CHAMWE KAIRA
Bannerman Energy has signed a definitive permanent water supply agreement with NamWater for its Etango uranium project, marking a key milestone as the company advances towards a final investment decision (FID).
The agreement, signed in early June 2026, secures the water required to support operations for the initial Etango-8 development, which is expected to produce an average of 3.5 million pounds of uranium oxide (U₃O₈) annually over a projected 15-year mine life.
Bannerman said the agreement reflects the importance of long-term planning and collaboration with key stakeholders as the company continues developing the project.
The announcement follows the release of the company’s 2025 Annual Report, which outlined progress made over the past financial year, including the completion of several early works programmes designed to reduce project risks ahead of construction.
According to the report, Bannerman completed key infrastructure works, including the project construction water supply, site access roads and substantial bulk earthworks. The company said the projects were delivered safely, on schedule and within budget.
Manufacturing of major equipment has also advanced, with production of the High-Pressure Grinding Rolls (HPGR) crusher running ahead of schedule.
Construction activities during the year included excavation at the primary crusher site, erection of power infrastructure and installation of water distribution networks.
The company said careful planning helped minimise disruptions caused by heavy rainfall in Namibia, allowing construction activities to continue largely as scheduled.
Bannerman also highlighted its safety performance, reporting that it achieved one million work hours without a lost-time injury in June 2025.
To strengthen its financial position, the company completed two institutional equity placements during the year. The first, in August 2024, raised A$85 million to fund early works and detailed engineering, while a second placement in June 2025 raised a further A$85 million.
By early July 2025, Bannerman held approximately A$140 million in cash and liquid assets.
Following the reporting period, the company signed its first uranium offtake agreements in September 2025 with Tier-1 North American utilities.
The contracts provide for the supply of approximately one million pounds of uranium over the 2029 to 2033 period, with annual delivery flexibility of 10%.
Bannerman said the agreements establish Etango as a future supplier to the international uranium market while supporting its strategy of building a diversified sales portfolio ahead of the project’s final investment decision.
