OREMAVEN
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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
—
YTD
—
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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$174.6M2025-09-30: 111,760,000 A$2025-12-31: 89,278,000 A$2026-03-31: 69,928,000 A$2026-06-30: 53,125,000 A$2026-09-30: 174,644,000 A$ Construction Funded
Debt A$0 Net cash A$174.6M
Basic shares 239M 2026-10-29
Runway 42.3 quarters Appendix 5B item 8.7: A$174.6m cash divided by relevant outgoings of A$4.1m in the September 2026 quarter; Bannerman funds only its 55% share of residual Etango working capital because JV cash of about US$295m funds the remaining capex.

Liquidity

Financial position

Bannerman held A$174.6m of cash at 30 September 2026 (excluding the Etango JV, now equity accounted, which held about US$295m) plus investments in SPUT (A$11.7m) and Namibia Critical Metals (A$17.4m) and no debt. Management states the position fully funds construction, ramp-up and Bannerman working capital contributions; the A$0.44m share purchase plan settled after quarter end.

Capital structure

Ownership and dilution

Ordinary shares
239M
Fully diluted
241.6M

178,841k shares at 30 Jun 2025 +26,562,500 placement (3 Jul 2025) +368,714 option exercises +2,039,608 performance-right conversions = 207.8m at 30 Jun 2026; +31,000,000 placement (16 Sep 2026) = 238,890,693 at 22 Sep 2026; +110,000 share purchase plan (9 Oct 2026) +9,474 ZEPO exercise (30 Sep 2026 notice) = 239,010,167 at 29 Oct 2026. Fully diluted adds 2,553,780 nil-price options.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares (ASX: BMN)Ordinary Share239M——
Unlisted zero-exercise-price options (EIP and NEDSIP) subject to service and performance conditionsOption2.6MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AAFY2026AA
Profit and loss
Revenue (actual: none; forecast: 52.25% look-through of Etango sales)AUDm0.00.0
Operating costs incl. royalties (look-through)AUDm0.00.0
Corporate, administration and staff costs net of other revenueAUDmFY2025A: 7,119,000 AUDFY2026A: 9,113,000 AUD7.19.1
EBITDAAUDmFY2025A: -7,119,000 AUDFY2026A: -9,113,000 AUD(7.1)(9.1)
Depreciation and amortisation (tax-depreciation proxy)AUDmFY2025A: 123,000 AUDFY2026A: 242,000 AUD0.10.2
EBITAUDmFY2025A: -7,242,000 AUDFY2026A: -9,355,000 AUD(7.2)(9.4)
Net interest incomeAUDmFY2025A: 3,933,000 AUDFY2026A: 1,243,000 AUD3.91.2
Fair-value, FX, impairment and associate itemsAUDmFY2025A: -887,000 AUDFY2026A: -265,000 AUD(0.9)(0.3)
Income tax (cash tax proxy, look-through)AUDm0.00.0
Net profit after tax attributable to ownersAUDmFY2025A: -4,100,000 AUDFY2026A: -8,248,000 AUD(4.1)(8.2)
Cash flow
Operating cash flowAUDmFY2025A: -2,782,000 AUDFY2026A: -7,575,000 AUD(2.8)(7.6)
Sustaining capexAUDm0.00.0
Growth and pre-production capex (incl. capitalised exploration and evaluation)AUDmFY2025A: 43,452,000 AUDFY2026A: 65,036,000 AUD43.565.0
Total capexAUDmFY2025A: 43,452,000 AUDFY2026A: 65,036,000 AUD43.565.0
Free cash flowAUDmFY2025A: -46,234,000 AUDFY2026A: -72,611,000 AUD(46.2)(72.6)
Balance sheet
Cash (actual: Bannerman consolidated; forecast: look-through incl. 55% of JV cash)AUDmFY2025A: 46,204,000 AUDFY2026A: 53,125,000 AUD46.253.1
BorrowingsAUDm0.00.0
Net debt (negative is net cash)AUDmFY2025A: -46,204,000 AUDFY2026A: -53,125,000 AUD(46.2)(53.1)
Per share
Weighted average shares (forecast: shares on issue)m sharesFY2025A: 178,196,726 sharesFY2026A: 206,788,889 shares178.2206.8
Earnings per shareAUD/shareFY2025A: -0.02 AUD/shareFY2026A: -0.04 AUD/share(0.02)(0.04)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025A: -88.87 xFY2026A: -69.43 x(88.9)(69.4)
P / E (x, current market cap)xFY2025A: -196 xFY2026A: -97.66 x(196.5)(97.7)
FCF yield (current market cap)%FY2025A: -0.06 fractionFY2026A: -0.09 fraction-5.7%-9.0%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025A: 6.49 xFY2026A: 5.83 x6.55.8

