CHAMWE KAIRA
Bannerman Energy Ltd, which is developing the Etango uranium project in the Erongo Region has requested an immediate trading halt be granted by Australia Stock Exchange in respect of its ordinary shares.
The trading halt is requested in connection with a proposed capital raising to be conducted by the company.
Explaining the reason for trading halt, the company said trading halt is requested pending the release of an announcement regarding a capital raising.
On the duration of the trading halt, the company said it anticipates that the trading halt will remain in place until the earlier of such time as it makes an announcement to the market in relation to the outcome of the capital raising and the commencement of trading on Friday, 28 June.
Regarding the termination of the trading halt, the company said it anticipates that the trading halt will cease upon it announcing the outcome of the capital raising.
Bannerman has already announced the completion of a scoping study that evaluated future higher throughput and operating life cases for its flagship Etango Uranium Project. Bannerman has said it remains fully committed to the timely development of the Etango project.
The scoping study evaluation of the Etango projects was undertaken to demonstrate the potential technical and economic viability of subsequent expansion, the company said. The company expects the development of the project to cost US$320 million
Bannerman Chief Executive Officer, Gavin Chamberlain believes that developing the world-class Etango Project at an initial 8 million tonnes per annum throughput scale is its core focus. The company undertook the Etango scoping study in order to demonstrate the ready technical and financial viability of expanding or extending our base case Etango operation following its successful construction and ramp-up.
He said that as evidenced by the announced outcomes, the scoping study has categorically demonstrated this further growth optionality. In short, the long-term scalability of the world-class Etango resource remains highly robust under the base case Etango approach to initial project development.
The study found that mine and plant throughput expanded to 16 million tonnes per pound with a Life of Mine of 16 years.
Bannerman Executive Chairman, Brandon Munro, believes that the company has more formally demonstrated the longer-term optionality delivered by its large-scale Etango uranium resource.
Munro said the scoping study emphatically is evident that significant underlying value residing in Etango’s huge in-ground leverage to, and scalability with, higher uranium price outlooks.
