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Bannerman Newsletter | NO 4 | AUGUST 2024

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EARLY GREEN SHOOTS

OF ETANGO

News from the People Powering a Cleaner Future

Project update 3

MYO milestone 5

Fuel cycle 12

AUGUST 2024

700m

700m3

Amount of water the

reservoir can hold

team have worked well together to address

these issues. Regular updates have ensured

that items that could have caused a delay to the

works, were taken care of and thus the works are

very close to achieving their targeted completion

dates.”

By the end of June the backﬁll around water

pipeline culverts and the main road (C28) had

been completed and all the base work and

stabilisation for the road surface had been

done. Just a few items remained on the project

lanning, communication, cooperation: these

three words have ensured that the early works

construction on Etango are on track to meet their

targeted completion dates. The ﬁrst stage of

the access road to the mine entrance has been

completed, while the temporary water pipeline

has successfully undergone pressure testing.

Werner Ewald, Managing Director – Namibia,

is very pleased with the progress. “When any

safety or environmental concerns have been

highlighted, the contractor and the Bannerman

list, such as rehabilitation of the landscape, the

installation of trafﬁc signs and the repositioning

of ﬁbre-optic cables and powerlines.

In early July the temporary water pipeline had

been pressure-tested and rehabilitation of

selected areas ﬁnalised. Construction of the

water storage tank had started and by the end of

July the pipeline had been commissioned from

NamWater into the pressure break tank.

11.7m

Diameter of water

reservoir

700m

700m3

Amount of water the

reservoir can hold

The access road to the mine entrance as at July 2024.

Construction update

BANNERMAN ENERGY | AUG 2024

True value of Etango

Managing Director of BMRN, Werner Ewald (pictured right), was

invited to speak at the *CNNC Rössing Uranium 2023 Sustainability

and Performance Conference in June. The title of his presentation

was “Unlocking the value of Bannerman’s Etango deposit”. While

he impressed delegates with the resource size and the possibility of

expanding or extending the mine life, as well as the test work proving

that the deposit is well suited for heap leaching, he dwelled on the

‘true value’ of the project. These included a zero-incident safety record,

Bannerman being the first mining company to support any tourism-

related venture, and the company’s environmental remediation. Its Early

Learner Assistance programme, which has benefitted over 3 500 learners

across six regions of Namibia, is a particular source of pride.

*CNNC = China National Nuclear Corporation

built the access road and water pipeline, it makes

sense for them to continue with this work.

The second contract, to build the powerline

and install the associated electrical switchgear

necessary for the construction work on site,

will be awarded shortly. This will certainly be

awarded to a local contractor.

The third will be for the bulk earthworks

which include the heap leach pad, terracing

and the ripios disposal site. This contract has

been adjudicated and contract ﬁnalisation is in

progress.

Project update

oth new and existing investors have faith in

the Etango-8 Project, and have demonstrated

this by committing A$85 million to further

develop the project.

Funds raised from this two-tranche placement

of shares will go towards detailed design, early

works (including construction infrastructure,

earthworks and selected long-lead items), and

general working capital. These activities will

advance Etango to the Final Investment Decision

during the second half of 2024.

“We are excited by the support we have

received from investors, both for our project

and the way our company has steered this asset

in the rapidly strengthening uranium market.

Proceeds from this placement will enable us to

further progress our Etango-8 Project, following

positive outcomes from the recently announced

Front End Engineering and Design (FEED) and

Control Budget Estimates (CBE) processes,” says

Brandon Munro, Bannerman Energy’s Chairman.

Three follow-up contracts will be awarded.

The one, for extending the road network on

the site (from the entrance gate where the access

road ends to the various areas on the mine site),

will go to local contractor Namibbeton. As they

CONFIDENCE BOOST FOR NAMIBIAN ECONOMY

Benefits of heap leaching

Heap leaching is a low-cost process to recover precious metals, such as gold,

copper and uranium, from their primary resources (ores and minerals). It is an

effective and economical solution for the environment and produces only minor

emissions from furnaces. The cost of the heap leaching process is low, making

this process an attractive option from a financial standpoint.

