• Bannerman aims to secure Final Investment Decision (FID) for Etango uranium project by end-2025.
• Company raises $55 million through institutional share placement to fund early works.
• Etango could supply over 52 million pounds of uranium over 15 years

Bannerman Energy announced on June 26 that it has secured commitments from institutional investors to raise A$85 million (approximately $55 million USD) through a share placement. The funds will finance initial works at the Etango uranium project in Namibia, with the company aiming to reach a Final Investment Decision (FID) by the end of 2025.

Once the placement is completed, Bannerman expects to have access to A$140 million in total liquidity, including its existing A$55 million cash reserve. The company will allocate A$64 million to pre-FID construction work, such as earthworks and design;A$40 million to water and electricity infrastructure and A$36 million as general working capital.

The company had initially planned to reach FID in 2024, but postponed the decision twice. With this new funding, Bannerman intends to recover lost momentum and prepare the site for full-scale construction.

According to a 2022 feasibility study, the Etango mine could produce 52.6 million pounds of uranium over 15 years, positioning Namibia as a strategic supplier in the global uranium market. The timing is favorable: the World Nuclear Association projects a 28% rise in global uranium demand between 2023 and 2030, driven by renewed interest in civil nuclear energy.

Despite progress, Bannerman has not yet secured the full $317 million needed for mine construction. The company is exploring options, including debt financing or a joint venture, but has not disclosed a final strategy.

 This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum