Bannerman Resources Limited announced the successful completion of the Etango Processing Optimisation Study ("Processing OS") by its independent technical consultants, AMEC Foster Wheeler. The Processing OS is the first completed stage of the Etango DFS Update and, together with extensive confirmatory test-work, maintains Etango's position at the forefront of the global uranium development pipeline. USD 73 million estimated Etango processing-related capital cost savings (+/-30%). Capital reductions from a simplified crushing circuit and confirmation that Ion Exchange is a viable and superior alternative to Solvent Extraction. Process plant design and flowsheet remains low risk by industry standards. Etango operating costs reduced, with DFS Update to target improvements of USD 3+/lb U3O8. Improved recovery and reduced reagent consumption are key drivers. Key capital reductions captured without trading off against higher operating cost. Further upside potential to be tested Membrane Study to test nano-filtration technology in processing circuit. Use of existing leachate solution and internal expertise ensures modest additional cost. Adding value through continued technical enhancement of Etango uranium project. Initial Etango DFS completed in 2012, ptimised in 2015 (mining) and 2017 (processing). DFS Update to be continued in 2018. Bannerman's 95% owned Etango Project is one of the most advanced uranium projects globally. Etango is located within the Erongo uranium province of Namibia, which also hosts the Rössing (Rio Tinto), Langer Heinrich (Paladin Energy) and Husab (China General Nuclear) uranium mines. Exploration at the Etango project commenced in 2006 followed by completion of a Scoping Study in 2007, Pre-Feasibility Study (PFS) in 2009, PFS Update in 2010, Definitive Feasibility Study (DFS) in 2012 and an Optimisation Study (mining) in 2015. In 2010, Environmental Approval of the proposed Etango mine was granted following completion of an Environmental and Social Impact Assessment. In 2017 a Mineral Deposit Retention Licence was granted over the project, with a 5 year tenure that may be extended. The Etango Heap Leach Demonstration Plant was constructed in 2014, following which the Company ran a six-phase pilot program that concluded in January 2017. Bannerman commenced the Etango Processing Optimisation Study (Processing OS) in the March 2017 quarter with the objective of incorporating the favourable results obtained in the Heap Leach Demonstration Plant Program and evaluating the application of recent processing technological advances since the 2012 DFS was completed. The results and recommendations from the Processing OS will be incorporated into the DFS Update, in conjunction with definitive level procurement aimed at capturing the deflation that has occurred in the resources sector since 2012. A processing opportunity review workshop was held in January 2017 involving Bannerman and AMEC Foster Wheeler personnel. Discipline experts were engaged to critically review the project and identify potential options to improve the economics of the Etango Project and review/evaluate such options ahead of a DFS Update. After 133 improvement ideas were identified, high potential opportunities were prioritised in the key processing plant areas. In November 2017 AMEC Foster Wheeler issued a detailed report following completion of the Processing OS. This report demonstrates the success of the study, the potential for nano-filtration to benefit the project (discussed below), and identified a number of areas where further potential capital and operating cost savings may be confirmed by the work to be undertaken during completion of the DFS Update.