Bannerman confident about market conditions, cash flexibility as it nears final investment decision on Etango
ASX-listed Bannerman Energy says it is progressing towards a final investment decision on the Etango uranium project, in Namibia, with a strong cash position and favourable market conditions.
The company has concluded, on time and within budget, the first phase of early works on the project, including building an access road and water supply infrastructure.
The company has already ordered a tertiary crusher and is advancing design work on a processing plant.
In the quarter ended September 30, Bannerman completed an A$85-million two-tranche equity placement, as well as progressed offtake marketing workstreams.
The company’s cash balance of A$95.7-million and zero debt puts it in a strong position to advance project development in phases, while the uranium price averaged strongly at $82/lb at the end of the quarter, which provides Bannerman with a positive market outlook.
“The Etango financing process also progressed during the quarter, as we compared a range of conventional and strategic funding opportunities that reflect the growing interest in long-term uranium supply.
“Our strong financial position allows us to take the appropriate time in this area to ensure the optimal overall funding mix is delivered for the benefit of all our stakeholders,” says chairperson Brandon Munro.
He adds that the unprecedented positive energy at World Nuclear Association’s yearly symposium in September reflected the further firming of long-term contract markets as the sector enters a seasonally strong period.
“We look forward to accessing the benefits of our careful exercise of patience at this early stage in the uranium cycle.”
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