Bannerman Energy (BMN) H2 2026 earnings summary

Executive summary

• Advanced Etango uranium project towards development, with early works and detailed engineering progressing and a strategic partnership established with CNNC Overseas Limited (CNOL).

• Completed A$124 million institutional placement post year-end, strengthening funding for construction and ramp-up.

• Secured key regulatory approvals, including environmental clearances and mining licence for Etango.

• Maintained strong safety record, surpassing one million LTI-free hours during increased construction activity.

Financial highlights

• Net loss after tax for FY2026 was $8.4 million, compared to $4.2 million in FY2025, mainly due to higher corporate, administrative, and finance expenses.

• Interest income rose to $4.2 million (FY2025: $3.9 million).

• Cash and cash equivalents at 30 June 2026 were $53.1 million (FY2025: $46.2 million).

• Capitalised exploration and evaluation expenditure reached $133.6 million (FY2025: $104.8 million).

• Net cash outflow from operating activities was $7.6 million; net cash outflow from investing activities was $65.7 million; net cash inflow from financing activities was $80.4 million.

• Issued capital increased to $373.1 million (FY2025: $292.4 million) following equity raisings.

Outlook and guidance

• Near-term focus on completing early works, advancing engineering and procurement for subsequent construction phases, and maintaining readiness for full-scale construction post-FID.

• Proceeds from recent equity raising and CNOL investment expected to fund Etango through construction and ramp-up.

• FY2027 sustainability targets include maintaining zero LTIs, strengthening environmental measurement, and advancing operational readiness.