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2026-11-06
◂ Monitor BMN ASX (also NSX Namibia and OTCQX)

Bannerman Energy Ltd

Construction · Uranium · NA Rating locked: sign in to view v8.1 · bmn-20261031t202833-full
Last 2026-11-06
A$3.49
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$834.1M
EV
A$661.4M
Cash
A$174.6M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Etango Uranium Project

NA

Construction52.25% ownedUranium

Final Investment Decision taken 23 October 2026 on the Etango-8 design (about 3.5 Mlb U3O8 a year, 15-year initial life); full-scale construction starting, first yellowcake targeted during 2028. Bannerman holds 55% of Bannerman Energy (UK) Ltd which owns 95% of the project (One Economy Foundation 5% loan-carried), giving 52.25% economic ownership; the quarterly tenement schedule shows 52.5% beneficial interest in ML 250.

Developer · Construction
Study
Definitive Feasibility Study (Etango-8, December 2022) with June 2024 FEED cost update
Post-tax NPV (study prices, attributable)
US$320.8md
NPV restated at our deck (attributable)
Locked
IRR
2,670.0%
Initial capex (100%)
US$353.0m
Capital intensity
US$101/(lb/yr)d
LoM AISC
A$55.50/lb
Mine life
15.0 yrs

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$614M8% discount
IRR26.7%Published return
Initial capexUS$353MPublished capital estimate
Operating cost35.8USD/lb U3O8 (cash cost excluding royalties)

Post-tax real NPV8 at US$95/lb long-term price, 100% project basis, ungeared, with June 2024 updated capex and opex; US$65/lb original DFS price gives NPV US$162m and 14.1% IRR.

Resources & reserves7
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured26.6 Mt226 ppm U3O8; 13.3 Mlb containedUranium2026-06-30
Mineral ResourceIndicated276.9 Mt223 ppm U3O8; 136.4 Mlb containedUranium2026-06-30
Mineral ResourceInferred112.5 Mt230 ppm U3O8; 57.1 Mlb containedUranium2026-06-30
Mineral ResourceTotal416.1 Mt225 ppm U3O8; 206.8 Mlb containedUranium2026-06-30
Ore ReserveProven15.6 Mt237 ppm U3O8; 8.2 Mlb containedUranium2026-06-30
Ore ReserveProbable97.9 Mt240 ppm U3O8; 51.8 Mlb containedUranium2026-06-30
Ore ReserveTotal113.5 Mt240 ppm U3O8; 59.9 Mlb containedUranium2026-06-30
Tenements1
ml-250Granted— None · No expiry supplied
Milestones5
  1. Etango JV positive Final Investment Decision

    Achieved · High materiality

  2. CNOL share subscription completed and Etango JV formed

    Achieved · High materiality

  3. Bulk earthworks Phase 4 completion (process ponds and wet plant terraces)

    Pending · Medium materiality

  4. Commissioning and first yellowcake production

    Pending · High materiality

  5. Full-form CNOL offtake agreement documented before production

    Pending · Medium materiality

Permits & approvals4
PermitJurisdictionStatusExpiryCritical path
Mining Licence ML 250NamibiaGranted—No
Environmental Clearance Certificate for ML 250NamibiaGranted2027-08-31Yes
Environmental Clearance Certificate for linear infrastructureNamibiaGranted2028-04-01No
Environmental Clearance Certificate for Walvis Bay sulphuric acid storage and handling facility (25 June 2025)NamibiaGranted—No
Economic studies2
StudyStageStatusDateSummary
Etango-8 Definitive Feasibility Study with FEED cost updateDFSCurrent2022-12-068 Mtpa open pit and heap leach, 113.5 Mt at 240 ppm, 52.6 Mlb LOM output over 15 years; costs updated by the June 2024 FEED and Control Budget Estimate (pre-production capex about US$353m, cash opex US$35.8/lb excluding royalties). Post-tax real NPV8 US$162m/390m/614m at US$65/80/95 per lb (100% basis).
Etango-XP and Etango-XT Scoping StudyScoping StudyCurrent2024-03-18Etango-XP expands to 16 Mtpa after year 5 (95.2 Mlb LOM, 6.7 Mlb a year post expansion); Etango-XT extends life to 27 years at 8 Mtpa. Post-tax real NPV8 for XP US$544m/905m at US$80/95 per lb; scoping-level accuracy with Inferred excluded.

Material

Etango-XP / XT expansion option

NA

Scoping Study Developer52.25% ownedUranium

Scoping-level option to expand Etango to 16 Mtpa (6.7 Mlb U3O8 a year after year 5) or extend life to 27 years; to be evaluated by the JV once the mine is in steady-state production and subject to unanimous JV approval.

Resource / scoping · Scoping study developer
Contained metal (attributable)
—
Resource grade
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% Measured + Indicated
—
Resource tonnes
—
Our value per attrib. contained unit
Locked
Mining method
Conventional open pit mining and acid heap leach processing (Etango-XP expansion to 16 Mtpa)
Published study economicsIssuer or study metrics
NPVUS$905M8% discount
IRR29.5%Published return
Initial capexUS$721MPublished capital estimate
Operating cost40.4USD/lb U3O8 (cash cost excluding royalties)

Etango-XP total post-tax real NPV8 at US$95/lb (100% basis, scoping accuracy, includes pre-production and expansion capex).

Milestones1
  1. JV evaluation of Etango-XP expansion after steady-state production

    Pending · Medium materiality

Economic studies1
StudyStageStatusDateSummary
Etango-XP scoping study caseScoping StudyCurrent2024-03-18XP post-tax real NPV8 US$905m at US$95 per lb versus US$614m for Etango-8, so incremental US$291m; expansion capex of about US$367m (US$721m total less US$353m pre-production capex).

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Namibia Critical Metals Inc (43.4% associate) · Equity investment · Held
Investee
Namibia Critical Metals Inc (TSXV: NMI)
Holding
4,340.0%
Shares held
101.30m
Market value
—
% of holder's market cap
—
Cost basis
—
Sprott Physical Uranium Trust units · Equity investment · Held
Investee
Sprott Physical Uranium Trust (TSX: U.UN)
Holding
—
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
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