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
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- Outstanding safety record with Etango LTI-free for 16 years.
- Etango early works construction activities tracking to overall budget and schedule:
- Site contractor workforce progressively increased to over 370 personnel.
- Bulk earthworks contract progressing well and approx. 51% complete, major focus remains construction of heap leach pads.
- Blasting, crushing and screening of heap leach drainage aggregate advancing to schedule and on-spec.
- Phase 1 and Phase 2A concrete contracts placed and commenced, with foundations for both primary crusher and stockpile tunnel already poured.
- High-Pressure Grinding Rolls (HPGR) tertiary crusher successfully manufactured, transported and delivered to site.
- Detailed design and procurement activities advancing well:
- Detailed model review (M2) for dry plant successfully completed; civil and mechanical design for dry plant approx. 92% complete.
- Wet plant design currently focused on validation test work; detailed engineering of wet plant approx. 23% complete.
- Long-term infrastructure and utilities supply activities progressing strongly:
- Phase 1 of permanent water supply pipeline installation approx. 16% complete.
- Strong quarter-end cash balance of A$89.3M and liquid assets valued at A$12.7M.
- Enables continued stage-gated approach to awarding early works contracts.
- Early works commitments stand at approx. A$42.1M (at 31 December 2025).
- Long-term uranium price outlook remains strong, with the term price increasing to US$87/lb U3O8 by quarter end.
Bannerman Executive Chairman, Brandon Munro, commented: “Bannerman continued to progress Etango’s early works programme during the December 2025 quarter, with key construction activities and delivery of long-lead equipment advancing in line with schedule and budget. This progress reflects disciplined execution and effective leadership across the project team as engineering and procurement activities continue to meet key milestones.”
“Uranium market fundamentals strengthened further over the quarter. While spot pricing remained volatile, long term price indicators improved and policy support is increasingly translating into reactor life extensions, restarts, and new build commitments – reinforcing utility focus on long term supply security. With advancing early works and a strong balance sheet, Bannerman is well positioned as market conditions continue to align toward a targeted Final Investment Decision on Etango.”
