- Last 2026-11-06
- A$3.49
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Annual General Meeting 2026 PresentationLatest Operating Presentation
- Application for quotation of securities - BMNPost Cash Checkpoint Security Event
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 9All sources ▸- Quarterly Activities Report for the period ended 30 September 2026Operations
- Appendix 5B Quarterly Cash Flow Report for the quarter ended 30 September 2026Results
- Positive Final Investment Decision for Etango MineStudy
- A$124M Underwritten Placement to Fully Fund EtangoFinancing
- Appendix 5B Quarterly Cash Flow Report for the quarter ended 30 June 2026Results
- Quarterly Activities Report for the period ended 30 June 2026Operations
- Appendix 5B Quarterly Cash Flow Report for the quarter ended 31 March 2026Results
- Appendix 5B Quarterly Cash Flow Report for the quarter ended 31 December 2025Results
- Appendix 5B Quarterly Cash Flow Report for the quarter ended 30 September 2025Results
Event calendar · next 12 months
8 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 | Early procurement for the 132 kV Etango power line | Construction Or Commissioning | Company Guided | Medium | Dedicated NamPower supply is on the critical path for commissioning in 2028. |
| Post-FID, November 2026 to mid 2027 | Dry plant mechanical and SMPP package awards | Construction Or Commissioning | Inferred | High | Dry plant design is about 98% complete and all mechanical packages are ready for orders; award prices test the US$353m capex budget. |
| Progressive over the next 12 months | Placement of further offtake for the independently marketed 40% | Economic Arrangement | Inferred | Medium | Term contracting for the uncommitted 40% locks in price exposure and signals buyer appetite. |
| 5 November 2026 | Annual general meeting | Governance | Confirmed | Medium | First AGM after FID and JV formation; Resolutions 2 and 7 withdrawn after a director resigned. |
| December 2026 | Bulk earthworks Phase 4 completion | Construction Or Commissioning | Company Guided | Medium | Completes process solution ponds and wet plant terraces, the platform for wet plant construction. |
| Late January 2027 | December 2026 quarterly activities report and Appendix 5B | Results | Inferred | Medium | First report with the JV equity accounted; shows post-FID construction progress and cash drawdown. |
| March 2027 | Half-year report to 31 December 2026 | Results | Inferred | Medium | First statutory accounts reflecting equity accounting of the JV and the A$124m raising. |
| 31 August 2027 | Environmental Clearance Certificate for ML 250 expires | Permitting | Confirmed | High | Renewal is required during construction; a lapse or delay would affect the licence conditions. |
Executive roster
As of 2026-10-31Background checks ▸Executive directors, chief executive, finance, company secretaries and named vice presidents from the 2026 annual report and later announcements; other staff listed in the local management product (Chief Legal Counsel, project advisor, sustainability manager) are not named in primary filings read and are excluded; Werner Ewald retired 31 March 2026.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Brandon Munro | Executive Chairman | Executive Director | 2024-03-07 | Annual Report to shareholders for the year ended 30 June 2026 |
| Gavin Chamberlain | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | 2024-03-07 | Annual Report to shareholders for the year ended 30 June 2026 |
| Stephen Herlihy | Chief Financial Officer · Joint Company Secretary | Finance · Company Secretary | 2022-01-24 | Annual Report to shareholders for the year ended 30 June 2026 |
| Karen Logan | Joint Company Secretary | Company Secretary | 2025-04-22 | Annual Report to shareholders for the year ended 30 June 2026 |
| Danie van Aswegen | Chief Executive Officer, Bannerman Mining Resources (Namibia) | Operations · Senior Management | 2025-11-01 | Annual Report to shareholders for the year ended 30 June 2026 · Positive Final Investment Decision for Etango Mine |
| Olga Skorlyakova | Vice President, Market Strategy | Commercial · Senior Management | 2023-05-29 | Annual Report to shareholders for the year ended 30 June 2026 |
| Matthew Horgan | Vice President, Corporate Development | Commercial · Senior Management | 2025-01-28 | Annual Report to shareholders for the year ended 30 June 2026 |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Etango Uranium Project
NA
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.
- 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
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 26.6 Mt | 226 ppm U3O8; 13.3 Mlb contained | Uranium | 2026-06-30 |
| Mineral Resource | Indicated | 276.9 Mt | 223 ppm U3O8; 136.4 Mlb contained | Uranium | 2026-06-30 |
| Mineral Resource | Inferred | 112.5 Mt | 230 ppm U3O8; 57.1 Mlb contained | Uranium | 2026-06-30 |
| Mineral Resource | Total | 416.1 Mt | 225 ppm U3O8; 206.8 Mlb contained | Uranium | 2026-06-30 |
| Ore Reserve | Proven | 15.6 Mt | 237 ppm U3O8; 8.2 Mlb contained | Uranium | 2026-06-30 |
| Ore Reserve | Probable | 97.9 Mt | 240 ppm U3O8; 51.8 Mlb contained | Uranium | 2026-06-30 |
| Ore Reserve | Total | 113.5 Mt | 240 ppm U3O8; 59.9 Mlb contained | Uranium | 2026-06-30 |
Tenements1
Milestones5
- Etango JV positive Final Investment Decision
Achieved · High materiality
- CNOL share subscription completed and Etango JV formed
Achieved · High materiality
- Bulk earthworks Phase 4 completion (process ponds and wet plant terraces)
Pending · Medium materiality
- Commissioning and first yellowcake production
Pending · High materiality
- Full-form CNOL offtake agreement documented before production
Pending · Medium materiality
Permits & approvals4
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Licence ML 250 | Namibia | Granted | — | No |
| Environmental Clearance Certificate for ML 250 | Namibia | Granted | 2027-08-31 | Yes |
| Environmental Clearance Certificate for linear infrastructure | Namibia | Granted | 2028-04-01 | No |
| Environmental Clearance Certificate for Walvis Bay sulphuric acid storage and handling facility (25 June 2025) | Namibia | Granted | — | No |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Etango-8 Definitive Feasibility Study with FEED cost update | DFS | Current | 2022-12-06 | 8 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 Study | Scoping Study | Current | 2024-03-18 | Etango-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-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.
- Contained metal (attributable)
- —
- Resource grade
- —
- % 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)
Etango-XP total post-tax real NPV8 at US$95/lb (100% basis, scoping accuracy, includes pre-production and expansion capex).
