Chamwe Kaira
Bannerman Energy Ltd ended the quarter to 31 December 2025 with a cash balance of A$89.3 million and liquid assets of about A$12.7 million.
The company has no debt apart from normal creditor balances. Early works spending reached about A$48.5 million, while committed early works contracts total around A$42.1 million.
Bannerman said its balance sheet supports a disciplined, stage-gated approach to spending and contract awards.
The company continues to assess funding options for Etango, including project and corporate debt, as well as possible offtake and joint venture arrangements. Azure Capital and Vermilion Partners are advising on the funding mix.
Offtake marketing continued during the quarter, with engagement across nuclear utilities, traders and financial institutions.
This follows two initial offtake agreements signed with Tier 1 utilities in September 2025. Bannerman anticipates adding more offtake commitments as market conditions evolve.
Bannerman executive chairman Brandon Munro said the quarter reflected steady execution, with construction and delivery of long-lead equipment progressing as planned.
He said uranium market fundamentals strengthened during the period, with the long-term uranium price rising to US$87 per pound by quarter-end, supporting confidence in the Etango outlook.
The company reported solid progress at the Etango Uranium Project in Namibia, with early works construction, engineering and procurement advancing in line with budget and schedule.
Bannerman said the project remains on track toward a positive final investment decision within the next six to 12 months, subject to market conditions.
Construction activity increased during the quarter, with the on-site workforce growing to more than 370 people.
Bulk earthworks reached about 51% completion, while construction of the heap leach pads remained the main focus. Blasting, crushing and screening of heap leach drainage aggregate progressed on schedule and met specifications.
Concrete works for Phase 1 and Phase 2A began, with foundations for the primary crusher and stockpile tunnel already completed. The high-pressure grinding rolls tertiary crusher was manufactured, transported and delivered to site.
Engineering and procurement also moved forward. Bannerman completed the detailed model review for the dry plant, with the civil and mechanical design about 92% complete. Wet plant design focused on validation test work, with detailed engineering at roughly 23% completion.
Long-term infrastructure development continued, including Phase 1 of the permanent water supply pipeline, which is about 16% complete.
The work is being done by Namibian contractor AN Construction cc, with current focus on the base pump station and the pipe bridge crossing the Swakop River.
The permanent water supply agreement has been reviewed by Bannerman and submitted to NamWater for finalisation.
On power supply, a definitive agreement has been concluded with NamPower. Design of a dedicated feeder bay at the Kuiseb substation has started, with an engineering, procurement and construction management consultant expected to be appointed in the first quarter of 2026.
Design work is also progressing on the acid storage and handling facility at the Port of Walvis Bay, with geotechnical investigations having started in October 2025.
