Bannerman Launches A$124m Placement to Fund Etango

Bannerman Energy Ltd (ASX:BMN) has launched a fully underwritten placement to institutional and sophisticated investors to raise A$124 million before costs, through the issue of approximately 31 million new shares at A$4.00 a share. The offer price is a 5.4% discount to the last close of A$4.23 on 8 September 2026. The new shares are to be issued under Bannerman's existing placement capacity under ASX Listing Rule 7.1 and will not require shareholder approval. The company is also undertaking a non-underwritten share purchase plan targeting up to A$10 million, under which eligible shareholders with a registered address in Australia or New Zealand who held shares at 7:00pm Sydney time on 8 September 2026 may apply for up to A$30,000 of shares at the same price. Macquarie Capital (Australia) Limited and Canaccord Genuity (Australia) Limited are joint lead managers, joint underwriters and joint bookrunners, with Jett Capital Advisors, LLC as co-lead manager. On the indicative timetable, settlement of the placement is expected on 15 September and allotment on 16 September, with the share purchase plan opening on 18 September and closing on 2 October 2026.

The raising follows confirmation from CNNC Overseas Limited that all conditions precedent to completion of its strategic investment and joint venture for the funding, development and operation of the Etango Uranium Project in Namibia have been either satisfied or waived. Completion of the share subscription agreement and execution of the shareholders agreement for the joint venture company, formed through Bannerman's UK subsidiary Bannerman Energy (UK) Ltd, is expected during September 2026, and Bannerman said that, post completion of the CNNC Overseas transaction, a final investment decision and the commencement of full-scale construction at Etango are expected during the fourth quarter of 2026. Bannerman and CNNC Overseas will hold 55% and 45% interests in the joint venture company respectively and each fund post-completion capital expenditure and operating costs pro rata, with CNNC Overseas set to purchase 60% of Etango production, with pricing on arm's-length, market-based terms. Proceeds are to be applied to Bannerman's 55% share of the residual Etango working capital funding requirement, working capital headroom, contingencies and growth initiatives, and general corporate expenses and offer costs. Bannerman said the placement, alongside its existing cash, near-term CNNC Overseas subscription and reimbursement payments and CNNC Overseas's pro-rata working capital contributions, is expected to fully fund Etango through construction and ramp-up, and that Etango early works construction activities are tracking in line with budget and schedule.