News from the People Powering a Cleaner Future
APRIL 2025
06
Robust strategy 6
Reactors on the rise 12
Site vistors 5
further blasts, the excavation for this area was
completed in February 2025.
We’re also gearing up for power. A key element
includes construction of all the permanent 33kV
overhead powerlines on the Etango site and
the temporary connection to the local electrical
distributor in the Erongo Region (Erongo
Regional Electricity Distributor). Work on this
contract is advancing well, with all transmission
poles for the main line across the site having
been erected.
Conductor stringing of the first 4km is complete
and is continuing across the site.
he Etango Uranium Project is taking
shape ahead of schedule, with some key
construction milestones reached in the first
quarter of 2025.
In the previous edition of Omasa, we were
delighted to share a photograph of the first
blasting on site. This was for the box cut for the
primary crusher site. After three further blasts,
excavation of the box cut is now complete, a
major milestone achieved with great pride.
Next on the construction agenda was the coarse
ore stockpile tunnel excavation. With its first
blast on 23 January 2025, followed by two
WE’RE SHAPING UP
215
Number of
transmission poles
erected
40km
Total length of
conductor stringing
for the 3-phase power
Construction update
BANNERMAN ENERGY | APRIL 2025
Andre Alberts (Owner’s Team technical manager), Jeff Pipe (Owner’s Team project manager), Tommy Winnaar
(Wood construction manager) and Darryl Fraser (Wood HSE manager) successfully oversaw the construction and
completion of the primary crusher excavation area.
There is significant water storage on site to ensure
zero disruption to construction.
The concrete base for the 22kV/33kV transformer, which arrived in December 2024, has been cast.
The concrete base for the 22kV/33kV transformer, which arrived in December 2024, has been cast.
Work has also started on the primary crusher laydown platform, and the heap leach pad earthworks
Work has also started on the primary crusher laydown platform, and the heap leach pad earthworks
are underway.
are underway.
Werner Ewald, MD of Bannerman Mining Resources Namibia, is pleased at the solid progress:
Werner Ewald, MD of Bannerman Mining Resources Namibia, is pleased at the solid progress:
“The contractor companies are working extremely well and to date all the construction work has been
“The contractor companies are working extremely well and to date all the construction work has been
achieved either on time or ahead of schedule. More importantly, this has been achieved without any
achieved either on time or ahead of schedule. More importantly, this has been achieved without any
injury.”
injury.”
All the 33kV powerline
poles have been erected.
Extension of the access road on site continues
apace.
We’re shaping up continued...
Team profile
OWNER’S TEAM: A TRIO OF TALENT
The Owner’s Team for Bannerman’s Etango Uranium Project in Namibia is small but their collective experience of
over 80 years is substantial. We are pleased to have such an experienced operations team as we continue to move
towards developing the Etango Mine.
Association in recognition of his singular
service to the uranium industry.
Bannerman Energy, Executive Chairman,
Brandon Munro commented: “Although
Mike’s role within the Bannerman group is
changing, I am very pleased to continue
working with him through his ongoing
directorship of our Namibian subsidiary.
Our Board has benefited greatly from Mike’s
skills and experience over the last eight
years, particularly his extensive knowledge of
operating uranium mines within Namibia.
“Mike will provide ongoing leadership as
we progress through the construction phase
of the Etango mine. On behalf of the entire
Bannerman Board, I extend a heartfelt thank
you to Mike for his outstanding contribution
over the journey to date.”
ike Leech, who has served as a Non-
Executive Director of Bannerman Energy
since April 2017, is focusing his attention on
Bannerman Mining Resources Namibia (BMRN)
and stepped down from the Bannerman Energy
Board in March 2025. The experience and
knowledge he has brought to the company has
been invaluable and we are pleased that he will
continue in his role as a Director of BMRN.
Mike is a respected statesman of the Namibian
mining industry. He is a former Managing
Director of Rössing Uranium Ltd, past president
of the Namibian Chamber of Mines and past
Chairman of the Namibian Uranium Association.
