Bannerman Energy Ltd
ASX:BMN
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Bannerman Energy Ltd
Bannerman Energy Ltd. engages in exploration and operation of uranium mining projects. The company is headquartered in Subiaco, Western Australia. The company went IPO on 2005-04-28. The firm is focused on Etango Uranium Project located in the Erongo Region of Namibia, 30 kilometers (Km) south-east of Swakopmund. The firm holds uranium interests in Namibia. The company possesses a uranium mineral resource endowment of approximately 207 Mlbs of contained U3O8. Etango is an undeveloped uranium deposit. The firm is focused on the development of an open pit uranium operation at Etango. The Etango tenements possess a uranium mineral resource. The company has completed definitive feasibility study (DFS) and environmental permitting on the Etango Project. The firm constructed and operated a Heap Leach Demonstration Plant at Etango, which de-risked the acid heap leach process to be utilized on the Etango ore. Etango has de-risked through drilling, technical evaluation and operation of a process demonstration plant facility.
Bannerman Energy Ltd. engages in exploration and operation of uranium mining projects. The company is headquartered in Subiaco, Western Australia. The company went IPO on 2005-04-28. The firm is focused on Etango Uranium Project located in the Erongo Region of Namibia, 30 kilometers (Km) south-east of Swakopmund. The firm holds uranium interests in Namibia. The company possesses a uranium mineral resource endowment of approximately 207 Mlbs of contained U3O8. Etango is an undeveloped uranium deposit. The firm is focused on the development of an open pit uranium operation at Etango. The Etango tenements possess a uranium mineral resource. The company has completed definitive feasibility study (DFS) and environmental permitting on the Etango Project. The firm constructed and operated a Heap Leach Demonstration Plant at Etango, which de-risked the acid heap leach process to be utilized on the Etango ore. Etango has de-risked through drilling, technical evaluation and operation of a process demonstration plant facility.
Strong Cash Position: Bannerman ended the quarter with AUD 89 million in cash and AUD 12.7 million in liquid assets, maintaining a debt-free balance sheet.
Project Progress: Construction at the Etango Project in Namibia remains on track, with all key activities progressing within budget and schedule.
Safety Milestone: The site achieved 16 years without a lost time injury, even as on-site personnel nearly quadrupled in the quarter.
FID Timeline: The company expects to finalize its Final Investment Decision (FID) within 6 to 12 months, aiming to start uranium production by 2029.
Uranium Market: Management highlighted continued strength in uranium prices, now at $87, and is taking a disciplined approach to new contracts.
Contracting Strategy: Bannerman is not rushing into new utility contracts and aims to secure pricing that benefits from current market strength.
Namibian Legislation: Recent changes in local mining ministry leadership have eased concerns over possible new free-carry requirements, with Bannerman confident Etango is unaffected.
