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Bannerman launched the placement on 9 September, after receiving confirmation from CNNC Overseas Limited (CNOL) that all conditions precedent to completion of CNOL's strategic investment and joint venture for the funding, development and operation of the Etango project had been either satisfied or waived. A day later, the ASX-listed company announced the placement was complete.

"This capital raising resolves the last funding hurdle for Bannerman as we move towards a Final Investment Decision on the Etango uranium mine and progress to becoming a major new greenfield uranium producer," Bannerman Executive Chairman Brando Munro said. "With Etango construction now fully funded, with no debt, a world-class partner and with all of our working capital obligations backed by a strong balance sheet, Bannerman is exceptionally well positioned for the next phase of development. We look forward to progressing Etango towards a Final Investment Decision - expected in Q4 2026 - alongside our partner, CNOL, and to delivering value for both existing and new shareholders who have supported the Company through this important milestone.”

CNOL is part of integrated global nuclear utility group, China National Nuclear Corporation.

Proceeds from the placement, alongside Bannerman’s existing cash, near-term CNOL subscription and reimbursement payments, and CNOL’s pro-rata working capital contributions, is expected to fully fund Etango through construction and ramp-up, Bannerman said. In addition to the placement, Bannerman will also conduct a non-underwritten share purchase plan for investors in Australia and New Zealand, to raise up to AUD10 million.

Completion of the share subscription agreement and execution of the agreement for the incorporated joint venture - currently known as JVCo - in which Bannerman will hold 55% and CNOL 45% is expected to take place this month.

Early works construction activities at the project are said to be tracking in line with budget and schedule. As of late June, bulk earthworks contract were around 92% complete. Detailed design and procurement activities were also on schedule, with civil and mechanical design for the "dry" 94% complete.

The Etango project is in the Erongo Region of Namibia, 30 kilometres south-east of Swakopmund with an estimated mineral resource base of 207 million pounds U3O8 (79,622 tU) at a 100 ppm cut-off. A definitive feasibility study completed in 2022 confirmed the technical and economic viability of conventional open pit mining and heap leach producing 3.5 million pounds U3O8 per year, with a 2024 scoping study outlining potential expansion to 6.7 million pounds per year.