Bannerman Energy is moving closer to making a Final Investment Decision (FID) on its Etango Uranium Project in Namibia, citing continued project momentum, solid finances, and improving market conditions.
In its latest quarterly report for the period ending 30 June, the ASX-listed miner said it is making progress on key fronts, including financing, offtake agreements, and potential partnerships, while maintaining a phased approach to capital deployment.
“Further early works commitments are expected to be made over coming months, in line with Bannerman’s gated approach to project expenditure, reflecting strengthening term uranium market fundamentals and advancement towards an optimised FID on the world-class Etango Project,” said Bannerman Executive Chairman Brandon Munro.
The company is also close to finalising long-term water and power supply arrangements, which are critical for the project’s development.
“A letter of intent has been signed with NamWater to secure operational water for the mine’s initial 15-year life, backed by a separate agreement with the Erongo Desalination Plant,” the company stated.
A permanent power supply agreement has also been signed by Bannerman and awaits final execution by NamPower. Design work for both utilities is complete, with tenders and consultant appointments in progress.
“Utility arrangements for the construction period have been fully secured, ensuring uninterrupted access to both water and power throughout the build. Discussions around long-term supply for the operational phase are progressing well and have reached an advanced point in line with the Etango development timeline,” the report noted.
Progress is also being made on long-lead procurement. A High-Pressure Grinding Rolls tertiary crusher—key to the Etango process plant—is currently under manufacture in Germany. Factory acceptance testing is scheduled for September 2025, with delivery expected by year-end.
Bannerman has also strengthened its market positioning through a N$145.5 million (A$12.5 million) investment in the Sprott Physical Uranium Trust (SPUT), acquiring 434,000 units.
The move gives the company liquid exposure to uranium, supporting its product marketing and sales strategy without the need to hold physical inventory.
The uranium market has continued to firm up, with spot prices rising from N$1,142 (US$64/lb) to N$1,392 (US$78.50/lb), driven by growing financial interest and steady utility demand. The long-term price remains stable at N$1,480 (US$80/lb), buoyed by rising global support for nuclear energy.