Milestones1
- JV evaluation of Etango-XP expansion after steady-state production
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Etango-XP scoping study case | Scoping Study | Current | 2024-03-18 | XP 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). |
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Stock database
Other assets
- Investee
- Namibia Critical Metals Inc (TSXV: NMI)
- Holding
- 4,340.0%
- Shares held
- 101.30m
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- Investee
- Sprott Physical Uranium Trust (TSX: U.UN)
- Holding
- —
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares (ASX: BMN) | Ordinary Share | 239M | — | — |
| Unlisted zero-exercise-price options (EIP and NEDSIP) subject to service and performance conditions | Option | 2.6M | A$0 | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025AA | FY2026AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue (actual: none; forecast: 52.25% look-through of Etango sales) | AUDm | 0.0 | 0.0 | |
| Operating costs incl. royalties (look-through) | AUDm | 0.0 | 0.0 | |
| Corporate, administration and staff costs net of other revenue | AUDm | 7.1 | 9.1 | |
| EBITDA | AUDm | (7.1) | (9.1) | |
| Depreciation and amortisation (tax-depreciation proxy) | AUDm | 0.1 | 0.2 | |
| EBIT | AUDm | (7.2) | (9.4) | |
| Net interest income | AUDm | 3.9 | 1.2 | |
| Fair-value, FX, impairment and associate items | AUDm | (0.9) | (0.3) | |
| Income tax (cash tax proxy, look-through) | AUDm | 0.0 | 0.0 | |
| Net profit after tax attributable to owners | AUDm | (4.1) | (8.2) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (2.8) | (7.6) | |
| Sustaining capex | AUDm | 0.0 | 0.0 | |
| Growth and pre-production capex (incl. capitalised exploration and evaluation) | AUDm | 43.5 | 65.0 | |
| Total capex | AUDm | 43.5 | 65.0 | |
| Free cash flow | AUDm | (46.2) | (72.6) | |
| Balance sheet | ||||
| Cash (actual: Bannerman consolidated; forecast: look-through incl. 55% of JV cash) | AUDm | 46.2 | 53.1 | |
| Borrowings | AUDm | 0.0 | 0.0 | |
| Net debt (negative is net cash) | AUDm | (46.2) | (53.1) | |
| Per share | ||||
| Weighted average shares (forecast: shares on issue) | m shares | 178.2 | 206.8 | |
| Earnings per share | AUD/share | (0.02) | (0.04) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (88.9) | (69.4) | |
| P / E (x, current market cap) | x | (196.5) | (97.7) | |
| FCF yield (current market cap) | % | -5.7% | -9.0% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 6.5 | 5.8 | |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | AUD | 111,760,000 | 89,278,000 | 69,928,000 | 53,125,000 | — | |
| PP&E plus exploration and evaluation payments | AUD | 13,309,000 | 19,433,000 | 16,279,000 | 18,583,000 | — | |
| Net cash used in operating activities | AUD | (1,890,000) | (2,435,000) | (2,377,000) | — | (2,309,000) |
Operating metric source table15
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents | Company | 30 Sep 2025 | Point In Time | 111,760,000 AUD | Reported |
| Cash and cash equivalents | Company | 31 Dec 2025 | Point In Time | 89,278,000 AUD | Reported |
| Cash and cash equivalents | Company | 31 Mar 2026 | Point In Time | 69,928,000 AUD | Reported |
| Cash and cash equivalents | Company | 30 Jun 2026 | Point In Time | 53,125,000 AUD | Reported |
| Cash and cash equivalents (excluding Etango JV cash) | Company | 30 Sep 2026 | Point In Time | 174,644,000 AUD | Reported |
| Borrowings | Company | 30 Sep 2026 | Point In Time | 0 AUD | Reported |
| PP&E plus exploration and evaluation payments | Company | Sep 2025 quarter | Quarter | 13,309,000 AUD | Reported |
| PP&E plus exploration and evaluation payments | Company | Dec 2025 quarter | Quarter | 19,433,000 AUD | Reported |
| PP&E plus exploration and evaluation payments | Company | Mar 2026 quarter | Quarter | 16,279,000 AUD | Reported |
| PP&E plus exploration and evaluation payments | Company | Jun 2026 quarter | Quarter | 18,583,000 AUD | Reported |
| PP&E plus exploration and evaluation payments (to JV completion on 24 Sep 2026) | Company | Sep 2026 quarter | Quarter | 11,653,000 AUD | Reported |
| Net cash used in operating activities | Company | Sep 2025 quarter | Quarter | -1,890,000 AUD | Reported |
| Net cash used in operating activities | Company | Dec 2025 quarter | Quarter | -2,435,000 AUD | Reported |
| Net cash used in operating activities | Company | Mar 2026 quarter | Quarter | -2,377,000 AUD | Reported |
| Net cash used in operating activities | Company | Sep 2026 quarter | Quarter | -2,309,000 AUD | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Average Annual U3O8 Production (Life Of Mine) | etango | From first production in 2028 | 3.5 | 3.5 Mlb U3O8 per year | Current |
| Pre Production Capital Expenditure (+/ 10%) | etango | Construction to first production | 318,000,000 | 388,000,000 USD | Current |
| Pre Production CAPEX Incurred To 30 September 2026 | etango | To 30 September 2026 | 64,000,000 | 64,000,000 USD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-16Ann. 2026-09-09 | RaisingFully Paid Ordinary Shares | A$124M | 31M | A$4 | Completed | Fully 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. 2026-09-09 | RaisingFully Paid Ordinary Shares | A$440K | 110K | A$4 | Completed | Non-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. 2026-02-12 | RaisingShares In Bannerman Energy (Uk) Ltd (Jv Company) | US$320.4M | — | — | Completed | CNOL 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 |
| 2025-07-03 | RaisingFully Paid Ordinary Shares | A$85M | 26.6M | A$3.2 | Completed | A$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.
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
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%
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
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
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Management background checks
As of 2 November 2026, the selected V8.1 company artifact contains a partial seven-person roster dated 31 October. The issuer’s undated leadership page also lists three local management roles, retained separately as issuer-reconciled. Dated releases resolve Danie van Aswegen’s appointment as subsidiary CEO and Danny Goeman’s board resignation. Etango JV reached positive FID and reported early works on budget and schedule, while first production remains targeted for 2028. Individual responsibility for JV and employer outcomes remains limited.
Decision-relevant facts
Material summary
Brandon Munro
Executive Chairman
Etango title challenge settlement was completed during Bannerman leadership
Bannerman’s 2023 annual report describes a 17 December 2008 settlement with Savanna Marble CC arising from a legal challenge to the company’s rights to Etango’s Exclusive Prospecting Licence. A July 2023 addendum revised the post-consolidation share tranche to 1,250,000 shares and retained A$500,000 cash, expressly to avoid a potential dispute about settlement operation. The Etango mining licence was received on 14 December 2023; the 2025 annual report states settlement consideration was granted on 20 December 2023, extinguishing the provision. The legal challenge was against Bannerman’s project rights, and these sources do not name or implicate these executives personally. Munro was Managing Director and CEO at the time of the July 2023 amendment and remained Executive Chairman at settlement; no source links him personally to the original litigation or its terms.
Role overlaps event; causation unproven · The subject held a senior company role during the 2023 amendment/completion period, but the filings provide no individual link to the original dispute, negotiation, or payment and report no finding of misconduct.
Etango recorded its first lost-time injury after a 16-year incident-free period
Bannerman’s 29 September 2026 update says a contractor employee operating a compactor suffered a hairline fracture to his left foot on 2 September 2026. It was the project’s first lost-time injury and first in more than 16 years. The FY2026 annual report separately says there were no LTIs during the year ended 30 June 2026 and reports one million LTI-free hours in May 2026; those statements are period-consistent because the injury occurred after year end. The issuer called it a “reset” and said it would reinforce personal safety; no regulator investigation, prosecution, corrective-action finding or later medical outcome was located by the 2 November 2026 cutoff. Munro was Executive Chairman through the cutoff and chaired the board during the period; no personal involvement in the incident is established. The 29 October quarterly report restated the 2 September incident and the company’s safety-leadership response; no later regulator or corrective-action disposition was located by the 2 November cutoff.
