Bannerman Energy advances Etango project, secures uranium offtake, raises A$170m

Bannerman Energy Ltd's 2025 Annual Report highlights considerable progress on its Etango Uranium Project, including the completion of early works programs and the first blast for the primary crusher box cut. The company achieved a significant safety milestone of one million man-hours without lost-time injuries.

Financially, Bannerman strengthened its position with two institutional equity placements in August 2024 and June 2025, each raising A$85 million, bringing total cash and liquid assets to approximately A$140 million by early July 2025. Subsequent to year-end, in September 2025, Bannerman executed its first uranium offtake contracts with Tier-1 North American utilities for 1.0 million pounds of U3O8 (±10% annual flex) for delivery over 2029-2033.

The company also announced board and executive changes, including new non-executive directors Bruce McFadzean and Felicity Gooding, and the appointment of Matthew Horgan as VP, corporate development, and Danny Goeman as independent chair of the product offtake committee. The company detailed an increased investment in Namibia Critical Metals Inc (NMI), bringing its stake to 43.0%, and a C$1,421,618 impairment was recognized by 31 December 2024 due to NMI's share price decline.