Bannerman Energy (BMN) investor relations material

Strategic financing, partnership, and joint venture

• Secured a binding joint venture with CNNC/CNOL, providing up to US$321.5 million (including US$294.5 million investment and up to US$27 million reimbursement) for a 45% JV interest, fully funding Etango's construction in Namibia.

• Bannerman retains 55% ownership and majority board control, ensuring strategic direction and operational leadership, with CNNC/CNOL holding 45%.

• CNNC/CNOL secures a life-of-mine offtake for 60% of production at market-based prices, with no price floors or ceilings, while Bannerman independently markets the remaining 40%.

• The partnership delivers a debt-free execution pathway, reducing financial and execution risk, and positions the project for long-term growth.

• Transaction completion is targeted for mid-2026, subject to regulatory and shareholder approvals, with a long stop date of 30 September 2026.

Project development, timeline, and structure

• Early works continue through H1 2026, with FID targeted for H2 2026 and first uranium production expected in 2028.

• JVCo board will have five directors (three appointed by Bannerman), and Bannerman nominates key executive management roles.

• Both parties fund future capital and operating costs pro rata to equity, with working capital and JV expenses proportionally funded.

• Strategic matters require unanimous board or shareholder approval, ensuring alignment on major decisions.

• The project is fully permitted, de-risked through technical work, and benefits from a strong social license in Namibia.

Financial structure and funding

• The US$353 million pre-production capital cost is fully covered by the CNNC/CNOL investment, prior expenditures, and additional spend through completion.

• About $80 million of the CNNC investment is structured as a shareholder loan, with the remainder as equity, maintaining a 45-55 JV balance.

• Bannerman's future funding requirement is expected to be modest, maintaining balance sheet strength and financial flexibility.

• No debt is currently held, and the transaction avoids the need for large-scale equity or debt raises.

• Both partners commit to maintaining their ownership ratio and funding obligations, with dispute resolution mechanisms in place.