True value is only achieved if we can do this work

safely, taking the environmental aspects into

account, and working closely with our community.

esides getting the Etango mine built, the project team has one

main goal: to derisk and simplify the future construction as much as

possible.

One way to achieve this is with front-end engineering and design (FEED), a

process that was completed in July. Dynamic simulation modelling, carried

out by an independent industry expert, identiﬁed any issues with sizing or

speciﬁcations of equipment that could impact on throughput targets.

“This process is highly valuable as we move towards construction,” informs

Gavin Chamberlain, CEO of Bannerman Energy. “Improved certainty of

design related to the inter-relationship between selected mechanical

equipment can help shave cost estimates.”

Technical changes were made, in particular, to the communition circuit

design (the crushing process), which is a crucial component to the

processing of ore for heap leach operations.

“We now also have a more detailed construction schedule, which supports

a shorter timeline between Final Investment Decision (FID) and the start of

construction,” says Gavin. “This gives conﬁdence that we can add further

value through improved technical viability or reduced operating costs.”

Etango’s Deﬁnitive Feasibility Study (DFS) was based on mid-2022 prices.

Remarkably, a Control Budget Estimates (CBE) process has shown that

not much has changed. “The total pre-production capital estimate has

increased by 11.3%, which included incremental scope changes that have

further derisked the project. Even more noteworthy, there was just a 2.6%

increase in forecast operating costs. This is an outstanding result that is

testament to the high quality of the DFS,” informs Gavin.

2.6%

Increase in forecast operating costs

The value of project-readiness

Through the FEED process, any issues with equipment can be sorted

out before the mine is built. By being ready for construction, any

time lost between the final investment decision (FID) and full-scale

production of uranium by 2027 is minimised.

FEEDING CERTAINTY,

GROWING

CONFIDENCE

Support received from investors to further develop

the Etango-8 Project, including earthworks,

procurement and manufacturing of long-lead items,

product marketing and project financing.

A$85 million

BUILDING

THE FUTURE

YEARS OF

Stakeholder engagement

The Bannerman team have clocked up kilometres

of smiles in the second quarter of the year as they

continue engaging with stakeholders to keep them

informed on Etango’s progress.

OPEN DIALOGUE

SETS THE TONE

BANNERMAN ENERGY | AUG 2024

Australian Consulate, Namibia

Australian Investor Site Visit

Gavin Chamberlain also paid the Honorary Consul, Ed Humphrey, at the

Australian consulate a visit to keep him up to date on Etango. BMRN is

owned by Bannerman Energy, which is an Australian uranium development

company. Mr Humphrey (pictured right in the photograph) was pleased

to hear of the progress the company is making towards developing the

mine and Bannerman looks forward to hosting both Mr Humphrey and the

Australian High Commissioner at Etango in August.

Namibian Ministry of Mines and Energy

or the ﬁrst time since the granting of the Etango mining licence,

Bannerman visited the Namibian Ministry of Mines and Energy. The aim

was to introduce the new Chairperson of Bannerman Mining Resources

Namibia (BMRN), Twapewa Kadhikwa, and the new CEO of Bannerman

Energy, Gavin Chamberlain, to the Minister.

During this courtesy visit, Bannerman assured the Ministry of its prepared-

ness to make the construction of the mine a reality and to keep the ministry

updated on all developments. Twapewa Kadhikwa adds: “We also stressed

that we aim to remain transparent at all times and provide regular updates.

We look forward to welcoming the Minister and his team to an Etango site

visit to see the progress we are making for himself.”

The Minister wished the Bannerman team success with the ﬁnancing of the

project to construct the mine.

Photographed (from left): Erasmus Shivolo, Mines Deputy Executive Director; Twapewa

Kadhikwa (BMRN); the Hon Tom Alweendo, Minister of Mines and Energy; Gavin

Chamberlain (Bannerman Energy), and Matjiua Hengua (BMRN).

James Bullen (left) of Canaccord Genuity Australia met Werner Ewald from

BMRN during an Australian Investors visit to the Etango Uranium Project

in May. The group left with a better sense of how large the project is and

the strides the company is making with the early works on site. For some

investors it was their first visit to Africa, and all the investors were impressed

with the hospitality of Namibians. The Bannerman team promised to show

them where the desert meets the ocean on their next visit to Namibia.

