Chamwe Kaira
Bannerman Energy Ltd reported a reduced net loss before tax of US$853 000 for the half-year ended 31 December 2025, compared to a net loss before tax of US$2.7 million recorded in the same period in 2024.
The company said the loss was mainly driven by corporate and administrative expenses, non-cash share-based compensation costs and a share of losses from an equity-accounted investment.
The share of losses from the equity-accounted investment amounted to US$248 449, compared to US$99 532 in the previous comparable period.
Interest income for the six months increased to US$2.42 million from US$2.26 million in the same period last year.
Bannerman’s cash and cash equivalents rose to US$89.3 million as at 31 December 2025, up from US$46.2 million at 30 June 2025.
Bannerman is listed on the Australian and Namibian stock exchanges and trades on the OTCQX Market in the United States.
The company’s main asset is the Etango Uranium Project in the Erongo region.
The Etango Project is one of the largest undeveloped uranium deposits in the world. It is located in Namibia’s uranium mining area near operations such as Rössing Uranium Mine, Husab Mine and Langer Heinrich Mine.
The project lies about 73 kilometres by road from Walvis Bay, a deep-water port used for uranium exports for more than four decades.
Bannerman holds a 95% interest in the Etango Project and plans to develop a large open-pit uranium mining operation.
In December 2022 the company completed a definitive feasibility study for the Etango-8 Project. The study confirmed the technical and economic viability of open-pit mining and heap leach processing at a throughput rate of 8 million tonnes per year.
The study outlined average annual production of 3.5 million pounds of uranium oxide (U₃O₈). A scoping study completed in March 2024 indicated potential to increase annual production to 6.7 million pounds of U₃O₈.
The Etango Project has undergone exploration and feasibility work for more than 15 years.
Bannerman has also constructed and operated the Etango Heap Leach Demonstration Plant over several years to test the acid heap leach process planned for the main operation.
The project has received the required approvals for construction and operations. Mining licence ML 250 was granted in December 2023.
Environmental clearance certificates (ECCs) covering the mine site, related infrastructure and the Walvis Bay acid storage facility are also in place.
During the reporting period Bannerman progressed early works and long-lead construction activities in line with approved budgets and schedules.
These activities included bulk earthworks, heap leach pad construction and excavation of solution ponds.
The 24-month bulk earthworks contract awarded in August 2024 passed the halfway mark during the half-year.
Contractor resources increased across civil, aggregate and concrete work packages to support parallel development activities.
Bannerman said it continues to advance project workstreams as it works toward a targeted positive final investment decision while monitoring developments in the uranium market.
Caption
Bannerman holds a 95% interest in the Etango Project and is focused on developing a large-scale open-pit uranium mining operation.
- Photo: Bannerman
