Chamwe Kaira
Bannerman Energy reported strong progress at its Etango uranium project during the quarter ended 30 June 2025, with key developments across multiple work streams.
The company is moving toward a positive final investment decision (FID), depending on market conditions.
The Etango project is located in the Erongo region, 30 kilometres southeast of Swakopmund. It holds a uranium mineral resource of 207 million pounds of contained uranium oxide.
Bannerman achieved one million lost-time injury-free man-hours in June. Early construction works remain on budget and on schedule. The construction power overhead infrastructure has been erected and connected to the grid.
The company completed the installation of the site’s water distribution infrastructure. It also began bulk earthworks on the heap leach pad and started excavating the leach ponds.
“Detailed design work on Etango process plant is progressing in line with schedule, with dry plant engineering approximately 58% complete at quarter end. Manufacture of the key long lead item, the High Pressure Grinding Rolls tertiary crusher, is on schedule, with factory acceptance testing set for September 2025,” the company said.
Bannerman also confirmed that the permanent power supply agreement has been finalised and is awaiting execution. The company raised A$85 million (N$983 million) in equity, boosting its financial capacity to advance Etango.
Following the settlement of the institutional placement in early July, Bannerman held cash and liquid assets of approximately A$140 million (N$1.6 billion).
As of 30 June, Etango’s early works commitments stood at A$23 million (N$268 million), with further commitments expected in the coming months. Offtake marketing and development financing activities are progressing. The recent equity raise has improved the project’s competitive position and flexibility.
The long-term uranium price outlook remains strong, with the term price steady at US$80 per pound of uranium oxide at quarter end.
Bannerman executive chairman Brandon Munro said, “We continued to make excellent progress on the staged development of our Etango Project during the quarter. Early construction works are advancing on schedule and on budget. Critically, this development work is being undertaken safely and to extremely high construction standards. Our further strengthened cash balance is a powerful enabler for us to execute our streamlined strategy of financing and constructing Etango. In saying this, we continue to maintain our disciplined approach. Further early works commitments are expected to be made over the coming months, in line with Bannerman’s gated approach to project expenditure, reflecting strengthening term uranium market fundamentals and advancement towards an optimised FID on the world-class Etango Project.”