MYO milestone

hat started out as tennis lessons for

learners has developed into a lessons-

for-life programme. Over the past 20 years,

Mondesa Youth Opportunities (MYO) has

educated around 2 000 students from Grade

4 to 8, providing concentrated education to

promising learners.

Robert Myres founded MYO as a WorldTeach

volunteer working for Rössing Foundation in

Arandis. He realised that many young learners

were idle in the afternoons, with no motivation

or sports opportunities to keep them active and

engaged. He began jogging for his own exercise

and was pleased when some younger learners

began to run with him, mostly barefoot or in

ﬂip-ﬂops. This developed into tennis lessons for

young people.

While a sports programme had value, two

trustees, Vera Leech and Uschi Fahrbach,

recognised the critical importance of English and

Mathematics for academic success. Vera, who

was a committee member and subsequently a

Trustee of MYO since 2004, strongly advocates

Number of years since MYO was formed

for the power of reading and understanding

which helps learners excel in all their subjects.

MYO selects promising learners from low- to-no-

income families who cannot afford extra classes

to realise their potential. They attend state

schools in the morning and then attend MYO in

the afternoons, where emphasis is also on good

behaviour, attendance and discipline. MYO is

their beacon of hope for a quality education that

prepares them for life.

Learners attending MYO’s afternoon school

outperform their peers and MYO boasts a 100%

pass rate. Most of their alumni have achieved

success in leading career positions nationally

and internationally.

Despite ﬁnancial challenges, MYO has thrived

with support from donors like Bannerman Energy

who understand its mission. To celebrate their

20th anniversary in 2024, the MYO team has

planned 20 workshops, training sessions and

events. Bannerman Energy will celebrate this

milestone with them in August.

Number of events planned for 2024

Number of students who have benefitted

2 000 +

Bannerman CEO, Gavin Chamberlain, visited MYO in May to give Grade 6 learners insight into uranium

and nuclear power. This is the first of regular presentations to the learners at MYO, sharing insights and

learnings from the Bannerman team.

Namibian mining industry

BANNERMAN ENERGY | AUG 2024

CoM NURTURES ‘GREEN SHOOTS’ IN

NAMIBIAN MINING INDUSTRY

2000

2023

contribution to GDP

Source: Namibia Statistics Agency

Number of mines in Namibia

Number of CoM members

120

Number of people directly employed

by the mining sector

18 189

ining is the largest primary industry

contributor to the Gross Domestic Product

of Namibia, which grew by 18.9% in 2023 and

contributed 14.4% to GDP. The sector employs

over 18 000 people. Overseeing this growth is

the Chamber of Mines of Namibia (CoM), formed

in 1969 with the sole mandate to protect the

interests of its members, while promoting the

sustainable growth of mining and exploration,

in order to maximise economic gain for the

Namibian nation at large.

It has clearly delivered on its mandate.

Werner Ewald, Managing Director of BMRN,

conﬁrms that the working relationship with the

CoM is mutually supportive. “We engage on

various levels with other mines in the country

on matters that affect the whole mining sector.

These relate to exploration, human resources,

safety and health, environmental or tax-related

issues. By learning from one another, we can

effectively engage with our line ministry, the

Ministry of Mines & Energy, and continually

improve our performance as an industry.”

The CoM expects the Namibian Mining Industry

to be widely respected as a safe, environmentally

responsible, globally competitive and

meaningful contributor to the long-term

prosperity of Namibia.

According to the Chamber’s CEO, Veston

Malango: “Through our active advocacy and

leadership, we inﬂuence policies affecting the

sector, and work diligently towards sustaining

and maintaining a regulatory environment which

attracts investment and promotes the growth of

the Namibian mining industry.”

One of the most visible ways in which the

Chamber promotes its members is through the

annual Namibia Mining Expo, which brings the

entire extractives sector under one roof. The

theme for 2024 is both apt – and promising:

“Green Shoots for Namibia’s Mining Industry:

A Season of Opportunity and Growth to Drive

Economic Expansion”. This event is taking place

from 7-8 August 2024 at the Windhoek Show

Grounds.