Mike was MD of Rössing, then the largest open
pit uranium mine in the world, for six years
until he retired in 2011. He was named an
honorary life member of the Namibian Uranium
MIKE LEECH
TO FOCUS ON BMRN
A civil engineer with over 40 years’ experience in
project and construction management in Africa,
working in coal, gold, platinum and diamond
mining (both surface and underground works).
Extensive southern African experience (30+
years) in commercial, contract and supply chain
areas of major mining projects.
A chemical engineer with 13+ years’ experience
in the mining industry, with an operational
background in hydrometallurgy. He leads a team
of engineers as part of Creo’s appointment for
owner engineering services.
Andre Alberts – Technical Manager and Director of CREO
Cindy Fraser – Project Commercial Manager
Jeff Pipe – Project Manager
Mike Leech – Non-Executive Director BMRN
Mining events
BANNERMAN ENERGY | APRIL 2025
AFRICAN MINING
TAKES CENTRE-STAGE
Mining Indaba, South Africa
INVESTMENT SUMMIT, NAMIBIA
Fund managers
Banks and brokers
10
Strategic partners
Bannerman meetings at Mining Indaba
ining Indaba is one of the world’s premier mining conferences. With its
theme of Future-Proofing African Mining, Today! this year’s content was
both relevant and forward-thinking.
A Bannerman Energy delegation – comprising of Gavin Chamberlain (CEO),
Matt Horgan (Vice President: Corporate Development) and Emma Culver
(Investor Relations and Communications Manager) attended the annual
conference in Cape Town.
Throughout the week, the Bannerman team held a number of productive
meetings with prospective investors and funders. Key takeaways from the
conference included:
• Growing interest in the uranium sector and the critical role of nuclear
energy in the global green energy transition
• Continued support for Namibian-domiciled mining projects, given the
stable investment climate, strong regulatory framework, and skilled local
workforce, and
• Positive investor sentiment toward Bannerman’s disciplined approach
to developing the Etango Uranium Project, along with recognition of the
progress made on-site to date.
“The Bannerman team continues to advance various investor relations
activities and initiatives to support the overall funding of the Etango
Uranium Project,” says Matt.
amibia is a country with exciting investment prospects. The
Namibian Investment Promotion & Development Board, in
partnership with Rand Merchant Bank (RMB) Namibia, hosted an Invest
in Namibia Summit to promote this concept.
Speakers shared why the landscape is extremely supportive for those
interested in developing new mines. In addition to the Port of Walvis
Bay connecting with the Southern Africa Development Community,
as well as the rest of the world, they highlighted the following key
attractions for investors:
Sound financial system
Strong macroeconomic framework
Conducive business environment
Globally competitive infrastructure
Good governance, peace and stability
Young, educated and trainable workforce
Access to markets.
Stakeholder engagement
e hosted the group of international
investors on 7 February to show how well
the project is progressing according to plan.
“When investors are considering investing in
companies, they need to have confidence in the
team, the project and the sector in which you
are operating,” says Emma Culver, Bannerman
Energy’s Investor Relations and Communications
Manager.
“This group of investors was impressed by
the high calibre of our local team, led by
Werner Ewald, and they have confidence in
the construction team as development and
construction of the Etango Mine continues.”
MINISTRY OF MINES AND ENERGY
‘ENCOURAGED’
n 24 January, the Executive Director of the Ministry of Mines &
Energy, Mr Penda Ithinda, the Mining Commissioner, Ms Isabella
Kandjii-Chirchir, and colleagues visited the Etango Uranium Project
construction site to inform themselves of the progress made to date.
Matjiua Hengua and MD Werner Ewald led a tour through the site
to show what had been achieved since the granting of the Mining
License in December 2023. “It is most encouraging to see that
Bannerman is keeping its promises,” commented Ms Kandjii-Chirchir.
‘IT’S A SITE TO BEHOLD’
Site visits are important for stakeholders to not only see the progress but to also feel the confidence and energy exuding from
our talented teams. In the first quarter of 2025, the Etango Uranium Project team welcomed two special delegations: a group
of investors from Australia, the United Kingdom, Hong Kong and Europe, and the Namibian Ministry of Mines & Energy.
