Bannerman Energy Ltd has signed its first uranium offtake agreements, securing binding contracts with two Tier-1 North American utilities for the supply of one million pounds of uranium over a five-year period from 2029 to 2033.
The agreements, concluded with two Fortune 500 power generation companies, include flexibility clauses allowing the utilities to adjust volumes by up to 10% annually.
Deliveries will be sourced from Bannerman’s flagship Etango Uranium Project in Namibia, which is progressing towards a final investment decision.
“The signing of these limited, select offtake agreements (the first for Bannerman) with high-quality utility counterparties represents a further important step in our systematic advancement of Etango towards a targeted Final Investment Decision,” said Bannerman’s Chief Executive Officer, Gavin Chamberlain.
The contracts are structured with base pricing aligned to current long-term uranium indices, with escalation provisions linked to the U.S.
GDP Implicit Price Deflator from the start of the supply period. Both deals remain subject to regulatory approvals.
Chamberlain said the agreements marked a significant milestone in positioning Etango as a credible new source of supply in the global uranium market.
The company intends to progressively expand its portfolio of long-term sales contracts while retaining flexibility to benefit from higher prices in future amid tightening supply and rising nuclear demand.
“We are able to demonstrate to potential customers a strong foundation for confidence in our ability to meet future supply commitments. In combination with growing global nuclear demand and ongoing tightening in uranium markets, this further reinforces our position as a strategic, long-term supplier to major utilities,” he said.
Bannerman Energy Ltd is a uranium development company listed on the Australian and Namibian stock exchanges, and also traded on the OTCQX Market in the United States. Its flagship asset is the advanced Etango Uranium Project, located in Namibia’s Erongo Region.
