Bannerman Energy Ltd reports strong progress and key highlights for the quarter ended 31 March 2024

Bannerman Energy Ltd (ASX: $BMN) has reported strong progress during the quarter ended 31 March 2024, advancing preparedness for the targeted development phase of the Etango Uranium Project. The company completed the Etango-XP/XT Scoping Study, evaluating two future phase options to each produce 95.2 Mlbs U3O8 over the life of the mine. Additionally, key executive and Board changes have been enacted, positioning the company for development. Bannerman admitted to S&P/ASX 300, effective 18 March 2024, and maintains a substantial cash balance of A$31.7M at quarter end with zero debt. The long-term uranium price reached a 15-year high of US$80/lb during the quarter, reflecting an ongoing positive market outlook for uranium in 2024.

Executive Chairman, Brandon Munro, on the company's progress and outlook

The strong progression in project workstreams during the quarter steadily advanced the fully-permitted Etango project towards construction, in parallel with financing and offtake marketing workstreams, as we drive towards being in a position to take a positive Final Investment Decision. We were particularly pleased to demonstrate, via the Etango-XP/XT Scoping Study, the long-term optionality afforded by our large-scale Etango resource and a clear pathway towards becoming a 6.7 Mlbs pa producer.

Summary of Bannerman Energy's progress and outlook

Bannerman Energy has made significant progress in advancing the Etango Uranium Project, with the completion of the Etango-XP/XT Scoping Study and key executive and Board changes positioning the company for development. The company's substantial cash balance and admission to S&P/ASX 300 further strengthen its position. The long-term uranium price reaching a 15-year high reflects a positive market outlook for uranium in 2024. Bannerman's focus remains on the timely development of its base-case 8 Mtpa Etango development, with the Scoping Study demonstrating the technical and economic viability of subsequent expansion and/or life extension options for Etango post successful construction and ramp-up of the base-case Etango-8 Project. The company continues to evaluate and progress various funding sources, including conventional project debt, as well as potential offtake and joint venture opportunities. Bannerman's commitment to establishing a highly robust financial base for the Etango Project aligns with its development and operational goals, ensuring the long-term success and sustainability of Etango. The ongoing positive market outlook for uranium in 2024 further supports the company's ambitions.