Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (June 2025)
27 slides from Bannerman Energy's investor presentation, June 2025
Slide 1: Investor Presentation June 2025
Investor Presentation June 2025 ASX:BMN, OTCQX:BNNLF AND NSX:BMN
Slide 2: Cautionary Statement - Important notices
CAUTIONARY STATEMENT Important notices Of the Mineral Resources scheduled for extraction and recovery in the Etango-8 Definitive Feasibility Study (DFS) and Etango-XP / XT Scoping Study (Scoping Study), 100% are classified as Measured or Indicated. Bannerman Energy Ltd (Bannerman, the Company) confi
Slide 3: Forward Looking and Competent Person Statements
FORWARD LOOKING AND COMPETENT PERSON STATEMENTS Important notices Forward Looking Statements Competent Person Statement This presentation includes various forward looking statements which are identified by the use of forward looking words such as The information in this release relating to the Miner
Slide 4: The leading next-generation uranium supplier of choice
ABOUT BANNERMAN ENERGY The leading next- generation uranium supplier of choice Our flagship Etango Project is one of the world’s largest, most advanced uranium development assets. Scale and scalability initial production of 3.5Mlbs pa, expandable to 6.7Mlbs pa, from 225Mlbs U3O8 Resource* Benefiting
Slide 5: Corporate snapshot
ABOUT BANNERMAN ENERGY Corporate snapshot CAPITAL STRUCTURE SHARE PRICE (ASX: BMN) ASX share price (27 May 2025) A$2.92 A$5.00 12 month share price range A$1.75 – A$4.62 A$4.00 Shares on issue 178.8 M A$3.00 Market capitalisation A$522 M A$2.00 Options and performance rights 4.4 M A$1.00 Average dai
Slide 6: The leading greenfield uranium proponent
INVESTMENT HIGHLIGHTS The leading greenfield uranium proponent 1 Social licence to operate in Namibia 2 Fully permitted 3 Proven team with deep uranium experience 4 Strong technical and commercial viability 5 Further in-ground leverage 6 Heavily de-risked & readily positioned 7 Long track record of
Slide 7: Licence to operate in Namibia, a stable, highly established uranium jurisdiction
INVESTMENT HIGHLIGHTS 1. Licence to operate in Namibia, a stable, highly established uranium jurisdiction Recognised tier-one supplier to global utilities Rossing 45-years of uranium production and export Husab Etango Langer Heinrich Three large-scale uranium mines; Top 3 global producer Tumas (Deep
Slide 8: Fully permitted with all environmental approvals and Mining Licence in place
INVESTMENT HIGHLIGHTS 2. Fully permitted with all environmental approvals and Mining Licence in place to build, operate and expand Etango Mine Environmental licence CONSENT TYPE DATE ACHIEVED ECC 01608 (Etango Project) 5 July 2012 ECC 02193 (linear infrastructure) 26 July 2011 ECC 01529 (HL demonstr
Slide 9: Experienced Board of Directors with extensive uranium experience
INVESTMENT HIGHLIGHTS 3. Experienced Board of Directors with extensive uranium operating & development experience Brandon Munro | Executive Chairman Felicity Gooding | Non-Executive Director • 25+ years’ transactional and capital markets experience as a corporate lawyer and • 20 years’ experience in
Slide 10: Proven management team with deep in-country and uranium operating experience
INVESTMENT HIGHLIGHTS 3. Proven management team with deep in-country and uranium operating experience Gavin Chamberlain | Chief Executive Officer Melvin Yeo | Chief Legal Counsel • 30+ years in project development/construction & contracting • 25+ years’ experience in various legal roles • Former Reg
Slide 11: Strong technical and commercial viability demonstrated via Etango-8 DFS
INVESTMENT HIGHLIGHTS 4. Strong technical and 15 years 113.5 Mt Initial mine life Total ore throughput commercial viability demonstrated via Etango-8 DFS 8 Mtpa 240 ppm Throughput capacity Average U3O8 head grade • Conventional open pit mining and heap leach processing at 8Mtpa throughput • Informed
Slide 12: Outstanding Etango-8 upside price leverage
INVESTMENT HIGHLIGHTS 4. Outstanding Etango-8 upside price leverage Incorporating completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes 1 Net cashflow (post-tax) Post-tax NPV (8%) 4,500 43% 800 57% 141% 614 76% 3,000 2,537 US$mm US$mm 400 390 1,774 1,5
Slide 13: Further in-ground leverage realisable via subsequent growth options
INVESTMENT HIGHLIGHTS 5. Further in-ground leverage realisable via subsequent growth options ETANGO-XP ETANGO-XT (EXPANDED SCALE) (EXTENDED LIFE) Average 6.7 Mlbs U3O8 Average 3.5 Mlbs U3O8 Etango can deliver substantially higher value output pa (post exp.) output pa scalability post ramp-up with hi
