News from the People Powering a Cleaner Future
DECEMBER 2025
08
Global good news 4
for uranium
Pleasing 6
progress
AI’s impact on uranium 12
demand
Bannerman Mining Resources Namibia (BMRN) celebrates the achievement of 16 years LTI-free with all the contractors onsite.
SWEET 16
A goal that’s a gift
procedures, and a proactive approach to
hazard identification that every one of the
team has and continues to demonstrate every
single day.”
For Mathew Alfeus, Health, Safety & Radiation
Superintendent, this achievement means:
• 16 years of employees going home safely
to their families every day.
• A culture where safety is everyone’s
responsibility, not just a policy written in a
handbook.
“Every safety briefing attended, every
moment taken to assess the risks of the job
to be performed and every piece of Personal
Protective Equipment worn correctly has
played a part in keeping the team safe,” he
confirms.
Werner Ewald added: “While we celebrate
this major achievement, we must also use it
as motivation to keep the momentum going.
Let’s maintain this focus and strive for the
next milestone together.”
The Etango Project is projected to be in
operation in the second half of 2028.
Sweet 16, a goal that’s a gift continued
on page 2...
hen Bannerman Energy says that
nothing is more important than the
health and safety of its people, it lives this
core value. On October 7, 2025 the Etango
Project in Nambia achieved the exceptional
goal of 16 consecutive years without a Lost-
Time Injury (LTI).
This is a phenomenal milestone that speaks
volumes about the company’s collective
commitment to safety. According to
Bannerman Mining Resources Namibia’s
(BMRN) Managing Director, Werner Ewald:
“A LTI-free record of this duration isn’t a
matter of luck; it’s a direct result of the
continuous vigilance, adherence to
BANNERMAN ENERGY
Safety is not the only achievement
that the Etango Project team is
proud of.
It also recently released the Summary
Environment and Social Impact Assessment
(ESIA) report, which provides an overview
of studies, engagement, approvals and
plans for the development of the Etango
Mine.
The full report is a handy resource to
understand what the Etango Project is
all about. It consolidates the approved
assessments and outlines the project’s
management and planning framework.
Find it on the Bannerman Energy
website: https://bannermanenergy.com/
sustainability/.
Any queries can be directed to
info@bmnenergy.com.
The BMRN team members wear their 16 years LTI-free custom jackets with pride.
Sweet 16, a goal thats a gift continued...
Project overview
“Safety is a continuous effort, and our
vision remains the same: to ensure
everyone gets home healthy and
safe, every single day.”
- Werner Ewald, MD of BMRN
EXPLORE MORE ABOUT
OUR FLAGSHIP PROJECT
BMRN received its award for the 2025 Inter-Mine Safety Competition at the Mining
Expo, where it was the Category 2 winner (Developmental Projects_Exploration
projects).
Matjiua Hengua, BMRN Senior Stakeholder Relations Advisor, helps school students
enter the Bannerman stand competition. The stand, which was awarded the Best
Stand award for the second year in a row, was manned by an enthusiastic team.
A proud winner of the crossword competition that
kept visitors engaged at the Bannerman stand.
Werner Ewald chats to school students about Bannerman and the Etango Project.
Mining update
to the President, he noted that the mining
sector achieved a national record exploration
expenditure of N$1.23 billion in 2024. Uranium
and gold were identified as the key sub-sectors
driving the growth.
The three-day event witnessed a remarkable
growth in the stature and reach – drawing local
and international support and cementing the
event as an important national platform for
dialogue, investment and innovation in the
mining sector.
BMRN’s MD, Werner Ewald presented on
Etango’s contribution to local economic
growth, which highlighted BMRN’s spend to
date of N$73.7 million in the Erongo region
alone on on-site construction contracts.
Spend commitment for the rest of Namibia
has amounted to N$342.3, and with the local
construction contracts awarded recently (worth
N$213 million) this brings the total N$629
million. These amounts exclude taxes.
Together, these figures highlight the billions
spent before a pound of uranium has been
mined.
elegates to the 2024 Namibian Mining
Expo & Conference were left hungry for
more. In 2025, that hunger was satisfied as the
event boasted 198 exhibitors and featured 335
exhibition booths – the largest in its history.
