Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (September 2026)
61 slides from Bannerman Energy's investor presentation, Sep 9, 2026
Slide 1: Equity raising presentation
For personal use only Not for release to US wire services or distribution in the United States Equity raising presentation September 2026 ASX:BMN, OTCQX:BNNLF AND NSX:BMN
Slide 2: Important notices and disclaimer
FORWARD LOOKING STATEMENTS AND DISCLAIMER Important notices and disclaimer The following notices and disclaimers apply to this document. You are advised to read them carefully before making any The Mineral Resources underpinning the Ore Reserve in the Etango-8 DFS have been extracted from the ASX re
Slide 3: Important notices and disclaimer
FORWARD LOOKING STATEMENTS AND DISCLAIMER Important notices and disclaimer FORWARD-LOOKING STATEMENTS related bodies corporate, directors, officers, partners, employees and agents expressly exclude and disclaim any and all This document contains forward-looking statements regarding project developme
Slide 4: Presentation overview
PRESENTATION OVERVIEW Table of contents Section 1 Executive summary For personal use only Section 2 Equity raising overview Appendix A Etango Project overview Appendix B CNOL transaction Appendix C Key risks Appendix D Offer jurisdictions Appendix E Other Appendix F Placement Agreement 4
Slide 5: Executive Summary
For personal use only 1 Summary Executive 5
Slide 6: Bannerman announces fully funded solution for Etango
EXECUTIVE SUMMARY Bannerman announces fully funded solution for Etango Etango project update Strategic CNOL transaction Equity raising overview For personal use only • Etango early works construction activities • Bannerman has agreed binding investment • ~A$124m underwritten institutional placement
Slide 7: Etango project is fully funded at completion
EXECUTIVE SUMMARY Etango project is fully funded at completion1 Etango funding position (US$m, unaudited, pro forma at completion1) For personal use only 10 60 115 295 468 Quantum funded 353 via equity raising, existing cash & reimbursements 47 57 Etango pre- Etango working capital Total Etango Etan
Slide 8: Sources and uses
EXECUTIVE SUMMARY Sources and uses Bannerman’s share of residual Etango working capital funding requirement Sources1,2,3,4 US$m A$m For personal use only • Bannerman’s 55% share of the residual working capital funding requirement Cash balance (unaudited as at 31 August 2026) 30 42 at completion, aft
Slide 9: Strategic partnership to deliver Etango as next greenfield uranium project
EXECUTIVE SUMMARY Strategic partnership to deliver Etango as the next greenfield uranium project globally to enter production For personal use only • Transformational JV investment with CNNC subsidiary, CNOL, to fund Etango construction Bannerman Energy Ltd China National Nuclear (ASX:BMN) Corporati
Slide 10: Roadmap to production
EXECUTIVE SUMMARY Roadmap to production Contracting Offtake Preliminary offtake discussions Initial offtake executed Development For personal use only Production Expansion Ongoing offtake contract portfolio optimisation CNOL transaction ✓ Binding documentation ✓ CPs satisfied or waived Transaction c
Slide 11: Early site works update
EXECUTIVE SUMMARY Early site works update For personal use only ✓ Phase 2A of the concrete contract for construction of the fine ✓ Primary crusher concrete works continue to advance; building ✓ Bulk earthworks progressing well (~92% complete), major ore silo is being delivered by K. Neumayer Civil C
Slide 12: Investment highlights
EXECUTIVE SUMMARY Investment highlights For personal use only Clear pathway to becoming the next large-scale, greenfield uranium producer at Etango Etango fully funded through to production without requiring debt financing delivering significant operational flexibility1 Execution plan in place and m
Slide 13: Equity raising overview
For personal use only 2 Equity raising overview 13
Slide 14: Equity raising overview
EQUITY RAISING OVERVIEW Equity raising overview For personal use only • Underwritten Institutional Placement to raise approximately A$124 million (Placement or Offer) Offer ‒ Approximately 31 million New Shares to be issued under the Placement, representing ~14.9% of issued share capital, utilising
Slide 15: Timetable and pro-forma position
EQUITY RAISING OVERVIEW Timetable and pro-forma position Event Date (2026)1 Pro-forma capital structure2,3 Shares (m) % For personal use only Record Date for eligibility to participate in SPP Tuesday, 8 September 2026 Shares on issue 207.8 87.0 Trading halt Wednesday, 9 September 2026 New shares 31.
