# BMN: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143056 Publisher: asx Original announcement: 2026-09-23T22:18:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T23:20:05.279Z Atlas analysis updated: 2026-09-23T23:20:05.279Z - Company: Bannerman Energy Ltd - Ticker: BMN - Exchange: ASX - Region: Namibia - Primary commodity: Uranium - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-23 23:20:07 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Bannerman Energy Ltd's annual report for the year ended 30 June 2026 highlights significant progress on its Etango Uranium Project in Namibia. Key milestones include a strategic partnership with CNNC Overseas Limited \(CNOL\) for funding and offtake, and a A$124 million institutional placement, substantially de-risking the project's development. The company also reported stable uranium Mineral Resource and Ore Reserve estimates, with early works and detailed engineering advancing towards a Final Investment Decision. Reasoning: The annual report details substantial progress in de-risking the Etango Uranium Project through strategic funding, a major equity raise, and advancement of construction activities. The resource and reserve estimates remain stable, providing a solid foundation for development. - Positive factor: Strategic partnership with CNOL secured for funding and offtake - Positive factor: Successful A$124 million institutional placement completed - Positive factor: Significant progress on early works and detailed engineering for Etango Project - Positive factor: Regulatory approvals \(ECCs, Mining Licence\) remain current - Positive factor: Stable Mineral Resource and Ore Reserve estimates reported Facts used in scoring: 11 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents the 'Etango Project Mineral Resource Estimate' and 'Etango Project Ore Reserves Estimate' for '30 June 2026 and 30 June 2025', indicating a review and update of the estimates. Evidence · text > Etango Project Mineral Resource Estimate 30 June 2026 and 30 June 2025 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The company explicitly states that it 'reports its Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code, 2012 Edition\)'. Evidence · text > The Company reports its Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code, 2012 Edition\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report names Mr Ian Glacken as a Competent Person for the Mineral Resource and Mr Werner K Moeller as a Competent Person for the Ore Reserves, both meeting JORC Code requirements. Evidence · text > The information in this report as it relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Marthinus Prinsloo. Mr Prinsloo is a full time employee of the Company and is a Member of the Australasian Institute of Mining and Metallurgy \(AusIMM\). Mr Prinsloo has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr Prinsloo as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and a “Qualified Person” as defined by Canadian National Instrument 43-101. Mr Prinsloo consents to the inclusion in this announcement in the form and context in which it appears. Mr Prinsloo holds shares and performance rights in Bannerman Energy Ltd. The Etango Project is based on a resource estimate compiled or reviewed by Mr Ian Glacken, Principal Consultant at Snowden Optiro Pty Ltd and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, is an independent consultant to Bannerman. The Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Werner K Moeller, a Director since 2016 of Qubeka Mining Consultants CC based in Klein Windhoek, Namibia. Prior to 2016 Mr. Moeller was a Director of VBKom Consulting Engineers \(Pty\) Ltd based in Centurion, South Africa from 2008. Mr Moeller is a Member of The Australasian Institute of Mining and Metallurgy \(MAusIMM nr. 329888\), a Member of the South African Institute of Mining and Metallurgy \(MSAIMM nr. 704793\) and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum \(MCIM nr. 708163\). He graduated from the University of Pretoria, South Africa and holds a Bachelor degree, majoring in Mine Engineering \(2001\) and an Honours degree, majoring in Industrial Engineering \(2002\). Mr Moeller is a practising mining engineer, having practiced his profession continuously since 2002, and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify him as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimates are reported at explicit cut-off grades of '100 ppm U3O8' and '55 ppm U3O8', and the reserve estimate at '100ppm U3O8'. Evidence · text > Reported at a cut-off grade of 100 ppm U3O8 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Both resource tables include a significant 'Inferred' category, which is the lowest confidence level for mineral resources. Evidence · table > Inferred Context: 112.5 ## Extracted facts Stored fact records: 11. Some facts used in scoring do not have a stored record. ## Resource Estimates (11) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-0) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:eb25ae30c222d3811d43 - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 26600000 - Grade: 226 - Grade Unit: ppm - Contained Metal: 13.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Measured resource provides a high-confidence base for the project, indicating well-established tonnage and grade. - Positive factor: High confidence Measured category resource - Positive factor: Grade is within economic range for uranium deposits Evidence · table > 226 Context: 26.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-1) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:9a44662df9e2f1922cd1 - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 276900000 - Grade: 223 - Grade Unit: ppm - Contained Metal: 136.4 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The substantial Indicated resource provides a strong foundation for future economic studies and mine planning. - Positive factor: Large Indicated resource adds significant confidence to project scale - Positive factor: Grade is within economic range for uranium deposits Evidence · table > 223 Context: 276.