Responding to the Namibian President, HE
Netumbo Nandi Ndaitwah’s call for job creation,
the 12th edition of the Mining Expo’s theme was
Mining for Namibia’s Future: Job Creation, Local
Empowerment and Economic Transformation.
In the opening address delivered by Carlo
Lord Muhamed McLeod, Special Advisor
MINING EXPO WITNESSES DIALOGUE,
INVESTMENT AND INNOVATION
Global developments
BANNERMAN ENERGY | DEC 2025
TRIPLING NUCLEAR CAPACITY IS JUST THE START
There is not enough uranium supply to meet demand from existing nuclear reactors and the increasing demand for
nuclear energy from Artificial Intelligence data centres. Two global events share their findings.
Bannerman Executive Chairman, Brandon Munro,
gave a presentation on the Stage Gate Execution of
the Etango Uranium Project.
Bannerman’s Investor Relations Manager, Emma Culver (far right), moderated a panel of Equity Investors.
World Nuclear Association
Symposium
London, United Kingdom
3-5 September 2025
ripling nuclear capacity by 2050 is the
minimum requirement, with surging electricity
demand from data centres underscoring the
urgency.
This was a recurring theme at the World Nuclear
Association (WNA) Symposium, with delegates
confirming that global expansion plans are
already under way across multiple regions.
The WNA Symposium gathered over 1 100
leaders from the nuclear, finance, technology,
and energy sectors to address priorities for
the industry’s future. In addition to tripling
global nuclear capacity, discussions centred
around expanding fuel and uranium supply,
supporting newcomer countries, advancing
Small Modular Reactors, and mobilising climate
finance. Key themes included the need for
regulatory alignment in emerging applications
such as maritime, clearer risk allocation to
unlock financing, and partnerships extending to
technology and industrial users.
Extending the life of existing reactors was
identified as foundational, with AI and digital tools
enabling operation beyond 80 years. Workforce
development and strong community engagement
were recognised as central to building resilient
programmes.
The event closed with a call for decisive action,
partnership, and confidence that today’s progress
will shape nuclear’s role for decades to come.
Bannerman was represented by Olga Skorlyakova
– Vice President, Market Strategy; Gavin
Chamberlain – CEO, and Brandon Munro –
Executive Chairman.
Global Uranium
Conference
Adelaide, Australia
21-22 October 2025
The immense power needs of Artificial
Intelligence (AI) data centres are seeing the
world’s largest technology companies acting
as energy leaders. This was a key observation
at the Global Uranium Conference. Due to the
widening gap between uranium demand and
production, all the uranium in the world is going
to be needed to fill the gap. The conference
saw its largest crowd – a blend of uranium
companies, financial analysts, investors, industry
experts and government ministers.
Bannerman Executive Chairman, Brandon Munro,
shared the Etango Project’s strategy on building
the project and how the stage gate process
is being executed. Emma Culver, Investor
Relations Manager, moderated a panel of Equity
Investors in Australia who provide research to
investors on uranium companies. The discussion
centered around how investors view uranium as
a commodity, how they evaluate current supply
and demand balance, how investor perspectives
are shifting around the world, and what they see
are the biggest risks in the next 3-5 years.
FIRST
AGREEMENTS
IN PLACE
efore the Etango Mine starts producing by the second half
of 2028, it will already have confirmed agreements to deliver
uranium to two Tier-1 North American generation companies.
The combined contracted volume under both agreements is
around 1 million pounds spread across a five-year term (from
2029–2033).
According to Olga Skorlyakova – Vice President, Market
Strategy: “We aim to progressively build a diversified contract
book, targeting a balanced portfolio of long-term agreements
alongside the option to participate in the spot market once the
mine starts producing.”
She confirms that these inaugural agreements are intentionally
modest in scale, designed to establish relationships with Tier-1
utilities and provide a foundation for progressively layering
additional contracts over time.
Tier-1 generation companies are regarded as large, financially
stable, and highly reputable firms in the power industry.