CHAMBER OF MINES MISSION

To effectively promote, encourage, protect, foster and contribute to the growth of

responsible exploration and mining in Namibia to the beneﬁt of the country and all

stakeholders.

Namibia is the fourth largest exporter of non-fuel

minerals in Africa

in Africa

DID YOU KNOW?

Namibia boasts some of the best uranium deposits,

as well as the best wildlife conservation record in

the world. Mining and tourism are therefore equally

important to Namibia’s concentrated economy.

Namibia is the world’s third largest producer

of uranium

in the world

Chamber of Mines core values

10.1%

14.4%

Integrity

Compliance

Accountability

Transparency

GROWTH OF MINING’S CONTRIBUTION TO NAMIBIA

This is the fourth edition of our newsletter

in which we have shared news on uranium’s

potential to help the world achieve net-zero

carbon emissions and Bannerman’s contribution

to the Namibian environment and social

development. Our crossword competition will

test how well you know us.

HOW WELL DO YOU

KNOW US?

HOW TO ENTER:

Find the puzzle at this link

Complete the crossword, take a screenshot of

your answers and email to

newsletters@bmnenergy.com

Don’t forget to include your full name, position

and contact details.

Correct answers will go into a lucky draw and the

winner will receive the

A$100 PRIZE.

The closing date for the competition is

1ST OCTOBER 2024.

https://crosswordlabs.com/view/how-well-do-

you-know-bannerman

Paying it forward

BANNERMAN ENERGY | AUG 2024

Competition

UNITED IN PROGRESS

It was indeed the merry month of May as the Bannerman executive

touched base with numerous community stakeholders.

s part of the Travel Namibia Festival networking event, the theme ‘Conscious Tourism’

was discussed across various panels and presentations. Crucial areas, such as sustainable

investment planning for the future of the industry and the intersection of tourism and mining,

were highlighted. BMRN Managing Director, Werner Ewald (pictured on the right), was part of the

panel discussion on Mining and Tourism.

“We learnt that some exploration activities in the Kunene Region had led to the closure of a tour

operator’s facility, as the Black Rhinos no longer visited the area,” he says. “Dr Chris Brown, from

the Namibian Chamber of Environment, emphasised the need to register Environmental Impact

Assessment practitioners, and argued for more capacity in the Ministry of Environment, Forestry

and Tourism.”

Werner states: “I shared too that our engagement with the tourism industry was built on

understanding each other’s needs and working closely together to get the best outcome for both

sectors. Even without regulatory intervention we can cooperate, especially in areas where the

tourism and mining areas are adjacent to one another.”

Solid foundations laid

ust under a year ago, the One Economy Foundation (OEF) celebrated the ofﬁcial opening of

the much-anticipated #BeFree Youth Campus in Katutura, Windhoek. OEF has a 5% loan-

carried shareholding in Etango.

In May 2024, a Bannerman team was taken on an impressive tour of the Campus and received

an overview of the programmes and services offered at the campus. Gavin Chamberlain, CEO of

Bannerman, was particularly impressed with the planned Phase 2 construction site.

The #BeFree Youth Campus is a youth hub that provides psychosocial, health, media creativity and

entrepreneurial support to teenagers from all walks of life.

BMRN Senior Stakeholder Relations Advisor, Matjiua Hengua, comments: “The facilities available

at this campus are very well thought out and have only the best interests of the youth at their core.

The hearts of the founders are clearly in the right place and the Katutura community is fortunate to

have this wonderful facility on its doorstep.”

Conscious tourism gains traction

At a recent Career Exhibition Day, Imelda

Naobes, office administrator at BMRN, learned

first-hand what a difference the company is

making in young people’s lives. “A learner

from Mondesa Youth Opportunities (MYO)

attending the Career Fair came up to thank me

for Bannerman’s support of MYO and shared

her appreciation for all we are doing for her

fellow learners. It was an unexpected and

heartwarming gesture.”

The Career Exhibition was held as part of Africa

Day celebrations, and BMRN was a proud

partner of this event where it witnessed the

diverse cultural performances while sharing

career opportunities within the mining

industry.

The Bannerman team is on the road delivering school uniforms to 300 Namibian learners as part of the

2024 Early Learner Assistance Programme. Read all about it in our next edition.

The following employees celebrate their birthdays in the coming weeks.

