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use only BANNERMAN RESOURCES ABN 34 113 017 128 Suite 7 , 245 Churchill Avenue Subiaco , WA 6008 T +61 8 9381 1436 E info@bannermanresources.com.au bannermanresources.com.au Quarterly Activities Report FOR THE PERIOD ENDED 31 MARCH 2021 Bannerman Resources Limited ( ASX : BMN , OTCQB : BNNLF , NSX : BMN ) ( Bannerman or the Company ) is pleased to report on a quarter in which Bannerman raised capital into a strengthening market whilst retaining focus on its Pre - Feasibility Study ( PFS ) for the 8Mtpa development¹ of its flagship Etango Uranium Project in Namibia ( Etango - 8 ) . HIGHLIGHTS Etango - 8 PFS nearing completion according to plan Etango - 8 PFS on target for completion in the June 2021 quarter Several work streams are complete while finalisation of capital and operating costs is now in progress PFS benefits from vast body of technical work previously undertaken at Etango to a definitive level ; all resource drilling , metallurgical and environmental work complete Completed well supported capital raising of A $ 12 million gross proceeds Issued at A $ 0.105 per share , more than double previous raise price ( A $ 0.046 in 2018 ) Ongoing financial discipline since last raising enabled timing with improved uranium market sentiment since December 2020 Cash balance of A $ 13.2M at quarter end . Funded to projected completion of both the Etango - 8 PFS and anticipated Definitive Feasibility Study Bannerman included in the Index Composition for the Global X Uranium ETF ( URA ) Uranium market experienced secondary demand from investment funds , producers and juniors as demand grows and key mines close பட Bannerman Managing Director and Chief Executive Officer , Brandon Munro , said : " Amidst elevated equities sentiment and decarbonisation targets pushing nuclear power , Bannerman remains on track with our Etango - 8 PFS after completing a well supported capital raising of $ 12 million during the quarter . Secondary demand has been a strong feature of the uranium market in recent months , with unexpected buying from juniors adding to the impact of Yellow Cake plc's uranium acquisitions ahead of producers executing buy - to - deliver strategies . All the while , future demand requirements are growing on the back of ambitious expansion plans for nuclear energy in China and bipartisan support for nuclear in the US . " 1 . Bannerman advised of the completion of a Scoping Study for an 8Mtpa development of its flagship Etango Uranium Project in Namibia in an ASX announcement dated 5 August 2020. Bannerman is not aware of any new information or data that materially affects the information included in this ASX release , and Bannerman confirms that , to the best of its knowledge , all material assumptions and technical parameters underpinning the estimates in this release continue to apply and have not materially changed .