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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 30 JUNE 2021 Bannerman Resources Limited ( ASX : BMN , OTCQB : BNNLF , NSX : BMN ) ( Bannerman or the Company ) is pleased to report on a quarter in which Bannerman continued to advance its Pre - Feasibility Study ( PFS ) for the 8Mtpa development¹ of its flagship Etango Uranium Project in Namibia ( Etango - 8 ) . HIGHLIGHTS Etango - 8 PFS approaching completion All work streams completed and all external reports submitted for review Specialist review underway ahead of PFS finalisation Finalisation and release expected early August 2021 Exclusive Prospecting Licence 3345 renewed until August 2023 BMN added to MSCI Global Market Cap Index - Cash balance of A $ 12.5M at quarter end Proposed name change to " Bannerman Energy Ltd " and associated rebranding reflects the Company's focus on uranium and its strong reputation within the nuclear energy industry Uranium market continued to tighten Sprott Asset Management announced the take over of Uranium Participation Corp to create the Sprott Physical Uranium Trust , to be listed in Canada and the US Further build in secondary demand from investment funds and other participants Kazatomprom extended its supply discipline into 2023 , removing 13Mlbs from forecast global production for the year . Bannerman Managing Director and Chief Executive Officer , Brandon Munro , said : " I am delighted with the progress of our Etango - 8 Pre - Feasibility Study and the quality of work generated by the Bannerman team and our top - tier consultants . We expect to deliver a rigorous study into a uranium market that is building with anticipation from numerous positive demand and supply signals . