Bannerman Energy (BMN) Q4 2026 earnings summary

Executive summary

• Significant progress on Etango Uranium Project early works, with construction activities tracking to budget and schedule and major earthworks and concrete works nearing completion.

• Strategic financing transaction with CNNC Overseas Limited (CNOL) advancing, with most Conditions Precedent satisfied and final approvals expected in Q3 2026, supporting project schedule confidence and a positive Final Investment Decision targeted soon after.

• Strong project readiness, visible site development, and robust safety performance with over 1.1 million LTI-free man-hours.

Financial highlights

• Quarter-end cash assets of AUD 53.1 million and liquid assets of AUD 11.5 million.

• Committed early works expenditure totals AUD 36.2 million as of 30 June 2026, with total project spend to date at AUD 69 million.

• Total property, plant, and equipment expenditure for the quarter was AUD 10.4 million; exploration and evaluation expenditure was AUD 8.2 million.

• VAT refund of AUD 4.4 million received, reflected as a positive cash inflow.

• No debt or convertible instruments outstanding.

Outlook and guidance

• Completion of CNOL transaction and satisfaction of remaining conditions precedent expected in Q3 2026, with positive FID targeted promptly after.

• Expenditure for the next quarter expected to remain similar, with acceleration post-deal completion as structural steel contracts are placed.

• Project remains on track for September 2028 commissioning, with potential for schedule improvement if deal closes earlier.

• CapEx budget of AUD 353 million ±10% is secure, with contracts placed to mitigate escalation risks.

• All key workstreams remain on track for project milestones.