Bannerman Energy : Quarterly Activities Report and Appendix 5B for the period ended 31 March 2022

Bannerman Resources Limited Registration No. ABN 34 113 017 128 Registered as an external company in Namibia ISIN Code: AU000000BMN9

NSX Share Code: BMN

QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B FOR THE PERIOD ENDED 31 March 2022

Bannerman Resources Limited (ASX:BMN, OTCQB:BNNLF, NSX:BMN) (Bannerman or the Company has published their Quartelry Activities Report and Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report for the period ending 31 March 2022

HIGHLIGHTS

• • Successful completion of A$40.7 million equity placement at A$0.22 per share.

• • Strongly supported by several specialist uranium investment funds and a broad array of high-quality Australian and international institutional investors.

• • Funds to be directed towards completion of the current Etango-8 Definitive Feasibility Study (Q3 CY22), Front-End Engineering and Design (FEED) and detailed design, product marketing and project financing activities, new opportunities, and general working capital.

• • Subsequent to the quarter end, SPP for all eligible existing shareholders raised an additional A$15 million (at A$0.22 per share, equal to the Placement price).

• • Etango-8 DFS progressing to plan, in-line with original timeframe and budget.

• • Feasibility and engineering undertaken by best-in-class consultants with Wood plc engaged as DFS lead study manager and continuity from Etango-8 Pre- Feasibility Study and previous study work.

• • World-class Technical Steering Committee chaired by Norman Green.

• • Appointment of CFO, Mr Steve Herlihy, a highly credentialled finance executive strengthening Bannerman team across capital markets, M&A and project finance.

• • Cash balance of A$46.0M at quarter end, with additional funds of A$15M received from the SPP completed after quarter end.

• • Uranium price improvement as sector focus returns to supply security; Ukraine warand resultant geopolitical risk disrupting nuclear fuel markets.

Bannerman Managing Director and Chief Executive Officer, Brandon Munro, said:

"In a busy quarter that witnessed tremendous upheaval in nuclear fuel markets, Bannerman's team remained focused on our Etango-8 DFS, keeping the process on-time and on-budget. Our capital raising, consisting of an institutional placement and share purchase plan, produced outstanding outcomes and positions the Company extremely well to progress Etango-8. I am grateful to existing shareholders for their support and delighted to welcome many new high-quality institutional investors to the register."

The Quarterly activities report can be found at the following link:https://wcsecure.weblink.com.au/clients/bannermanresources/headline.aspx?headlineid=61088648

The Appendix 5B - report can be found at the following link:https://wcsecure.weblink.com.au/clients/bannermanresources/headline.aspx?headlineid=61088652

For and on behalf of Bannerman Energy Ltd by

Robert Orr

Company Secretary

28 April 2022

Registered Office

Bannerman Minig Resources Namibia (Pty) Ltd Registration no. 2005/115

71 Seeadler Street, Vineta Swakopmund

Namibia

Sponsor

IJG Securities (Pty) Ltd Member of the NSX

4th Floor, 1@Steps, C/O Grove and Chasie Street, Klein Kuppe P O Box 186, Windhoek, Namibia

Registration No. 95/505