Bannerman Energy Completes $457 Million Strategic Financing with CNOL to Fund Etango Uranium Project

PERTH / SWAKOPMUND — Bannerman Energy (ASX: BMN) has officially completed its landmark strategic financing transaction with CNNC Overseas (CNOL), receiving $320.4 million to fund the development of the Etango Uranium Project in Namibia.

The transaction establishes an incorporated joint venture through Bannerman’s UK subsidiary, with CNOL holding a 45% stake and Bannerman retaining 55%. This ownership tier delivers an underlying Etango Project economic interest of 52.25% to Bannerman, 42.75% to CNOL, and 5% to the One Economy Foundation.

Debt-Free Construction and Offtake Structure

The funding arrangement enables the debt-free construction of Etango, substantially mitigating financial risk during the build-out and ramp-up phases while reinforcing corporate financial flexibility. Post-transaction, Bannerman holds approximately $174 million in standalone pro-forma cash, while the joint venture separately maintains approximately US$303 million (approx. $448.62 million) in project-level cash reserves, fully covering residual working capital forecasts through to commercial production.

Under the executed shareholders agreement, CNOL secures a life-of-mine entitlement to 60% of Etango’s yellowcake production at arm's length, market-based pricing, while Bannerman retains independent marketing control over the remaining 40%.

"This landmark project funding and joint venture arrangement is a powerful enabler of the successful construction, ramp-up, and operation of the world-class Etango Uranium Project," noted Brandon Munro, Executive Chairman of Bannerman Energy. "Debt-free construction of Etango substantially reduces the financial risk profile during construction and ramp-up, as well as significantly enhancing Bannerman’s overall corporate financial flexibility."

Governance and Project Timeline

Governance terms dictate that Bannerman will appoint three of the five directors to the joint venture board, with future capital requirements funded proportionately by each shareholder.

Early construction works continue tracking in line with budget and schedule, with a final investment decision and the commencement of full-scale construction anticipated during the fourth quarter of 2026.

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