Bannerman Energy (BMN) Investor Presentation summary

Project overview and strategic positioning

• Flagship Etango Project is among the world's largest, most advanced uranium development assets, with initial production of 3.5Mlbs U3O8 per annum, expandable to 6.7Mlbs, and a 225Mlbs resource base.

• Located in Namibia, a top-tier uranium jurisdiction with robust infrastructure, clear mining code, and strong community support.

• Fully permitted with all environmental approvals and mining licence in place, enabling construction, operation, and expansion.

• Social licence to operate, long track record of responsibility, and award-winning community programs.

• Staged, phased greenlight approach to development maximises flexibility and risk management.

Management, technical, and financial profile

• Board and management team have deep uranium, mining, and Namibian experience, including former executives from major mining companies.

• Strong technical and commercial viability demonstrated by the Etango-8 DFS, with conventional open pit mining and heap leach processing.

• Project de-risked through extensive drilling, technical evaluation, and operational demonstration plant since 2018.

• Robust balance sheet with A$68.8M cash (as of 31 Mar 2025) and no debt.

• Major institutional shareholders include MM Asset Management (11.8%), Sprott (11.1%), and Paradice (8.2%).

Project economics and scalability

• Etango-8 DFS outlines 15-year mine life, 113.5Mt ore throughput, 240ppm average head grade, and 87.8% processing yield.

• Pre-production capex estimated at US$353M, with cash opex of US$35.8/lb U3O8 (excl. royalties).

• Post-tax NPV (8%) ranges from US$162M at $65/lb to US$614M at $95/lb; IRR from 14.1% to 26.7%.

• Expansion options: Etango-XP (16Mtpa, 6.7Mlbs pa, 16 years) and Etango-XT (8Mtpa, 3.5Mlbs pa, 27 years) offer significant leverage to uranium price.

• Scoping studies show post-tax NPV (8%) up to US$905M and IRR up to 29.5% for Etango-XP at $95/lb.