Bannerman Energy (BMN) Investor update summary

Project progress and funding

• Early works at Etango are progressing on schedule and within budget, with bulk earthworks 92% complete, dry plant design 94% complete, and water pipeline installation 87% complete.

• All environmental approvals and mining licenses are secured, enabling construction, operation, and future expansion.

• The CNOL transaction is now unconditional, providing US$294.5 million in project funding and reimbursement of up to US$27 million for prior construction spend.

• A fully underwritten AUD 124 million institutional placement and up to AUD 10 million share purchase plan have been launched, ensuring full funding for ramp-up, working capital, and contingencies.

• Pro-forma net cash position post-raise is expected to be AUD 166 million, with no debt.

Construction and execution outlook

• CapEx remains on track with the June 2024 controlled budget estimate of $353 million (±10%).

• Approximately $60 million has been spent to date, with major construction spend ramping up over the next two years.

• Key long-lead items, such as the tertiary crusher, have already been procured and are on site.

• No significant changes to the construction timetable are expected post-FID, as work is already well underway.

• Final Investment Decision and full-scale construction are expected in Q4 2026, with first uranium production targeted for 2028.

Strategic partnership and offtake

• CNOL, a subsidiary of CNNC, will hold a 45% JV share and 42.5% ultimate interest in Etango.

• The offtake agreement covers 60% of production, with flexible delivery and payment terms based on market prices.

• Access to Chinese suppliers through CNNC is already yielding cost savings and mitigating inflationary pressures.

• The partnership enables debt-free construction, with both parties funding capex and opex pro rata to equity interests.

• The collaboration leverages CNNC’s presence in Namibia and opens potential for further cooperation beyond Etango.