Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (February 2026)
14 slides from Bannerman Energy's investor presentation, February 2026
Slide 1: Etango Strategic Financing with Leading Global Integrated Nuclear Utility, CNNC
Etango Strategic Financing with Leading Global Integrated Nuclear Utility, CNNC Delivering Bannerman as a production business for the long-term: Construction funded, strongly price leveraged, strategically partnered FEBRUARY 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 (11 Feb 2026) A$3.95 A$3.00 ASX share price (3-month VWAP) A$3.63 Shares on issue 207.7 M A$2.00 Market capitalisation A$820 M A$1.00 Cash (at 31 Dec 25) A$89 M A$0.00 SPUT holding (TSX:U
Slide 6: Strategic partnership to deliver Etango as the next greenfield uranium project
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:BMN) Corporation
Slide 7: Developing Etango with strong financial flexibility, lower risk and industry-leading price exposure
STRATEGIC RATIONALE Developing Etango with strong financial flexibility, lower risk and industry-leading price exposure 1 Premier option from global financing process; superior to other strategic and conventional finance alternatives 2 Delivers construction funding with majority ownership; enabling
Slide 8: 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 9: 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 10: 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 11: 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 12: Transformational financing delivers premier uranium exposure
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 ASX:BMN, OTCQX:BNNLF AND NSX:BMN
Slide 13: Contact details
CONTACT DETAILS Gavin Chamberlain Chief Executive Officer Matt Horgan Vice President, Corporate Development Emma Culver Investor Relations and Communications Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 13
Slide 14: 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
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