Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Global Uranium Conference 2025
23 slides from Bannerman Energy's conference presentation, Oct 21, 2025
Slide 1: Discipline and Flexibility Driving Long Term Value
Discipline and Flexibility Driving Long Term Value: Stage Gate Execution of the Etango Uranium Project GLOBAL URANIUM CONFERENCE, 21 OCTOBER 2025 ASX:BMN, OTCQX:BNNLF AND NSX:BMN
Slide 2: Cautionary Statement
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 greenfield uranium proponent
ABOUT BANNERMAN ENERGY The leading greenfield uranium proponent 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 from its locat
Slide 5: Licence to operate in Namibia, a stable, highly established uranium jurisdiction
ABOUT BANNERMAN ENERGY 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 Y
Slide 6: Large-scale, long-life, technically simple
ABOUT ETANGO Large-scale, long-life, technically simple Site layout from Crushing & Screening to Heap Leaching. 6
Slide 7: Etango-8 a strong technical and commercially viable project
ABOUT ETANGO Etango-8 a strong technical 15 years 113.5 Mt Initial mine life Total ore throughput and commercially viable project 8 Mtpa 240 ppm • Conventional open pit mining and heap leach Throughput capacity Average U3O8 head grade processing at 8Mtpa throughput • Informed by vast body of previou
Slide 8: Proven management team with deep in-country and uranium operating experience
ABOUT ETANGO 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 Regional Direct
Slide 9: The Etango Processing Flow Sheet, de-risked through 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. 9
Slide 10: Etango Uranium Project designed for expansion and longevity
ABOUT ETANGO Etango Uranium Project designed NORTH PIT for expansion and longevity PRIMARY CRUSHING Etango-XP design CRUSHING & SOUTH PIT shown in red SCREENING AGGLOMMERATION HEAP LEACHING SATELLITE PIT PROCESSING PLANT RIPIOS DUMP 10
Slide 11: Expanding Contractor Workforce
ABOUT ETANGO Expanding Contractor Workforce NAMIBIA 14 Swakopmund Etango Uranium 297* Project Johannesburg SOUTH 62* AFRICA 1 Cape Town * Contractors
Slide 12: Etango LTI-free for 16 years
ABOUT ETANGO Etango LTI-free for 16 years Bannerman Mining Resources Namibia celebrating onsite at Etango the achievement of 16 years LTI-free. 12
Slide 13: 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 14: Key contracts continuing to advance Etango
WHAT’S NEXT 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 14
Slide 15: Our stage gate approach to project execution
THE STRATEGY 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, maintain criti
Slide 16: Financial discipline and expenditure controls
THE STRATEGY 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 balances
Slide 17: Excavation of heap leach ponds has commenced
ETANGO SITE PROGRESS Excavation of heap leach ponds has commenced 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. Inset: 3D m
Slide 18: 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. 18
Slide 19: Primary crusher site ready for Phase 1 concrete works to begin
ETANGO SITE PROGRESS Primary crusher site ready for Phase 1 concrete works to begin The Phase 1 concrete contract has been placed for the construction of the primary crusher structure. Inset: 3D model of primary crushing building and retaining wall. 19
Slide 20: HPGR tertiary crusher Factory Acceptance Test successfully completed
ETANGO SITE PROGRESS Factory Acceptance Test of High Pressure Grinding Rolls (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
Slide 21: Contact Details
CONTACT DETAILS Brandon Munro Executive Chairman Emma Culver Investor Relations and Communications Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 21
Slide 22: 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 23: 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