While laying the basis for the future Etango Mine, Bannerman Energy
has already secured agreements for its uranium. Pictured is the heap
leach pad area that has been set out, enabling excavation to commence.
Global developments
s 2025 draws to an end, Bannerman Energy and its onsite team at
the Etango Project, look back on a productive year.
Construction early works activities are in line with budget and on
schedule, with key contracts to Namibian contractors at an advanced
stage.
Bannerman Chief Executive Officer, Gavin Chamberlain, commends the
teams’ focus on tight contract and activity controls. “A highlight for the
project team was the completion of the Factory Acceptance Testing for
the High-Pressure Grinding Rolls (HPGR) tertiary crusher in October in
Germany.
The contract for the manufacturing of this key piece of equipment has
been well managed by Wood and the quality of final construction was at
the expected highest level,” he says.
Project update
ON BUDGET,
ON SCHEDULE,
ON FORM
Key members of the Bannerman team travelled to the Köppern factory in Hattingen,
Germany for Factory Acceptance Testing of the HPRG tertiary crusher. It is on its way
to site.
PROGRESS ALL-ROUND
Construction power: The contract for building the
construction power facilities has been completed
and the 33kV reticulation has been commissioned.
The first three mini sub-stations have been
installed and commissioned. The site is now on
live power, supplied by Erongo Red, the regional
electricity distributor.
Bulk earthworks: Execution of this key 24-month
contract (awarded in August 2024) is 42%
complete and continues to advance according to
schedule. The construction of the heap leach pad
is advancing well and the excavation of process
solution ponds has started.
Construction water: The final pressure testing of
the site water network has been completed, and
supply of water is now available at all construction
laydown areas.
Permanent water: The contract for the installation
of Phase 1 of the permanent water line has
been placed with local Namibia contractor, AN
Construction, and work has commenced.
Off-site infrastructure and utilities supply: Long-
term supply contracts with the Namibian utilities
are progressing on schedule.
Water: The infrastructure development agreement
for the water pipeline from the NamWater base
station to the Etango Mine has been agreed and
signed. The water supply agreement is expected
to be finalised in the coming months.
Power: A supply agreement has been signed.
NamPower has appointed a project manager
and will start with design and construction of an
additional feeder bay at the Kuiseb substation.
Acid: On 25 June 2025 Bannerman received
the Environmental Clearance Certificate for the
acid storage and handling facility. The local
Namibian consultant (Windhoek Consulting
Engineers) for the detailed design and
construction supervision has been appointed,
and on-site geotechnical and survey activities
started in October 2025.
Detailed design: Detailed engineering is
advancing steadily under the leadership of
Wood Group PLC (Wood), in collaboration with
Bannerman’s Namibian owner’s team, using
certified vendor drawings obtained prior to
finalising equipment orders. Progress now
extends across both the dry and wet plants, with
design and procurement activities in line with
the Etango Project schedule.
BANNERMAN ENERGY | DEC 2025
Widening of the C28 intersection entrance area is complete, improving safety as
vehicles enter the site access road.
Site access road: The Etango site access road, including upgrading the C28
intersection, is complete. The main access parking areas and pedestrian walkways
are being finalised.
WHO’S COUNTING?
WE ARE!
42% complete
Bulk earthworks
86% complete
Detailed engineering on the Dry Plant
22% complete
Detailed engineering of the Wet Plant
The first concrete pour at the primary crusher site has
been completed. Approximately 500m3 was poured at
an average flow rate of 40m3 per hour.
Local Namibian contractor, Tulela Mining & Construction, establishing onsite ahead
of commencing the heap leach drainage material blasting.
Heap leach pad drainage: The phase 1 and 2 contracts for blasting of heap leach
drainage material have been placed with local Namibian contractor, Tulela Mining &
Construction (Pty) Ltd. The first blast of rock material took place on 26 September 2025.
0%
50%
100%
0%
50%
100%
0%
50%
100%
Phase 1 concrete contract:
The Phase 1 concrete contract has been placed with K
Neumayer Civil Contractors (Pty) Ltd, a local Namibian
contractor. This is for the construction of the primary
crusher structure.