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-2) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:dc01af366084c6253299 - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 112500000 - Grade: 230 - Grade Unit: ppm - Contained Metal: 57.1 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource indicates further potential but requires additional drilling to upgrade confidence for economic studies. - Positive factor: Adds to overall project scale and future potential - Negative factor: Inferred category has lower geological confidence Evidence · table > 230 Context: 112.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-3) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:af01d1f40da6e7d3fcbe - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 416100000 - Grade: 225 - Grade Unit: ppm - Contained Metal: 206.8 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total resource at 100 ppm U3O8 cut-off demonstrates the significant scale of the Etango project, albeit with a portion in the Inferred category. - Positive factor: Globally large-scale uranium mineral resource - Negative factor: Total includes Inferred resources with lower confidence Evidence · table > 225 Context: 416.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-4) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:ed3c7870135ae9a4400c - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 32400000 - Grade: 201 - Grade Unit: ppm - Contained Metal: 14.3 - Contained Unit: mlbs - Cutoff Grade: 55 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Measured resource at a lower cut-off grade provides a high-confidence base, demonstrating flexibility in resource definition. - Positive factor: High confidence Measured category resource - Positive factor: Lower cut-off grade expands resource base Evidence · table > 201 Context: 32.4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-5) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:8e123bfb8913cfdb362e - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 345700000 - Grade: 195 - Grade Unit: ppm - Contained Metal: 148.5 - Contained Unit: mlbs - Cutoff Grade: 55 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The substantial Indicated resource at a lower cut-off grade provides a strong foundation for future economic studies and mine planning. - Positive factor: Large Indicated resource adds significant confidence to project scale - Positive factor: Lower cut-off grade expands resource base Evidence · table > 195 Context: 345.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-6) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:ed8761b68dcc4c35812d - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 140600000 - Grade: 200 - Grade Unit: ppm - Contained Metal: 62 - Contained Unit: mlbs - Cutoff Grade: 55 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource at a lower cut-off grade indicates further potential but requires additional drilling to upgrade confidence. - Positive factor: Adds to overall project scale and future potential - Negative factor: Inferred category has lower geological confidence Evidence · table > 200 Context: 140.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-7) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:5c55561a8f53ac8a12cd - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 518600000 - Grade: 197 - Grade Unit: ppm - Contained Metal: 224.9 - Contained Unit: mlbs - Cutoff Grade: 55 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total resource at 55 ppm U3O8 cut-off further highlights the significant scale of the Etango project, including a substantial Inferred component. - Positive factor: Globally large-scale uranium mineral resource at a lower cut-off grade - Negative factor: Total includes Inferred resources with lower confidence Evidence · table > 197 Context: 518.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-8) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:cbe911dbbafd517302f7 - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 15600000 - Grade: 237 - Grade Unit: ppm - Contained Metal: 8.2 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proven Reserve provides a high level of confidence in the economic extractability of this portion of the Etango deposit. - Positive factor: Highest confidence Proven Reserve category - Positive factor: Confirms economic viability of a portion of the resource Evidence · table > 237 Context: 15.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-9) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:a6c9de0293d8b49227da - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 97900000 - Grade: 240 - Grade Unit: ppm - Contained Metal: 51.8 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The substantial Probable Reserve further de-risks the project by demonstrating a large economically extractable portion of the deposit. - Positive factor: Large Probable Reserve category - Positive factor: Confirms economic viability of a significant portion of the resource Evidence · table > 240 Context: 97.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bmn-annual-report-to-shareholders--96d9b01e-ad3a-43fd-a45e-15bd2d27d0d5#fact-resource-facts-10) Etango Project · uranium #### Identity - Project: Etango Project - Commodity: uranium - Region: namibia - Reported Region: Namibia - Ticker: BMN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Glacken, Werner K Moeller - Resource group id: resource:4e57c3be0f356fa39ac7 - Mining method: combined - Ownership percent: 95 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 113500000 - Grade: 240 - Grade Unit: ppm - Contained Metal: 59.9 - Contained Unit: mlb - Cutoff Grade: 100 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve confirms the robust economic potential of the Etango Project, providing a strong basis for development. - Positive factor: Significant total Ore Reserve demonstrates project's economic viability Evidence · table > 240 Context: 113.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.