Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (November 2025)
32 slides from Bannerman Energy's investor presentation, Nov 21, 2025
Slide 1: Investor Presentation November 2025
Investor Presentation November 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 (21 Nov 2025) A$2.79 A$4.00 12-month share price range A$1.755 – A$4.07 Shares on issue 207.5 M A$3.00 Market capitalisation A$579 M Options and performance rights 2.3 M A$2.00 Average daily volume (AS
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 and 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 16: 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 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, phase 1 concrete works & heap leach pad drainage lay
Slide 18: Our stage gate approach to project execution
ETANGO DEVELOPMENT 8. Our stage gate approach to project execution Multiple development pathways for different market scenarios Assess timing benefits, cost stability vs. cash balance Contract commitment - secure price by issuing entire contract Stage gated phases control capital expenditure, mainta
Slide 19: Key contracts continuing to advance Etango
ETANGO DEVELOPMENT 8. Key contracts continuing to advance Etango 2024 2025 2026 2027 2028 CONSTRUCTION MGMT DETAILED DESIGN SITE ACCESS ROAD CONSTRUCTION WATER CONSTRUCTION POWER BULK EARTHWORKS HL DRAINAGE AGGREGATE CONCRETE PHASE 1 PERMANENT WATER PHASE 1 19
Slide 20: Financial discipline and expenditure controls
ETANGO DEVELOPMENT 8. Financial discipline and expenditure controls (A$ Million) 140 120 100 80 60 40 20 0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Cash and liquid assets Early works commitments Early works expenditure Corporate and admin (net of interest) *Cash, liquid assets and commitments reflect
Slide 21: Roadmap to production
PROXIMATE, LOW RISK, LONG TERM, EXPANDABLE, SOCIALLY RESPONSIBLE Roadmap to production Contracting Development Offtake Preliminary offtake discussions Initial offtake executed Production ❑ Further offtake contracts signed Expansion Ongoing contract portfolio optimisation Financing ❑ Strategic and/or
Slide 22: 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. 22
Slide 23: Excavation of heap leach ponds continues
ETANGO SITE PROGRESS Excavation of heap leach ponds continues Setting out of the heap leach pad area is complete, enabling excavation to commence. Blasting and crushing contract for the heap leach drainage material placed and contractor currently on-boarding and establishing on site. 23
Slide 24: First pour of concrete at the Primary Crusher complete
ETANGO SITE PROGRESS First pour of concrete at the Primary Crusher complete The Phase 1 concrete contract has been placed for the construction of the primary crusher structure. Inset: The team initial concrete pour was a total of 500m3 and occurred at an average flow rate of 40m3 per hour. 24
Slide 25: Blasting & crushing of heap leach drainage material
ETANGO SITE PROGRESS Blasting & crushing of heap leach drainage material Local Namibian contractor, Tulela Mining & Construction, have commenced the blasting and crushing of the heap leach drainage material. 25
Slide 26: Live power now on site
ETANGO SITE PROGRESS Live power now on site Construction power facilities has been completed and the 33kV reticulation has been commissioned. The first three mini sub-stations have been installed and commissioned. 26
Slide 27: Factory Acceptance Test of HPGR tertiary crusher successfully completed
ETANGO SITE PROGRESS Factory Acceptance Test of HPGR tertiary crusher successfully completed Blasting of the stockpile tunnel and terracing for the secondary and tertiary crushers has been completed. Inset: 3D model of secondary and tertiary screening building and the HPGR tertiary crusher. 27
Slide 28: 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 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: 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 32: 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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