Concrete contract will see the workforce on
site increase from 120 to around 400 people
in early 2026
400
people on site
LTI-free, reflecting a culture where safety
is everyone’s responsibility
16
years
BANNERMAN ENERGY | DEC 2025
People at work
MEET OUR
NEW
OPERATING
ASSET
technology development. His career is marked
by a consistent record of high performance and
leadership, underscoring his commitment to
excellence and continuous improvement.
For the past decade, Danie served as Head of
Projects and Technology Development and as an
Exco member at Debmarine Namibia. In this role,
he was instrumental in delivering major projects
and integrating innovative technologies, helping
to establish Debmarine Namibia as a global
leader in marine diamond extraction.
Danie holds a Bachelor’s degree in Engineering
he team at Bannerman Mining Resources
Namibia (BMRN) has welcomed a new
member whose passion for outdoor adventures
and endurance sports reflects his commitment
to growth and challenging the status quo. These
are principles Danie van Aswegen aims to bring
with him into this exciting new chapter. Danie has
been appointed to the newly-created position of
Chief Operating Officer at BMRN.
With more than 25 years of experience in
the mining industry, Danie has developed
a comprehensive skillset spanning mining,
engineering, project management, and
and a Master’s degree in Project Management.
He is known for fostering a positive
organisational culture, and inspiring those
around him to achieve new heights.
“I’m thrilled to be joining the Bannerman
team at such a pivotal time, with the unique
opportunity to help build a new mine from the
ground up and guide it towards production,”
he says. “I see this as more than a project; it is
an opportunity to help build something from
scratch, to shape its success, and to leave a
lasting legacy. This is something that deeply
resonates with me.”
Danie van Aswegen is a dedicated family man, married to Nantie (right) and the proud father of two daughters, Nika and Carli.
His love for outdoor adventures and endurance sports presents opportunities to push his limits.
The Etango Project site is abuzz
with progress and people. Early
works on the project show how
our contractors are supporting
employment.
KEY CONTRACTS ADVANCE ETANGO – AND LOCAL EMPLOYMENT
Work on site
Contractor
People on site (Number)
Bulk earthworks
Namibbeton
92
HL drainage aggregate
Tulela Mining & Construction
28
Concrete phase 1
K Neumayer (civils)
End of 2025: 160
Early-2026: 400
Permanent water phase 1
AN Construction
46
STRONGER, SAFER, TOGETHER
periods in the sun and sometimes during cold
and misty weather conditions. BMRN donated
10 wooden seating benches with back support
to Tamariskia to help seat the increased number
of patients attending the clinic. These benches
were locally procured to intentionally support
Namibian small businesses.
When another fire caused havoc in the town
of Swakopmund in August, and shack fires left
numerous families homeless and in need of
basics, BMRN once again stepped in to help.
The company donated blankets, bags of mielie
hen local doctors and municipalities asked
BMRN to help with the fallout of a spate of
devastating fires in Swakopmund this year, the
company jumped into action. A fire incident at
the Mondesa Clinic in early February 2025 led
to its indefinite closure, which overwhelmed the
alternative clinic – Tamariskia Community Clinic –
with an increase in patients. The Mondesa clinic
received around 500 patients daily before its
closure.
Patients already frail or fragile, elderly or
expectant, stood in long queues for extended
meal and some toiletries to the Swakopmund
municipality to help those who were temporarily
accommodated at the Tamariskia Town Hall and
municipal bungalows.
One of Bannerman’s core values is “Proactivity”
and the company’s Health and Safety department
also provided fire safety training to students at
Mondesa Youth Opportunities (MYO). According
to Senior Stakeholder Relations Advisor, Matjiua
Hengua: “If the young are educated around fire
safety, we will hopefully see a reduction in fire
incidents”.
Community engagement
This is a summary of a contribution by Gitta Paetzold and Ndinelao Shikemeni.
to highlight this broad influence, showcasing
how tourism businesses contribute not only to
jobs and revenue, but also to social investment,
education, and environmental protection.
