Bannerman Energy (BMN) Investor presentation summary

Investment and project status

• Etango-8 reached Final Investment Decision in October 2026 and is in full-scale construction after early works were delivered on budget and schedule.

• First uranium production is targeted for 2028, following a two-year construction and commissioning period.

• Fully funded, debt-free pathway into commercial production, with CNNC Group as strategic JV partner.

• Etango is in Namibia, 30 km southeast of Swakopmund, within a top-three uranium-producing jurisdiction.

Etango-8 base case

• 207 Mlb U3O8 resource at a 100 ppm cut-off; 15-year initial mine life and 52.6 Mlb forecast production, on a 100% project basis.

• 8 Mtpa throughput, 3.5 Mlb average annual output, 87.8% processing yield and US$39.1/lb AISC.

• US$353M forecast pre-production capex, fully funded from existing Etango JV cash; forecast post-tax LOM net cash flow of US$1,951M at US$95/lb U3O8.

• Systematically de-risked through 20 years of drilling and studies, a multi-year heap-leach demonstration plant, and completed permitting and environmental approvals.

Construction and funding

• Phase 1 water pipeline ~90% complete; bulk earthworks 99% complete, with final phase nearing completion.

• 14,700 m³ of concrete poured, equal to 86% of Phase 1 and 2A requirements; contractor workforce on site of ~523 personnel.

• US$64M spent to date and US$289M residual forecast pre-production capex; US$295M JVCO cash at 30 September 2026, excluding Namibian subsidiaries.

• Remaining pre-production capex is funded by existing Etango JV cash; residual working capital share of ~US$60M is funded by existing cash, including US$122M Bannerman cash at 30 September 2026.