Bannerman Energy (BMN) investor relations material

Project status and funding

• Early works at Etango are progressing on schedule and within budget, with bulk earthworks 92% complete, dry plant design 94% complete, and water pipeline installation 87% complete.

• All environmental approvals and mining licenses are secured, enabling construction, operation, and future expansion.

• The CNOL transaction is now unconditional, providing US$294.5 million in project funding and reimbursement of up to US$27 million for prior construction spend.

• A fully underwritten AUD 124 million institutional placement and up to AUD 10 million share purchase plan have been launched, ensuring a clear funding path and fully funding the company’s 55% share of working capital.

• Mining ramp-up and working capital are fully funded, with ample headroom for contingencies and growth initiatives.

Construction and execution outlook

• CapEx remains on track at $353 million (±10%), with no significant overruns after a year of early works.

• Major construction spend will increase over the next two years, with cold and hot commissioning targeted for late 2028 and first uranium production expected in 2028.

• Long lead time risks, such as the tertiary crusher, have been mitigated with equipment already on site.

• Final Investment Decision and full-scale construction are expected in Q4 2026.

Strategic partnership and offtake

• CNOL receives a 45% JV share, translating to a 42.5% ultimate interest in Etango, and will purchase 60% of production under market-based terms.

• The partnership with CNNC brings procurement advantages, cost savings, and strong support for future expansion.

• Expansion is expected around year five, likely to be internally funded with competitive debt due to the strong JV structure.

• The collaboration leverages CNNC’s established presence in Namibia and opens potential for further cooperation beyond Etango.