Tourism plays a vital role in community
development and the preservation of Namibia’s
unique natural heritage. HAN emphasises that
sustainable tourism is everyone’s responsibility
— a shared commitment to protect our
espite often being reduced to “restaurants
and accommodation”, tourism’s real
impact on Namibia’s economy and well-being
stretches far wider. It touches aviation, transport,
conservation, education, and communication —
influencing livelihoods and communities across
the country.
Through its Why Tourism Matters campaign, the
Hospitality Association of Namibia (HAN) aims
environment and ensure long-term prosperity
for all Namibians. HAN advocates for quality
over quantity in tourism growth, prioritising
meaningful, sustainable experiences that benefit
people and the planet. Its partnership with
Venture Media on the Telling Stories that Matter
initiative invites members to share their unique
local stories, celebrating the small details that
make Namibia’s tourism offering truly special.
Recognising Namibia’s True Economic Powerhouse
WHY TOURISM MATTERS
Why will Artificial Intelligence (AI) redefine the
global energy landscape? Read our article on
page 12 for some clues.
THE IMPACT OF AI
10
BANNERMAN ENERGY
Competition
RULES:
Both the challenge and competition are open
to all Bannerman employees, contractors and
stakeholders. The judges’ decision is final.
Employee profile
Main responsibilities: My function acts
as the expert and monitor, ensuring the
company maintains a secure, healthy,
and compliant working environment for
everyone.
How long have you been working at
the Etango Project: 10 months.
What excites you about the Etango
Project: Being involved in the project
from the early construction stage,
and looking forward to joining the
production team.
Avehe Kavita correctly named the two countries
that will drive the greatest demand for uranium to
fuel their nuclear fleets: America and China.
Ruusa Kambonde says she is “motivated by
growth, self-worth, and the pursuit of a life that
reflects my power, elegance, and joy”. She sees
every challenge as “a testament to my strength,
every achievement adds to my legacy, and every
choice I make is a step toward the abundant, free
life I deserve.” Avehe and Ruusa both win A$100
for participating.
OUR NEWEST WINNERS
HOW TO ENTER THE
COMPETITION AND THE
CHALLENGE
Send your answer to
newsletters@bmnenergy.com
Don’t forget to include your full name, position
and contact details.
The winners will each receive a
A$100 PRIZE.
The closing date for both the competition and
the challenge (on the opposite page) is
12 JANUARY 2026.
FACE TO FACE WITH...
MATHEW
ALFEUS
Health, Safety & Radiation
Superintendent
SILVER
FOR SONG
melda Naobes, Office Administrator at
Bannerman Mining Resources Namibia,
recently returned from Mauritius with
silverware and soulful memories.
The all-female chamber choir she sings
with, Cgals, participated in the African
Asia Pacific Choir Games & Grand Prix
of Nations 2025 and achieved silver
medals in both categories they entered:
Musica Sacra (Sacred music) and Pop &
Jazz.
“It was such an amazing experience,”
she says, with visits to the Botanical
Gardens, Aaspravasi Ghat Heritage Site,
Penny Museum, and Citadel Fort adding
to the experience. The glass-bottomed
boat ride was clearly a highlight!
MYO learners also participated in our challenge.
Read what motivates them as they share their
inspiring essays.
https://youtu.be/5lTVFkSe310]
READ HERE
Challenge
As we close out the year, we invite you to take
part in our Year-End Reflection Challenge.
What were you grateful for or proud of this past
year, and what personal or professional goal
are you setting for 2026? It’s a chance to pause,
celebrate the moments that mattered, and look
ahead with purpose.
11
WHAT IS YOUR
YEAR-END INSIGHT?
