CHAMWE KAIRA
Bannerman Energy says construction of early works at its Etango Uranium Project in the Erongo Region remains on schedule and within budget, while the company expects to complete its strategic financing and joint venture transaction with CNNC Overseas Limited (CNOL) during the third quarter of 2026.
In its quarterly activities report for the period ended 30 June 2026, the company said it continued to satisfy key conditions precedent for CNOL’s proposed investment of up to US$321.5 million.
Bannerman said the remaining conditions are expected to be fulfilled during the current quarter, with a final investment decision (FID) on the Etango project targeted shortly after the transaction is completed.
The company reported continued progress across its early works programme, with construction activities tracking to the overall budget and schedule.
According to the report, more than 560 contractor personnel are now working on site, while the project has achieved more than 1.1 million lost time injury-free hours.
Bulk earthworks are approximately 92% complete, with current work focused on the freshwater pond, wet plant terraces and the leach pad. Production of heap leach drainage aggregate has reached around 29% of the total material requirement.
Bannerman also reported significant progress on concrete works for key processing infrastructure, with 10 800 cubic metres of concrete cast to date, representing approximately 60% completion of the Phase 1 and Phase 2A construction packages.
Engineering activities also continued to advance during the quarter. Civil and mechanical design work for the dry plant is approximately 94% complete, while wet plant design remains on schedule for the release of construction drawings later this year.
The company said long-term infrastructure development also progressed, including the execution of a permanent water supply agreement with NamWater. Installation of the first phase of the permanent water supply pipeline is approximately 87% complete.
On the financial front, Bannerman ended the quarter with a cash balance of A$53.1 million and liquid assets valued at A$11.5 million.
The company also noted continued strength in the uranium market, with the long-term uranium price rising by US$4 per pound during the quarter to US$97 per pound of U₃O₈.
Commenting on the quarter, Bannerman managing director and chief executive officer Gavin Chamberlain said the company continued to execute the Etango development in a disciplined and methodical manner.
“The June quarter further demonstrated the discipline and methodical approach being applied to the development of Etango. Early works continue to track to overall schedule and budget, reflecting the capability of our project team and contractors, and the strong focus on execution risk that underpins every stage of the development programme,” Chamberlain said.
He added that discussions with CNOL had remained constructive and collaborative as both parties worked towards completing the strategic investment and joint venture agreement.
“With the project footprint increasingly visible on site, engineering and infrastructure activities advancing to plan, and a clear pathway towards transaction completion and FID, Etango continues to build momentum from a position of strong project readiness,” he said.
