CHAMWE KAIRA
Bannerman Energy says pre-production funding in excess of US$353 million (N$5.8 billion) will likely be required to achieve the full range of operational outcomes modelled in the Definitive Feasibility Study (DFS) for its Etango Uranium Project in Namibia.
The Australian uranium developer said the funding could potentially be sourced through a combination of share dilution, a partial sale of the project or a joint venture structure.
Managing director and chief executive officer Gavin Chamberlain disclosed the funding requirement during an operational update on the Etango project at the Global Uranium Conference in Adelaide on 7 October 2026.
Bannerman said the greenfield project has a long-term offtake arrangement and strategic partnership with China National Nuclear Corporation (CNNC), while management maintains that it has a reasonable basis to fund development as key milestones are achieved.
The company cautioned, however, that future capital requirements remain subject to the development strategy and funding structure adopted.
The Etango development is being advanced through a stage-gated approach intended to build execution readiness while maintaining cost discipline before major capital commitments are made.
The initial development phase, known as Etango-8, is based on a 113.5-million-tonne resource and is projected to produce 3.5 million pounds (Mlbs) of uranium oxide (U3O8) a year.
Bannerman has also outlined expansion potential through its Etango-XP model, which covers a 210.2-million-tonne resource and envisages annual production of 6.7 Mlbs of U3O8.
The company said 100% of the mineral resources scheduled for extraction and recovery in the Etango-8 DFS and subsequent scoping studies are classified as Measured or Indicated resources, with no Inferred resources included in the production schedules.
Construction planning and initial visual progress are continuing at the site under the applicable regulatory framework.
Bannerman said detailed design work began after the completion of the Etango-8 Front-End Engineering Design (FEED) in mid-2024.
The Etango project is located in the Erongo Region and is being developed as a large-scale uranium operation, with Bannerman targeting further development milestones before making major capital commitments.