Role overlaps event; causation unproven · Munro was Executive Chairman through the cutoff and chaired the board during the period; no personal involvement in the incident is established.
Evidence gaps · 4
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Etango had not achieved commercial production by the cutoff; development milestones cannot yet establish operating performance or sustained safety/environment outcomes.
Gavin Chamberlain
Managing Director and Chief Executive Officer
Etango title challenge settlement was completed during Bannerman leadership
Bannerman’s 2023 annual report describes a 17 December 2008 settlement with Savanna Marble CC arising from a legal challenge to the company’s rights to Etango’s Exclusive Prospecting Licence. A July 2023 addendum revised the post-consolidation share tranche to 1,250,000 shares and retained A$500,000 cash, expressly to avoid a potential dispute about settlement operation. The Etango mining licence was received on 14 December 2023; the 2025 annual report states settlement consideration was granted on 20 December 2023, extinguishing the provision. The legal challenge was against Bannerman’s project rights, and these sources do not name or implicate these executives personally. Chamberlain was COO from February 2023 and therefore overlapped the amendment and settlement period; the company filings do not attribute the negotiation or payment to him personally.
Role overlaps event; causation unproven · The subject held a senior company role during the 2023 amendment/completion period, but the filings provide no individual link to the original dispute, negotiation, or payment and report no finding of misconduct.
Etango recorded its first lost-time injury after a 16-year incident-free period
Bannerman’s 29 September 2026 update says a contractor employee operating a compactor suffered a hairline fracture to his left foot on 2 September 2026. It was the project’s first lost-time injury and first in more than 16 years. The FY2026 annual report separately says there were no LTIs during the year ended 30 June 2026 and reports one million LTI-free hours in May 2026; those statements are period-consistent because the injury occurred after year end. The issuer called it a “reset” and said it would reinforce personal safety; no regulator investigation, prosecution, corrective-action finding or later medical outcome was located by the 2 November 2026 cutoff. Chamberlain was CEO and, from 3 March 2026, Managing Director; this creates senior-management oversight overlap, not evidence of personal causation. The 29 October quarterly report restated the 2 September incident and the company’s safety-leadership response; no later regulator or corrective-action disposition was located by the 2 November cutoff.
Role overlaps event; causation unproven · Chamberlain was CEO and, from 3 March 2026, Managing Director; this creates senior-management oversight overlap, not evidence of personal causation.
Etango JV reached positive FID with a funded construction pathway
On 23 October 2026 Bannerman announced that the Etango JV (Bannerman 55%, CNOL 45%; the JV owns 95% of the project) had taken positive FID. The release estimated pre-production capex at US$353 million (+/-10%), reported US$64 million incurred through 30 September, and said remaining forecast capex was funded from Etango JV cash; Bannerman’s residual working-capital share was covered by its reported cash balance. The 29 October quarterly report said early works remained aligned with budget and schedule and bulk earthworks were about 99% complete. First production is targeted for 2028, so this is a development milestone, not delivered operating production. Chamberlain was Managing Director and CEO and was quoted on the decision and progress, but the FID was an Etango JV decision and the sources do not establish his individual causation of the result.
Role overlaps event; causation unproven · Company-level JV and project milestone during Chamberlain’s CEO/MD tenure; no personal causation established.
Evidence gaps · 6
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Etango had not achieved commercial production by the cutoff; development milestones cannot yet establish operating performance or sustained safety/environment outcomes.
- Husab/Kore Potash tenure dates and any specific responsibilities for project outcomes are not fully documented in the reviewed source set.
- The Chamber of Mines Council page shows “G. Chamberlain Alternate Member” beside Bannerman Mining Resources Namibia but does not spell out the first name or appointment date; this is not treated as a confirmed Gavin Chamberlain council role.
Stephen Herlihy
Chief Financial Officer, Joint Company Secretary
Etango title challenge settlement was completed during Bannerman leadership
Bannerman’s 2023 annual report describes a 17 December 2008 settlement with Savanna Marble CC arising from a legal challenge to the company’s rights to Etango’s Exclusive Prospecting Licence. A July 2023 addendum revised the post-consolidation share tranche to 1,250,000 shares and retained A$500,000 cash, expressly to avoid a potential dispute about settlement operation. The Etango mining licence was received on 14 December 2023; the 2025 annual report states settlement consideration was granted on 20 December 2023, extinguishing the provision. The legal challenge was against Bannerman’s project rights, and these sources do not name or implicate these executives personally. Herlihy was CFO and Company Secretary during the amendment/settlement period; the company filings do not attribute the negotiation or payment to him personally.
Role overlaps event; causation unproven · The subject held a senior company role during the 2023 amendment/completion period, but the filings provide no individual link to the original dispute, negotiation, or payment and report no finding of misconduct.
Evidence gaps · 5
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Prior BHP dates, accounting-firm identity and role-by-role chronology are not disclosed in the cited issuer material.
- Gavin Chamberlain’s 29 October secondary transcript says CFO, CTO and Corporate Affairs recruitment was under way and unnamed successful candidates might start in early 2027; it does not identify a CFO candidate or say whether Stephen Herlihy’s role will be replaced or expanded.
Karen Logan
Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- The sequence and exact dates of prior company-secretarial clients are not established by Bannerman’s official sources.
Danie van Aswegen
Chief Executive Officer, Bannerman Mining Resources Namibia
Etango recorded its first lost-time injury after a 16-year incident-free period
Bannerman’s 29 September 2026 update says a contractor employee operating a compactor suffered a hairline fracture to his left foot on 2 September 2026. It was the project’s first lost-time injury and first in more than 16 years. The FY2026 annual report separately says there were no LTIs during the year ended 30 June 2026 and reports one million LTI-free hours in May 2026; those statements are period-consistent because the injury occurred after year end. The issuer called it a “reset” and said it would reinforce personal safety; no regulator investigation, prosecution, corrective-action finding or later medical outcome was located by the 2 November 2026 cutoff. Van Aswegen was COO Namibia from 1 November 2025 and acting CEO of the Namibian subsidiary from 1 April 2026; operational oversight overlaps, but the company identifies the injured worker as a contractor and does not link the event to him personally. The 29 October quarterly report restated the 2 September incident and the company’s safety-leadership response; no later regulator or corrective-action disposition was located by the 2 November cutoff.
Role overlaps event; causation unproven · Van Aswegen was COO Namibia from 1 November 2025 and acting CEO of the Namibian subsidiary from 1 April 2026; operational oversight overlaps, but the company identifies the injured worker as a contractor and does not link the event to him personally.
Evidence gaps · 6
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Etango had not achieved commercial production by the cutoff; development milestones cannot yet establish operating performance or sustained safety/environment outcomes.
- The 2 September contractor LTI was reported on 29 September 2026; the search did not locate a later regulator/corrective-action disposition by the 2 November 2026 cutoff.
- The issuer announced its 2026 Sustainability Report on 12 October 2026, but the attached PDF was not accessible in this refresh; environmental findings are not updated from that report.
