Bannerman Energy says its Etango uranium project continues to make significant strides with the successful completion of key early construction works and the securing of major contracts.
The recent equity raise has enabled the company to maintain momentum on critical development phases while advancing financing opportunities for the long-term project.
According to Bannerman’s Chief Executive Officer, Gavin Chamberlain, as of June, the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) were finalised, significantly reducing development risks.
By July, early construction works, including the water supply and access road, were completed safely, on time and within budget.
Bannerman has also awarded bulk earthworks and construction power contracts, securing vital 24-month project commitments.
“I am pleased with the progress of our current early development works programme. Our contract partners have performed strongly and delivered their scopes effectively, with completion of the initial construction water supply and site access road facilities earlier this quarter,” he said.
He further explained that financing efforts for Etango are also progressing, with Bannerman exploring both project and corporate debt options alongside potential offtake and joint venture opportunities.
The company is targeting strategic partnerships to maximise value in the growing uranium market, driven by tightening supply and rising demand for nuclear power.
Chamberlain emphasised the importance of securing optimal financing for the project, highlighting the company’s ability to take a measured approach thanks to a strong cash balance.
He also expressed confidence in the firming long-term uranium contract market, reinforcing Bannerman’s commitment to capturing the full value of the long-term producer opportunity.
“Etango financing progress is also advancing, comparing a broader range of conventional and strategic funding opportunities that reflect growing interest in long-term uranium supply. With our current robust cash balance, we can take the appropriate time in this area to ensure the optimal overall funding mix is delivered – a key differentiating feature compared to many developers,” he said.
Additionally, the order for a High-Pressure Grinding Roll (HPGR), a key component of the Etango plant, has been placed and manufacturing is underway.
Detailed plant design is advancing, keeping the project on schedule. The ongoing phased “greenlight” approach allows for critical path timelines to be maintained while managing market and execution risks.
“We continue to exercise a gated approach to Etango development, with phased green lighting of various construction works in line with advancement across broader project workstreams and financial capacity. This enables us to maintain critical path timelines whilst also allowing robust management of execution and market risks,” he said.
