External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><ul><li>BMN continues to make steady progress at its flagship 3.5Mlb/y Etango-8 development in Namibia and continues to target a positive FID in 2025.</li><li>We retain our SPEC BUY rating and $4.33 price target.</li><li>FEED completed... BMN has tightened its estimation accuracy to +/-10% (from DFS +/-15%) with offers received from competitive tender for over 80% of the total Etango-8 capital costs ($353.5mn). </li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMN continues to make steady progress at its flagship 3.5Mlb/y Etango-8 development in Namibia and continues to target a positive FID in 2025.We retain our SPEC BUY rating and $4.33 price target.FEED completed... BMN has tightened its estimation accuracy to +/-10% (from DFS +/-15%) with offers received from competitive tender for over 80% of the total Etango-8 capital costs ($353.5mn). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bannerman Energy Ltd - SepQ'24 - Measured Progress

<ul><li>BMN has provided an update for its Etango project, highlighting the completion of FEED and Control Budget Estimates (June), early works for the construction of the water supply and site access (July) and ongoing progress with contracts/awards.</li><li>Importantly, the bulk earthworks contract has been awarded and is targeted as a 24-month contract, placing it in line with the company's critical path schedule.</li><li>Included within the update BMN has expanded its projected window for FID and is targeting a positive decision in 2025.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMN has provided an update for its Etango project, highlighting the completion of FEED and Control Budget Estimates (June), early works for the construction of the water supply and site access (July) and ongoing progress with contracts/awards.Importantly, the bulk earthworks contract has been awarded and is targeted as a 24-month contract, placing it in line with the company's critical path schedule.Included within the update BMN has expanded its projected window for FID and is targeting a positive decision in 2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bannerman Energy Ltd - Etango Project Update

<ul><li>BMN completed its Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) for the 3.5Mlb/y Etango-8 development in June.</li><li>Costs have been refreshed, process refined and major approvals are all in place. In our view, funding remains the key hurdle.</li><li>The recent capital raising creates momentum and should assist offtake negotiations but BMN needs to convert on strategic partnership/funding arrangement, in our opinion, if it is to achieve its 2H CY24 FID target.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMN completed its Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) for the 3.5Mlb/y Etango-8 development in June.Costs have been refreshed, process refined and major approvals are all in place. In our view, funding remains the key hurdle.The recent capital raising creates momentum and should assist offtake negotiations but BMN needs to convert on strategic partnership/funding arrangement, in our opinion, if it is to achieve its 2H CY24 FID target.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bannerman Energy Ltd - JunQ'24 - Strategic Funding in Focus

<ul><li>BMN has competed its Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) for the 3.5Mlb/y Etango-8 development.</li><li>Through this process BMN has refreshed its costs and refined the projects scope in an effort to improve process robustness (increased water storage and surge capacity, etc.).</li><li>All up capital costs have only increased by 11% to US$354mn as inflation impacts were partially offset by forex benefits.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMN has competed its Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) for the 3.5Mlb/y Etango-8 development.Through this process BMN has refreshed its costs and refined the projects scope in an effort to improve process robustness (increased water storage and surge capacity, etc.).All up capital costs have only increased by 11% to US$354mn as inflation impacts were partially offset by forex benefits.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bannerman Energy Ltd - FEED Delivered, Focus on Strategic Financing

<div><div><div><div><ul><li>BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.</li><li>Two future phase options have been evaluated: 1) a post ramp-up expansion in capacity to 6.7Mlb/y (Etango-XP); or 2) an extension of operating life to 27 years (Etango-XT).</li><li>With ~225Mlb of resources and Etango-8's current capacity of 3.5Mlb/y this is a logical next step, in our view. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.Two future phase options have been evaluated: 1) a post ramp-up expansion in capacity to 6.7Mlb/y (Etango-XP); or 2) an extension of operating life to 27 years (Etango-XT).With ~225Mlb of resources and Etango-8's current capacity of 3.5Mlb/y this is a logical next step, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?

Australia

Bannerman Resources Ltd. explores for uranium in Australia and Africa.

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Bannerman Resources (BMN AU)

Bannerman Energy Ltd - SepQ'24 - Measured Progress

BMN continues to make steady progress at its flagship 3.5Mlb/y Etango-8 development in Namibia and continues to target a positive FID in 2025.

Canaccord Genuity

Bannerman Energy Ltd - Etango Project Update

BMN has provided an update for its Etango project, highlighting the completion of FEED and Control Budget Estimates (June), early works for the...

Canaccord Genuity

Bannerman Energy Ltd - JunQ'24 - Strategic Funding in Focus

BMN completed its Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) for the 3.5Mlb/y Etango-8 development in June.

Canaccord Genuity

Bannerman Energy Ltd - FEED Delivered, Focus on Strategic Financing

BMN has competed its Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) for the 3.5Mlb/y Etango-8 development.

Canaccord Genuity

Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?

BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.

Canaccord Genuity

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