Bannerman Energy (BMN) Status update summary

Transaction Overview and Strategic Partnership

• Secured up to US$321.5 million investment from CNNC Overseas Limited (CNOL) for a 45% JV interest in the Etango Project, including reimbursement for early works capped at US$27 million.

• Bannerman retains 55% ownership and majority board control, ensuring strategic direction and operational leadership.

• CNNC/CNOL will take 60% of life-of-mine production at market-related prices, with flexible delivery and favorable payment terms, while 40% of production is independently marketed.

• The partnership followed a two-year global financing process, deemed superior to equity/debt alternatives, and brings technical, operational, and economic efficiencies.

• Transaction completion is targeted for mid-2026, subject to regulatory and shareholder approvals, with a long stop date of 30 September 2026.

Financial and Operational Impact

• Fully funded for construction, with pre-production capital cost estimated at US$353 million post-DFS.

• Bannerman's future funding requirement is expected to be modest, maintaining balance sheet strength.

• Debt-free execution pathway enhances margins, reduces risk, and increases flexibility during construction and ramp-up.

• Payment terms with CNNC enable rapid cash flow, reducing working capital needs during ramp-up.

• Shareholder loans structured to maintain JV balance; about US$80 million of CNNC's investment as shareholder loan.

Project Development and Timeline

• Early works will continue through H1 2026, with progressive satisfaction of key conditions.

• Final Investment Decision (FID) for Etango is targeted for H2 2026, followed by full-scale construction.

• First uranium production from Etango is expected in 2028.