News from the People Powering a Cleaner Future
APRIL 2026
09
Meet our new partner 12
which translates to a 52.25% effective economic
interest in the project. The One Economy
Foundation will continue to hold its 5% loan-
carried shareholding.
Most importantly: Etango can now be
constructed debt-free.
“Building without project debt reduces financial
risk, gives us more flexibility, and strengthens our
ability to manage construction and ramp-up with
confidence,” says Bannerman Chief Executive
he Etango Uranium Project now has a
world-class strategic partner and a clear,
construction-funded pathway to bring Etango
into production. This is a landmark partnership
for Etango and a major step forward for Namibia.
Global nuclear group China National Nuclear
Corporation (CNNC) – through CNNC Overseas
Limited (CNOL) – will invest up to US$321.5
million for a 45% stake in the joint venture
company that owns 95% of Etango. Bannerman
Energy retains a 55% stake in the joint venture,
Wild site visitors 5
Officer, Gavin Chamberlain. “It also positions
Bannerman to remain meaningfully exposed to
future uranium price upside.”
Under the agreement, CNOL will purchase 60%
of Etango’s production on market-based terms,
while Bannerman will independently market the
remaining 40%.
This combination provides revenue certainty and
strategic flexibility – a balance that supports both
stability and growth.
Local Namibian contractor, Tulela Mining & Construction,
has made great progress with the blasting and crushing
of the heap leach drainage material.
READY TO
BUILD A MINE (DEBT-FREE)
Vision to victory 6
Investor update
BANNERMAN ENERGY | APRIL 2026
his partnership reinforces Namibia’s position as a leading global uranium
producer. CNNC already has a strong presence in the country through
its interests in established uranium mines, Rössing Uranium mine and the
Langer Heinrich mine. Its decision to invest in Etango sends a powerful
signal of international confidence in Namibia’s regulatory environment,
mineral potential and governance framework.
WHY THIS MATTERS
FOR NAMIBIA
or employees, this is a defining milestone. “After nearly two decades of
technical studies, optimisation and de-risking work, we have secured the
final key piece required to move toward development,” confirms Werner
Ewald, MD of Bannerman Mining Resources Namibia.
“This partnership doesn’t just fund a mine it validates the quality of our work
and the strength of our project,” says Werner.
“With continued engagement from Namibian government leaders
and strong stakeholder support, we are entering the next chapter of
Bannerman’s journey: positioning Etango as one of the next major
greenfield uranium projects globally to enter production.”
Amount that CNNC Overseas Limited (CNOL) will invest for a 42.75%
stake in the JV company that owns 95% of Etango. The US$321.5m
consists of a share subscription of US$294.5 and re-imbursement
of capital expenditure between 1 July 2025 and completion of the
transaction.
US$321.5 million
BREAKDOWN OF ETANGO
OWNERSHIP
Once operational, Etango will contribute to:
• Long-term job creation
• Skills development and technical transfer
• Increased export revenues
• Broader economic activity and infrastructure growth.
The company now has:
• Construction funding in place
• A Tier-1 offtake partner
• A globally respected technical collaborator
• A clear pathway to Final Investment Decision, when the
transaction is completed (around mid-2026).
Ready to build a mine (debt-free) continued...
WHAT IT MEANS
FOR BANNERMAN
Key highlights
CNOL
42.75%
One Economy Foundation
5%
Bannerman
52.25%
According to Brandon Munro, Executive Chairman of Bannerman Energy:
“At a time when the world is accelerating nuclear energy development to
support energy security and lower-carbon power generation, Namibia is
poised to play a critical role in the global nuclear fuel chain.”
Gavin Chamberlain, CEO of Bannerman Energy met with Deputy Minister of Industries, Mines and Energy, the
Hon. Gaudentia Kröhne and Mining Commissioner Mrs. Isabella Chirchir.
THUMBS-UP FOR PARTNERSHIP
Twapewa Kadhikwa, Chairperson of Bannerman
Mining Resources Namibia, met with the Hon.
Modestus Amutse, Minister of Industries, Mines
and Energy.
annerman Energy had the opportunity to engage with key Namibian government leaders following the strategic financing with global integrated nuclear
utility, CNNC. We are pleased to have their support as we continue to progress the Etango Uranium Project.