Olga Skorlyakova
Vice President, Market Strategy
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Commercial sales/offtake outcomes personally attributable to Skorlyakova are not publicly quantified in the reviewed issuer sources.
Matthew Horgan
Vice President, Corporate Development
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Specific prior project transactions and measurable individual outcomes at Alcoa, Azure Capital or Peak Rare Earths are not established.
- The 29 October secondary transcript describes unnamed CFO, CTO and Corporate Affairs recruitment for early 2027; no candidate is identified and no transition affecting Horgan is stated.
Melvin Yeo
Chief Legal Counsel
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Exact employment dates and a complete list of directorships or mineral-exploration ventures are not available in the reviewed issuer profile.
John Turney
Project Advisor – Etango
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- The 2010 annual report dates Turney’s Etango Project Director appointment to 31 August 2009; the transition date to his current Project Advisor title and details of later responsibilities are not established.
Jim Bawden
Sustainability Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Logged open-web searches are scoped rather than exhaustive; no comprehensive criminal, sanctions, court, regulator, professional-discipline or credential-register search was completed.
- Underlying FY2026 audit reports and independent site/regulator inspection records were not reviewed.
- The issuer announced its 2026 Sustainability Report on 12 October 2026, but the attached PDF was not accessible in this refresh; environmental findings are not updated from that report.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-22 · 238,890,693 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 28.49% | 68,059,144 | |
| 2 | 18.04% | 43,103,330 | |
| 3 | 13.44% | 32,113,037 | |
| 4 | 8.66% | 20,692,665 | |
| 5 | 3.13% | 7,484,291 | |
| 6 | 1.86% | 4,446,843 | |
| 7 | 1.63% | 3,884,335 | |
| 8 | 1.34% | 3,206,859 | |
| 9 | 1.16% | 2,769,953 | |
| 10 | 0.61% | 1,463,303 | |
| 11 | 0.50% | 1,199,541 | |
| 12 | 0.46% | 1,089,539 | |
| 13 | 0.45% | 1,069,227 | |
| 14 | 0.42% | 1,000,734 | |
| 15 | 0.42% | 1,000,589 | |
| 16 | 0.42% | 1,000,000 | |
| 17 | 0.38% | 919,263 | |
| 18 | 0.33% | 794,208 | |
| 19 | 0.30% | 707,960 | |
| 20 | 0.29% | 694,240 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 6.79%Voting power | 2026-10-28 | |
| 28.6Mshares disclosed | 2026-09-18 | |
| 20.2Mshares disclosed | 2026-09-21 | |
| 16.8Mshares disclosed | 2025-06-03 | |
| 11.1Mshares disclosed | 2025-07-09 |
Sources & review notesEvidence checked through 2026-11-02
Coverage and limitations
- Registered nominee positions and reported substantial-holder groups are separate views and must not be added together.
- The registered top-20 list remains dated 22 September 2026; no later top-20 list was present in the post-cutoff source set reviewed.
- The State Street filing reports group relevant interests that include securities-lending and collateral arrangements; it does not identify ultimate beneficial owners.
- The State Street Annexure A row-level movement extraction has a one-vote reconciliation gap, so only the filing’s stated aggregate is retained.
Sources
- 2026 Annual Report
ASX announcement / Bannerman Energy Ltd · Published 2026-09-24 · Accessed 2026-10-09
Shareholder details applicable as at 22 September 2026; top-20 table and substantial-holder dates are shown in the report.
pages 103–104, substantial shareholders and top 20, local copy downloads/BMN/2026/2026-09-24_Annual Report to shareholders_b0faf31120449575.pdf
- Change in substantial holding (Form 604)
ASX announcement / State Street Corporation · Published 2026-10-30 · Accessed 2026-11-02
Reports previous voting power of 13,317,679 (5.57%) and present voting power of 16,220,043 (6.79%) as at 28 October 2026. The reporting group is State Street Corporation and subsidiaries named in paragraph 6. SHA-256: 231a617489622f365b702006062107f7ca36abd30fdb847bcd3b5044dfab34cf.
Form 604 pages 1–2; Annexure A pages 3–13; Annexure B page 14; local copy downloads/BMN/2026/2026-10-30_Change in substantial holding_8f139ef5546317a0.pdf
Disclosed activity
Insider transactions
Trading activity0 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-09-30 | Alison Terry
Details & evidence for Alison Terry on 2026-09-30The notice states both the acquired shares and the corresponding ZEPO disposal; recorded as one exercise event, not a cash purchase. As disclosed: 9,474 fully paid ordinary shares acquired and 9,474 2022/23 NEDSIP ZEPOs exercised; no consideration payable.
Director · Start not disclosed Change of Director's Interest Notice ↗ Application for quotation of securities - BMN ↗ Application for quotation of securities - BMN ↗ | Exercise2022/23 NEDSIP ZEPO exercised into fully paid ordinary shares | 9,474 | —Non Cash | — | — |
| 2025-12-16 | Alison Terry
Details & evidence for Alison Terry on 2025-12-16ZEPOs were issued in satisfaction of director fees; no cash purchase is recorded. As disclosed: 8,091 2025/26 NEDSIP ZEPOs issued under the NEDSIP after shareholder approval at the 13 November 2025 AGM; issued in satisfaction of $25,000 director fees.
Director · Start not disclosed Change of Directors' Interest Notices ↗ Results of Meeting ↗ Notification regarding unquoted securities - BMN ↗ | Grant2025/26 NEDSIP unlisted ZEPO expiring 15 November 2029 | 8,091 | —Non Cash | — | — |
| 2025-12-16 | Brandon Munro
Details & evidence for Brandon Munro on 2025-12-16The reported estimated value is not cash consideration. As disclosed: 81,693 2025/26 EIP unlisted ZEPOs issued under the EIP; estimated value $252,428 based on 20-day VWAP to 30 June 2025.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Directors' Interest Notices ↗ Results of Meeting ↗ Notification regarding unquoted securities - BMN ↗ | Grant2025/26 EIP unlisted ZEPO expiring 15 November 2033 | 81,693 | —Non Cash | — | — |
| 2025-12-16 | Brandon MunroSequoi Nominees Pty Ltd
Details & evidence for Brandon Munro on 2025-12-16Lapse is not an on-market sale. As disclosed: 3,228 2024/25 EIP ZEPOs disposed; nature of change states lapse of ZEPOs.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Directors' Interest Notices ↗ | Cancellation2024/25 EIP unlisted ZEPO expiring 15 November 2032 | 3,228 | —Non Cash | — | — |
| 2025-12-16 | Bruce McFadzeanTardisforme Pty Ltd
Details & evidence for Bruce McFadzean on 2025-12-16Reported through Tardisforme Pty Ltd as trustee for the director's SMSF. As disclosed: 8,091 2025/26 NEDSIP ZEPOs granted, reported as an indirect interest through Tardisforme Pty Ltd as trustee for the Bruce McFadzean SMSF.