KPI history

Operating metrics · Company

Cash and cash equivalents shown
031,292,80062,585,60093,878,400125,171,200Sep 2025: 111,760,000 AUDSep 2025Dec 2025: 89,278,000 AUDDec 2025Mar 2026: 69,928,000 AUDMar 2026Jun 2026: 53,125,000 AUDJun 2026Sep 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Cash and cash equivalentsAUDSep 2025: 111,760,000 AUDDec 2025: 89,278,000 AUDMar 2026: 69,928,000 AUDJun 2026: 53,125,000 AUD111,760,00089,278,00069,928,00053,125,000—
PP&E plus exploration and evaluation paymentsAUDSep 2025: 13,309,000 AUDDec 2025: 19,433,000 AUDMar 2026: 16,279,000 AUDJun 2026: 18,583,000 AUD13,309,00019,433,00016,279,00018,583,000—
Net cash used in operating activitiesAUDSep 2025: -1,890,000 AUDDec 2025: -2,435,000 AUDMar 2026: -2,377,000 AUDSep 2026: -2,309,000 AUD(1,890,000)(2,435,000)(2,377,000)—(2,309,000)
Operating metric source table15
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompany30 Sep 2025Point In Time111,760,000 AUDReported
Cash and cash equivalentsCompany31 Dec 2025Point In Time89,278,000 AUDReported
Cash and cash equivalentsCompany31 Mar 2026Point In Time69,928,000 AUDReported
Cash and cash equivalentsCompany30 Jun 2026Point In Time53,125,000 AUDReported
Cash and cash equivalents (excluding Etango JV cash)Company30 Sep 2026Point In Time174,644,000 AUDReported
BorrowingsCompany30 Sep 2026Point In Time0 AUDReported
PP&E plus exploration and evaluation paymentsCompanySep 2025 quarterQuarter13,309,000 AUDReported
PP&E plus exploration and evaluation paymentsCompanyDec 2025 quarterQuarter19,433,000 AUDReported
PP&E plus exploration and evaluation paymentsCompanyMar 2026 quarterQuarter16,279,000 AUDReported
PP&E plus exploration and evaluation paymentsCompanyJun 2026 quarterQuarter18,583,000 AUDReported
PP&E plus exploration and evaluation payments (to JV completion on 24 Sep 2026)CompanySep 2026 quarterQuarter11,653,000 AUDReported
Net cash used in operating activitiesCompanySep 2025 quarterQuarter-1,890,000 AUDReported
Net cash used in operating activitiesCompanyDec 2025 quarterQuarter-2,435,000 AUDReported
Net cash used in operating activitiesCompanyMar 2026 quarterQuarter-2,377,000 AUDReported
Net cash used in operating activitiesCompanySep 2026 quarterQuarter-2,309,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Average Annual U3O8 Production (Life Of Mine)etangoFrom first production in 20283.53.5 Mlb U3O8 per yearCurrent
Pre Production Capital Expenditure (+/ 10%)etangoConstruction to first production318,000,000388,000,000 USDCurrent
Pre Production CAPEX Incurred To 30 September 2026etangoTo 30 September 202664,000,00064,000,000 USDCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-16Ann. 2026-09-09RaisingFully Paid Ordinary SharesA$124M31MA$4CompletedFully underwritten institutional placement of 31.0m shares under Listing Rule 7.1 capacity; settled 15 September and allotted 16 September 2026.Max 31M · Period 2026-09-09 to 2026-09-16 · Macquarie Capital and Canaccord Genuity (joint lead managers and underwriters)
2026-10-09Ann. 2026-09-09RaisingFully Paid Ordinary SharesA$440K110KA$4CompletedNon-underwritten share purchase plan (up to A$30,000 per holder, target A$10m) raised only A$0.44m.Max 2.5M · Period 2026-09-18 to 2026-10-02
2026-09-24Ann. 2026-02-12RaisingShares In Bannerman Energy (Uk) Ltd (Jv Company)US$320.4M——CompletedCNOL acquired 45% of the JV company for US$320.4m in cash at completion; no Bannerman Energy Ltd shares were issued.US$294.5m into the JV (equity plus matched shareholder loans) and US$25.9m reimbursement paid to Bannerman · Holder approval required
2025-07-03RaisingFully Paid Ordinary SharesA$85M26.6MA$3.2CompletedA$85m placement funding detailed engineering, early works and working capital (announced before allotment on 3 July 2025).Max 26.6M · Until 2025-07-03

