Bannerman nears targeted positive Etango FID
Almost there
Wonder Guchu
Bannerman Energy Ltd says all key workstreams at the Etango project remain on track for a targeted positive Final Investment Decision (FID) during the next six to twelve months, provided that market conditions, including the continued strengthening of price and offtake terms to sufficiently incentivising levels, permit.
The company’s September 2025 quarterly report states that early works construction is advancing on schedule and within budget, and uranium market fundamentals remain strong.
Construction power is now live following the 33 kV reticulation and the commissioning of the first three mini-substations, enabling the site to operate on Erongo Red grid power.
Bulk earthworks, awarded in August 2024 as a 24-month package, are approximately 42% complete, with heap-leach pad construction progressing and excavation of process solution ponds underway. The site access road, including the widened C28 intersection, has been completed.
Drainage preparation on the heap-leach pad advanced after Bannerman placed Phase 1 and 2 blasting contracts with local contractor Tulela Mining & Construction. Crews were onboarded, and the first blast occurred on 26 September 2025. The first crusher for aggregate used in the drainage layer has also arrived on site.
Good progress
Long-lead items and detailed design are progressing well. The factory acceptance test of the High-Pressure Grinding Rolls tertiary crusher was completed at Köppern’s Hattingen works in Germany, and packaging for transport has begun.
Detailed engineering, led by Wood Group, has the dry plant approximately 86% complete, with concrete drawings for the primary crusher, stockpile tunnel, and secondary/tertiary areas issued. The wet plant is 22% complete, with procurement packages being issued to market for certified vendor data.
The Phase 1 concrete contract for the primary crusher structure has been awarded to K. Neumayer Civil Contractors of Namibia, who are now establishing on-site.
Off-site utilities have also progressed. The permanent power supply agreement with NamPower is fully executed, and the utility has appointed a project manager to design and build an additional feeder bay at the Kuiseb substation.
Bannerman signed the infrastructure development agreement for the water pipeline from NamWater’s base station to Etango, with the water supply agreement expected to be finalised soon. Phase 1 of the permanent water line will commence during the December quarter.
For reagents, the Walvis Bay acid storage and handling facility, leased from Namport, holds an Environmental Clearance Certificate granted on 25 June 2025. Detailed design and supervision by Windhoek Consulting Engineers began in October.
Signed, sealed, delivered
Commercially, Bannerman signed two initial offtake contracts with Tier-1 North American generation companies covering one million pounds of uranium over 2029–2033. Both are base-price contracts with escalation linked to the US GDP-IPD index from the start of delivery and include a 10% annual flex option.
The agreements, approved by Namibia’s Ministry of Mines and Energy, provide delivery flexibility ahead of FID and strengthen Etango’s standing as a credible new supply source.
Bannerman ended the quarter with cash of approximately A$111.8 million (about N$1.33 billion) and liquid assets of A$13.1 million (N$155.8 million), mainly in Sprott Physical Uranium Trust units.
Early works spending to date amounts to A$31.5 million (N$374 million), with outstanding commitments totalling A$49.2 million (N$585 million). The company is debt-free, aside from normal creditor balances, and completed an A$85 million (N$1.01 billion) equity placement that settled on 2 July 2025.
Bannerman executive chairman Brandon Munro said the visible advancement of early works and their on-schedule, on-budget delivery were highlights of the quarter.
He added that under Gavin Chamberlain’s leadership, the focus on tight contract and activity controls is yielding excellent safety, physical and financial outcomes through early works activities. “Our advancing early works programmes and strong balance sheet allow us to demonstrate to potential customers a solid basis for confidence in our ability to meet future supply commitments.
“The signing of initial offtake agreements with high-quality utility counterparties represents an important step in our systematic advancement of Etango as we observe market conditions continuing to develop towards incentivising a targeted Final Investment Decision,” he said.
Bannerman Energy Ltd says all key workstreams at the Etango project remain on track for a targeted positive Final Investment Decision (FID) during the next six to twelve months, provided that market conditions, including the continued strengthening of price and offtake terms to sufficiently incentivising levels, permit.
The company’s September 2025 quarterly report states that early works construction is advancing on schedule and within budget, and uranium market fundamentals remain strong.
Construction power is now live following the 33 kV reticulation and the commissioning of the first three mini-substations, enabling the site to operate on Erongo Red grid power.
Bulk earthworks, awarded in August 2024 as a 24-month package, are approximately 42% complete, with heap-leach pad construction progressing and excavation of process solution ponds underway. The site access road, including the widened C28 intersection, has been completed.
Drainage preparation on the heap-leach pad advanced after Bannerman placed Phase 1 and 2 blasting contracts with local contractor Tulela Mining & Construction. Crews were onboarded, and the first blast occurred on 26 September 2025. The first crusher for aggregate used in the drainage layer has also arrived on site.
Good progress
Long-lead items and detailed design are progressing well. The factory acceptance test of the High-Pressure Grinding Rolls tertiary crusher was completed at Köppern’s Hattingen works in Germany, and packaging for transport has begun.
Detailed engineering, led by Wood Group, has the dry plant approximately 86% complete, with concrete drawings for the primary crusher, stockpile tunnel, and secondary/tertiary areas issued. The wet plant is 22% complete, with procurement packages being issued to market for certified vendor data.
The Phase 1 concrete contract for the primary crusher structure has been awarded to K. Neumayer Civil Contractors of Namibia, who are now establishing on-site.
Off-site utilities have also progressed. The permanent power supply agreement with NamPower is fully executed, and the utility has appointed a project manager to design and build an additional feeder bay at the Kuiseb substation.
Bannerman signed the infrastructure development agreement for the water pipeline from NamWater’s base station to Etango, with the water supply agreement expected to be finalised soon. Phase 1 of the permanent water line will commence during the December quarter.
For reagents, the Walvis Bay acid storage and handling facility, leased from Namport, holds an Environmental Clearance Certificate granted on 25 June 2025. Detailed design and supervision by Windhoek Consulting Engineers began in October.
Signed, sealed, delivered
Commercially, Bannerman signed two initial offtake contracts with Tier-1 North American generation companies covering one million pounds of uranium over 2029–2033. Both are base-price contracts with escalation linked to the US GDP-IPD index from the start of delivery and include a 10% annual flex option.
The agreements, approved by Namibia’s Ministry of Mines and Energy, provide delivery flexibility ahead of FID and strengthen Etango’s standing as a credible new supply source.
Bannerman ended the quarter with cash of approximately A$111.8 million (about N$1.33 billion) and liquid assets of A$13.1 million (N$155.8 million), mainly in Sprott Physical Uranium Trust units.
Early works spending to date amounts to A$31.5 million (N$374 million), with outstanding commitments totalling A$49.2 million (N$585 million). The company is debt-free, aside from normal creditor balances, and completed an A$85 million (N$1.01 billion) equity placement that settled on 2 July 2025.
Bannerman executive chairman Brandon Munro said the visible advancement of early works and their on-schedule, on-budget delivery were highlights of the quarter.
He added that under Gavin Chamberlain’s leadership, the focus on tight contract and activity controls is yielding excellent safety, physical and financial outcomes through early works activities. “Our advancing early works programmes and strong balance sheet allow us to demonstrate to potential customers a solid basis for confidence in our ability to meet future supply commitments.
“The signing of initial offtake agreements with high-quality utility counterparties represents an important step in our systematic advancement of Etango as we observe market conditions continuing to develop towards incentivising a targeted Final Investment Decision,” he said.
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