Bannerman Energy Ltd. announced the results from the Definitive Feasibility Study (DFS) completed on its 95%-owned Etango-8 Uranium Project (Etango-8) in Namibia. Highlights: Definitive-level confirmation of strong technical and economic viability of conventional open pit mining and heap leach processing of the world-class Etango deposit at 8Mtpa throughput; Significant LOM operating cost efficiencies captured (-5% AISC), particularly in power, strongly mitigating approx. 15% increase in pre-production capex estimate (general inflationary factors) compared with the August 2021 Etango-8 Pre-Feasibility Study (PFS).

Strong projected Etango-8 returns: DFS base pricing (USD 65/lb U3O8) generates USD 209 million NPV8% (post-tax, real, ungeared) and 17% IRR (same basis); DFS upside pricing (USD 80/lb U3O8) generates USD 436 million NPV8% and 25% IRR (all same basis); Long-term scalability of Etango Project (up to 20Mtpa) confirmed by previous definitive level studies; provides strong optionality and further leverage to upside-case uranium market; Long-life 3.5 Mlbs pa U3O8 development further de-risked with acid supply infrastructure options, more conservative construction schedule and higher accuracy (+/-15%) cost estimation; Etango-8 moving towards financing and construction with Front End Engineering and Design, offtake and project finance processes progressing in parallel: Mining Licence (ML) application submitted in August 2022; Targeted positive Final Investment Decision (FID) during second half calendar year 2023.