CHAMWE KAIRA
Australian-listed uranium developer Bannerman Energy has issued 31 million new shares to institutional and sophisticated investors, raising A$124 million (N$1.43 billion) as it advances the development of its Etango uranium project in Namibia.
The company said on Wednesday that the fully paid ordinary shares were issued at A$4.00 each, following its announcements on 9 and 10 September 2026 regarding the capital raising.
Bannerman is developing Etango in Namibia’s Erongo Region, about 30 kilometres south-east of Swakopmund.
The project is one of Namibia’s major uranium development projects and has a mineral resource of 207 million pounds of uranium.
Bannerman said the project is located within an established uranium mining district and benefits from existing infrastructure and logistics.
Etango is fully permitted and has undergone extensive exploration and feasibility work, including a Definitive Feasibility Study completed in 2022. The project has a planned mine life of more than 15 years.
The company has also tested the processing method planned for Etango through a demonstration plant. Construction of the Etango Heap Leach Demonstration Plant was completed in 2015, with the facility operating as a pilot plant until 2020.
Bannerman said the demonstration plant helped test and optimise the proposed heap leaching process and generated a large database of processing information.
The latest capital raising comes against what Bannerman describes as a stronger long-term uranium price environment.
The company’s long-term uranium market outlook points to term prices reaching US$84 per pound of uranium (U3O8), supported by growing demand from utilities seeking to secure long-term supplies.
Bannerman said its financial models and internal rate of return calculations for the Etango-8 project are based on a benchmark uranium price assumption of US$80 per pound.
The company said long-term uranium prices have strengthened to multi-year highs, with the higher prices reflecting increased demand for uranium contracts from electricity utilities.
The capital raised through the share placement will add to Bannerman’s funding as it continues advancing Etango towards development.
