Etango early works intensify

Bannerman Energy reports that the number of contract workers at the Etango Uranium Project has increased to more than 370, reflecting a steady ramp-up in early works construction as the company advances toward a targeted Final Investment Decision.

The expanded workforce is supporting a broad range of civil, earthworks and construction activities, with Bannerman reporting that Etango remains Lost Time Injury-free for 16 years, a milestone marked in October by employees and contractors at the site.

The increase in personnel is closely tied to progress on bulk earthworks, aggregate mining, crushing and screening, and concrete construction works now underway.

During the quarter, bulk earthworks reached approximately 51% completion, with the primary focus on the construction of the heap leach pads.

Blasting, crushing, and screening of heap-leach drainage aggregate, undertaken by Namibian contractor Tulela Mining & Construction, advanced according to schedule, with the material confirmed to meet required specifications and stockpiled for later placement.

Concrete works also moved into execution. Bannerman placed Phase 1 and Phase 2A concrete contracts with K Neumayer Civil Contractors, covering the primary crusher structure and the main concrete components of the dry plant.

Foundations for both the primary crusher and the coarse ore stockpile tunnel were successfully poured during the quarter, including a 500 cubic metre pour at the primary crusher and a 1,200 cubic metre pour at the stockpile tunnel.

Long-lead equipment delivery marked another milestone, with the High-Pressure Grinding Rolls (HPGR) tertiary crusher manufactured, transported and delivered to the site.

Bannerman said the arrival of the HPGR aligns with the project’s staged construction schedule and reduces execution risk ahead of further structural and mechanical works.

Infrastructure and utilities development also progressed. Installation of Phase 1 of the permanent water supply pipeline is now about 16% complete, with local contractor AN Construction cc focusing on pump station bases and the pipe bridge crossing the Swakop River.

The permanent water supply agreement has been reviewed internally and submitted to NamWater for finalisation.

Regarding power, a definitive supply agreement is in place with NamPower, and detailed design for the dedicated feeder bay at the Kuiseb substation has commenced.

Bannerman expects to appoint an engineering, procurement and construction management consultant for these works during the first quarter of 2026.

Design of the acid storage and handling facility at Walvis Bay port is also advancing, led by Windhoek Consulting Engineers, with on-site geotechnical work already underway.

Detailed engineering and procurement activities continued in parallel. Engineering is being led by Wood Group, working with Bannerman’s Namibian owner’s team using certified vendor drawings.

The detailed model review for the dry plant has been completed, with civil and mechanical design now approximately 92% complete.

Wet plant engineering remains at an earlier stage, at around 23% complete, pending validation test work, although earthworks for the wet plant terrace have already commenced.

Bannerman ended the quarter with a cash balance of A$89.3 million (about N$1.65 billion) and liquid assets of A$12.7 million (about N$235 million), providing capacity to maintain a stage-gated approach to awarding further early works contracts.

Total early works commitments stood at approximately A$42.1 million (about N$780 million) at 31 December, with A$48.5 million (about N$900 million) already spent on early works programs.

Executive chairman Brandon Munro said the quarter reflected disciplined execution across construction, engineering and procurement.

“Bannerman continued to progress Etango’s early works programme during the December 2025 quarter, with key construction activities and delivery of long-lead equipment advancing in line with schedule and budget,” Munro said.

“Uranium market fundamentals strengthened further over the quarter. With advancing early works and a strong balance sheet, Bannerman is well positioned as market conditions continue to align toward a targeted Final Investment Decision on Etango,” he said.

The Etango Uranium Project, in which Bannerman holds a 95% interest, remains on track for a potential positive Final Investment Decision within the next six to twelve months, subject to market conditions.

Long-term uranium prices strengthened during the quarter, with the term price reaching US$87 per pound U₃O₈, while Bannerman continued to engage utilities and counterparties following the execution of two initial offtake agreements in September 2025.