Interview with Gavin Chamberlain, CEO, and Matt Horgan, VP Corporate Development, of Bannerman Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-asxbmn-strategically-positioned-for-uranium-resurgence-5875

Recording date: 18th March 2025

Bannerman Energy is making steady progress on its Etango uranium project in Namibia, having completed essential infrastructure including access roads and water facilities. The company has now moved into internal roadworks, construction power implementation, and bulk earthworks, with all blast work completed without incidents.

CEO Gavin Chamberlain highlighted their effective water management strategy: "We built a storage dam on site with 10 days storage and since we built that dam, we've had two notified stoppages of the desalination plant, but because we had 10-day storage on site we haven't actually had to stop construction once."

The company maintains a conservative financial approach with $81 million AUD in the bank as of the end of 2024, providing runway into 2026. Bannerman currently has no debt, and all running contracts have been committed within their cash flow projections. Despite careful capital deployment, the company maintains its target to bring uranium to market by 2028.

Risk mitigation remains a priority, with contracts being broken into smaller packages to reduce financial exposure and enable participation by Namibian contractors. For mechanical contracts, Bannerman has implemented a two-phase approach with secured escalation formulas during competitive bidding.

All primary approvals necessary for the project are in place, including environmental licenses, mining licenses, and Heritage Council approvals. Chamberlain characterized Namibia as "Africa light," noting the country's stable business environment and established 46-year history in uranium production.

Recently appointed VP Business Development and Investor Relations Matt Horgan brings 15 years of mining sector experience to the company. He emphasized Bannerman's funding approach: "One of the worst things we could do at the moment is pull the trigger preemptively on a highly dilutive equity raise."

The company is pursuing multiple funding work streams, including equity investors, debt financing, and potential strategic stakeholders, while navigating a volatile uranium market that has seen prices drop from $107 to the low $60s.

Horgan highlighted Namibia's political independence as a strategic advantage, allowing the company to "sell to many places and secure funding channels that other projects may not be able to tap into." The project's multigenerational nature also attracts potential strategic investors looking for long-term supply security.

Looking ahead to 2025, Bannerman anticipates completing roadworks and construction power infrastructure while continuing bulk earthworks. Chamberlain expressed cautious optimism that "before the end of this year we will see some form of movement on final financing solutions."

View Bannerman Energy's company profile: https://www.cruxinvestor.com/companies/bannerman-energy

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