Gavin Chamberlain, CEO of Bannerman Energy, a uranium developer with significant assets in Namibia discussed on the current state of the uranium market, updates on Bannerman’s flagship Etango project, and the company’s strategic outlook.

The Uranium Market: A Buoyant Outlook with Historical Parallels

Chamberlain began by reflecting on the WNA Symposium, which he described as one of the most vibrant in recent years, with over 1,100 attendees representing every facet of the nuclear industry—from producers like Bannerman to potential future users like Microsoft. The conference underscored a growing confidence in nuclear energy’s role in the global energy mix, driven by increasing demand and evolving market dynamics.

The uranium market, according to Chamberlain, is experiencing a slow but steady climb in spot prices, a trend he views positively as it avoids the volatility seen in previous years. He noted that the market has moved past a period of uncertainty, particularly in the U.S., where utilities were cautious due to potential tariffs. Recent executive orders have clarified that uranium will not face tariffs, stabilizing market sentiment and fostering a more predictable pricing environment.

Drawing historical parallels, Chamberlain highlighted similarities with the early 2000s uranium bull market, though he emphasized that today’s market is driven by unique factors. The WNA’s biennial fuel report, released during the symposium, projects increased demand compared to two years ago, even in its conservative scenarios. Notably, small modular reactors (SMRs) are expected to account for 10% of uranium demand by 2040, a significant shift from last year’s uncertainty about their timeline and adoption. Additionally, the return of Japanese utilities to the market signals renewed global interest in uranium procurement.

On the supply side, Chamberlain pointed out challenges that could exacerbate a supply-demand imbalance. Several major producers announced production cuts after the fuel report’s compilation, and in-situ recovery (ISR) projects have faced restart difficulties. This reduction in forecasted supply, juxtaposed with rising demand, suggests a market shortfall of 20 to 100 million pounds, depending on the scenario. Chamberlain stressed that higher uranium prices are necessary to incentivize new supply, as simply expecting production to ramp up without price support is unrealistic.

Etango Project: Steady Progress Toward Final Investment Decision

The conversation then shifted to Bannerman Energy’s Etango project, a cornerstone of the company’s strategy. Since the last interview over a year ago, Bannerman has made significant strides in site preparation and infrastructure development. Key milestones include:

• Completed Infrastructure: All internal roads, construction water systems, and permanent power supply within the mining license area are now complete. The power supply is connected to Namibia’s regional grid, providing live power on-site.
• Bulk Earthworks: Initiated in August 2024, the two-year contract for bulk earthworks is halfway complete, with notable progress on the heap leach pad—a massive structure measuring one kilometer by 300 meters.
• New Contracts: Following a successful AU$85 million capital raise in June 2025, Bannerman extended its engineering and design contract, initiated concrete work, and began blasting for the drainage layer of the heap leach pad. These contracts keep the project on its critical path toward a final investment decision (FID) targeted for late 2025.
• Equipment Milestones: Chamberlain visited the Köppen factory in Germany post-WNA to conduct a factory acceptance test for the high-pressure grinding roller, which is now being prepared for transport to the site.

Bannerman’s commitment to using Namibian contractors has been a strategic success, with all contracts awarded to local firms. This approach not only supports the local economy but also mitigates supply chain risks by securing contractors early, ahead of potential competition from other mining projects.

Mitigating Risks and Preparing for FID

When asked about the critical dependencies for achieving FID by late 2025, Chamberlain outlined that technical and contracting approvals are already in place, leaving financing as the primary hurdle. Bannerman is pursuing two financing streams: debt and strategic partnerships. While uranium prices will influence offtake agreements, Chamberlain emphasized that FID is not tied to a specific price threshold but rather to securing an optimal funding solution that maximizes shareholder value.

To mitigate potential delays, Bannerman has adopted a flexible approach to its FID timeline, avoiding a rigid deadline. The company’s AU$140 million cash reserve, bolstered by the June 2025 fundraiser, provides a buffer to manage risks and maintain momentum. Additionally, Bannerman has secured vendor data and negotiated escalation clauses with equipment suppliers, ensuring alignment with the project schedule and minimizing supply chain disruptions.

