Bannerman Energy (BMN) Investor presentation summary

Strategic partnership and transaction structure

• Entered a binding joint venture with CNNC Overseas Limited (CNOL), with CNOL investing US$294.5M for a 45% stake and reimbursing up to US$27M in past spend.

• JV structure ensures Bannerman retains 55% ownership and board control, with key executive roles nominated by Bannerman.

• CNOL receives 60% of life-of-mine uranium production via a cornerstone offtake agreement, priced at market indices with flexible payment terms.

• Both parties are required to fund their proportional share of future JV funding, maintaining the 55%/45% equity split.

• Shareholder protections include unanimous approval for key decisions, pre-emptive rights, and standstill provisions.

Project funding and financial position

• Construction of the Etango uranium mine is fully funded through the JV, with no debt burden and a strong balance sheet.

• Pre-production capital cost for Etango-8 is estimated at US$353M, with CNOL's investment covering the majority.

• Bannerman holds A$70M in cash as of March 2026, with additional holdings in SPUT and Namibian Critical Metals.

• Market capitalization stands at A$847M, with a diversified shareholder base including major institutional investors.

Project overview and operational highlights

• Etango is a globally significant uranium resource in Namibia, with a scalable ore body exceeding 200Mlbs U3O8.

• Stage one (Etango-8) targets 3.5Mlbs U3O8 annual output over a 15-year mine life, with expansion potential (Etango-XP) to 6.7Mlbs pa.

• Average cash operating cost is US$35.8/lb, with an all-in sustaining cost of US$37.9–39.1/lb.

• Projected post-tax NPV (8%) ranges from US$544M to US$1,263M depending on uranium price scenarios.

• Early works construction is underway, with first production targeted for 2028.