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-31

Arrangements disclosed in the annual report, September 2026 quarterly report and February 2026 CNOL announcement; no commodity or FX hedges ("no foreign exchange hedge programs in place"); no private royalties or streams disclosed; the marketing fee rate and CNOL payment terms are not disclosed.

CNOL subscribed for 45% of Bannerman Energy (UK) Ltd, which owns 95% of Etango, for US$320.4m; each party funds future JV capex and operating costs pro rata (55/45), Bannerman appoints three of five JV directors and operates; unanimous approval is required for strategic matters such as FID, expansion and production plans.

Joint Venture · Active
Counterparties
CNNC Overseas Limited (CNOL)
Applies to
Etango Uranium Project · Uranium
Economic direction
Mixed
Period
From 2026-09-24; no end date stated
Key terms
CNOL interest in JV company: 45 percent
Bannerman interest in JV company: 55 percent
JV company interest in Etango: 95 percent
CNOL cash paid at completion: 320.4 USD million
Future funding split: 55/45 pro rata
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding life-of-mine offtake principles in the shareholders agreement: CNOL buys 60% of Etango production at arm's-length market-based prices with favourable payment terms; Bannerman markets the other 40% independently under ring-fencing; a full-form offtake agreement is to be signed before production.

Offtake · Active
Counterparties
CNNC Overseas Limited (CNOL)
Applies to
Etango Uranium Project · Uranium
Economic direction
Mixed
Period
From 2026-09-24; no end date stated
Key terms
CNOL share of production: 60 percent
Pricing: Combination of spot and term uranium price indices, no floors or ceilings
Pricing review: Every five years from first production
Marketing fee: Customary fee payable to CNOL on its volumes and to Bannerman on its 40%
How it affects our valuation

No valuation treatment is available for this arrangement.

A Namibian social-welfare foundation holds 5% of the project company, loan-carried: the JV funds its share of capex and recovers it with interest from the foundation's dividends, so Bannerman and CNOL economic ownership is 52.25% and 42.75%.

Free Carry · Active
Counterparties
One Economy Foundation (Namibia)
Applies to
Etango Uranium Project · Uranium
Economic direction
Burden
Period
From 2017-03-31; no end date stated
Key terms
OEF shareholding in Namibian project company: 5 percent
Carry: Loan-carried for all future project expenditure; loan and accrued interest repayable from future dividends
How it affects our valuation

No valuation treatment is available for this arrangement.

Two binding contracts for an aggregate 1.0 Mlb U3O8 (about 5% of life-of-mine output) delivered 2029-2033, subject to customary regulatory approvals; they come from Bannerman's independently marketed 40% and are the first long-term sales commitments.

Offtake · Conditional
Counterparties
Two Tier-1 North American utilities
Applies to
Etango Uranium Project · Uranium
Economic direction
Benefit
Period
From 2025-09-01; no end date stated
Key terms
Aggregate volume: 1 Mlb U3O8 (+/-10% annual flexibility)
Delivery window: 2029-2033
Pricing: Base price with escalation linked to the US GDP implicit price deflator
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory Namibian uranium royalty and levies embedded in the DFS cash costs at roughly 3.3% of revenue.

Royalty · Active
Counterparties
Government of Namibia
Applies to
Etango Uranium Project · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Royalties and levies in the DFS cash cost: 3.3 percent of revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Definitive water and power supply agreements for Etango operations; operating costs are embedded in the DFS unit costs and the infrastructure capex is inside the US$353m budget.

Other · Active
Counterparties
NamWater · NamPower
Applies to
Etango Uranium Project · Uranium
Economic direction
Burden
Period
From 2026-06-01; no end date stated
Key terms
Water supply: Definitive permanent water supply agreement with NamWater (June 2026)
Power supply: Definitive power supply agreement with NamPower; 132 kV line and substations being designed
How it affects our valuation

No valuation treatment is available for this arrangement.