INVESTORS GIVE A
THUMBS-UP
The investors from Australia, the United Kingdom, Hong Kong and Europe did their due diligence on
the Etango Uranium Project with a site visit in February 2025.
Werner Ewald, Managing Director of BMRN, points out areas of interest
on site to Ministry of Mines & Energy officials Penda Ithinda, (Executive
Director), Fila Mbaisa (Inspector), and Mining Commissioner, Isabella
Kandjii-Chirchir.
BANNERMAN ENERGY | APRIL 2025
Strategy
STRONG TEAM
STRATEGY
utilities – it was valuable for all our management team to gain insight into
the different departments, their challenges, their expertise and the risks they
identify. As we all have our unique areas of expertise, it is vital to share our
knowledge with fellow team members to ensure we mitigate any risks.” It
was the first time that all executive members could meet since the formation
of the Exco team in March 2024, and the first time since then that all have
been in the same room to talk about the future of the company.
“This year we also welcomed Matt Horgan, Vice President: Corporate
Development, into the Exco team. So, with all of Exco present, we were able
to have a focused discussion on the challenges, wins and losses of last year
and re-focus on the plans for 2025,” says Gavin.
“This year we will face many challenges but by focusing on options this early
in the year I believe the team is well placed to make a success of the year
ahead.”
ow do you become the world’s preferred provider of ethically sourced
raw materials for clean energy? First you source the deposit, then you
build the team with a “can-do” attitude.
Twenty years ago Bannerman Energy first pegged the Etango uranium
deposit; today it is building the team.
On 25 February the executive team gathered in Perth, Australia, not only to
align on the vision, purpose and mission of the company and the strategic
goals for the year ahead, but also to welcome two new board members on
this journey (see box alongside). “With a team that is spread across four
countries and three continents, it is so important to have in-person time to
connect on multiple levels,” says Gavin Chamberlain, CEO.
“With many important workstreams taking place – from construction works
on-site at Etango, to financing of the project and sales contracts with
DRIVES ROBUST
BANNERMAN ENERGY IN A NUTSHELL
WELCOME TO OUR NEW BOARD MEMBERS
Strategy
ruce is a mining engineer with over 40 years of mining and process
experience in gold, copper, iron ore, diamonds, nickel, cobalt; mineral
sands, rare earths and mining services. His career includes 30 years’
exposure to all levels of construction and operations, ranging in size from
BHP and Rio Tinto to junior development companies.
Bruce’s executive management roles have included 15 years as CEO of
companies constructing and operating mines in Australia and Africa. He
is currently Non-Executive Chairman of Aquirian Limited (Chair) and Non-
Executive Director of Argosy Limited.
Bruce has a Graduate Diploma in Mining from Curtin University and is a
Fellow of AusIMM.
“Bruce’s extensive experience will be highly valuable as we advance
our flagship Etango Uranium Project into development and commercial
production …as we seek to capture the full technical and commercial
potential that the world-class Etango deposit offers.”
- Brandon Munro, Executive Chairman
elicity is a proven senior finance executive with over 20 years’ experience
in senior finance and management roles within multinational and ASX-
listed organisations.
She is currently Executive Director and Group Chief Financial Officer of
Lithium and Geothermal Energy developer, Vulcan Energy Resources
(ASX:VUL). Previously, she held the roles of Chief Financial Officer and
Global Head of Commercial at Fortescue Future Industries, a subsidiary of
Fortescue (ASX:FMG).
Her expertise includes strategic and financial analysis, debt funding,
corporate finance, mergers and acquisitions and sustainability reporting.
She has deep experience across a range of key industry sectors, notably
green energy, mining, infrastructure, consumer goods, agriculture and
philanthropy. Felicity holds a B.Comm from the University of Western
Australia and a Graduate Diploma from the Institute of Chartered
Accountants. She is also a graduate of the Australian Institute of Company
Directors and has been awarded a fellowship of the Institute of Chartered
Accountants.
“Felicity’s deep experience in green energy funding provides valuable
expertise to Bannerman’s immediate and long-term strategy. Her exceptional
calibre complements the strength and depth of our Board as we advance
Etango.” - Brandon Munro, Executive Chairman
Bruce McFadzean – Non-Executive Director
Felicity Gooding – Non-Executive Director
To be a profitable and
reliable supplier of raw
materials for clean energy.
