Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (March 2025)
35 slides from Bannerman Energy's investor presentation, March 2025
Slide 1: Investor Presentation
Investor Presentation MARCH 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 Mineral Resources “may”, “could”, “will”, “expect”, “
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. Benefiting from its location in Namibia, a highly established uranium production powerhouse. Strongly de-risked through
Slide 5: Corporate snapshot
ABOUT BANNERMAN ENERGY Corporate snapshot CAPITAL STRUCTURE SHARE PRICE (ASX: BMN) A$5.00 ASX share price (10 Mar 2025) A$2.14 12 month share price range A$1.90 – A$4.87 A$4.00 Shares on issue 178.8 M A$3.00 Market capitalisation A$383 M A$2.00 Options and performance rights 4.4 M A$1.00 Average dai
Slide 6: The leading next-generation uranium supplier of choice
INVESTMENT HIGHLIGHTS The leading next- generation uranium supplier of choice 1 Licence to operate in Namibia, a stable, highly established uranium jurisdiction 2 Skilled team with deep Namibian uranium operating and developing expertise 3 Fully permitted with all environmental approvals and Mining
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 Husab 45-years of uranium production and export Etango Langer Heinrich Three large-scale uranium mines; Top 3 global producer Excellent i
Slide 8: Experienced Board of Directors with extensive uranium experience
INVESTMENT HIGHLIGHTS 2. Experienced Board of Directors with extensive uranium operating & development experience ▪ 40+ years mining and process experience as a mining ▪ 20+ years’ transactional and financing experience as a engineer Brandon Munro corporate lawyer and resources executive ▪ 30 years’
Slide 9: Proven management team with deep in-country and uranium operating experience
INVESTMENT HIGHLIGHTS 2. Proven management team with deep in-country and uranium operating experience ▪ 25+ years’ experience in various legal roles and is a ▪ 30+ years' experience in the uranium, diamond and coal company director Werner Ewald mining industries ▪ Previous senior roles at Wesfarmers
Slide 10: Fully permitted with all environmental approvals and Mining Licence in place
INVESTMENT HIGHLIGHTS 3. Fully permitted with all environmental approvals and Mining Licence in place Mining licence Environmental licence Etango Mining Licence awarded CONSENT TYPE DATE ACHIEVED December 2023 ECC 01608 (Etango Project) 5 July 2012 ECC 02193 (linear infrastructure) 26 July 2011 Earl
Slide 11: Strong technical and commercial viability demonstrated via Etango-8 DFS
INVESTMENT HIGHLIGHTS 15 years 113.5 Mt Initial mine life Total ore throughput 4. Strong technical and commercial viability demonstrated via 8 Mtpa 240 ppm Throughput capacity Average U3O8 head grade Etango-8 DFS • Conventional open pit mining and heap leach processing at 8Mtpa throughput 87.8% 3.5
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 via subsequent growth options
INVESTMENT HIGHLIGHTS 4. Further in-ground leverage realisable via ETANGO-XP ETANGO-XT subsequent growth options (EXPANDED SCALE) Average 6.7 Mlbs U3O8 (EXTENDED LIFE) Average 3.5 Mlbs U3O8 output pa (post exp.) output pa • World-class scale Etango deposit can deliver substantially higher value via
Slide 14: Further upside price leverage from Etango-XP / XT
INVESTMENT HIGHLIGHTS 4. 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% 51% 211% Etango-XP 105% 4,079 90
Slide 15: Conventional production, technically de-risked through pilot-plant operation
INVESTMENT HIGHLIGHTS 5. Conventional production, technically de-risked through pilot-plant operation Proven flow sheet Fifteen years of technical de-risking Industrial-scale Heap Leach Demonstration Plant operated at site from 2015 validates flowsheet and key metallurgical parameters Demonstrated y
Slide 16: Long track record of responsibility and sustainability
INVESTMENT HIGHLIGHTS 6. Long track record of responsibility and sustainability Early SRT Mondesa Conservancy Environmental Youth Opportunities Learner Assistance Tourism Education baseline monitoring Program Hospitality TOSCO since 2008 Trade Association of Namibia scholarships CTAN (NIMT) Rehabili