Slide 16: A Etango Project Overview
For personal use only A Etango Project Overview 16
Slide 17: Licence to operate in Namibia, a stable uranium jurisdiction
ETANGO PROJECT OVERVIEW Licence to operate in Namibia, a stable, highly established uranium For personal use only jurisdiction Recognised tier-one supplier to global utilities Rössing 45-years of uranium production and export Husab Etango Langer Heinrich Three large-scale uranium mines; Top 3 global
Slide 18: Fully permitted with all environmental approvals and Mining Licence
ETANGO PROJECT OVERVIEW Fully permitted with all environmental approvals and Mining Licence in place to For personal use only 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 E
Slide 19: Strong technical and commercial viability demonstrated via Etango-8 DFS
ETANGO PROJECT OVERVIEW Strong technical and 15 years 113.5 Mt Initial mine life Total ore throughput commercial viability For personal use only demonstrated via Etango-8 DFS 8 Mtpa 240 ppm Throughput capacity Average U3O8 head grade • Conventional open pit mining and heap leach processing at 8 Mtpa
Slide 20: Outstanding Etango-8 upside price leverage
ETANGO PROJECT OVERVIEW Outstanding Etango-8 upside price leverage Incorporating completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes1 For personal use only Net cashflow (pre-tax) Post-tax NPV (8%)1 6,000 1,600 23% 27% 30% 36% 4,500 43% 4,065 1,200 57
Slide 21: Experienced Board of Directors
ETANGO PROJECT OVERVIEW Experienced Board of Directors with extensive uranium operating & development experience Felicity Gooding | Non-Executive Director For personal use only Brandon Munro | Executive Chairman • 20 years’ experience in senior finance and management roles within multinational and A
Slide 22: Proven management team
ETANGO PROJECT OVERVIEW Proven management team with deep in-country and uranium operating experience For personal use only Gavin Chamberlain | Managing Director and CEO Danie van Aswegan | Interim Chief Executive Officer - Namibia • 30+ years in project development/construction & contracting • 25 ye
Slide 23: Long track record of responsibility and sustainability
ETANGO PROJECT OVERVIEW Long track record of responsibility and sustainability For personal use only 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
Slide 24: Further in-ground leverage via subsequent growth options
ETANGO PROJECT OVERVIEW Further in-ground leverage realisable via For personal use only subsequent growth options ETANGO-XP ETANGO-XT (EXPANDED SCALE) (EXTENDED LIFE) Etango can deliver substantially higher value scalability Average 6.7 Mlbs U3O8 Average 3.5 Mlbs U3O8 post ramp-up with higher uraniu
Slide 25: Further upside price leverage from Etango-XP / XT
ETANGO PROJECT OVERVIEW Further upside price leverage from Etango-XP / XT Incorporating completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes1 For personal use only US$M Net cashflow (pre-tax) US$M Post-tax NPV (8%) IRR % Post-tax IRR 28% 10,000 25% 2,
Slide 26: B CNOL transaction
For personal use only B CNOL transaction 26
Slide 27: Key CNOL transaction details
CNOL TRANSACTION Key CNOL transaction details Transaction overview Bannerman has agreed a 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 by CNOL of US$294.5 milli
Slide 28: A Tier-1 global nuclear partner
CNOL TRANSACTION A Tier-1 global nuclear partner A leading global integrated nuclear business group and deeply respected within For personal use only the worldwide nuclear fuel chain Operates 27 commercial nuclear reactors, and advancing a significant growth program with 18 units under construction
Slide 29: Developing Etango with strong financial flexibility and lower risk
CNOL TRANSACTION Developing Etango with strong financial flexibility, lower risk and industry-leading price exposure For personal use only Premier option from global financing process; 1 superior to other strategic and conventional finance alternatives Delivers construction funding with majority own
Slide 30: Targeting Etango FID in Q4 2026
CNOL TRANSACTION Targeting Etango FID in Q4 2026 For personal use only Early works program to continue through H2 2026 Satisfaction (or waiver) of all CPs now achieved Transaction completion expected in September 2026 Etango FID targeted for Q4 2026 Full-scale Etango construction targeted to start d
Slide 31: C Key risks
For personal use only C Key risks 31
Slide 32: Key risks: material business risks
Key risks MATERIAL BUSINESS RISKS This section describes the key business risks of investing in Bannerman, together with risks relating to participation in the Offer which may affect the value of Bannerman shares. It does not describe all the risks of an investment. Investors should consult their ow
Slide 33: Key risks: market access, trade and geopolitical
Key risks Market Access, Trade Restrictions and Geopolitical risks Trade policy, sanctions, and transportation logistics influence uranium markets. As at the date of this document, tariffs have not had a material impact on the Company's business, but increased tariffs or trade restrictions implement
Slide 34: Key risks: funding and offtake agreement
Key risks The Company has sought to raise additional funds to provide additional headroom to support Etango construction activities and prudent future contingencies, with balance sheet flexibility to support further expansion and growth initiatives. There is a risk that any funds spent on further ex
Slide 35: Key risks: permitting and climate change
Key risks Permitting and Regulatory Approvals The Etango Project requires multiple environmental, mining, water, and nuclear regulatory approvals over its life. Delays in obtaining, renewing, or complying with these approvals could affect project schedules, financing availability, and operating capa
Slide 36: Key risks: data protection and cyber security
Key risks Data Protection and Cyber Security Bannerman’s computer systems are subject to the risks of unauthorised access, computer hackers, computer viruses, malicious code, organised cyber-attacks and other security problems and system disruptions, including possible unauthorised access to proprie
