OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
1M
—
YTD
—
1Y
—
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

Narrative and provenance

Research & Sources

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Chronological 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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts18
ar-reserveEtango ore reserve (Proven and Probable)

59.9 Mlb U3O8

2026-06-30
ar-resourceEtango mineral resource at 100 ppm cut-off

206.8 Mlb U3O8

2026-06-30
fid-capexEtango pre-production capex (+/-10%)

353 USD million

2026-10-23
fid-capex-incurredPre-production capex incurred to 30 September 2026

64 USD million

2026-09-30
fid-jv-cashEtango JV cash excluding Namibian subsidiary

295 USD million

2026-09-30
fid-bmn-cashBannerman cash excluding JV

175 AUD million

2026-09-30
fid-productionForecast average annual production

3.5 Mlb U3O8

2026-10-23
q-sharesOrdinary shares on issue

239010167 shares

2026-10-29
q-optionsUnlisted options on issue

2553780 options

2026-10-29
q-spotSpot U3O8 price at 30 September 2026

89.75 USD/lb

2026-09-30
q-termLong-term U3O8 price reference at 30 September 2026

97 USD/lb

2026-09-30
q-ownershipUnderlying economic ownership of Etango (Bannerman)

52.25 percent

2026-09-24
b-cashCash and cash equivalents at 30 September 2026

174644000 AUD

2026-09-30
p-npv95Etango-8 post-tax NPV8 at US$95/lb (100%, real)

614 USD million

2026-09-09
p-aiscEtango-8 LOM AISC at US$95/lb

40.1 USD/lb

2026-09-09
c-considCNOL aggregate consideration at completion (up to)

321.5 USD million

2026-02-12
c-offtakeCNOL life-of-mine offtake share

60 percent

2026-02-12
rp-closeASX close on 2026-10-30

3.37 AUD/share

2026-10-30