Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Shareholder Meeting (November 2025)
19 slides from Bannerman Energy's shareholder meeting presentation, Nov 13, 2025
Slide 1: 2025 Year in Retrospect: Advancing the Etango Uranium Project with Discipline and Flexibility
2025 Year in Retrospect: Advancing the Etango Uranium Project with Discipline and Flexibility BANNERMAN ENERGY AGM, 13 NOVEMBER 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: Highlights for the year
2025 YEAR IN REVIEW Highlights for the year Sustained foundation of outstanding safety; Etango LTI- free for more than 16 years 100% Namibian contractor usage to date; local sourcing delivering to world-class construction standards Initial offtake agreements signed; demonstrating industry acceptance
Slide 5: Etango LTI-free for 16 years
2025 HIGHLIGHTS Etango LTI-free for 16 years Bannerman Mining Resources Namibia celebrating onsite at Etango the achievement of 16 years LTI-free. 5
Slide 6: Expanding Contractor Workforce
2025 HIGHLIGHTS Expanding Contractor Workforce NAMIBIA Start of 2025: 11 End of 2025: 14 Swakopmund Etango Uranium Start of 2025: 120* Project Start of 2026: ≈400* Johannesburg SOUTH 62* AFRICA 1 Cape Town * Contractors 6
Slide 7: 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 8: Key contracts at Etango in 2025
ETANGO PROGRESS Key contracts at Etango in 2025 2024 2025 2026 2027 2028 CONSTRUCTION MGMT DETAILED DESIGN SITE ACCESS ROAD CONSTRUCTION WATER CONSTRUCTION POWER BULK EARTHWORKS 8
Slide 9: Detailed Design – Secondary & Tertiary Crushing
ETANGO SITE PROGRESS Detailed Design – Secondary & Tertiary Crushing October 2024 October 2025 9
Slide 10: Site Access Road
ETANGO SITE PROGRESS Site Access Road June 2024 September 2025 10
Slide 11: Construction Water
ETANGO SITE PROGRESS Construction Water June 2024 September 2024 11
Slide 12: Construction Power
ETANGO SITE PROGRESS Construction Power November 2024 September 2025 12
Slide 13: Bulk Earthworks – Primary Crusher Area
ETANGO SITE PROGRESS Bulk Earthworks – Primary Crusher Area November 2024 February 2025 October 2025 13
Slide 14: Bulk Earthworks – Heap Leach Pad
ETANGO SITE PROGRESS Bulk Earthworks – Heap Leach Pad March 2025 July 2025 October 2025 14
Slide 15: Key contracts continuing to advance Etango into 2026
ETANGO PROGRESS Key contracts continuing to advance Etango into 2026 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 15
Slide 16: Our stage gate approach to project execution
THE STRATEGY – BE PREPARED, BE PATIENT 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 ex
Slide 17: 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 18: 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 19: Contact Details
CONTACT DETAILS Gavin Chamberlain Chief Executive Officer Emma Culver Investor Relations and Communications Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 19
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