Bannerman Resources Limited provides an update on the successful completion of the Etango project Membrane Study and corporate actions taken to maintain the Company's strong balance sheet. Membrane Study Testwork successfully completed: Confirms substantial economic and operational advantages, including over 80% acid; recovery from the concentrated eluate stream of the IX plant; and Design of nano-filtration plant now complete to definitive level. Etango Project optimisation continues to focus on the evaluation of project scaling and scope opportunities under various development parameters and market conditions; Bannerman maintains conservative balance sheet to guard against market uncertainty; Strong cash balance of A$4.6m at 31 March 2020 and no debt; Management and Board pay reductions implemented from 1 April 2020; Current COVID-19 measures not anticipated to disrupt Bannerman business or Etango Project: Testwork completed and Heap Leach Demonstration Plant safely decommissioned; targeted project work in short-to-medium term already desk-top based; Advanced, permitted Etango Project well positioned amidst uranium supply disruptions caused by COVID-19 response measures. The confirmatory testwork has successfully demonstrated and confirmed that the second iron removal process is the most favourable of the two methods being considered and the preferred process route. Rinsing the loaded IX column prior to elution demonstrated that over 99% of the iron can be removed using a weak acid solution. The iron removed can also be re-used in the leaching circuit, reducing reagent costs. The elution process can then present the CE solution with minimal iron content to the nano-filtration plant, where the uranium solution upgrades by almost ten-fold while 80% of the sulphuric acid is recovered for the processing circuit. It is considered that the IX/NF process route is likely to provide both economic and operational advantages, the final quantum of which are to be confirmed in the Etango Definitive Feasibility Study (DFS) Update. Bannerman has completed a review of the most suitable membrane for the Etango Project. It is considered that acid resistant membranes are generally cheaper and available in a wider variation of rejection and operating pressure ranges. The alternative, acid proof membranes, are generally more expensive, have lower uranium rejections and require higher operating pressures Each membrane type has different key advantages and requires different plant designs to produce the desired output stream requirements. These different plant designs can result in significantly different CAPEX and OPEX outcomes. Only once all membrane parameters for a particular feed stream are known can an economic assessment be undertaken to identify the recommended membrane. Based on the estimated CAPEX and OPEX for the different membrane types, Bannerman has now determined the most suitable membrane. Following completion of the membrane selection process and utilising trial performance data obtained from the Etango Heap Leach Demonstration Plant, Bannerman has completed a preliminary design to a definitive level for the nano filtration plant for the Etango project.