Bannerman Energy Ltd. announced that the Definitive Feasibility Study (DFS) for its Etango-8 Uranium Project in Namibia (Etango-8) is progressing well. The Etango Uranium Project is located in the Erongo Region of Namibia, approximately 30 kilometres to the east-south-east of Swakopmund and approximately 70 kilometres from the Walvis Bay deep- sea port facility. It is positioned within a highly established uranium mining jurisdiction, where the mining and export of uranium via Walvis Bay has been ongoing for over 45 years.

The Etango Project is owned by Bannerman Energy Ltd, through its 95%-owned subsidiary Bannerman Mining Resources (Namibia) (Pty) Ltd. Planned development of the Etango Project involves bulk open pit mining of a large, relatively homogenous uranium deposit followed by crushing, acid heap leaching, Ion Exchange with Nano Filtration, and uranium recovery into yellowcake product (U3O8). In April 2012, Bannerman completed a DFS (DFS 2012) for the Etango Project. The DFS 2012 was based on a 20 Mtpa mine and heap leach process throughput.

Mine planning, engineering design and capital and operating cost estimation was undertaken to an accuracy of ±15%. In March 2015, Bannerman commissioned an industrial scale plant to demonstrate the heap leach configuration and assumptions. The results of the trials demonstrated strong support for the DFS 2012 metallurgical parameters.

The heap leach process route has also been comprehensively de-risked through the operation of the Etango Heap Leach Demonstration Plant over several years. In 2019, Bannerman commenced an evaluation of various project scaling and scope opportunities under a range of potential development parameters and market conditions. Indicative outcomes of this work highlighted strong potential for a scaled-down initial development of the Etango Project at 8 Mtpa throughput (Etango-8).

As a result, Bannerman commenced work on a Scoping Study into such a development, which was completed in August 2020. In August 2021, Bannerman completed the Etango-8 Pre-Feasibility Study (PFS) to a ±20% level of accuracy. Key external study consultants included Wood plc (process plant design and related infrastructure, plant capital and operating cost estimates) and Qubeka Mining Consultants (pit inventory estimates, mine planning and mining cost estimates).

The results of the Etango-8 PFS confirmed that this accelerated, streamlined project is strongly amenable to development - both technically and economically. Bannerman also announced the Board's decision to proceed with the Etango-8 DFS, with completion targeted for third quarter of current year 2022. Work commenced on the Etango-8 DFS in August 2021.

Targeted progress has been made on all key workstreams, with process flow sheet design and process plant geotechnical field work complete. Accordingly, the DFS is progressing according to the originally envisaged timetable, with targeted completion remaining for third quarter of current year 2022. Further, the DFS remains on budget, which was estimated at a total of approximately AUD 4 million (excluding internal costs).

Although Etango-8 is a large-scale project, and its projected production rate is amongst the large uranium projects in prospective development globally, the DFS is being undertaken on an accelerated timeframe for a relatively modest budget. This is because the DFS benefits from a vast body of previous technical work undertaken since 2007 at Etango, with extensive resource drilling, geotechnical, metallurgical and environmental work already complete. The DFS owner's team is led by Werner Ewald, Managing Director of Bannerman Mining Resources (Namibia) (Pty) Ltd. Mr. Ewald is an engineer with extensive Namibian uranium mining experience.

Prior to joining Bannerman, Mr. Ewald was Mine Manager at the Rossing Uranium Mine, then owned by Rio Tinto. Mr. Ewald joined the Company in 2010 and has been intimately involved with prior feasibility, environmental and metallurgical work undertaken at Etango.