Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (March 2026)
34 slides from Bannerman Energy's investor presentation, Mar 11, 2026
Slide 1: Investor Presentation March 2026
Investor Presentation March 2026 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 Statem ents Competent Person Statem ent 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 Min
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 U 3O8 Resource Benefiting
Slide 5: Corporate snapshot
ABOUT BANNERMAN ENERGY Corporate snapshot SHARE PRICE (ASX: BMN) A$5.00 CAPITAL STRUCTURE A$4.00 ASX share price (12 Mar 2026) A$4.01 A$3.00 Shares on issue 207.7 M Market capitalisation A$833 M A$2.00 Options and performance rights 2.7 M A$1.00 Average daily volume (ASX 3-month) 1.4 M A$0.00 Cash (
Slide 6: Strategic partnership to deliver Etango as the next greenfield uranium project
JV PARTNERSHIP TRANSACTION OVERVIEW Strategic partnership to deliver Etango as the next greenfield uranium project globally to enter production • Binding transformational JV investment executed with Bannerman Energy Ltd China National Nuclear CNNC subsidiary, CNOL, to fund Etango construction (ASX:B
Slide 7: Developing Etango with strong financial flexibility, lower risk and price exposure
JV PARTNERSHIP STRATEGIC RATIONALE Developing Etango with strong financial flexibility, lower risk and industry-leading price exposure Premier option from global financing process; 1 superior to other strategic and conventional finance alternatives Delivers construction funding with majority ownersh
Slide 8: A Tier-1 global nuclear partner
OVERVIEW OF CNNC GROUP A Tier-1 global nuclear partner A leading global integrated nuclear business group and deeply respected within the worldwide nuclear fuel chain Operates 27 commercial nuclear reactors, and advancing a significant growth program with 18 units under construction or approved One
Slide 9: Delivers requisite construction funding for Etango
OPTIMISED FUNDING APPROACH Delivers requisite construction funding for Etango Etango funding position BMN 55% share of (unaudited, pro forma at completion) Indicative Etango further requisite JVCo project works spend contributions by BMN from 1 July CNOL 45% share of 2025 to completion further requi
Slide 10: Etango FID targeted shortly after transaction completion
TIMELINE AND NEXT STEPS Etango FID targeted shortly after transaction completion Early works program to continue through H1 2026 Progressive satisfaction of key CPs through H1 2026 Transaction completion targeted in mid-2026 Etango Final Investment Decision (FID) in H2 2026 Full-scale Etango constru
Slide 11: The world's next uranium mine
INVESTMENT HIGHLIGHTS The world’s next uranium mine 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 responsibil
Slide 12: 1. Licence to operate in Namibia, a stable 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 13: 2. Fully permitted with all environmental approvals and Mining Licence
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 14: 3. Experienced Board of Directors with 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 15: 3. Proven management team with deep in-country and uranium experience
INVESTMENT HIGHLIGHTS 3. Proven management team with deep in-country and uranium operating experience Gavin Chamberlain | Managing Director & Chief Executive Officer Danie van Aswegan | Chief Operating Officer - Namibia • 30+ years in project development/construction & contracting • 25 years in the
Slide 16: 4. 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 17: 4. 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 (pre-tax) Post-tax NPV (8%) 30% 4,500 1,200 36% 43% 3,301 57% 837 76% 141% 3,000 2,537 800 614 US$M U
Slide 18: 5. Further in-ground leverage 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 19: 5. 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 US$M Net cashflow (pre-tax) US$M Post-tax NPV (8%) IRR % Post-tax IRR 40% 7,500 34% 1,500 45% 1,263 Etango-
Slide 20: 6. Heavily de-risked & readily positioned for 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 21: 7. Long track record of responsibility and sustainability
INVESTMENT HIGHLIGHTS 7. Long track record of responsibility and sustainability Achieved 16 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 22: 8. Transformational financing delivers premier uranium exposure
INVESTMENT HIGHLIGHTS 8. Transformational financing delivers premier uranium exposure Construction funded with optimal finance solution Majority ownership and debt-free execution pathway Arm’s length, market-priced cornerstone offtake Strategic partnership with global leader The 1,200m3 concrete pou
Slide 23: Etango LTI-free for 16 years
ETANGO SITE PROGRESS Etango LTI-free for 16 years Bannerman Mining Resources Namibia celebrating onsite at Etango the achievement of 16 years LTI-free. 23
Slide 24: Bulk earthworks approx. 51% complete, focus on heap leach pads
ETANGO SITE PROGRESS Bulk earthworks approx. 51% complete, major focus remains construction of heap leach pads Setting out of the heap leach pad area is complete, enabling excavation to commence. 24
Slide 25: Blasting, crushing & screening of heap leach drainage aggregate advancing
ETANGO SITE PROGRESS Blasting, crushing & screening of heap leach drainage aggregate advancing to schedule & on-spec Local Namibian contractor, Tulela Mining & Construction’s Blasting and Crushing Circuit. The blasting and crushing of the heap leach drainage material is progressing on schedule & on-
Slide 26: Primary crusher concrete works continue to advance
ETANGO SITE PROGRESS Primary crusher concrete works continue to advance The Phase 1 concrete contract has been placed for the construction of the primary crusher structure. Inset: The initial concrete pour was a total of 500m3 and occurred at an average flow rate of 40m3 per hour. 26
Slide 27: Foundations poured & rebar in place at the fine ore silo
ETANGO SITE PROGRESS Foundations poured & rebar in place at the fine ore silo Phase 2A of the concrete contract for the construction of the fine ore silo at Bannerman's Etango uranium project is being delivered by K Neumayer Civil Contractors.jpg 27
Slide 28: 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 28
Slide 29: 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 30: 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 31: Landmark investment and joint venture agreements
TRANSACTION DETAIL Landmark investment and joint venture agreements Transaction overview Bannerman has entered into binding investment subscription and joint venture documentation with CNOL to form an incorporated joint venture (JVCo) of 45% CNOL / 55% Bannerman in exchange for an initial investment
Slide 32: The Etango Processing Flow Sheet, de-risked by Heap Leach Demonstration Plant
ABOUT ETANGO The Etango Processing Flow Sheet, de-risked through operation of the Heap Leach Demonstration Plant The Etango Heap Leach Demonstration Plant has been operational since 2018. 32
Slide 33: 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 34: 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
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