Engage the right people
to develop and operate
the Etango Uranium Mine
responsibly and profitably
through the entire life
cycle of the mine.
Built on a “can-do”
attitude, facing
challenges responsibly,
valuing all perspectives
and acting honestly and
ethically in all we do.
Proactive
Reliable
Respectful
Integrity
Diverse Thinking
01
02
03
04
OUR PURPOSE
OUR MISSION
OUR CULTURE
OUR VALUES
Community Engagement
BANNERMAN ENERGY | APRIL 2025
HELPING TO BUILD THE FUTURE
OF NAMIBIA
ne Economy Foundation (OEF) is
committed to nurturing young Namibians
and providing them with the tools, opportunities
and resources they need to reach their full
potential. Bannerman supports this initiative to
build Namibia’s future talent and visited OEF’s
#BeFree Youth Campus in the Katatura District of
Windhoek earlier this year.
The campus boasts world-class facilities
including the #BeFree Cares Clinic, which offers
accessible and holistic sexual reproductive
health services in an environment that values
confidentiality, and that is neither intimidating
nor judgmental. It’s a place where young people
will feel comfortable and respected.
DOWN-TO-EARTH EDUCATION
an you see the world in a grain of sand?* During an end-of-year school trip to Goanikontes, an area
rich in geographical material, a team from BMRN showed a group of Grade 8 learners from MYO
how interconnected we are with our surroundings.
Exploration manager Tinus Prinsloo gave the young learners insight into the geomorphology of
the region and, together with Commercial and Administration Manager Waltraud van Wyk, gave an
introduction to mapwork. “The MYO learners showed a deep curiosity and we were amazed by the
intelligent questions they asked as well as their demonstrated knowledge,” says Tinus.
*Apologies to William Blake who actually said: “To see a World in a Grain of Sand And a Heaven in a Wild Flower...”
MYO UPDATE
ntil 2024, MYO provided a secure and
supportive environment for 120 students from
grades 4 to 8. Because the demand for enrolment
exceeded its capacity, MYO established an
extra support class – MYOplus (grade 4) – for an
additional 24 learners. The total number of MYO
students now stands at 144 learners.
Bannerman Energy’s Emma Culver visited MYO
on her recent trip to Namibia. She was incredibly
inspired by how dedicated the students of MYO
are to their learning. “Every time I visit MYO I am
reminded of the importance of the work they
are doing and the opportunity it provides to the
children in the Mondesa district,” she says.
Exploration manager Tinus Prinsloo gave learners
a ‘feel of the land’ with some geological samples.
RIP: FOUNDING PRESIDENT
hamber of Mines Namibia paid its respects
to the late founding president of Namibia,
H.E. Dr Sam Shafiishuna Nujoma, who passed
away at the age of 95 on the 8th of February
2025. President of the Chamber, Zebra Kasete,
and council members, which included BMRN
MD, Werner Ewald, expressed their sympathy at
President Nujoma’s family home.
A Training Hub on the Campus is in its final
stages, with construction due to be completed
towards the end of 2025.
The hub will offer a place for #BeFree to
host events, workshops, training courses and
mentorships.
The Bannerman visit to the #BeFree Youth Campus
included (from left) Emma Culver, Bannerman
Energy’s Investor Relations and Communications
Manager, Uajorokisa Akwenye, CEO of OEF, Werner
Ewald, MD of Bannerman Mining Resources Namibia
(BMRN), and Matjiua Hengua, Senior Stakeholder
Relations Advisor at BMRN.
Employee profiles
24 HOURS,
401KM
A DASH ACROSS THE WORLD’S OLDEST DESERT
erner Ewald, MD of BMRN, doesn’t know about slow. He and his ‘fatbike team’ once again
participated in the Nedbank Desert Dash, the world’s longest single-stage mountain bike race.
