Bannerman Energy
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Bannerman Energy (BMN) investor relations material

Bannerman Energy Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary29 Jan, 2026

Executive summary

  • Maintained a 16-year record of zero lost-time injuries, highlighting a strong safety culture at Etango.

  • Construction at the Etango project in Namibia is progressing on schedule and within budget, with early works 51% complete and workforce ramped up to nearly 400 personnel.

  • Strong liquidity position with A$89.3M in cash and A$12.7M in liquid assets at quarter end.

  • Two initial uranium offtake agreements executed with Tier 1 utilities, with further marketing ongoing.

  • Workforce expanded from 100 to over 370 personnel during the quarter, with smooth onboarding and no major issues.

Financial highlights

  • Ended the quarter with a cash balance of A$89.3M and liquid assets of A$12.7M, with no debt or convertible instruments outstanding.

  • Property, plant, and equipment expenditure for the quarter: A$12.4M; exploration and evaluation: A$7.1M.

  • Early works commitments as of 31 December 2025: A$42.1M; completed early works programs: A$48.5M.

  • Project spend and commitments are just under one-third of the overall budget, with two major contracts yet to be placed.

  • No debt on the balance sheet at quarter-end.

Outlook and guidance

  • Remain on track to achieve Final Investment Decision (FID) within six to twelve months, with no anticipated project slowdown.

  • All key project workstreams remain on track for FID.

  • Targeting uranium production by 2029, with infrastructure designed to support future expansion if required.

  • Long-term uranium price outlook remains strong, with term price at US$87/lb U3O8 at quarter end.

  • FID timing and project advancement dependent on uranium market conditions.

Clarity on FID timeline and funding strategy
Uranium contracting strategy in rising market
Operational phase workforce strategy
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Frequently asked questions

Bannerman Energy Limited is an Australian mining and exploration company focused on uranium development projects in Namibia. The company’s flagship asset is the Etango Uranium Project, which is one of the largest undeveloped uranium resources globally. Bannerman Energy aims to support the nuclear energy sector, which relies on uranium as a key fuel source for low-carbon power generation. The company is engaged in advancing the project through various stages of permitting, feasibility studies, and environmental assessments. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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