AUGUST:

• Michael Dinsdale, Senior Financial Analyst

• Joan Krige, Assistant to CEO/ Accounts &

Ofﬁce Administration

Celebrating the progress of the #BeFree Youth Campus are (from left): Saddam Biwa, Programme

Manager; Twapewa Kadhikwa, BMRN Chairperson; Gavin Chamberlain, Bannerman CEO; Uajorokisa

Karuaihe, CEO of OEF, and Matjiua Hengua, BMRN Senior Stakeholder Relations Advisor.

Supporting sanitary solutions

Bannerman also supported the Mary Pad Program initiated by the K’Negongo Foundation, through

the donation of sanitary products. Besides promoting public health and hygiene, this initiative aims

to enable leaners to take part in everyday activities and keep them in school by ﬁghting period

poverty in Namibian schools.

Community engagement

Look who’s blowing out candles

• Gavin Chamberlain, Chief Executive Ofﬁcer

• Brandon Munro, Executive Chairman

LEGEND

• Bannerman Energy Ltd (Australia)

•• Bannerman Mining Resources Namibia

OCTOBER:

•• Lauren Rutz, Janitor

• Olga Skorlyakova, Vice President Market Strategy

•• Tricia Kingston, Principal Accountant

World Cleanup Day will be celebrated globally

on 20 September as people unite to combat

solid waste and keep their areas clean.

Show the world some love!

Competition

The closing date for the competition is

1ST OCTOBER 2024.

To enter, send a description and photograph of

your good deed to

newsletters@bmnenergy.com

Don’t forget to include your full name, position

and contact details.

What did you do to clean up around your ofﬁce,

neighbourhood, school or town? Share your love

for the environment and you could be the lucky

winner of

A$100 PRIZE.

Helena Niimbala won the A$100 prize for her time-saving app

suggestion. “The app I ﬁnd most useful is Shortcuts. It’s a quick

way to get one or more things done with just a tap or by voice

command. You can create shortcuts for tasks that you do every

day so that you don’t have to do it manually.”

Rino Hengua correctly

answered the questions

in the Nuclear Fuel Cycle

Challenge and he wins

A$100 for his efforts.

RULES:

Both the challenge and competition are open

to all Bannerman employees, contractors and

stakeholders. The judges’ decision is ﬁnal.

Our newest winners

erner Ewald, our Managing Director in Namibia, took part in the

KAP sani2c mountain bike race. The three-day, 270-kilometre race

starts on a small sheep farm in KwaZulu-Natal (KZN), South Africa, near

the country’s ‘mother of all mountain passes’, the Sani Pass in the southern

Drakensberg. Pedalling across a section of the KZN Midlands mist belt,

riders traverse scenic dairy and timber farms, ride through indigenous

forests and go down a breath-taking pass into the Umkomaas Valley before

criss-crossing a nature reserve and sugar cane farms that eventually deliver

them onto the shores of the Indian Ocean.

Employee proﬁle

FACE TO FACE WITH...

MILIKEN GURIRAB

Plant Operator and field

safety officer.

Main responsibility:

Currently monitoring and capturing risk

assessments, engaging contractors at the

access roadworks.

How long have been working at the

Etango Project/Bannerman Energy:

First time: 2009-2013 as a driver; rejoined

October 2021 as a plant operator.

What excites you about the Etango

Project:

The ongoing current development of the

mine.

One thing that surprised you about your

current role:

I’m always learning something new. It’s the

ﬁrst time I am involved in the process of

building a mine and I ﬁnd it very interesting.

Marital status:

Married

Children:

Favourite food:

Porridge with sour milk, some ghee butter

and sugar.

Where is your ‘happy place’:

My home.

Last song you listened to:

I don’t really listen to music.

What are you currently binge-watching – or

reading:

The kids have taken over the TV and I can’t

watch much! I mostly read the Reader’s Digest.

Any podcasts to recommend:

I don’t get much time to engage with this kind of

stuff. When I get the chance, I listen to religious

channels online.

Best way to relax:

Laying low in a quiet place to rest after a hectic

day.

