External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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?

<div><ul><li>The biggest highlight for the quarter, beyond the macro, was the granting of a Mining Licence (ML) for BMN's flagship Etango Uranium project by the Namibian Ministry of Mines and Energy.</li><li>This was a key milestone for the project and positions the company to be FID ready late in 1H CY24.</li><li>Etango is now fully permitted and it has indicated that all attaching conditions to the ML are considered customary.</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>

The biggest highlight for the quarter, beyond the macro, was the granting of a Mining Licence (ML) for BMN's flagship Etango Uranium project by the Namibian Ministry of Mines and Energy.This was a key milestone for the project and positions the company to be FID ready late in 1H CY24.Etango is now fully permitted and it has indicated that all attaching conditions to the ML are considered customary.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.

<ul><li>Mr. Chamberlain will receive $400k per annum, which is a 12% reduction versus Mr. Munro's base salary.</li><li>With regard to incentives, Mr. Chamberlain will participate in the company’s Employee Incentive Plan (EIP) with a notional value calculated on the basis of 80% subject to the following hurdles:</li><li><p>40% of the incentives are subject to a market-based vesting condition, being the BMN share price exceeding a 20% compound growth rate over the two-year period from 1 July in their year of issue</p></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>

Mr. Chamberlain will receive $400k per annum, which is a 12% reduction versus Mr. Munro's base salary.With regard to incentives, Mr. Chamberlain will participate in the company’s Employee Incentive Plan (EIP) with a notional value calculated on the basis of 80% subject to the following hurdles:40% of the incentives are subject to a market-based vesting condition, being the BMN share price exceeding a 20% compound growth rate over the two-year period from 1 July in their year of issueContent 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 - Executive Changes, Preparing for the Next Phase

<ul><li>BMN has been granted a Mining Licence (ML) for its flagship Etango Uranium project<br>by the Namibian Ministry of Mines and Energy.</li><li>This is a key milestone for the project and positions BMN to be FID ready in 1H CY24.</li><li>Etango is now fully permitted and the company has indicated that all attaching conditions to the ML are considered customary.</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 been granted a Mining Licence (ML) for its flagship Etango Uranium project by the Namibian Ministry of Mines and Energy.This is a key milestone for the project and positions BMN to be FID ready in 1H CY24.Etango is now fully permitted and the company has indicated that all attaching conditions to the ML are considered customary.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 - Mining Licence Granted

Australia

Warrego Energy Limited operates as an oil and gas exploration company. The Company provides onshore oil and gas services. Warrego Energy serves customers in Western Australia, Spain, and Uruguay.

Strike Energy Limited is an oil and gas exploration company whose exploration activities are located in the Carnarvon Basin in Western Australia and the Cooper Basin in South Australia.

Cooper Energy Limited is an oil and gas exploration company focusing its activities in the Cooper Basin of South Australia.  The Company's exploration portfolio includes six tenements located throughout the Basin.

Norwest Energy NL explores for petroleum both offshore and onshore.  The Company's core regions of operation are the northern Perth Basin and onshore southern England's Wessex Basin.

Peninsula Energy Limited is a uranium development company.  The Company has exploring activities in Wyoming, Karoo South Africa, as well as Western Australia.

Horizon Oil Limited is involved in petroleum exploration, development and production.

Metro Mining Ltd focuses on the exploration and mining of aluminum and bauxite in tropical environments.

Carnarvon Petroleum Limited operates as a petroleum exploration company. The Company explores and produces oil and gas products. Carnarvon Petroleum serves customers in Australia.

Empire Energy Group Ltd., through a subsidiary, explores for oil and natural gas.  The Company operates in Pennsylvania and western New York State in the United States.

Renascor Resources Limited is an exploration company. The Company acquires, explores and develops properties for copper, gold and other base and precious metals, as well as uranium.

Siamgas & Petrochemicals PCL distributes liquefied petroleum gas (LPG). The Company provides LPG, ammonia and other related petrochemical products such as propane, butane and propellant. Siamgas is also involved in the logistics services for LPG and petrochemical products.

Qinghai Jinrui Mineral Development Company Ltd. explores and develops strontium mines, as well as manufactures casting products.

Qinghai Jinrui Mineral Developmnt (600714 CH)

Hallador Energy Company processes, mines and sells coal to producers of electric power.  The Company also owns interests in an oil and gas company with operations in Michigan.

Sinopec Shandong Taishan Petroleum Co., Ltd. distributes gasoline, diesel oil, and kerosene throughout Shandong province. Through its subsidiaries. The Company also operates in real estate development.

PT Rukun Raharja Tbk operates transmission lines and distributes natural gas to industry.

SALA CORPORATION is a holding company which operates and manages its subsidiaries.  The Company provides energy supply and solution, and facility management services through its subsidiaries.  Other services include infrastructure development, animals' health care, auto services, and logistic business.

Ring Energy Inc is an independent oil and gas exploration company with headquarters in Midland, Texas. The Company's business strategy is focused on the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States.

Hankook Shell Oil Co., Ltd. manufactures and markets lubricants, grease, and other petroleum products used for cars, vessels, industrial machinery, and cutting tools.  The Company exports its products to Southeast Asian countries, Russia, and China.  Hankook Shell is an affiliate of Royal Dutch Shell Group.

Geo Energy Resources Limited is a coal mining specialist based in Indonesia. The Company owns and operates coal mines.

China LNG Group Limited is a holding company whose group's principal activities are investment in and trading of assets and engagement in the development of new  energy businesses including investment, construction and operation of LNG filling stations, terminals and related infrastructure, sales and conversion of LNG vehicles and vessels, providing financial leasing service to customers.

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

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Bannerman Resources (BMN AU)

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

Bannerman Energy Ltd - DecQ'23 Report

The biggest highlight for the quarter, beyond the macro, was the granting of a Mining Licence (ML) for BMN's flagship Etango Uranium project by the...

Canaccord Genuity

Bannerman Energy Ltd - Executive Changes, Preparing for the Next Phase

With regard to incentives, Mr. Chamberlain will participate in the company’s Employee Incentive Plan (EIP) with a notional value calculated on the...

Canaccord Genuity

Bannerman Energy Ltd - Mining Licence Granted

BMN has been granted a Mining Licence (ML) for its flagship Etango Uranium projectby the Namibian Ministry of Mines and Energy.

Canaccord Genuity

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