FAST FACTS ABOUT
Bannerman Energy and CNNC executives at the
landmark signing ceremony that saw CNNC take
up 42.75% in the joint venture company that owns
95% of Etango.
• It is one of the world’s largest nuclear utilities
and uranium consumers. Its scale and credibility
is what qualifies the company as “Tier-1”.
• It is driving a significant nuclear reactor growth
programme, with 18 units under construction or
approved.
• It has experience in open-pit uranium mining
and processing and has successfully operated
the Rössing Mine in Namibia since 2019.
CNNC
Investor update
BANNERMAN ENERGY | APRIL 2026
Project update
THIS IS WHAT PARTNERSHIP
LOOKS LIKE
progress in establishing the core infrastructure of
the dry plant.
Blasting, crushing and screening of heap
leach drainage aggregate is also advancing to
schedule, with material being stockpiled for later
placement. The drainage aggregate has been
confirmed as meeting required specifications,
supporting readiness for the next stages of heap
leach pad construction.
Long-term infrastructure development
remains a priority. Installation of Phase 1 of the
permanent water supply pipeline is under way
and progressing to schedule, supporting future
operational water security for the project.
At the end of 2025, Bannerman appointed
onstruction early works at the Etango
Uranium Project continue to advance
strongly, with activity on site increasing and key
workstreams progressing in line with schedule
and budget.
Early works construction momentum is building
across multiple areas of the project, with
bulk earthworks, concrete works, aggregate
mining and key infrastructure installations all
progressing in parallel.
The start of Phase 1 and Phase 2A concrete
contracts mark important early structural
milestones for the future processing plant
areas. Foundations for both the primary crusher
and the coarse ore stockpile tunnel have been
successfully poured, representing significant
K Neumayer Civil Contractors, a local Namibian contractor,
is completing Phase 1 of the concrete contracts for the
construction of the primary crusher structure.
560
Number of contractor
workforce on site
Danie van Aswegen as Chief Operating Officer
(COO) – Namibia. Danie brings more than 25
years of experience in the mining industry, with
a skill-set spanning mining, engineering, project
management and technology development.
“The Etango site is now abuzz with activity,
and I’m particularly impressed by the team’s
commitment to go the extra mile to make this a
world-class project,” he says.
“There is a genuine sense of pride across
site; it’s palpable and genuinely contagious.
Our early works construction and long lead
activities continue to progress safely and on
schedule, which is a testament to the dedication,
professionalism and strong partnership between
our contractors and the Bannerman team.”
ive strategically placed camera traps, installed in August 2025, have recorded an encouraging
diversity of wildlife on the Etango site. These occur primarily along the outer boundaries of the
mining licence, particularly within rocky valleys that provide shelter and natural movement corridors.
Species recorded to date include springbok, ostrich, kudu, klipspringer, duiker, steenbok, chacma
baboon, brown hyena, black-backed jackal, African wild cat, and smaller species such as gerbil and
desert hare.
In contrast, areas of current activity are more open and exposed, which wildlife naturally tend to avoid.
To support safe and natural wildlife movement through suitable habitat, six dedicated openings have
been incorporated into the security boundary fence, reinforcing our commitment to responsible
operations and protecting biodiversity within the Namib-Naukluft National Park.
WE SEE YOU
Etango’s security fence has dedicated
openings to support wildlife movement
across the site.
Caught … but on camera only. Some of the animals
captured by our camera traps.
K Neumayer Civil Contractors has started
construction of the fine ore silo.
Bulk earthworks onsite at Etango are around 66.5% complete with the major
focus remaining on the construction of heap leach pads and wet plant
terraces. The work is being executed by Namibian contractor, Namibbeton.
66.5% complete
BANNERMAN ENERGY | APRIL 2026
Strategy
FROM VISION TO VICTORY
to improve their operational strategies, execution and processes for the year.
Once the focus areas for the strategy were determined the team addressed
the “must-win battles” and allocated responsibilities to individuals. These
“must-win battles” will help to finalise individual Key Performance Indicators.
Gavin Chamberlain, CEO of Bannerman Energy, noted a strong camaraderie
between the two teams. “What sticks in my mind during the three and a half
days was the openness to address ‘the elephant in the room’ without taking
things personally.
