Bannerman Energy (BMN) investor relations material

Etango positioning

• Presented as funded to production, with long-term offtake secured and strategic partnership with CNNC.

• Etango-8: 3.5 Mlbs U3O8 pa and 113.5 Mt resource; Etango-XP: 6.7 Mlbs U3O8 pa and 210.2 Mt resource, with expansion potential.

• 100% of resources scheduled for extraction and recovery in the Etango-8 DFS and Etango-XP/XT Scoping Study are Measured or Indicated.

• Positioned in a proven uranium jurisdiction, with a strong social licence and an experienced project delivery team.

Development and execution approach

• Greenfield development priorities: align with the jurisdiction, plan ahead to maintain readiness and momentum, and deliberately build organisational culture.

• Stage gates are intended to build execution readiness before major capital is committed, with focus on safety, cost, schedule, leadership, discipline, control and team alignment.

• Execution indicators include safety performance, cost performance on plan, critical path on schedule, visible site progress, and aligned and engaged people.

Funding and project caveats

• Pre-production funding in excess of US$353M will likely be required to achieve the Etango-8 DFS outcomes; there is no certainty funding will be available when required.

• Funding could be available only on terms that dilute or otherwise affect shareholder value; a sale, partial sale or joint venture could reduce project ownership.