They finished 35th out of 114 teams. They were also the only team to do the race on fatbikes. While
fatbikes are heavier and harder to pedal than mountain bikes, they are great for soft, unstable terrain
such as sand. Well done to Werner, Mark de Wet, Divan Mostert and Dr Jasper Lochner for their
competitive placing.
SEARCHING FOR OMAJOVA
very year Namibians go in search of
Omajova, edible mushrooms that only reveal
themselves between January and March. They
also grow only on termite hills and when Namibia
has received good rains. It is an annual tradition
for Werner Ewald and his family to search for
Omajova.
This year Werner missed his family trip as he
was accompanying investors on their visit to the
Etango Uranium Project.
But he was determined to find this wild delicacy.
Together with colleagues Gavin Chamberlain
and Emma Culver they set out on a four-hour
drive during which they found … nothing.
Ten metres before the turnoff to their next
destination a giant termite hill covered with
Omajova presented itself!
A FRIEND FROM DOWN
UNDER
Emma Culver, Bannerman Energy’s Investor
Relations and Communications Manager,
recently travelled to South Africa and Namibia.
She had a great time catching up with her
colleagues.
...with Jamie Peterson, PA to CEO Gavin Chamberlain.
...with Andrea Leech, graphic designer.
...with Vera and Mike Leech, retired Board member.
Werner Ewald, Emma Culver and Gavin
Chamberlain with the elusive Omajova they
found after a four-hour search.
Three of the four-man team competing in the Desert Dash on fatbikes are (from left) Divan Mostert, Werner
Ewald and Mark de Wet.
OUR NEWEST WINNERS EACH WIN A$100
Emotional Intelligence (EI) is the ability
to manage both your own emotions and
understand the emotions of people around you.
What tools, practices or routines do you find
most useful to build self-awareness and control
disruptive emotions and impulses?
WHAT BOOSTS YOUR EI?
HOW TO ENTER:
Send your suggestions and answers to:
newsletters@bmnenergy.com
Don’t forget to include your full name, position
and contact details.
The best ideas will go into a lucky draw and the
winner will receive the
A$100 PRIZE.
The closing date for both the challenge and
the competition (on the right) is
16 MAY 2025
10
BANNERMAN ENERGY
Competition
Employee profile
FACE TO FACE WITH...
INGRID JANKOWSKI
Human Resources
Superintendent
Main responsibility:
I am responsible for the HR function at the Etango
Uranium Project.
How long have been working at the Etango
Project/Bannerman Energy:
I started on 20 January 2025.
What excites you about the Etango Project:
I am excited to see this project through to full
production, ensuring that the right skills and
attitudes are matched with the right roles while also
fostering a strong, positive culture that supports our
company’s long-term success.
One thing that surprised you about your current
role:
I was pleasantly surprised to discover detailed
policies and structures already in place, providing
a strong foundation to build on. When joining a
greenfield project, one often expects to develop
everything from scratch, so I am truly impressed by
all the work that has already been done by both the
current and past teams.
Marital status:
I’ve been happily married to my best friend for 15
years.
Children:
2 girls and a boy: Madison (10), Tatum (8) and
Joshua (4).
Favourite food:
I love Mexican food.
Where is your ‘happy place’:
My happy place is in my kitchen, cooking and
baking up a storm. It’s where I can decompress and
re-energise.
Last song you listened to:
My children go through their Mamma Mia phase
every couple of years, and right now, Super Trouper
is the anthem in our house. My 4-year-old kicks it
off, and we all join in with a mix of high, mid, and
low registers - so that song is constantly playing in
my head while I work!
What are you currently binge-watching – or
reading:
I’m currently binge-reading Simon Sinek’s
books. I love how he combines compelling
stories with solid research to show how leaders
can create environments where people feel
valued and connected to a greater mission.
Any podcasts to recommend:
I accidentally stumbled upon a very insightful
TED Talk by Theone Conradie where she
explores the concept of the ‘resilience gap’ in
leadership. She connected personal resilience to
effective leadership, highlighting the importance
of mental well-being and emotional safety for
leaders. Since creating a psychologically safe
space in the workplace is something that is close
to my heart, her talk resonated deeply with me.
Best way to relax:
Baking and running are my go-to activities for
relaxation.
