Bannerman Energy Ltd says it spent N$384 million (A$33 million) during the quarter ending 30 June 2025 to advance construction of its Etango Uranium Project in Namibia, with work progressing on schedule and within budget.
According to the company’s quarterly update, N$116.4 million (A$10 million) was spent during the period, mainly on detailed engineering and early-stage construction activities.
A further N$267.7 million (A$23 million) has been committed towards early works, including contracts for installing a heap leach pad drainage layer and concrete works for the project’s primary crusher.
“We continued to make excellent progress on the staged development of our Etango Project during the quarter,” said Bannerman Executive Chairman Brandon Munro.
He noted that the company’s construction programme is progressing as planned, with key infrastructure now well underway.
“Early construction works are advancing on schedule and on budget. Critically, this development work is being undertaken safely and to extremely high construction standards,” Munro said.
Bannerman also reached a major health and safety milestone, recording more than one million man-hours without a lost time injury (LTI). Bulk earthworks on the heap leach pad advanced during the quarter, alongside the start of excavation for the associated leach ponds.
The company reported strong progress on transport infrastructure, with the site access road now 89% complete, despite some disruption caused by recent rains. Interlocking paving and culvert installations are nearing completion, while work to widen the C28 intersection is ongoing. Bannerman expects the road to be completed by the end of the first quarter of FY26.
Key utility infrastructure is also being rolled out. The construction power system has been connected to the regional grid, with mini substations installed on site. The water distribution network is in place, with pressure testing due in the coming quarter.
On the processing side, engineering and design work for the plant is progressing. By the end of June, civil and mechanical design for the dry plant was 58% complete, with final construction drawings issued for the primary and secondary crushers, as well as the stockpile tunnel. Work on the wet plant was 13% complete, with mechanical layouts finalised and procurement packages issued.
To support the development, Bannerman raised N$989.4 million (A$85 million) through a well-supported equity placement in June. This increased the company’s cash reserves to N$1.49 billion (A$127.6 million) as of 4 July 2025. Bannerman remains debt-free and says it is preserving its strong financial position to commit to further early works in the months ahead.
