Bannerman Energy raises A$124 million for Etango Uranium Project

Bannerman Energy has launched a fully underwritten A$124 million institutional equity placement to fund the development, construction, and ramp-up of its Etango Uranium Project in Namibia. The capital raise, which involves approximately 31 million new shares priced at A$4.00 each, is intended to provide sufficient funding through to production without the need for debt.

The placement follows the satisfaction or waiver of all conditions precedent regarding a strategic investment and joint venture with CNNC Overseas Limited (CNOL). Combined with existing cash resources and anticipated contributions from CNOL, the funds are expected to cover the project's residual working capital requirements and construction activities.

Bannerman also plans to conduct a non-underwritten share purchase plan targeting up to an additional A$10 million. Following the completion of the CNOL transaction, the company expects to reach a Final Investment Decision and begin full-scale construction at the Etango site during the fourth quarter of 2026.