Name of the Project
Etango-8 uranium project.

Location
Erongo region, about 30 km east-southeast of Swakopmund, in Namibia.

Project Owner/s
The Etango project is effectively owned by Australian- and Namibian-listed uranium developer Bannerman Energy (52.25%), CNNC Overseas Limited (42.75%) and One Economy Foundation (5%, loan-carried). Bannerman and CNOL hold their interests through the Etango Joint Venture (JV), which owns 95% of the project.

Project Description
A definitive feasibility study was completed in December 2022. This confirmed to a definitive level the strong technical and economic viability of conventional openpit mining and heap-leach processing of the Etango deposit as an eight-million-tonne-a-year throughput operation – for average output of 3.5-million pounds a year of triuranium octoxide (U₃O₈).

In March 2024, a scoping study showed the capacity to increase production to 6.7-million pounds a year of U₃O₈.

The Etango-8 base case has an estimated operating life of about 15 years and total production of 52.6-million pounds of U₃O₈.

Two future-phase development options have been proposed:

• an expansion of mine and plant throughput to 16-million tonnes a year – Etango-XP; and
• a life-of-mine extension with mine and plant throughput maintained at eight-million tonnes a year – Etango-XT.

The final investment decision (FID) covers the Etango-8 base case; the expansion and life-extension options remain separate future development opportunities.

Potential Job Creation
Bannerman reported about 523 contractor personnel on site in its early works update of September 29, 2026. This is a construction workforce count, not a forecast of permanent operating jobs.

Net Present Value/Internal Rate of Return
The previously reported project-level after-tax net present value, at an 8% discount rate, is $390-million, with an internal rate of return of 21.1%, on the updated 2024 cost basis. These are study estimates, not Bannerman’s attributable share or newly calculated FID returns.

Capital Expenditure
The FID announcement forecasts preproduction capital of about $353-million, including about $64-million already incurred through early works to September 30, 2026. The latter figure includes cash held in the Namibian subsidiary.

Planned Start/End Date
A positive FID was announced on October 23, 2026, allowing for full-scale construction. Commissioning and first yellowcake production are expected in 2028.

Latest Developments
The CNOL transaction was completed on September 24, 2026. CNOL paid $294.5-million into the JV and $25.9-million to Bannerman as reimbursement of eligible project expenditure. CNOL is entitled to 60% of life-of-mine output on market-based terms; Bannerman controls the marketing of the remaining 40%.

At September 30, the JV held about $295-million, excluding cash, in the Namibian subsidiary, to fund residual forecast preproduction capital. Bannerman held about A$175-million, excluding JV cash, covering its remaining forecast working capital share through construction and ramp-up into targeted commercial production. Construction is funded on a debt-free basis.

Bulk earthworks are substantively complete and detailed design is well advanced.

Key Contracts, Suppliers and Consultants
Wood plc (study lead – process plant design and related infrastructure, plant capital and operating cost estimates); Qubeka Mining Consultants (geology review, mineral reserve estimate, mine planning and mining cost estimates); Snowden Optiro (mineral resource estimate); Creo Engineering Solutions (engineering support for Bannerman owner’s team); MineTechnics (openpit geotechnical parameters); Lund Consulting Engineers (water supply infrastructure); Addiza Energy Solutions (external electrical supply infrastructure); A.Speiser Environmental Consultants (environmental-impact assessments); Namisun Environmental Projects & Developments (conceptual mine closure plan); AN Construction (pumpstation foundations and pipe bridge over the Swakop river); Tulela Mining & Construction (blasting, crushing and screening of heap leach drainage aggregate); K Neumayer Civil Contractors (Phase 1 and Phase 2A concrete works); Transmission Consulting Services, with Addiza Energy Solutions (EPCM for the 132 kV line and substations); Windhoek Consulting Engineers (Walvis Bay acid storage and handling facility design); NamWater (permanent water supply); and NamPower (permanent electricity supply).

Contact Details for Project Information
Bannerman Energy, tel +61 8 9381 1436 or email info@bmnenergy.com.