Chamwe Kaira
Bannerman Energy, developer of the Etango uranium project in the Erongo Region, says it made strong progress in 2025, marked by the execution of its strategic plan, safe operations, and a solid financial position.
Bannerman Energy executive chairman Brandon Munro said these factors position the company to benefit from rising global demand for nuclear energy.
He said the Etango Project is moving closer to a final investment decision after completing key early works, including construction water supply, site access roads, and bulk earthworks.
“These foundational activities were delivered safely on schedule and within budget. This year, we also made significant progress in manufacturing essential equipment, including the High-Pressure Grinding Rolls (HPGR) crusher, which is now ahead of schedule. These initiatives mitigate project risk and enable timely delivery on Etango’s critical project path,” Munro said.
He added that the company reached a safety milestone of one million man-hours without lost-time injuries, reflecting its focus on workforce safety and environmental stewardship.
Bannerman strengthened its finances through two institutional equity placements.
In August 2024, it raised A$85 million to advance early works and detailed design. A second placement in June 2025, also raising A$85 million, was finalised on 3 July 2025.
By early July 2025, the company held about A$140 million in cash and liquid assets.
This month, Bannerman signed its first uranium offtake contracts with Tier-1 North American utilities for one million pounds of uranium oxide to be delivered between 2029 and 2033.
“This significant milestone establishes Etango as a credible new source of supply and aligns with our strategy of progressively layering high-quality counterparties into a balanced sales portfolio while maintaining flexibility ahead of FID,” Munro said.
The Etango Project is one of the world’s largest undeveloped uranium deposits. It lies 73 km by road from Walvis Bay, a major export port, with access to road, rail, electricity, and water networks.
Caption
Etango Project is one of the world’s largest undeveloped uranium deposits.