Slide 17: Delivering significant, lasting positive social and environmental impact
INVESTMENT HIGHLIGHTS 7. Delivering significant, lasting positive social and environmental impact 3.5 25 64 760 Mlbs U3O8 million million Namibian per annum, enough to power tonnes tonnes of carbon emissions avoided jobs 7-8 large nuclear of coal displaced by our production from nuclear power using
Slide 18: Phased greenlight approach to Etango development
THE PATHWAY AHEAD Phased greenlight approach to Etango development Initial early works completed on time and on budget (access road and water pipeline) Detailed design works progressing Current contracts in progress at Etango: Bulk earthworks, internal access roads and construction power (running ah
Slide 19: Project Execution
INVESTMENT HIGHLIGHTS Project Execution 1 Weekly Schedule Tracking of both design and construction 2 Bi-weekly management of 3D Model Progress 3 Continuous measurement of Budget Against Actual 4 Ongoing Claims Register on all contracts 5 Top 12 Risk Items From Risk Register 6 Quality control and saf
Slide 20: Project Execution
Project Execution Pre-Mortem - Identify what can go Procurement Strategy wrong and put mitigations in place • Re-packaging of contracts to suit smaller before they happen Namibian contractors • Ensuring water supply- technical control • Place 2 phase orders to control escalation during tender compet
Slide 21: Project to Operations
Project to Operations • Demo plant value to commissioning • Completed gap analysis on operational readiness requirements – 2 year schedule to complete • Staffing network of Werner and Gavin – desire of people in Namibia to want to work for Bannerman • HR Strategy to develop “superintendents” into “m
Slide 22: Construction Water Storage Dam
ETANGO SITE PROGRESS Construction Water Storage Dam 22
Slide 23: Bulk Earthworks Contractors Camp
ETANGO SITE PROGRESS Bulk Earthworks Contractors Camp 23
Slide 24: Controlled Entry to Site
ETANGO SITE PROGRESS Controlled Entry to Site 24
Slide 25: Temporary Water Storage Dam
ETANGO SITE PROGRESS Temporary Water Storage Dam 25
Slide 26: Box Cut for the Primary Crusher
ETANGO SITE PROGRESS Box Cut for the Primary Crusher 26
Slide 27: Box Cut for the Primary Crusher
ETANGO SITE PROGRESS Box Cut for the Primary Crusher 27
Slide 28: Contractors Camp Construction
ETANGO SITE PROGRESS Contractors Camp Construction 28
Slide 29: Permanent 33kV overhead powerlines
ETANGO SITE PROGRESS Permanent 33kV overhead powerlines 29
Slide 30: Roadmap to production
PROXIMATE, LOW RISK, LONG TERM, EXPANDABLE, SOCIALLY RESPONSIBLE Roadmap to production Financing phase ❑ Initial offtake Development phase agreements Contracting ❑ Build / optimise Production phase Expansion phase contract portfolio ❑ Strategic / project Financing financing ❑ FID by mid 2025 ✓ FEED/
Slide 31: Contact Details
CONTACT DETAILS Gavin Chamberlain Chief Executive Officer Emma Culver Investor Relations and Communications Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 31
Slide 32: 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 Resource category Tonnes Grade Contained most advanced uranium Measured (Mt) 32.4 (ppm U3O8) 201 U3O8 (Mlb) 14.3 development assets Indicated 345.7 195 148.5 Inferred 140.6 200 62.0 Total 518.6 197 224.9 Globally
Slide 33: Systematically de-risked through the uranium cycle
APPENDIX Systematically de-risked through the uranium cycle BULL MARKET BEAR MARKET BULL MARKET Bannerman Etango 20 NI 43-101 Etango Etango DFS Nano-filtration Etango-8 lists on the Mtpa Scoping report 20 Mtpa optimisation study Scoping Study Unfolding ASX Study released released DFS delivered study
Slide 34: The uranium market resurgence is unfolding now
APPENDIX The uranium market resurgence is unfolding now 520 Utility contract demand building Upper Scenario for Uranium Supply and Demand (Mlbs U3O8) 455 Persistent • Rising confidence in medium and long-term global uranium demand growth picture cumulative supply • Emerging Small Modular Reactor (SM
Slide 35: 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
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