Bannerman Energy Ltd has completed approximately N$545.6 million (A$48.5 million) in early works at its Etango uranium project as at 31 December 2025. In addition, early works commitments totalled about N$473.6 million (A$42.1 million) at the end of the quarter.
The company said it remains well funded to support the programme, with a quarter-end cash balance of N$1.005 billion (A$89.3 million).
“Bannerman continued to progress Etango’s early works programme during the December 2025 quarter, with key construction activities and the delivery of long-lead equipment advancing in line with schedule and budget,” executive chairman Brandon Munro said.
Bulk earthworks at the project are now about 51% complete, with development continuing in line with the approved schedule and budget.
Current earthworks remain focused on the construction of heap leach pads. Local contractor Tulela Mining & Construction (Pty) Ltd has made steady progress with blasting, crushing and screening heap leach drainage aggregate, which has met all required technical specifications.
Site development accelerated during the quarter, marked by the successful pouring of concrete foundations for the primary crusher and stockpile tunnel. To support increased activity, the contractor workforce on site has been scaled up to more than 370 personnel.
Munro said the progress reflects disciplined execution and effective leadership across the project team, with engineering and procurement activities continuing to meet key milestones.
Logistics and infrastructure development also reached important benchmarks, including the delivery of the high-pressure grinding rolls tertiary crusher to site and the completion of around 16% of the Phase 1 permanent water supply pipeline.
The project achieved a major safety milestone on 7 October 2025, marking 16 years without a lost time injury. Detailed engineering is also well advanced, with civil and mechanical design for the dry plant approximately 92% complete, while wet plant engineering has reached 23%, as work continues on design validation testing.
Looking ahead, Munro said Bannerman remains well positioned, supported by a strong balance sheet and an improved long-term uranium price environment, with long-term prices at around US$87 per pound. He said the company continues to follow a disciplined, stage-gated development approach as it targets a final investment decision within the next six to twelve months.
“Uranium market fundamentals strengthened further over the quarter. While spot prices remained volatile, long-term price indicators improved, with policy support increasingly translating into reactor life extensions, restarts and new build commitments. This reinforces utility focus on long-term supply security,” Munro said.
“With advancing early works and a strong balance sheet, Bannerman is well positioned as market conditions continue to align towards a targeted final investment decision on Etango.”