Director · 2024-11-18 Tardisforme Pty Ltd · relevant interest in securities held by Tardisforme Pty Ltd as trustee for Bruce McFadzean's SMSF Change of Directors' Interest Notices ↗ Results of Meeting ↗ Notification regarding unquoted securities - BMN ↗ | Grant2025/26 NEDSIP unlisted ZEPO expiring 15 November 2029 | 8,091 | —Non Cash | — | — |
| 2025-12-16 | Bruce McFadzeanTardisforme Pty Ltd
Details & evidence for Bruce McFadzean on 2025-12-16Reported through Tardisforme Pty Ltd as trustee for the director's SMSF. As disclosed: 5,076 2024/25 NEDSIP ZEPOs granted, reported as an indirect interest through Tardisforme Pty Ltd as trustee for the Bruce McFadzean SMSF.
Director · 2024-11-18 Tardisforme Pty Ltd · relevant interest in securities held by Tardisforme Pty Ltd as trustee for Bruce McFadzean's SMSF Change of Directors' Interest Notices ↗ Notification regarding unquoted securities - BMN ↗ | Grant2024/25 NEDSIP unlisted ZEPO expiring 15 November 2028 | 5,076 | —Non Cash | — | 5,076 |
| 2025-12-16 | Clive JonesAlyse Investment Trust
Details & evidence for Clive Jones on 2025-12-16ZEPOs are reported in the indirect interest associated with the Alyse Investment Trust. As disclosed: 8,091 2025/26 NEDSIP ZEPOs issued to Clive Jones; his after-position is disclosed under indirect interests including the Alyse Investment Trust.
Director · Start not disclosed Alyse Investment Trust · relevant interest in securities held by Clive Jones as trustee for the Alyse Investment Trust Widerange Corporation Pty Ltd · relevant interest in securities held by Widerange Corporation Pty Ltd Change of Directors' Interest Notices ↗ Results of Meeting ↗ Notification regarding unquoted securities - BMN ↗ | Grant2025/26 NEDSIP unlisted ZEPO expiring 15 November 2029 | 8,091 | —Non Cash | — | — |
| 2025-12-16 | Felicity Gooding
Details & evidence for Felicity Gooding on 2025-12-16The fee valuation is non-cash consideration. As disclosed: 8,091 2025/26 NEDSIP ZEPOs granted; the filing says they were issued in satisfaction of $25,000 of director fees.
Director · Start not disclosed Change of Directors' Interest Notices ↗ Results of Meeting ↗ Notification regarding unquoted securities - BMN ↗ | Grant2025/26 NEDSIP unlisted ZEPO expiring 15 November 2029 | 8,091 | —Non Cash | — | 8,091 |
| 2025-12-16 | Felicity Gooding
Details & evidence for Felicity Gooding on 2025-12-16The fee valuation is non-cash consideration. As disclosed: 3,560 2024/25 NEDSIP ZEPOs granted; the filing says they were issued in satisfaction of $11,000 of director fees.
Director · Start not disclosed Change of Directors' Interest Notices ↗ Notification regarding unquoted securities - BMN ↗ | Grant2024/25 NEDSIP unlisted ZEPO expiring 15 November 2028 | 3,560 | —Non Cash | — | 3,560 |
| 2025-10-30to 2025-11-04 | Brandon Munro
Details & evidence for Brandon Munro on 2025-10-30Aggregate indirect interest across Sequoi Trust and Namib Super Fund; no account allocation is disclosed. As disclosed: 1,457,590 fully paid ordinary shares sold on market between 30 October and 4 November 2025 for A$5,246,500.06.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | SaleFully paid ordinary shares | 1,457,590 | — | AUD 3.599435Disclosed price | — |
| 2025-10-30to 2025-11-04 | Brandon Munro
Details & evidence for Brandon Munro on 2025-10-30Aggregate indirect interest across Sequoi Trust and Namib Super Fund; no account allocation is disclosed. As disclosed: 1,825,929 fully paid ordinary shares acquired on exercise of vested 2019/20, 2020/21 and 2021/22 EIP performance rights between 30 October and 4 November 2025.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Application for quotation of securities - BMN ↗ Application for quotation of securities - BMN ↗ | ExerciseFully paid ordinary shares issued on exercise of vested EIP performance rights | 1,825,929 | —Non Cash | — | — |
| 2025-01-14 | Gavin Chamberlain
Details & evidence for Gavin Chamberlain on 2025-01-14Direct interest. The Appendix 3G names Gavin Chamberlain as KMP and registered holder of the issue. As disclosed: BMNAR OPTION EXPIRING 15-NOV-2031 EX NIL; 60,000 securities issued on 14 January 2025 to Gavin Chamberlain, Mr Gavin Chamberlain.
Managing Director and Chief Executive Officer · 2026-03-03 Notification regarding unquoted securities - BMN ↗ Notification regarding unquoted securities - BMN ↗ Annual Report to shareholders ↗ Annual Report to shareholders ↗ Initial Directors' Interest Notices ↗ | GrantBMNAR unquoted options expiring 15 November 2031 | 60,000 | —Non Cash | — | — |
| 2024-12-17 | Alison Terry
Details & evidence for Alison Terry on 2024-12-17The notice reports NIL consideration. As disclosed: 6,392 2024/25 NEDSIP ZEPOs acquired and issued under the NEDSIP plan.
Director · Start not disclosed Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2024/25 NEDSIP unlisted ZEPO expiring 15 November 2028 | 6,392 | —Non Cash | — | — |
| 2024-12-17 | Brandon MunroSequoi Nominees Pty Ltd
Details & evidence for Brandon Munro on 2024-12-17Non-cash EIP option issuance; account reported through Sequoi Nominees as trustee for the Sequoi Trust. As disclosed: 71,733 2024/25 EIP ZEPOs acquired; nature of change states issue of options under the EIP.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ Results of Meeting ↗ | Grant2024/25 EIP unlisted ZEPO expiring 15 November 2032 | 71,733 | —Non Cash | — | — |
| 2024-12-17 | Brandon MunroSequoi Nominees Pty Ltd
Details & evidence for Brandon Munro on 2024-12-17The notice describes forfeiture, not a market sale. As disclosed: 14,466 2023/24 EIP ZEPOs disposed; nature of change states forfeiture of options under the EIP.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ | Cancellation2023/24 EIP unlisted ZEPO expiring 15 November 2031 | 14,466 | —Non Cash | — | — |
| 2024-12-17 | Mike Leech
Details & evidence for Mike Leech on 2024-12-17No cash value is disclosed; the notice says NIL consideration. As disclosed: 13,252 2024/25 NEDSIP ZEPOs acquired and issued under the NEDSIP plan.
Director · Start not disclosed Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2024/25 NEDSIP unlisted ZEPO expiring 15 November 2028 | 13,252 | —Non Cash | — | — |
| 2024-12-17 | Clive JonesAlyse Investment Trust
Details & evidence for Clive Jones on 2024-12-17The notice reports indirect interests through Alyse Investment Trust and Widerange Corporation; this grant is within the trust position. As disclosed: 6,392 2024/25 NEDSIP ZEPOs acquired and issued under the NEDSIP plan; after-position is indirect.