The personal connections made between the two teams will add
tremendous value going forward.” He described it as “the best strategy yet
and, if Namibia will have us, I think we have hit on a winning formula for next
year’s strategy”.
ost corporate strategy sessions start by discussing the big
achievements planned for the year ahead.
This year the Bannerman Energy executive team was one step ahead: the
announcement of the CNNC JV partnership served as a springboard for the
next phase of growth.
When they met in February in Namibia to look at the year ahead, the team
had exact clarity on how Etango will be financed, allowing for a very focused
and productive session.
After two days, the Bannerman Energy team was joined by the Bannerman
Mining Resources Namibia (BMRN) team to present their corporate strategy
for the year. This was followed by group feedback sessions to ensure
alignment to the Bannerman strategy and to provide colleagues with ideas
HOW COLLABORATION IS FUELLING OUR GROWTH
STRATEGY DOWNTIME
fter a successful strategy session in Swakopmund drafting a Bannerman Energy corporate strategy along with a BMRN operational strategy, the BMRN
team hosted a braai at their office. The evening started with a number of games led by BMRN COO, Danie van Aswegan, to encourage team bonding,
break down barriers and ignite team spirit.
Braai masters – Tinus Prinsloo and Andre Alberts – served up perfectly cooked beef,
chicken and pork.
The women from Bannerman Energy and BMRN united around the staff braai at
the BMRN office.
JANUARY:
••• Mathew Alfeus, Health and Safety
Superintendent
FEBRUARY:
• John Turney, Project Advisor
••• Tinus Prinsloo, Exploration
Superintendent
••• Miliken Gurirab, Plant Operator
APRIL:
••• Ingrid Jankowski, HR Superintendent
••• Natalie Visagie, Metallurgist
••• Andre Alberts, Owner’s Team Technical
Manager
••• Michael Louw, Principal Advisor Health
& Safety
•• Bruce McFadzean, Non-Executive
Director
MAY:
• Emma Culver, Investor Relations and
Communications Manager
•• Alison Terry, Non-Executive Director
••• Werner Ewald, Managing Director
JULY:
• Steve Herlihy, Chief Financial Officer
••• Imelda Naobes, Office Administrator
EXECUTIVE VFL A SAFETY
COMMITMENT
he Bannerman Energy executive team
recently conducted the first-ever Executive
Visible Felt Leadership (VFL) visit to the Etango
site. It was a clear signal of our commitment to
strengthening our safety culture.
“This wasn’t a box-ticking exercise; it was about
showing we care, making safety personal,
and leading by example,” confirmed Danie
van Aswegen, COO - Namibia. Through open
conversations with teams, the focus was on
understanding key risks, testing whether controls
were working and reinforcing everyone’s right
(and responsibility) to stop work and speak up if
something isn’t safe.
Most importantly, the team aimed to build
trust, encourage ownership, and ensure every
employee felt confident that raising a safety
concern will be supported.
Safety isn’t just a priority — it’s a shared
commitment.
Ringing the bell to celebrate the first Executive
team VFL visit at site.
BMRN COO, Danie van Aswegan, introduced a number of games to strengthen teamwork and collaboration.
We celebrate the following
birthdays in the first half of 2026.
LOOK WHO’S BLOWING
OUT CANDLES
LEGEND
• Bannerman Energy Ltd (Australia)
•• Bannerman Energy board members
••• Bannerman Mining Resources Namibia
Birthdays
Investor engagement
BANNERMAN ENERGY | APRIL 2026
STRENGTHENING GLOBAL INVESTOR CONNECTIONS
February proved to be a turbo-charged month for the Bannerman team, with conferences, panel discussions and site
visits on the agenda. Here is a short overview of what kept them busy:
MINING INDABA
Development, and Emma Culver, Investor
Relations Manager met with 25 funds/investor
groups which included government relation
meetings. This team also attended the Namibian
Country showcase at the Mining Indaba. The
showcase presented Namibia’s strategy for
converting its mineral wealth into sustainable
industrial growth.
he 121 Mining Investment Conference in
Cape Town runs simultaneously with the
Investing in African Mining Indaba to provide a
powerhouse of mining investment, networking,
and deal-making.
The Bannerman Energy team, consisting of Gavin
Chamberlain, CEO, Matt Horgan, VP-Corporate
In addition to the country showcase, the
Namibian Investment Promotion and
Development Board hosted a well-attended
Mining Project Pitching Investment and
Networking Breakfast Session to showcase
up-and-coming mining projects in Namibia to
investors and industry partners.