Pet peeve:
When someone constantly checks their phone
during a conversation, it creates the impression
that they’re not fully engaged or interested in
what the other person is saying.
One thing about yourself that few people
know:
I read recipe books the way others read a good
novel.
Person who inspires you and why:
Amy Edmondson, a Harvard Business School
professor and expert on psychological safety,
inspires me. Her research highlights the
importance of creating environments where
individuals feel safe to take risks and speak
up without fear of judgment. As someone
passionate about culture, leadership, and
psychological safety, her work aligns perfectly
with my values in HR. She emphasises the role of
leaders in fostering trust and openness, which
is essential for building high-performing teams
and a thriving, inclusive workplace culture.
Challenge
Bannerman people have a special energy
about them, with a ‘can-do’ attitude. They work
in an environment that expects them to face
challenges responsibly, value all perspectives
and act honestly and ethically. List the five values
that drive their actions.
11
WHAT DO YOU VALUE?
The following employees celebrate
their birthdays in the coming weeks.
APRIL:
••• Alison Terry
•• Waltraud Van Wyk
•• Natalie Visagie
•• Ingrid Jankowski
MAY:
• Emma Culver
•• Werner Ewald
JULY:
• Steve Herlihy
•• Imelda Naobes
LOOK WHO’S BLOWING
OUT CANDLES
LEGEND
• Bannerman Energy Ltd (Australia)
•• Bannerman Mining Resources Namibia
••• Bannerman Energy Board Members
Birthdays
Month
Theme
Bond and Build Session
April
April
Move more
Move more
Self-regulation*
Self-regulation*
May
May
Mental Health Awareness
Mental Health Awareness
Motivation
Motivation
June
June
Financial Wellness
Financial Wellness
Empathy
Empathy
BUILDING A GROWTH MIND-SET
pon joining Bannerman Mining Resources Namibia in January, Ingrid wasted no time in setting
up a HR Wellness & Engagement Calendar for 2025. This features a key theme for each month
and includes monthly team-building sessions called Bond and Build. Her aim is to create the right
working environment where everyone feels supported to deliver their best. Here’s what employees
can look forward to in the April-June quarter:
*See our competition on page 10 – we’d love to hear what self-regulation tools you use to
manage impulsive reactions.
Waltraud van Wyk, Commercial and
Administration Manager at BMRN, submitted a
fabulous festive photograph and walked off with
the A$ 100 prize.
Jeanice-Lee van Wyk, Finance and Payroll
Administrator at BMRN, answered all the
Nuclear Challenge questions correctly to earn
her A$ 100.
RULES:
Both the challenge and competition are open
to all Bannerman employees, contractors and
stakeholders. The judges’ decision is final.
Ingrid Jankowski after completing the 2024
Paris Marathon. On her bucket list is to run
the New York City Marathon.
12
BANNERMAN ENERGY | APRIL 2025
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:
following companies:
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
Project, its people and its activities. What else would you like to read more
about? Send your comments, compliments and suggestions to:
about? Send your comments, compliments and suggestions to:
Emma Culver: newsletters@bmnenergy.com.
BANNERMAN
MINING RESOURCES NAMIBIA
Editorial team: Gavin Chamberlain, Emma Culver
Gavin Chamberlain, Emma Culver
Production: Words’Worth
Words’Worth
Industry news
GEARING UP TO COME CLEAN
As the world moves away from coal as a power source, many countries are accelerating the building of nuclear reactors
to meet future demand for a greener source of energy. Most of the reactors under construction are in Asia, with China
in particular focusing on reducing its carbon emissions. Here are the top 10 countries (by capacity) and the number of
reactors they are building or planning to build...
Countries Building New Reactors
Countries Planning New Reactors
Source: World Nuclear Association
The USA generates the most nuclear power: its 94
reactors produce over 30% of the world’s nuclear
power (96 952 MWe).
China’s 30 reactors currently under construction
will generate 33 165 MWe to cater for the country’s
rapidly-rising electricity demand.
China
30
36
Egypt
India
Russia
13
Bangladesh
Japan
2 1
South Korea
Turkey
United Kingdom
Ukraine