Director · Start not disclosed Alyse Investment Trust · relevant interest in securities held by Clive Jones as trustee for the Alyse Investment Trust Widerange Corporation Pty Ltd · relevant interest in securities held by Widerange Corporation Pty Ltd Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2024/25 NEDSIP unlisted ZEPO expiring 15 November 2028 | 6,392 | —Non Cash | — | — |
| 2024-11-15 | Ian Charles Burvill
Details & evidence for Ian Charles Burvill on 2024-11-15Directly disclosed nil-consideration exercise; independent of the final holding notice and no position bridge is inferred. As disclosed: 15,796 BMNAQ options expiring 15 November 2027 were exercised into 15,796 ordinary shares on 15 November 2024; ZEPOs exercised at nil consideration.
Director · Start not disclosed to 2024-11-15 Application for quotation of securities - BMN ↗ Application for quotation of securities - BMN ↗ | Exercise2023/24 NEDSIP ZEPO expiring 15 November 2027 exercised into fully paid ordinary shares | 15,796 | —Non Cash | — | — |
| 2023-12-20 | Alison Terry
Details & evidence for Alison Terry on 2023-12-20Direct interest; NIL consideration. As disclosed: Issue of 15,796 2023/24 NEDSIP unlisted ZEPOs expiring 15 November 2027.
Director · Start not disclosed Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2023/24 NEDSIP unlisted ZEPO expiring 15 November 2027 | 15,796 | —Non Cash | — | — |
| 2023-12-20 | Brandon Munro
Details & evidence for Brandon Munro on 2023-12-20As disclosed: 241,107 2023/24 EIP unlisted ZEPOs granted on 20 December 2023; NIL consideration.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ Results of Annual General Meeting ↗ | Grant2023/24 EIP unlisted ZEPO | 241,107 | —Non Cash | — | — |
| 2023-12-20 | Brandon Munro
Details & evidence for Brandon Munro on 2023-12-20As disclosed: 10,493 2022/23 EIP unlisted ZEPOs disposed/forfeited on 20 December 2023; NIL consideration.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ | Cancellation2022/23 EIP unlisted ZEPO | 10,493 | —Non Cash | — | — |
| 2023-12-20 | Brandon Munro
Details & evidence for Brandon Munro on 2023-12-20As disclosed: 100,560 2021/22 EIP unlisted performance rights disposed/forfeited on 20 December 2023; NIL consideration.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ | Cancellation2021/22 EIP unlisted performance rights | 100,560 | —Non Cash | — | — |
| 2023-12-20 | Mike Leech
Details & evidence for Mike Leech on 2023-12-20Direct interest; NIL consideration. As disclosed: Issue of 32,420 2023/24 NEDSIP unlisted ZEPOs expiring 15 November 2027.
Director · Start not disclosed Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2023/24 NEDSIP unlisted ZEPO expiring 15 November 2027 | 32,420 | —Non Cash | — | — |
| 2023-12-20 | Clive JonesAlyse Investment Trust
Details & evidence for Clive Jones on 2023-12-20Indirect interest through The Alyse Investment Trust. The matching 3G supports the 2023/24 class and 15 November 2027 expiry; the conflicting 3Y fields are retained in the reconciliation note. As disclosed: 15,796 NEDSIP ZEPO options issued; class labelled 2023/24, expiry 15 November 2026; stated nature is issue of 2022/23 ZEPOs.
Director · Start not disclosed Alyse Investment Trust · relevant interest in securities held by Clive Jones as trustee for the Alyse Investment Trust Widerange Corporation Pty Ltd · relevant interest in securities held by Widerange Corporation Pty Ltd Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2023/24 NEDSIP unlisted ZEPO expiring 15 November 2027 | 15,796 | —Non Cash | — | — |
| 2023-12-20 | Ian Charles Burvill
Details & evidence for Ian Charles Burvill on 2023-12-20Direct interest; NIL consideration. As disclosed: Issue of 15,796 2023/24 NEDSIP unlisted ZEPOs expiring 15 November 2027.
Director · Start not disclosed to 2024-11-15 Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2023/24 NEDSIP unlisted ZEPO expiring 15 November 2027 | 15,796 | —Non Cash | — | — |
| 2023-12-20 | Ian Charles Burvill
Details & evidence for Ian Charles Burvill on 2023-12-20Direct interest. The notice reports 13,249 ordinary shares issued on vesting and 13,249 2022/23 ZEPOs disposed; this record preserves the linked vesting conversion without treating it as a cash purchase. As disclosed: Issue of 13,249 fully paid shares on vesting of 13,249 2022/23 NEDSIP ZEPOs.
Director · Start not disclosed to 2024-11-15 Change of Director's Interest Notice ↗ Application for quotation of securities - BMN ↗ | Vesting2022/23 NEDSIP ZEPOs vested into fully paid ordinary shares | 13,249 | —Non Cash | — | — |
| 2023-12-20 | Ronnie BeevorDigger Superfund A/C
Details & evidence for Ronnie Beevor on 2023-12-20Indirect interest through Digger Superfund; NIL consideration. As disclosed: Issue of 44,229 2023/24 NEDSIP unlisted ZEPOs expiring 15 November 2027.
Director · Start not disclosed to 2024-11-15 Digger Superfund A/C · relevant interest in securities held through Digger Superfund Onedigger Pty Ltd · registered holder of securities in Digger Superfund account Change of Director's Interest Notice ↗ Notification regarding unquoted securities - BMN ↗ | Grant2023/24 NEDSIP unlisted ZEPO expiring 15 November 2027 | 44,229 | —Non Cash | — | — |
| 2023-11-15 | Mike Leech
Details & evidence for Mike Leech on 2023-11-15Direct interest; this is an option exercise issuance, not an on-market purchase. As disclosed: 264,030 fully paid ordinary shares acquired on exercise of NEDSIP options.
Director · Start not disclosed Change of Director's Interest Notice ↗ Application for quotation of securities - BMN ↗ | ExerciseFully paid ordinary shares issued on cashless option exercise | 264,030 | —Non Cash | — | 684,600 |
| 2023-11-15 | Mike Leech
Details & evidence for Mike Leech on 2023-11-15Direct interest. Cashless exercise; 65,530 options were withheld under the facility to satisfy the exercise value. The nature-of-change field on the notice says 2022/23 ZEPO issue, but the reported security, quantities and unchanged after-position indicate exercise of the 2020/21 options; no extra grant is inferred. As disclosed: 329,560 2020/21 NEDSIP options disposed and 264,030 fully paid shares acquired using the Company's Cashless Facility; 65,530 options withheld.
Director · Start not disclosed Change of Director's Interest Notice ↗ | Exercise2020/21 NEDSIP unlisted options expiring 15 November 2023 | 329,560 | —Non Cash | — | 0 |
| 2023-11-15 | Ronnie BeevorDigger Superfund A/C
Details & evidence for Ronnie Beevor on 2023-11-15Indirect via Digger Superfund account; this is an option exercise issuance, not an on-market purchase. As disclosed: 341,582 fully paid ordinary shares acquired on exercise of NEDSIP options.