INVESTOR SITE VISIT
tango got a chance to show its true colours
during an investor site visit in February.
Institutional investors, analysts and brokers from
Australia, UK and the USA came to witness the
progress of early works construction … and left
suitably impressed.
Emma Culver, Bannerman’s Investor Relations
Manager, was full of praise for the experienced
and knowledgeable project team. “The feedback
from investors has been fantastic with a focus
on the professionalism and competence of the
Bannerman team. Bannerman is certainly seen as
a leader in our industry and our team members
an important part of this.”
Gavin Chamberlain, CEO (far right) was part of a panel discussion at the 121 Investor Conference. The panel explored why integrating a robust funding plan into a Definitive
Feasibility Study (DFS) is essential for junior miners seeking to accelerate development and secure investment with confidence.
Group effort …Our experienced and knowledgeable project team
provided insight into the execution of the Etango project.
Employee updates
During a recent visit to Namibia, the Bannerman Energy and Namibian teams honoured Managing Director Werner Ewald (centre in white shirt) on his
retirement after more than 15 years of dedicated service. Werner guided the Etango Project through the highs and lows of the uranium cycle — from early large-
scale ambitions, through challenging periods, to its current stage as a funded project awaiting final investment decision. His leadership and commitment have
left a lasting mark on both Bannerman and Namibia’s uranium sector.
CELEBRATING A REMARKABLE CAREER
STRONG FOUNDATIONS
Ingrid Jankowski from BMRN (right) visited Bannerman Energy’s hometown of Perth for a Foundations
Coaching course,gaining valuable skills in deep listening and leadership development. The visit was
both professionally rewarding and personally memorable – including the chance to hold a koala and
feed a kangaroo.
1 + 1 = 11
10
BANNERMAN ENERGY
Competition
RULES:
Both the challenge and competition are open
to all Bannerman employees, contractors and
stakeholders. The judges’ decision is final.
The impact of healthy partnerships is many
times greater than the sum of its parts. Etango’s
partnership with China National Nuclear
Corporation (CNNC) promises an exciting future.
Read the article on page 12 to see why, and then
answer these questions:
1. How many operable reactors does China
have?
2. How many reactors does CNNC operate in
China?
3. What are the three types of reactors CNNC
are using and developing?
4. What other uranium mines in Namibia are
CNNC part of?
HOW TO ENTER:
newsletters@bmnenergy.com.
Send your answers to
Include your full name, position and contact
details.
A$100 PRIZE.
The correct lucky draw will win
17 MAY 2026.
The closing date is
Employee profile
FACE TO FACE WITH...
LAUREN MALETZKY
Office Cleaner
Bannerman Office Swakopmund
Sugnet Smit submitted a comprehensive answer for our ‘Impact of AI’ competition detailing how
energy markets are being reorganised around powering intelligence rather than powering industry.
Andrea Leech gave a thoughtful response to our ‘Year-end Insight’ challenge. She spoke of living and
working with intention — recognising that protecting one’s energy, setting boundaries, and slowing
down when necessary are essential to sustaining both well-being and effectiveness.
OUR NEWEST WINNERS
Main responsibility: Cleaning and Housekeeping.
How long have you been working at the
Etango Project/BMRN: I have been employed by
Bannerman since 2007.
What excites you about the Etango Project:
Etango’s stability, the growth and a better future for
all the Bannerman staff.
One thing that surprised you about your current
role: My endurance in the role.
Marital status: Married
Children: 4 children – 2 daughters and 2 sons .
Favourite food: Smoked pork meat and vegetable
soup.
Where is your ‘happy place’: At home.
Last song you listened to: I’m Alive by Celine
Dion.
What are you currently binge-watching – or
reading: I’m currently bingeing on Bridgerton
Season 3.
Best way to relax: Reading a book.
Pet peeve: I get irritated by distractions.
One thing about yourself that few people
know: I am a Graduate Level 3 Silversmith.
Person who inspires you and why:
My boss – Werner Ewald (he never gives up and
he is an excellent leader).
One thing on your bucket list: To have my
own jewellery boutique.
They each win A$100
for their participation.
Lauren has the added distinction of being
Bannerman’s longest-serving employee!
