Bannerman Energy (BMN) H1 2026 earnings summary

Executive summary

• Focused on advancing the Etango Uranium Project in Namibia, with early works and detailed design progressing on schedule and within budget.

• Mining Licence for Etango granted in December 2023; all environmental and regulatory approvals in place.

• Two initial offtake agreements executed with Tier 1 utilities in September 2025, supporting project financing.

• Strategic joint venture with CNNC Overseas Limited announced in February 2026 for project funding and development.

Financial highlights

• Net loss before tax for the half year ended 31 December 2025 was $853,000, a significant improvement from a $2,703,243 loss in the prior year period.

• Interest income increased to $2,420,032 from $2,257,291 year-over-year.

• Cash and cash equivalents rose to $89,276,289 as of 31 December 2025, up from $46,203,755 at 30 June 2025.

• Total comprehensive income for the half year was $7,418,000, compared to $900,000 in the prior year.

• Equity raising of $85,000,000 completed in July 2025 to fund project development.

Outlook and guidance

• Final Investment Decision (FID) for Etango targeted for mid-2026, pending completion of the CNNC joint venture.

• Project funding strategy includes debt, offtake-linked structures, and strategic partnerships.

• Early works and construction activities to continue, with focus on securing long-term sales commitments.