Etango has benefited from extensive exploration and feasibility activity since we listed as a public company on the Australian Securities Exchange (ASX) in 2005. The Etango tenements possess a globally large-scale uranium mineral resource. A 20Mtpa development at Etango was the subject of a Definitive Feasibility Study (DFS) completed in 2012 and a DFS Optimisation Study completed in 2015. We constructed and operated a Heap Leach Demonstration Plant at Etango, which comprehensively de-risked the acid heap leach process to be utilised on the Etango ore.

Namibia is a premier uranium investment jurisdiction, with a 45-year history of uranium production and export, excellent infrastructure and support for uranium mining from both government and community. As the world’s third largest producer of uranium, Namibia is an ideal development jurisdiction boasting political stability, security, a strong rule of law and an assertive development agenda.

Etango has environmental approvals for the proposed mine, based on a 12-year environmental baseline. We are a socially responsible leader within Namibia and exercise best-practice governance in all aspects across our business.

Bannerman completed a Scoping Study on an 8Mtpa development for Etango in August 2020 and a Pre-Feasibility Study (PFS) in August 2021. These studies were built upon a robust foundation of previously conducted technical work and demonstrated that an accelerated, streamlined development at 8Mtpa was strongly amenable to development – both technically and economically.

In December 2022, we completed the Definitive Feasibility Study (DFS) on Etango at 8Mtpa. The DFS on Etango (8Mtpa) is a study of world-class quality, with input from leading experts across each facet of mining uranium in Namibia. Critically, the DFS confirmed, to a definitive level, the robust overall viability of development and operation of the Etango Project. View the key physical and financial outcomes of the Etango (8Mtpa) Definitive Feasibility Study here.

The Etango Mining Licence application was granted in December 2023. This key milestone was followed swiftly by the commencement of early development works at Etango. Bannerman has awarded two contracts to local Namibian businesses for the construction of a temporary water pipeline and access road.

Front End Engineering and Design (FEED) studies for Etango are well progressed in parallel with advancing offtake and project finance workstreams. These activities are steadily culminating in a push towards a positive Final Investment Decision (FID) for Etango, market conditions permitting, targeted during 2024.

To reinforce the technical and commercial viability of subsequent expansion of Etango, Bannerman completed a Scoping Study in February 2024 outlining two future phase development options: an expansion of mine and plant throughput to 16Mtpa (Etango-XP) and a life-of-mine extension with mine and plant throughput maintained at 8Mtpa (Etango-XT). This Scoping Study produced excellent financial metrics demonstrating the substantial in-ground leverage and scalability of the world-class Etango resource to higher uranium price outcomes.