institutional placement settlement in early July 2025, Bannerman held cash and liquid assets of approximately A$140 million.
- Residual Etango early works commitments of approximately A$23M (at 30 June 2025), with further early works commitments expected over coming months.
- Offtake marketing and development financing workstreams advancing well, with competitive positioning and flexibility also enhanced via recent equity raising.
- Long-term uranium price outlook remains positive, with the term price closing the quarter steady at US$80/lb U3O8.
Bannerman Executive Chairman, Brandon Munro, commented: "We continued to make excellent progress on the staged development of our Etango Project during the quarter. Early construction works are advancing on schedule and on budget. Critically, this development work is being undertaken safely and to extremely high construction standards. Our further strengthened cash balance is a powerful enabler for us to execute our streamlined strategy of financing and constructing Etango. In saying this, we continue to maintain our disciplined approach. Further early works commitments are expected to be made over coming months, in line with Bannerman’s gated approach to project expenditure, reflecting strengthening term uranium market fundamentals and advancement towards an optimised FID on the world-class Etango Project.”