Director · Start not disclosed to 2024-11-15 Digger Superfund A/C · relevant interest in securities held through Digger Superfund Onedigger Pty Ltd · registered holder of securities in Digger Superfund account Change of Director's Interest Notice ↗ Application for quotation of securities - BMN ↗ | ExerciseFully paid ordinary shares issued on cashless option exercise | 341,582 | —Non Cash | — | 990,725 |
| 2023-11-15 | Ronnie BeevorDigger Superfund A/C
Details & evidence for Ronnie Beevor on 2023-11-15Indirect via Digger Superfund account. Cashless exercise; 84,778 options were withheld under the facility to satisfy the exercise value. As disclosed: 426,360 2020/21 NEDSIP options exercised using the Company's Cashless Facility; 84,778 options withheld.
Director · Start not disclosed to 2024-11-15 Digger Superfund A/C · relevant interest in securities held through Digger Superfund Onedigger Pty Ltd · registered holder of securities in Digger Superfund account Change of Director's Interest Notice ↗ | Exercise2020/21 NEDSIP unlisted options expiring 15 November 2023 | 426,360 | —Non Cash | — | 0 |
Disclosed holding observations9 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-30 | Alison Terry
Details & evidence for Alison Terry on 2026-09-30Direct interest following exercise of 9,474 2022/23 ZEPOs.
Director · Start not disclosed Change of Director's Interest Notice ↗ | PositionFully paid ordinary shares | 9,474 | — |
| 2026-03-03 | Gavin Chamberlain
Details & evidence for Gavin Chamberlain on 2026-03-03Initial director position; not a transaction.
Managing Director and Chief Executive Officer · 2026-03-03 Initial Directors' Interest Notices ↗ | Initial2022/23 EIP unlisted ZEPO expiring 15 November 2030 | 95,100 | — |
| 2026-03-03 | Gavin Chamberlain
Details & evidence for Gavin Chamberlain on 2026-03-03Initial director position; not a transaction.
Managing Director and Chief Executive Officer · 2026-03-03 Initial Directors' Interest Notices ↗ | Initial2023/24 EIP unlisted ZEPO expiring 15 November 2031 | 186,248 | — |
| 2026-03-03 | Gavin Chamberlain
Details & evidence for Gavin Chamberlain on 2026-03-03Initial director position; not a transaction.
Managing Director and Chief Executive Officer · 2026-03-03 Initial Directors' Interest Notices ↗ | Initial2024/25 EIP unlisted ZEPO expiring 15 November 2032 | 87,333 | — |
| 2026-03-03 | Gavin Chamberlain
Details & evidence for Gavin Chamberlain on 2026-03-03Initial director position; not a transaction.
Managing Director and Chief Executive Officer · 2026-03-03 Initial Directors' Interest Notices ↗ Notification regarding unquoted securities - BMN ↗ | Initial2025/26 EIP unlisted ZEPO expiring 15 November 2033 | 120,292 | — |
| 2025-11-04 | Brandon Munro
Details & evidence for Brandon Munro on 2025-11-04After-position totals 350,000 Namib Super Fund shares and 1,463,303 Sequoi Trust shares; account-level balance changes are not attributed to trades.
Director · Start not disclosed Sequoi Nominees Pty Ltd · indirect interests held as trustee for The Sequoi Trust Namib Nominees Pty Ltd · indirect interests held as trustee for Namib Super Fund Change of Director's Interest Notice ↗ | PositionFully paid ordinary shares (indirect aggregate) | 1,813,303 | — |
| 2025-03-10 | Mike Leech
Details & evidence for Mike Leech on 2025-03-10Final director notice, as at cessation on 10 March 2025.
Director · Start not disclosed Final Director's Interest Notice ↗ | FinalFully paid ordinary shares | 684,600 | — |
| 2024-11-15 | Ian Charles Burvill
Details & evidence for Ian Charles Burvill on 2024-11-15Final disclosed relevant position at cessation; the filing does not establish a later sale or zero holding.
Director · Start not disclosed to 2024-11-15 App 3Z Final Director's Interest Notice - Mr. Ian Burvill ↗ | FinalFully paid ordinary shares; registered account not identified in the notice | 308,705 | — |
| 2024-03-07 | Ronnie Beevor
Details & evidence for Ronnie Beevor on 2024-03-07Aggregate only Digger Superfund account positions disclosed; no transaction is reported.
Director · Start not disclosed to 2024-11-15 Digger Superfund A/C · relevant interest in securities held through Digger Superfund Onedigger Pty Ltd · registered holder of securities in Digger Superfund account Final Director's Interest Notice ↗ | FinalFully paid ordinary shares | 1,030,687 | — |
The closest covered peers
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Sign in or enter a guest codeChronological evidenceSource-document inventory20 documents
ASX closing price for BMN on 30 October 2026Market Data · LowExtracted
A$3.37 close on 2026-10-30 from miners.reference_price (market data provider via the local ASX price database), volume 921,095, one day old at the 2026-10-31 valuation date.
- Document ID
- reference-price-20261030
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- etango
- Commodities
- uranium
Market snapshot for BMN at 2026-10-31 (python -m miners.v8db.market_snapshot)Market Data · LowExtracted
Local command output: 52-week range A$2.79-4.90, returns 1m -1.8%, 3m +9.1%, 12m -6.9%, 3y +31.6% (12m -15.8% relative to the mining index), 20-day average traded value A$3.7m, AUD per USD 1.4236; peer table empty.
- Document ID
- market-snapshot-20261031
- Published UTC
- 2026-10-31T05:00:00Z
- Projects
- etango
- Commodities
- uranium
Insider dealings for BMN (python -m miners.insider_transactions show BMN)Governance · LowExtracted
Local insider-dealing database: recorded director events are zero-price option and ZEPO exercises (for example 9,474 ZEPOs converted for Alison Terry on 2026-09-30) rather than on-market purchases or sales.
- Document ID
- insider-transactions-bmn
- Published UTC
- 2026-10-31T05:00:00Z
- Projects
- etango
- Commodities
- uranium
Peer prices and implied market caps from data/asx_mining_companies.db (DYL, BOE, LOT, PEN)Market Data · LowExtracted
Closing prices at 2025-10-31 and 2026-10-30 and market capitalisation snapshot (9 August 2026) for ASX uranium peers Deep Yellow, Boss Energy, Lotus Resources and Peninsula Energy; shares implied from the snapshot.
- Document ID
- peer-prices-asx-mining-db
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- —
- Commodities
- uranium
Quarterly Activities Report for the period ended 30 September 2026Operations · HighExtracted
September 2026 quarter: CNOL transaction completed 24 September 2026 (US$320.4m), A$124m placement, equity accounting of the JV from completion, early works status, 60% CNOL offtake terms, shares on issue 239,010,167 and uranium spot US$89.75 and term US$97 per lb.
- Document ID
- quarterly-20261029
- Published UTC
- 2026-10-28T23:18:30Z
- Projects
- etango
- Commodities
- uranium
Appendix 5B Quarterly Cash Flow Report for the quarter ended 30 September 2026Results · HighExtracted
Cash at 30 September 2026 A$174.6m, operating outflow A$2.3m, PP&E A$9.8m and exploration A$1.8m payments, CNOL loan assignment A$36.9m and placement proceeds A$124.0m; no borrowings or facilities.