OCTOBER
• Olga Skorlyakova, Vice President
Market Strategy
• Tricia Kingston, Principal Accountant
•• Felicity Gooding, Non-Executive Director
••• Liezl Maritz, Environmental Superintendent
••• Hartmut Dichtl
••• Karen Emvula
••• Lauren Rutz, Janitor
NOVEMBER
••• Twapewa Kadhikwa, Chairperson
• Cindy Fraser, Commercial Manager
••• Mike Leech, Non-Executive Director
•• Clive Jones, Non-Executive Director
••• Immanuel Shillula, Plant Operator
••• Petrus Shillula, Plant Operator
DECEMBER
••• Morag Gaze, Financial Accountant
• Jeff Pipe, Project Director
••• Matjiua Hengua, Senior Stakeholder
Relations Advisor
LOOK WHO’S BLOWING
OUT CANDLES
LEGEND
• Bannerman Energy Ltd (Australia)
•• Bannerman Energy board members
••• Bannerman Mining Resources Namibia
One thing that surprised you about your
current role: The importance of consistency
in service delivery. I sometimes struggle,
but I have a supportive team that works well
together to carry one another when tasks
become overwhelming.
Marital status: Single.
Children: I have a dog (male).
Favourite food: Lamb chops (yummy!).
Where is your ‘happy place’? Being around
family gives me so much peace.
Last song you listened to: The Vow by Timi
Dakolo.
What are you currently binge-watching –
or reading: A book called Acceptance and
Commitment Therapy (ACT).
Any podcasts to recommend: Nah, I’ll pass!
Best way to relax: Travel to new places,
explore, and be adventurous.
Pet peeve: Poor driving etiquette – drivers
Imelda’s love of plants was nurtured by a visit to
the Sir Seewoosagur Ramgoolam Botanic Garden,
commonly known as the Pamplemousses Botanic
Garden.
Imelda (right) performs with the Cgals Chamber
Choir at the African Asia Pacific Choir Games &
Grand Prix of Nations where they won two silver
medals.
who don’t use their turn signals or those
who drive unnecessarily slow in the
passing lane.
One thing about yourself that few
people know: I do not enjoy speaking in
front of large groups; unfortunately, my
role often requires it.
Person who inspires you and why: My
sisters, they are my pillar of strength, and
they would vouch for me at any given time.
One thing on your bucket list: Marriage.
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, Werner Ewald & Emma Culver
Gavin Chamberlain, Werner Ewald & Emma Culver
Production: Words’Worth
Words’Worth
12
BANNERMAN ENERGY | DEC 2025
Industry news
- Microsoft
“Reliable, carbon-free energy is
essential to powering AI data centres.”
- AWS
“Nuclear is an excellent source of
zero-carbon, 24/7 power.”
“Round-the-clock clean energy is
critical for long-term growth.”
These statements mark a turning point.
For the first time, the world’s largest technology
companies are acting as energy leaders, investing
both directly and through Power Purchase
Agreements in clean generation to secure the
electrons that power intelligence.
The convergence of technology, infrastructure
and energy is creating a new industrial ecosystem
defined not by extraction but by computation.
rtificial Intelligence (AI) is driving an
unprecedented surge in global power
demand.
As Graphics Processing Units, training clusters
and hyperscale data centres expand at record
speed, electricity grids everywhere are being re-
engineered in real time. Every nation now faces
the same challenge: how to deliver firm, clean
energy fast enough to fuel the next industrial
revolution.
What began as a discussion on uranium’s role
in low-carbon baseload generation has evolved
into a broader dialogue about how every clean-
energy source, from renewables to advanced
nuclear, must now work in concert to power
intelligence.
As AI accelerates, firm, clean, and low-cost
electrons are becoming as critical to global
competitiveness as compute itself. Technology
giants are investing accordingly:
Craig Scroggie, CEO of NextDC, a leading Australian data centre operator, gave a keynote address at the Global
Uranium Conference in Adelaide on the impact of AI. Here are the salient points.
AI REDEFINING GLOBAL ENERGY
Global technology leaders are mobilising
every clean-energy electron available to solve
the energy trilemma to power the future of
intelligence at speed at scale.
The energy transition is no longer an
environmental choice; it is an economic race.
The nations and companies that master the
balance between compute and clean power
will define the next century of progress.
The value of the US government deal with
Westinghouse to build new nuclear power
plants. This is a result of the demand of energy
required by the AI and big tech firms.
US$80
billion