Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Macquarie Australia Conference 2026
22 slides from Bannerman Energy's conference presentation, May 6, 2026
Slide 1: Macquarie Australia Conference 2026 Presentation
ASX ANNOUNCEMENT 6 May 2026 Macquarie Australia Conference 2026 Presentation Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) (Bannerman or the Company) is pleased to release a copy of the presentation to be provided by Executive Chairman, Mr Brandon Munro to delegates at the Macquarie Australia
Slide 2: Etango: The World's Next Uranium Mine
For personal use only Etango: The World’s Next Uranium Mine Delivering Bannerman as a production business for the long-term: Construction funded, strongly price leveraged, strategically partnered MACQUARIE AUSTRALIA CONFERENCE, MAY 2026 ASX:BMN, OTCQX:BNNLF AND NSX:BMN
Slide 3: 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 4: 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 5: About Bannerman Energy
ABOUT BANNERMAN ENERGY Building Etango: the world’s next uranium mine For personal use only Funding and offtake solution: Transformational partnership with CNNC Globally significant resource endowment with scale and scalability Low technical risk with strong technical and commercial viability Strong
Slide 6: Corporate snapshot
ABOUT BANNERMAN ENERGY Corporate snapshot SHARE PRICE (ASX: BMN) $6.00 CAPITAL STRUCTURE $5.00 For personal use only ASX share price (4 May 2026) A$4.08 $4.00 Shares on issue 207.7 M $3.00 Market capitalisation A$847 M $2.00 Options and performance rights 2.7 M $1.00 Average daily volume (ASX 3-mont
Slide 7: Transformational financing delivers premier uranium exposure
FUNDING & OFFTAKE SOLUTUON Transformational financing delivers premier uranium exposure For personal use only 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
Slide 8: Overview of CNNC Group
OVERVIEW OF CNNC GROUP A Tier-1 global nuclear partner For personal use only A leading global integrated nuclear business group Rössing (68.6%) 27 commercial nuclear reactors in operation Etango 18 reactors under construction/approved Husab Langer Heinrich One of the world’s largest consumers of ura
Slide 9: Strategic partnership delivering debt-free Etango funding
TRANSACTION OVERVIEW Strategic partnership delivering debt-free Etango funding For personal use only Bannerman Energy Ltd China National Nuclear Binding transformational JV investment (ASX:BMN) Corporation (CNNC) – Subscription: US$294.5M cash into JVCo 100% 69.9% China National Uranium – Reimbursem
Slide 10: Optimised funding approach
OPTIMISED FUNDING APPROACH Delivers requisite construction funding for Etango Etango funding position For personal use only 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 co
Slide 11: Why China
WHY CHINA China dominates world reactor growth For personal use only RU IN Rest of China CNNC Rest of China World Source: Reactors under construction as per World Nuclear Association, Current & Future Generation 10
Slide 12: Etango Uranium Mine: two stage development
ETANGO URANIUM MINE Two stage development – Strong uranium price leverage with low execution risk For personal use only Vast body of previous technical work across resource drilling, geotechnical, metallurgical and ETANGO-8 environmental studies 3.5 Mlbs U3O8 output pa Total Resource: 113.5Mt Conven
Slide 13: Investment Highlights: Etango-8
INVESTMENT HIGHLIGHTS Etango-8 – Stage One: 15 years 113.5 Mt Initial mine life Total ore throughput Early works underway, For personal use only operating by 2028 8 Mtpa 240 ppm Throughput capacity Average U3O8 head grade 87.8% 3.5 Mlb Processing yield Average U3O8 output p.a. US$35.8/lb US$353M Cas
Slide 14: Outstanding base and expansion price leverage
INVESTMENT HIGHLIGHTS Outstanding base and expansion price leverage Both Etango-8 and Etango-XP deliver outstanding forecast returns (100% basis) For personal use only US$M Net cashflow (pre-tax, 15-year LOM) US$M Post-tax NPV (8%) 6,000 1,600 5,461 Etango-XP 1,263 4,500 1,200 Etango-XP 4,079 Etango
Slide 15: Licence to operate in Namibia
ABOUT BANNERMAN ENERGY Licence to operate in Namibia, a stable, highly established uranium For personal use only 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
Slide 16: Proven management team
INVESTMENT HIGHLIGHTS Proven management team with deep in-country and uranium operating experience For personal use only Gavin Chamberlain | Chief Executive Officer Werner Ewald | Director - Namibia • 30+ years in project development/construction & contracting • 30+ years' experience in the uranium,
Slide 17: Timeline and Next Steps
TIMELINE AND NEXT STEPS Etango FID targeted shortly after transaction completion For personal use only 2026 H1: Early works program to continue 2026 H1: Progressive satisfaction of key CPs Mid-2026: Transaction completion (targeted) 2026 H2: Etango Final Investment Decision 2026 H2: Full-scale Etang
Slide 18: Outstanding investment asymmetry
ETANGO URANIUM MINE Outstanding investment asymmetry ahead of buoyant uranium price signals For personal use only Scale: Etango ore body +200Mlbs Construction funded: JV funding with strong industry partner Scalable: Phased development with initial production readily scalable Offtake enabled: Favour
Slide 19: Contact Details
CONTACT DETAILS Brandon Munro For personal use only Executive Chairman Emma Culver Investor Relations Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 18
Slide 20: Mineral Resource Estimate
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 21: 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) For personal use only Physicals
Slide 22: Transaction Detail
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
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