- Document ID
- appendix5b-20261029
- Published UTC
- 2026-10-28T23:14:20Z
- Projects
- etango
- Commodities
- uranium
Positive Final Investment Decision for Etango MineStudy · HighExtracted
Etango JV (Bannerman 55%, CNOL 45%) takes FID on Etango-8: about 3.5 Mlb U3O8 a year, first production during 2028, pre-production capex about US$353m (+/-10%) of which about US$64m incurred, JV cash about US$295m and Bannerman cash about A$175m fund construction and working capital.
- Document ID
- fid-20261023
- Published UTC
- 2026-10-22T22:04:15Z
- Projects
- etango
- Commodities
- uranium
ownership/BMN/investors.json top-20 register and substantial holders (as at 22 September 2026)Other · MediumExtracted
Local ownership product reviewed 2026-10-09: top-20 holders 82.34% of 238,890,693 shares, substantial holders Sprott 28.6m, Macquarie 20.2m, Paradice 16.8m, State Street 13.7m, Host-Plus 11.1m; checked against the annual report register.
- Document ID
- ownership-register-bmn
- Published UTC
- 2026-10-09T05:00:00Z
- Projects
- etango
- Commodities
- uranium
management/BMN/summary.md and background-check.json executive assessmentLeadership · MediumExtracted
Local management assessment (cutoff 2026-10-09): low-confidence 46/100 team score; roster of ten executives; Savanna Marble title-challenge settlement completed December 2023 and first Etango lost-time injury on 2 September 2026 flagged without personal attribution; checked against annual report biographies.
- Document ID
- management-summary-bmn
- Published UTC
- 2026-10-09T05:00:00Z
- Projects
- etango
- Commodities
- uranium
Annual Report to shareholders for the year ended 30 June 2026Results · HighExtracted
Audited FY2026 statements (net loss A$8.4m, cash A$53.1m, equity A$264.1m), Etango early-works progress, JORC resource and reserve statement, share and option movements, commitments, directors and top-20 register at 22 September 2026.
- Document ID
- annual-report-2026
- Published UTC
- 2026-09-24T00:00:00Z
- Projects
- etango
- Commodities
- uranium
A$124M Underwritten Placement to Fully Fund EtangoFinancing · HighExtracted
Fully underwritten institutional placement of about 31 million shares at A$4.00 to raise A$124m, plus a share purchase plan of up to A$10m, announced 9 September 2026 alongside confirmation that all CNOL conditions precedent were satisfied or waived.
- Document ID
- placement-20260909
- Published UTC
- 2026-09-08T23:40:59Z
- Projects
- etango
- Commodities
- uranium
Etango fully funded equity raising presentationPresentation · HighExtracted
Equity raising presentation: funding waterfall (total Etango funding US$468m), sources and uses, Etango-8 DFS and XP/XT scoping study key metrics at US$65/80/95 per lb, resource and reserve tables, CNOL transaction terms.
- Document ID
- investor-presentation-20260909
- Published UTC
- 2026-09-09T00:00:00Z
- Projects
- etango
- Commodities
- uranium
Motley Fool Australia: 2 ASX shares highly recommended to buy (Bannerman Energy, 5 August 2026)Other · MediumPartial
Reports an average analyst target of A$5.51 from five analysts (all buy ratings in the prior three months) for Bannerman, with the CNOL deal, 92% complete earthworks and a US$97 per lb term price as the thesis. Used only to test the thesis, never as the fair-value anchor.
- Document ID
- fool-consensus-20260805
- Published UTC
- 2026-08-05T00:00:00Z
- Projects
- etango
- Commodities
- uranium
Appendix 5B Quarterly Cash Flow Report for the quarter ended 30 June 2026Results · MediumExtracted
Cash at 30 June 2026 A$53.1m with PP&E and exploration payments for the June 2026 quarter.
- Document ID
- appendix5b-20260727
- Published UTC
- 2026-07-26T23:01:49Z
- Projects
- etango
- Commodities
- uranium
Quarterly Activities Report for the period ended 30 June 2026Operations · MediumExtracted
June 2026 quarter activities: CNOL conditions precedent, early works progress, NamWater water agreement, investments in SPUT and Namibia Critical Metals, term price move to US$97 per lb.
- Document ID
- quarterly-20260727
- Published UTC
- 2026-07-26T23:02:44Z
- Projects
- etango
- Commodities
- uranium
American Nuclear Society Nuclear Newswire: Uranium prices reflect strong outlook, raise supply questions (4 May 2026)Commodity Data · MediumPartial
Spot US$86.35 per lb at end-April 2026, term price US$90 per lb at end of Q1 2026 (highest since 2008), supply deficits expected into the 2030s; a commentator estimates US$125-150 per lb may be needed to finance 250-300 Mlb a year of new supply in ten years.
- Document ID
- ans-uranium-outlook-20260504
- Published UTC
- 2026-05-04T00:00:00Z
- Projects
- etango
- Commodities
- uranium
Appendix 5B Quarterly Cash Flow Report for the quarter ended 31 March 2026Results · MediumExtracted
Cash at 31 March 2026 A$69.9m with PP&E and exploration payments for the March 2026 quarter.
- Document ID
- appendix5b-20260429
- Published UTC
- 2026-04-28T22:56:47Z
- Projects
- etango
- Commodities
- uranium
Etango Strategic Financing with Leading Global Integrated Nuclear Utility, CNNCTransaction · HighExtracted
Binding subscription and joint venture documents with CNNC Overseas Limited: CNOL pays up to US$321.5m for 45% of Bannerman Energy (UK) Ltd (95% owner of Etango), underlying economic ownership 52.25% Bannerman, 42.75% CNOL, 5% One Economy Foundation loan-carried; CNOL buys 60% of production at market-based prices.
- Document ID
- cnol-strategic-financing-20260212
- Published UTC
- 2026-02-12T00:00:00Z
- Projects
- etango
- Commodities
- uranium
Appendix 5B Quarterly Cash Flow Report for the quarter ended 31 December 2025Results · MediumExtracted
Cash at 31 December 2025 A$89.3m with PP&E and exploration payments for the December 2025 quarter.
- Document ID
- appendix5b-20260129
- Published UTC
- 2026-01-28T22:24:26Z
- Projects
- etango
- Commodities
- uranium
Appendix 5B Quarterly Cash Flow Report for the quarter ended 30 September 2025Results · MediumExtracted
Cash at 30 September 2025 A$111.8m with PP&E and exploration payments for the September 2025 quarter.
- Document ID
- appendix5b-20251016
- Published UTC
- 2025-10-15T22:08:56Z
- Projects
- etango
- Commodities
- uranium
Evidence facts18
59.9 Mlb U3O8
2026-06-30206.8 Mlb U3O8
2026-06-30353 USD million
2026-10-2364 USD million
2026-09-30295 USD million
2026-09-30175 AUD million
2026-09-303.5 Mlb U3O8
2026-10-23239010167 shares
2026-10-292553780 options
2026-10-2989.75 USD/lb
2026-09-3097 USD/lb
2026-09-3052.25 percent
2026-09-24174644000 AUD
2026-09-30614 USD million
2026-09-0940.1 USD/lb
2026-09-09321.5 USD million
2026-02-1260 percent
2026-02-123.37 AUD/share
2026-10-30