Chamwe Kaira
Bannerman Energy Ltd has reported continued strong progress at its Etango Uranium Project, achieving major milestones in construction, design, and marketing as it moves closer to a potential Final Investment Decision (FID), subject to market conditions.
The company maintained an excellent safety record, marking 16 years without a lost-time injury.
Early works construction remains on budget and schedule, with construction power now commissioned within the mining licence area.
Detailed design for the process plant is 86% complete, and a factory acceptance test for the High Pressure Grinding Rolls tertiary crusher has been successfully completed.
Bannerman awarded contracts for Phase 1 concrete works and for blasting and crushing heap leach drainage material.
The company also executed a permanent power supply agreement.
During the quarter, Bannerman signed two initial offtake agreements with Tier-1 North American power utilities for a combined one million pounds of U₃O₈ over five years (2029–2033).
The agreements provide flexibility before the FID and strengthen Etango’s position as a credible new uranium supply source.
The company ended the quarter with a cash balance of A$111.8 million and liquid assets of A$13.1 million. Early works expenditure totalled about A$49.2 million as of 30 September 2025.
Bannerman said the uranium market remains strong, with the term price reaching US$84 per pound by the end of the quarter.
Executive chairman Brandon Munro said the team’s performance reflected disciplined project execution. “Our advancing early works programmes and strong balance sheet allow us to effectively demonstrate to potential customers a solid basis for confidence in our ability to meet future supply commitments,” he said. “The signing of initial offtake agreements with high-quality utility counterparties represents a further important step as we move towards a Final Investment Decision.”
Bannerman confirmed that long-term supply contracts with Namibian utilities are progressing on schedule. The infrastructure development agreement for the water pipeline from the NamWater base station to the Etango Mine has been signed, with the water supply agreement expected to be finalised in the coming months.
A full-form supply agreement has also been signed with NamPower. Munro said NamPower has appointed a project manager and will begin design and construction of an additional feeder bay at the Kuiseb substation.
In addition, Bannerman has signed a site lease agreement with Namport for the planned acid storage and handling facility at the Port of Walvis Bay.
