Bannerman Energy Q2 Earnings Call Highlights

Posted by Alphonse Anthony on Jan 31st, 2026

Bannerman Energy (ASX:BMN) provided a quarterly update for the December 2025 period, outlining continued early works construction at its Etango uranium project in Namibia, progress in detailed design and procurement, and an unchanged target to bring uranium to market by 2029.

Construction progress and safety performance

Chief Executive Officer Gavin Chamberlain said the company’s safety record remained a key highlight, noting 16 years without a lost-time injury. Chamberlain added that as site activities transition from exploration into construction, maintaining an LTI-free record has been “really pleasing” for management and the team on the ground.

Chamberlain said early works construction continued during the quarter “in line with budget and schedule,” with new contractors mobilized on site and “progressing extremely well.” He also noted advancement in detailed design and procurement work, including movement “well into the structural steel component of the dry plant area,” while the wet plant design and work was “slowly but surely starting to get traction.”

Key workstreams at Etango: heap leach pad, concrete, and infrastructure

During the webinar, Bannerman shared site photographs and discussed milestones achieved across multiple work areas.

Heap leach pad: The heap leach pad was described as 1 kilometer long by 300 meters wide. Bannerman has completed the first three cells and said it remains on schedule.
Drainage material: The company started blasting, crushing, and screening drainage material required for the heap leach pad. Chamberlain described this as one of the “capital-saving ideas” developed during the FEED phase, using material available on site to produce drainage material to specification.
Concrete works: Bannerman said the concrete contract “found traction” during the quarter, with work underway at the primary crusher. Chamberlain said reinforcement was almost at ground level, representing about 50% of tower reinforcement installed, and described the primary crusher concrete as approximately 30% complete overall, with the structure continuing to about 10 meters above ground level. The concrete contractor also progressed work at the tertiary crusher and stockpile tunnel foundations.
Large concrete pour: The company highlighted a continuous pour of over 1,200 cubic meters of concrete at the stockpile tunnel foundations, describing it as one of the biggest pours in Namibia “in a long time.”
Permanent water supply line: Bannerman said construction of the permanent water supply line “has taken off” and is progressing in line with expectations, and management expressed satisfaction with the appointed contractor.

Chamberlain emphasized that the site team and contractors had continued to meet schedule and remain within budget during these activities.

Procurement update and delivery of HPGR

Chamberlain said the high-pressure grinding rolls (HPGR), which previously underwent factory acceptance testing, were successfully delivered to site during the quarter. He characterized the delivery as an important validation of the company’s import and logistics planning, noting that delivery and in-country clearance were completed without “real issues.”

Cash position, contractor performance, and workforce scale-up

Bannerman ended the quarter with a cash balance of AUD 89 million, along with additional liquid assets valued at AUD 12.7 million, and no debt, according to management.

On workforce levels, Chamberlain said headcount had climbed to just under 400 people on site, citing a recent figure of 373. He described the onboarding process—medical checks and induction—as running smoothly, crediting safety consultant Wood for implementing a strong induction process. Chamberlain said the longest onboarding time was “just under a week,” which he described as low by international standards.

Management also addressed contractor performance, stating that current contractors are Namibian and that Bannerman’s strategy has been to reduce contract sizes so local firms can execute the work. Chamberlain said the company has been “blown away” by contractor progress and commitment to safety and schedule.

FID timing, funding workstreams, and contracting strategy

Asked about final investment decision (FID), Chamberlain said Bannerman remains on track, but added that it is “very difficult to give too much clarity.” He said the company believes it will finalize FID “somewhere between 6 and 12 months,” and that once FID is reached, Bannerman does not expect to slow the project and still aims to deliver uranium to the market by 2029. He reiterated later that FID is “100% related to the final funding for the project,” and said interest in the project has increased significantly over the last six months as the company progresses a strategic funding workstream.

On the uranium sales contracting strategy, Chamberlain said the company continues to engage with utilities and respond to requests for proposals (RFPs), but emphasized discipline on pricing. He said Bannerman is not rushing to sign new contracts and wants new contracts to be executed only at prices the company is comfortable with, while maintaining exposure to a rising uranium market.

In response to a budget question, Chamberlain said project spend, including amounts spent and committed, is “just under a third” of the overall budget. He said two major contracts remain to be placed: a structural steel construction contract and an electrical and instrumentation construction contract. He also noted that Bannerman has progressed mechanical orders substantially, placing orders to secure pricing for a large portion of the project’s mechanical equipment.

On utilities agreements, management said the NamPower contract has been executed and the first deposit has been paid, with design of the substation underway. For NamWater, Bannerman said it is still awaiting the final signed contract but has a binding memorandum of understanding that enabled commencement of the permanent water line construction. Chamberlain said NamWater has been “slightly diverted” by work related to a second desalination plant, which he said could be approved by government around mid-year. He stressed, however, that Etango does not require the second desalination plant and that sufficient water exists from the current plant.

Chamberlain also addressed optionality for a potential project extension, saying the key design implications are water and power. He said infrastructure being installed now is capable of supporting an extension, with water line pressure and flow able to be increased, and overhead power lines sized for both the base project and extension. He added that the site layout allows for construction of the extension while operating the main plant.

Finally, Chamberlain commented on proposed Namibian mining policy rhetoric around state participation, noting a change in the mining minister and saying the rhetoric around 51% ownership had “died down significantly.” He said Bannerman believes Etango is an “old license” rather than a new one and does not expect the issue to affect the project, while noting the company continues to monitor developments.