Bannerman Energy Ltd.

Bannerman Energy Ltd. is a junior uranium development company headquartered in Subiaco, Australia, operating primarily in Africa. The company's portfolio consists of 1 development project. Key assets include Etango. The company operates as a development business focused on advancing a globally large-scale mineral resource. Its operational model is centered on conventional open pit mining and heap leach processing. This approach has been significantly de-risked through the construction and multi-year operation of a dedicated heap leach demonstration plant, which validated the conventional acid heap leach process intended for the ore. The project's advanced standing is further supported by having received all necessary environmental approvals, which are based on a 12-year environmental baseline study. The management team possesses direct experience in the development, construction, and operation of similar projects, as well as extensive links into the downstream nuclear power industry. A key market strategy involves structuring a portfolio of strategically blended long and short-term offtake agreements to provide stable cash flows while retaining flexibility to capture upside in a rising market.

Strategic execution focuses on advancing its flagship asset toward a positive Final Investment Decision in parallel with strengthening market fundamentals. Key milestones achieved include the completion of Front-End Engineering and Design (FEED) and a Control Budget Estimate (CBE), which refined feasibility outcomes and improved cost estimation accuracy to +/-10%. A recent scoping study demonstrated significant long-term scalability, evaluating future growth options for either a major throughput expansion or a life-of-mine extension. Capital allocation is directed toward de-risking construction, with a recent A$85 million placement funding detailed design for bulk earthworks, civil engineering, and the progression of early works. Market positioning is being enhanced through the appointment of a Vice President of Market Strategy to advance marketing and offtake initiatives. The entity's inclusion in the S&P/ASX 300 Index reflects its growing strategic value and market position.

Executive leadership was restructured to align with the transition from development to construction, with Brandon Munro, an executive with 25 years of experience, becoming Executive Chairman & Managing Director. Gavin Chamberlain, a professional with 30 years of experience in southern African mining project management, was appointed Chief Executive Officer. The board includes a Lead Independent Director, a role created to enhance governance oversight. Board committees for Audit, Remuneration, Nomination and Corporate Governance, and Sustainability provide specialized oversight, with meeting attendance records detailed in corporate disclosures. The remuneration framework for non-executive directors includes a mix of cash fees and equity incentives under a shareholder-approved plan to align director interests with shareholder value creation while preserving cash resources. The executive remuneration structure combines fixed base pay with variable, at-risk long-term incentives tied to operational, market, and safety performance hurdles.

The organization has established itself as an environmental, social, and governance leader, recognized with a 2023 industry award for community engagement. A key safety achievement is maintaining a record of zero lost-time injuries for 14 years. Social development initiatives include an Early Learner Assistance Program, which has supported over 3,500 learners since 2011, and a strategic partnership with Mondesa Youth Opportunities to provide supplementary education to underprivileged students. Environmental management is proactive, with all necessary environmental approvals secured based on a 12-year environmental baseline. The company has forecasted project greenhouse gas emissions and identified potential reductions for construction and operation phases, including the use of electrically powered conveyors. Climate change considerations, including physical and financial risks, have been integrated into project design and operational planning. Governance practices include mandatory employee training on human rights, anti-bribery, and whistleblower policies.

The company holds a 42.1% equity-accounted interest in Namibia Critical Metals Inc., a publicly traded entity, after increasing its stake through participation in a private placement on 22 December 2023. The group's principal asset is held through its 95%-owned subsidiary, Bannerman Mining Resources (Namibia) (Pty) Ltd. The remaining 5% of this subsidiary is held by the One Economy Foundation, which is loan-carried for all project expenditures, with the loan and interest repayable from future dividends. The corporate structure also includes wholly-owned subsidiaries for activities in the UK, Netherlands, and Canada. As of 22 June 2023, substantial shareholders included Macquarie Group Limited with an 8.82% interest. Other major shareholders as of the report date include entities associated with SS&C ALPS Advisors and Global X Management.