Pet peeve:

People interjecting.

One thing about yourself that few people

know:

I love being outdoors and travelling to see

different sceneries since I worked as a tour

guide for a while.

Person who inspires you and why:

I’m inspired by my own strength. I’ve been

through many challenges, but I managed to pick

myself up. I’m particularly proud of myself for

being sober for about seven years.

One thing on your bucket list:

To visit Victoria Falls with my family!

Employee news

Werner Ewald (back) with his son and fellow team member Andreas Ewald. All

communities living along the route of the race help to keep the track in a good

state and they all benefit from funds raised by the race.

Final position for Werner and his son

#135

Number of teams that took part

539

OUR EMPLOYEES SHINE

– BODY AND MIND

.........

“Catch up, Dad” :)

THE MOST FUN ON TWO WHEELS

FROM STATS TO STAKEHOLDERS

nitially a GIS and Economics graduate, Matjiua Hengua has developed a

passion for Public Relations and Communications. Through the guidance

and mentorship of her leaders at Bannerman, and the staff support

programme, the company has funded her studies in this new direction

which will strengthen her role in stakeholder relations. She initially gained

the Certiﬁcate in Public Relations through the University of Cape Town, and

this year graduated with an Honours Degree in Communications from the

University of Science & Technology in Namibia.

Matjiua Hengua is the Senior Stakeholder Relations Advisor at Bannerman

Mining Resources Namibia. She recently graduated with an Honours degree in

Communications.

Nuclear fuel cycle

FROM MINERAL TO METAL OF THE FUTURE

he nuclear fuel cycle is a series of processes for

generating electricity from uranium in nuclear

reactors. It begins with uranium mining and ends

with used fuel reprocessing and recycling or

disposal. The ‘front end’ of the cycle involves the

preparation of uranium through mining, milling,

conversion, enrichment, and fuel fabrication. The

reactor cycle, lasting about three years, produces

electricity. The ‘back end’ includes temporary

storage, reprocessing, recycling and re-usage of

spent fuel before disposal, forming a full cycle if

reprocessing is included.

Omasa

Omasa is the newsletter for the Etango Uranium Project managed by the

is the newsletter for the Etango Uranium Project managed by the

following companies:

The mined uranium ore is crushed and chemically treated

to extract uranium from the ore. This process leaves us with

yellowcake, the powder form of uranium oxide U3O8.

Mining and Milling

Natural uranium only contains 0.71% of Uranium-235, the

isotope that maintains a nuclear reactor’s chain reaction. To

increase the concentration of U-235 the yellowcake must be

converted into uranium hexafluoride (UF6) gas, a form suitable

for enrichment .

Conversion

Controlled fission or splitting of U-235 atoms, generates heat.

The heat produces steam at extremely high temperatures

and pressure, and the steam then spins a turbine to generate

electricity. Nuclear fuel is typically used in the reactor for 3-5 years.

Power plant

Used fuel still contains about 96% of its original uranium and

can be reprocessed and reused in the reactor to reduce waste

and produce more energy. Spent fuel and waste from the

nuclear fuel cycle can be safely disposed of deep underground,

in stable rock formations.

Reprocessing and recycling

We want to hear from you!

Omasa

Omasa intends to keep you informed about progress on the Etango Uranium

intends to keep you informed about progress on the Etango Uranium

Project, its people and its activities. What else would you like to read more

about? Send your comments, compliments and suggestions to:

Emma Culver: newsletters@bmnenergy.com.

BANNERMAN

MINING RESOURCES NAMIBIA

BANNERMAN ENERGY | AUG 2024

Editorial team: Gavin Chamberlain, Emma Culver

Gavin Chamberlain, Emma Culver

Production: Words’Worth

Words’Worth

This enriched UF6 is converted to uranium dioxide powder

and formed into small solid, cylindrical pellets. These pellets

are packed in long metal tubes which are grouped in ‘fuel

assemblies’.

Fuel fabrication

UF6 gas is introduced into fast- spinning cylinders, known as

centrifuges, where heavier Isotopes are pushed out to the

cylinder walls.

Enrichment

The nuclear fuel cycle

explained

1 2 3 4 5 6 7 8 9 10 11 12