Bannerman Energy Ltd · ASX:BMN
Bannerman Energy — Investor Presentation (May 2025)
28 slides from Bannerman Energy's investor presentation, May 29, 2025
Slide 1: ASX Announcement: Investor Presentation
ASX ANNOUNCEMENT 29 May 2025 Investor Presentation Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) (Bannerman or the Company) is pleased to release a copy of an investor presentation to accompany meetings that coincide with the World Nuclear Fuel Market Annual Meeting being held from 2 to 4 Jun
Slide 2: Investor Presentation June 2025
For personal use only Investor Presentation June 2025 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 Statements Competent Person Statement 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 Miner
Slide 5: About Bannerman Energy
ABOUT BANNERMAN ENERGY The leading next- generation uranium supplier of choice For personal use only 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 U3O
Slide 6: Corporate snapshot
ABOUT BANNERMAN ENERGY Corporate snapshot CAPITAL STRUCTURE SHARE PRICE (ASX: BMN) For personal use only A$5.00 ASX share price (27 May 2025) A$2.92 12 month share price range A$1.75 – A$4.62 A$4.00 Shares on issue 178.8 M A$3.00 Market capitalisation A$522 M A$2.00 Options and performance rights 4.
Slide 7: The leading greenfield uranium proponent
INVESTMENT HIGHLIGHTS The leading greenfield uranium proponent For personal use only 1 Social licence to operate in Namibia 2 Fully permitted 3 Proven team with deep uranium experience 4 Strong technical and commercial viability 5 Further in-ground leverage 6 Heavily de-risked & readily positioned 7
Slide 8: Licence to operate in Namibia
INVESTMENT HIGHLIGHTS 1. 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 globa
Slide 9: Fully permitted with all environmental approvals and Mining Licence
INVESTMENT HIGHLIGHTS 2. 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
Slide 10: Experienced Board of Directors
INVESTMENT HIGHLIGHTS 3. Experienced Board of Directors with extensive uranium operating & development experience For personal use only Brandon Munro | Executive Chairman Felicity Gooding | Non-Executive Director • 25+ years’ transactional and capital markets experience as a corporate lawyer and • 2
Slide 11: Proven management team
INVESTMENT HIGHLIGHTS 3. Proven management team with deep in-country and uranium operating experience For personal use only Gavin Chamberlain | Chief Executive Officer Melvin Yeo | Chief Legal Counsel • 30+ years in project development/construction & contracting • 25+ years’ experience in various le
Slide 12: Strong technical and commercial viability demonstrated via Etango-8 DFS
INVESTMENT HIGHLIGHTS 4. 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 8Mtpa
Slide 13: Outstanding Etango-8 upside price leverage
INVESTMENT HIGHLIGHTS 4. 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 (post-tax) Post-tax NPV (8%) 4,500 43% 800 57% 141% 614 76% 3,000 2,537 US$mm US
Slide 14: Further in-ground leverage via growth options
INVESTMENT HIGHLIGHTS 5. Further in-ground leverage realisable via For personal use only subsequent growth options ETANGO-XP ETANGO-XT (EXPANDED SCALE) (EXTENDED LIFE) Average 6.7 Mlbs U3O8 Average 3.5 Mlbs U3O8 Etango can deliver substantially higher value output pa (post exp.) output pa scalabilit
Slide 15: Further upside price leverage from Etango-XP / XT
INVESTMENT HIGHLIGHTS 5. 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 Net cashflow (post-tax) Post-tax NPV (8%) Post-tax IRR 6,000 1,200 66% 45% 30% 51% 211
Slide 16: Heavily de-risked and readily positioned
INVESTMENT HIGHLIGHTS 6. Heavily de-risked & readily positioned to capitalise on the For personal use only unfolding uranium market recovery Strong balance sheet with robust cash balance Staged greenlight approach to project development ensures maximum flexibility Strongly derisked, technically and
Slide 17: Long track record of responsibility and sustainability
INVESTMENT HIGHLIGHTS 7. Long track record of responsibility and sustainability For personal use only Achieved 15 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 18: Phased greenlight approach to Etango development
ETANGO DEVELOPMENT 8. Phased greenlight approach to Etango development For personal use only Etango early works construction activities tracking in line with budget and schedule Detailed design works progressing Current contracts in progress at Etango: Bulk earthworks, internal access roads and cons
Slide 19: Roadmap to production
PROXIMATE, LOW RISK, LONG TERM, EXPANDABLE, SOCIALLY RESPONSIBLE Roadmap to production Financing phase ❑ Initial offtake Development phase agreements For personal use only Contracting ❑ Build / optimise Etango Development Expansion phase contract portfolio ❑ Strategic / project Financing financing ❑
Slide 20: Primary crusher site fully excavated
ETANGO SITE PROGRESS Primary crusher site fully excavated For personal use only The primary crusher has been fully excavated, while work advances on the permanent road and conveyor belt line to the secondary and tertiary crushing areas. 19
Slide 21: Construction power connected to the grid
ETANGO SITE PROGRESS Construction power connected to the grid For personal use only The electrical infrastructure has been connected to the highly reliable local grid and will support both construction and operational activities on-site. 20
Slide 22: Final blasting of the stockpile tunnel completed
ETANGO SITE PROGRESS Final blasting of the stockpile tunnel completed For personal use only Final blasting of the stockpile tunnel at Etango was completed in February, with loading out of blasted material in progress. 21
Slide 23: Preparation of the heap leach pad area
ETANGO SITE PROGRESS Preparation of the heap leach pad area For personal use only Setting out of the heap leach pad area is complete, enabling clearing and earthworks to commence. 22
Slide 24: Contact Details
CONTACT DETAILS Brandon Munro For personal use only Executive Chairman Gavin Chamberlain Chief Executive Officer Emma Culver Investor Relations and Communications Manager Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro 23
Slide 25: Mineral Resource Estimate and Ore Reserve
APPENDIX One of the world’s largest, Mineral Resource Estimate (55ppm U3O8 cut-off)1,3 Tonnes Grade Contained For personal use only Resource category most advanced uranium Measured (Mt) 32.4 (ppm U3O8) 201 U3O8 (Mlb) 14.3 development assets Indicated 345.7 195 148.5 Inferred 140.6 200 62.0 Total 518
Slide 26: 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 27: The uranium market resurgence is unfolding now
URANIUM MACRO FUNDAMENTALS The uranium market resurgence is unfolding now For personal use only Increased global support for nuclear power 440 nuclear reactors in operation across 31 countries (combined capacity close to 400 GWe) Nuclear provides ~10% of the world's electricity 10 countries are cons
Slide 28: An entrenched supply/demand imbalance
URANIUM MACRO FUNDAMENTALS An entrenched supply/demand imbalance 520 For personal use only Upper Scenario for Uranium Supply and Demand (Mlbs U3O8) 455 Persistent cumulative supply The uranium market in a state of structural 390 gap of approx. primary undersupply 150 million lbs U3O8 325 Growing dem