Challenge
There’s a strong thread of partnership running
through this edition. Sometimes partnerships are
built on a shared vision and trust; at other times it
could be complementary strengths and effective
communication that are more important.
Tell us what you value most in a good
relationship, whether it’s with a partner,
colleague or friend, and why this is important.
See details of how to enter and closing date in
the Competition box on the opposite page.
WHAT DO YOU VALUE?
A
visit to the One Economy Foundation (OEF) Be Free Youth Campus in Windhoek left the
Bannerman team impressed by the continued growth of the facilities year on year.
“With their unwavering commitment to support young people, they will absolutely achieve sustained
change for the better, especially for women, their health and well-being,” reports Jim Bawden,
Sustainability Manager. “In every corner of the world the same challenges exist; however, OEF’s ethos
and working model is very commendable. We look forward to seeing more of their successes as they
continue to grow their footprint.”
IS THE CHANGE EVERYONE
WANTS TO SEE
The Bannerman team visiting OEF are (from left): Matjiua Hengua, BMRN Senior Stakeholder
Relations Advisor; Jim Bawden, Sustainability Manager; Olga Skorlyakova, VP Market
Strategy; Mavis Elias, OEF Director of Resource Mobilisation, Stakeholders & Partnerships,
and Emma Culver, Investor Relations and Communications Manager.
SPACE TO GROW
While in Swakopmund, members of the Bannerman Energy executive leadership
team and local BMRN team members visited Mondesa Youth Opportunities (MYO).
A highlight was the brick classroom that has been built for the new school year.
Prior to this, the classrooms and facilities at MYO were shipping containers and the
new classroom provides a fresh, inviting space in which students can learn and grow.
OEF
11
A$100 FOR YOUR THOUGHTS.
You could win
12
BANNERMAN ENERGY | APRIL 2026
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
MEET ETANGO’S NEW STRATEGIC PARTNER
The new partnership with CNOL, a subsidiary of China National Nuclear Corporation (CNNC), marks an important step for
the Etango Project. But who exactly is CNNC and what role does it play in the global nuclear sector?
CNNC currently owns or operates 27 reactor
units at sites including Qinshan Nuclear Power
Plant, Fuqing Nuclear Power Plant, Sanmen
Nuclear Power Station and Tianwan Nuclear
Power Plant. At the same time, it is driving
one of the most diverse reactor construction
programmes in the world, with 18 additional
units under construction or approved.
What makes CNNC particularly compelling
as a partner is the breadth of technology it is
deploying. Alongside large-scale Generation III
reactors such as the Hualong One, the company
is advancing next-generation systems including
the CFR-600 fast reactor and developing the
small modular ACP100 Linglong One.
This diversified approach positions CNNC at the
forefront of future nuclear technologies.
n the global nuclear energy landscape, few
organisations carry the scale and influence of
China National Nuclear Corporation (CNNC).
Founded in 1955, the state-owned giant has
evolved into one of the world’s most integrated
nuclear companies, operating across the entire
value chain — from uranium exploration and
mining to reactor design, construction and
nuclear fuel production. Its reach extends far
beyond China, with projects and partnerships
spanning Asia, the Middle East, Africa, Europe
and the Americas.
CNNC sits at the heart of China’s ambitious
nuclear expansion. As the country works to
strengthen energy security and reduce reliance
on fossil fuels, nuclear power has become a
central pillar of its long-term low-carbon strategy.
Equally important is CNNC’s upstream strength.
The company maintains extensive uranium
exploration, mining and processing capabilities
in China and abroad. Internationally, its footprint
includes stakes in Namibia’s Rössing Uranium
Mine — one of the world’s longest-running
uranium operations — and the Langer Heinrich
Mine, reinforcing supply for China’s expanding
reactor fleet.
Against this backdrop, CNNC’s arrival as a
strategic partner adds considerable momentum
to the Etango Project. Backed by a partner with
deep technical expertise, global reach and a
central role in the world’s fastest-growing nuclear
programme, the project moves a decisive step
closer to development — and into the orbit
of one of the nuclear sector’s most influential
players.
Nuclear Reactors in China
Source: WNA website.
59, 172 MWe
60
Operable
reactors
417, 518 GHw (2024)
Nuclear share of
generation
41,100 MWe
5%
39
Reactors under
construction