Bannerman Energy Ltd has reported capitalised exploration and evaluation expenditure of N$1.82 billion for the year ended 30 June 2025, reflecting ongoing investment in its Etango Uranium Project in Namibia.
The company said the expenditure covered costs related to the heap leach demonstration plant, feasibility studies, resource definition drilling, assaying, and other exploration activities.
“Capitalised exploration and evaluation expenditure was $104,832,161 as at 30 June 2025 (2024: $78,824,678), reflecting the capitalisation of costs relating to the Etango Project heap leach demonstration plant, feasibility studies, resource definition drilling and assaying, and other exploration and evaluation costs and foreign currency translation movements,” the company reported.
Bannerman’s cash position strengthened during the year, with cash and cash equivalents reaching N$799.9 million.
This was supported by an institutional equity placement of N$1.47 billion completed in July 2025, with funds directed to Etango’s development, including detailed engineering, early works, and general working capital.
In September 2025, Bannerman executed its first uranium offtake contracts with Tier-1 North American utilities. The binding agreements cover 1.0 million pounds of U₃O₈ for delivery between 2029 and 2033, structured on base price terms with escalation linked to the US GDP-Implicit Price Deflator.
Progress has also been reported on bulk earthworks and construction infrastructure. A 24-month earthworks contract awarded in August 2024 is advancing according to schedule, with key milestones including excavation of the primary crusher box cut, terracing of crusher areas, heap leach pad construction, and pond excavation.
Construction of water infrastructure has been completed and pressure tested, including a temporary pipeline and dam to support earthworks, concrete production, and dust management.
Power infrastructure is also progressing, with permanent 33 kV overhead lines commissioned and mini substations installed to prepare for the handover to permanent electrical systems. The Etango access road is about 89% complete.
“Bannerman is responsible for the permanent water pipeline and pumping system, with the design now complete. Construction tenders have been received and are currently under review,” the company reported.
Long lead procurement is underway, notably the manufacture of the High-Pressure Grinding Rolls (HPGR) tertiary crusher. Factory acceptance testing is scheduled for September 2025, with delivery expected by December 2025.
The company also highlighted its safety record, with the Etango Project operating for more than 15 years without a lost-time injury (LTI). In June 2025, the project surpassed one million LTI-free manhours, which the company said reinforced workforce morale, contractor availability, and operational continuity during early works.
Utility and logistics arrangements are in place to support both construction and future operations. Letters of intent and agreements with NamWater and NamPower secure water and electricity supply for the initial 15-year mine life, aligned with Final Investment Decision milestones.
An environmental clearance certificate was granted in June 2025 for the proposed sulphuric acid storage facility at Walvis Bay.
Wood Group PLC, alongside Bannerman’s Namibian owner’s team, has advanced detailed design across dry and wet plant areas, with concrete and mechanical layouts largely finalised. Procurement packages have been released in line with schedule to support predictable cost and timing outcomes.