Slide 37: Key risks: privacy laws and joint ventures
Key risks Privacy Laws The regulatory environment surrounding privacy laws is evolving, placing increased obligations on businesses to protect personal data. Failure to comply with these regulations could result in financial penalties, legal consequences, and reputational damage. For personal use on
Slide 38: Key risks: fundamental matters requiring CNOL approval
Key risks Certain fundamental matters require the approval of CNOL Under the Shareholders’ Agreement, there are a number of fundamental matters (the Fundamental Matters) which must be unanimously approved by the directors (of which two will be CNOL nominees where CNOL holds a 45% interest), in effec
Slide 39: Key risks: litigation
Key risks Litigation risks Legal proceedings may be brought against Bannerman in the future (including by major or other shareholders), for example, litigation based on allegations of misleading disclosure, its business activities, breach of contract, environmental laws, tax matters, volatility in i
Slide 40: Key risks: mining and development
Key risks Mining and development risks Profitability depends on successful exploration and/or acquisition of reserves, design and construction of efficient processing facilities, competent operation and management and proficient financial management. Mining and development operations can be hampered
Slide 41: Key risks: ramp-up and health and safety
Key risks It is not unusual in the mining industry for new or expanded operations to experience unexpected problems during start-up or ramp-up, resulting in delays, higher capital expenditures than anticipated and reductions in planned production. Production may be insufficient to recover exploratio
Slide 42: Key risks: major nuclear incident
Key risks Major nuclear incident risk Due to their inherent materiality, major accidents in the nuclear industry, and most notably at nuclear power plants, such as the Chernobyl nuclear power plant accident of 1986 in the Soviet Union and the accident in 2011 at the Fukushima-Daiichi nuclear power p
Slide 43: Key risks: concentration and dilution
Key risks Concentration risk Bannerman's business is materially dependent on the successful development and operation of the Etango Project, which is its sole material asset. Any event which adversely affects the Etango Project – including construction delays, cost overruns, regulatory changes, or a
Slide 44: D International offer jurisdictions
For personal use only D International offer jurisdictions 44
Slide 45: International offer jurisdictions
International offer jurisdictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in an
Slide 46: International offer jurisdictions
International offer jurisdictions Canada (British Columbia, Ontario and Quebec provinces) This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinc
Slide 47: International offer jurisdictions
International offer jurisdictions European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the Eu
Slide 48: International offer jurisdictions
International offer jurisdictions New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sold in New Zealand (or allotted with a view to be
Slide 49: International offer jurisdictions
International offer jurisdictions Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material rel
Slide 50: International offer jurisdictions
International offer jurisdictions United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) has been publ
Slide 51: E Other
For personal use only E Other 51
Slide 52: An entrenched supply/demand imbalance
APPENDIX An entrenched supply/demand imbalance A structural supply gap and strengthening 520 For personal use only demand underpin continued market tightness Upper Scenario for Uranium Supply and Demand (Mlbs U3O8) 455 Persistent cumulative supply The uranium market in a state of structural 390 gap
Slide 53: Corporate snapshot
APPENDIX Corporate snapshot SHARE PRICE (ASX: BMN) A$6.00 CAPITAL STRUCTURE (prior to raise) A$5.00 For personal use only ASX share price (8 Sep 2026) A$4.23 A$4.00 Shares on issue (prior to raise) 207.8 M A$3.00 Market capitalisation A$879 M A$2.00 Options and performance rights 2.4 M Average daily
Slide 54: 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 For personal use only (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
Slide 55: 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) processes1 Key Metrics Unit Etango-8 Etango-XP (second phase to 16 Mtpa) Etango-XT (extended life at 8 Mtpa) For personal use only Physical
Slide 56: The Etango Processing Flow Sheet
APPENDIX The Etango Processing Flow Sheet, de-risked through operation of the For personal use only Heap Leach Demonstration Plant The Etango Heap Leach Demonstration Plant has been operational since 2018. 56
Slide 57: The uranium market resurgence is unfolding now
APPENDIX The uranium market resurgence is unfolding now 344 For personal use only 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 Constructi
Slide 58: F Placement Agreement
For personal use only F Placement Agreement 58
Slide 59: Placement Agreement Summary
Placement Agreement Summary The Company has entered into a placement agreement with Macquarie Capital (Australia) Limited (ABN 79 123 199 548) (Macquarie) and Canaccord Genuity (Australia) Limited (ABN 19 075 071 466) (Canaccord) (together, the JLMs) in respect of the management and underwriting of
Slide 60: Placement Agreement Summary (cont'd)
Placement Agreement Summary (cont’d) u) (*) a compliance certificate provided by the Company under the Placement Agreement when given is untrue, incorrect, misleading or deceptive; v) (*) a new law, regulation or government policy is introduced (or announced) in Australia which affects the Placement
Slide 61: Contact details
CONTACT DETAILS Brandon Munro Executive Chairman For personal use only Emma Culver Investor Relations and Communications Manager Phone: +61 8 9831 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 61
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