Slide 14: Further upside price leverage from Etango-XP / XT
INVESTMENT HIGHLIGHTS 5. Further upside price leverage from Etango-XP / XT Incorporating completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes 1 Net cashflow (post-tax) Post-tax NPV (8%) Post-tax IRR 6,000 1,200 66% 45% 30% 51% 211% 905 68% Etango-XP 1
Slide 15: Heavily de-risked & readily positioned to capitalise on uranium market recovery
INVESTMENT HIGHLIGHTS 6. Heavily de-risked & readily positioned to capitalise on the unfolding uranium market recovery Strong balance sheet with robust cash balance Staged greenlight approach to project development ensures maximum flexibility Strongly derisked, technically and financially Simple con
Slide 16: Long track record of responsibility and sustainability
INVESTMENT HIGHLIGHTS 7. Long track record of responsibility and sustainability Achieved 15 years of zero lost-time injuries IFC compliant ESIA and management plans,15+ year environmental baseline Award-winning community programs and sustainability framework delivering lasting impact through targete
Slide 17: Phased greenlight approach to Etango development
ETANGO DEVELOPMENT 8. Phased greenlight approach to Etango development Etango early works construction activities tracking in line with budget and schedule Detailed design works progressing Current contracts in progress at Etango: Bulk earthworks, internal access roads and construction power (runnin
Slide 18: Roadmap to production
PROXIMATE, LOW RISK, LONG TERM, EXPANDABLE, SOCIALLY RESPONSIBLE Roadmap to production Financing phase ❑ Initial offtake Development phase agreements Contracting ❑ Build / optimise Etango Development Expansion phase contract portfolio ❑ Strategic / project Financing financing ❑ FID targeted during 2
Slide 19: Primary crusher site fully excavated
ETANGO SITE PROGRESS Primary crusher site fully excavated The primary crusher has been fully excavated, while work advances on the permanent road and conveyor belt line to the secondary and tertiary crushing areas. 19
Slide 20: Construction power connected to the grid
ETANGO SITE PROGRESS Construction power connected to the grid The electrical infrastructure has been connected to the highly reliable local grid and will support both construction and operational activities on-site. 20
Slide 21: Final blasting of the stockpile tunnel completed
ETANGO SITE PROGRESS Final blasting of the stockpile tunnel completed Final blasting of the stockpile tunnel at Etango was completed in February, with loading out of blasted material in progress. 21
Slide 22: Preparation of the heap leach pad area
ETANGO SITE PROGRESS Preparation of the heap leach pad area Setting out of the heap leach pad area is complete, enabling clearing and earthworks to commence. 22
Slide 23: Contact Details
CONTACT DETAILS Brandon Munro Executive Chairman Gavin Chamberlain Chief Executive Officer Emma Culver Investor Relations and Communications Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 23
Slide 24: One of the world's largest, most advanced uranium development assets
APPENDIX One of the world’s largest, Mineral Resource Estimate (55ppm U3O8 cut-off)1,3 Tonnes Grade Contained most advanced uranium Resource category (Mt) (ppm U3O8) U3O8 (Mlb) Measured 32.4 201 14.3 development assets Indicated 345.7 195 148.5 Inferred 140.6 200 62.0 Total 518.6 197 224.9 Globally
Slide 25: Etango-8 DFS and Etango-XP / XT Scoping Study
APPENDIX Etango-8 DFS and Etango-XP / XT Scoping Study Incorporating completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes Key Metrics Unit Etango-8 Etango-XP (second phase to 16 mtpa) Etango-XT (extended life at 8Mtpa) Physicals Total ore mined and pr
Slide 26: The uranium market resurgence is unfolding now
URANIUM MACRO FUNDAMENTALS The uranium market resurgence is unfolding now 344 Increased global support for nuclear power 85 66 440 nuclear reactors in operation across 31 440 countries (combined capacity close to 400 GWe) Nuclear provides ~10% of the world's electricity Operable Under Construction P
Slide 27: An entrenched supply/demand imbalance
URANIUM MACRO FUNDAMENTALS An entrenched supply/demand imbalance 520 Upper Scenario for Uranium Supply and Demand (Mlbs U3O8) 455 Persistent cumulative supply The uranium market in a state of structural 390 gap of approx. primary undersupply 150 million lbs U3O8 325 Growing demand for nuclear fuel 2