Bannerman Energy (BMN) investor relations material

Executive summary

• CNOL’s US$320.4 million strategic investment and A$124 million institutional placement secured a funded pathway for Etango through construction, ramp-up and commercial production.

• Post-quarter, the Etango JV took FID on Etango-8, moving from early works to full-scale construction; first production is targeted during 2028.

Financial highlights

• CNOL’s investment comprised US$294.5 million paid into the Etango JV and a US$25.9 million reimbursement for project expenditure.

• The fully underwritten placement raised A$124 million before costs through 31 million shares at A$4.00 each; a post-quarter SPP raised A$0.44 million.

• At 30 September 2026, consolidated cash was ~A$175 million and Etango JV cash was ~US$295 million; JV cash was excluded from consolidated cash.

• Forecast pre-production capex is ~US$353 million, ±10%; ~US$64 million had been incurred through early works by 30 September 2026.

Outlook and guidance

• Etango-8 is forecast to produce average annual output of 3.5 Mlbs U3O8; commissioning and first production are targeted during 2028.

• Existing Etango JV cash is expected to fund residual pre-production capex; consolidated cash is expected to cover the retained share of working capital through construction and ramp-up.

• Etango-16 remains planned for commissioning in Etango-8’s fifth production year; study work is not an immediate priority and may take under 12–18 months.

• Additional contracts are expected in coming weeks; structural steel is expected on site early next year, with fabricated mechanical equipment deliveries also planned.

• The remaining 40% of offtake is expected to be marketed closer to production, potentially six months beforehand, while utility relationships are maintained.