Capital Allocation and Operational Readiness

Post-FID, Bannerman’s capital allocation will prioritize operational readiness and concurrent construction, with no immediate plans for additional exploration beyond grade control drilling to refine proven reserves. The company aims to grow its operational team in Namibia, leveraging its existing construction team, which is expected to exceed 250 personnel by year-end. Chamberlain highlighted the smooth onboarding of contractors, facilitated by a step-by-step induction process and a strong site team with over a year of experience.

Safety remains a cornerstone of Bannerman’s operations, with the company approaching 16 years without a lost-time injury by mid-October 2025. This milestone, coupled with over one million shifts worked injury-free, underscores Bannerman’s commitment to high safety standards.

Skilled Labor and Supply Chain Strategy

Addressing concerns about skilled labor shortages—a common challenge in the mining industry—Chamberlain noted that Namibia’s labor market remains favorable. By breaking large contracts into smaller packages, Bannerman has made it easier for local contractors to compete, ensuring a steady supply of workers. The company’s early engagement with suppliers, including securing production windows and vendor data, has further de-risked the project. Looking ahead, Bannerman is appointing a dedicated operational readiness lead to focus on building a Namibian workforce for the Etango mine.

Offtake Agreements and Long-Term Strategy

Bannerman has secured two offtake agreements for one million pounds of uranium, representing just under 6% of its projected supply from 2029 onward. Chamberlain described these contracts as strategic, serving to make the company “match fit” for larger negotiations. The agreements, signed with major U.S. utilities, validate Bannerman’s credibility and include flexible terms to accommodate potential changes in project startup timelines.

The company’s long-term offtake strategy is to remain patient and prepared, layering in contracts as market conditions improve. Chamberlain noted increased engagement with Japanese and European utilities, signaling broader interest. However, utilities are currently adopting a conservative approach, with many underestimating the urgency of securing uranium supplies in a tightening market. Bannerman anticipates an uptick in requests for proposals (RFPs) as utilities recognize the risk of supply shortages.

Scaling Etango and Future Opportunities

The Etango project is designed to produce 3.5 million pounds of U3O8 annually starting in 2028, with a modular expansion plan (Etango-XP) to double output to 6.8 million pounds. This expansion involves duplicating the crushing circuit and optimizing shared infrastructure, such as conveyor belts, to enhance efficiency. The plan extends the mine life from 15 to 27 years by expanding the pit size, leveraging existing resources without requiring additional drilling.

Beyond Etango, Bannerman holds two satellite deposits within its mining license, which are fully permitted but not yet drilled to resource level. The company plans to evaluate these deposits closer to the end of Etango’s construction, ensuring efficient capital allocation. Chamberlain emphasized that any future exploration will be timed to align with operational milestones.

M&A Strategy and News Flow

On mergers and acquisitions (M&A), Chamberlain indicated that Bannerman’s primary focus remains on financing and advancing Etango. While the company has appointed a business development lead in Perth, it is not actively pursuing M&A targets. Any future opportunities would likely align with Bannerman’s expertise in open-pit uranium mining, with a preference for avoiding in-situ recovery (ISR) projects due to limited internal experience.

Looking ahead to the remainder of 2025 and early 2026, investors can expect continued progress on construction, positive site updates, and potential announcements related to debt or strategic funding as FID approaches. Chamberlain reiterated the company’s commitment to maintaining its strong safety record and project momentum.

Conclusion

Bannerman Energy is well-positioned to capitalize on a tightening uranium market, with the Etango project advancing steadily toward its late 2025 FID target. Chamberlain’s strategic approach—emphasizing local partnerships, flexible financing, and disciplined contract layering—reflects a balance of preparedness and patience. As global demand for uranium grows, driven by SMRs and renewed interest from major economies, Bannerman’s focus on operational excellence and scalable production positions it as a key player in the nuclear renaissance.

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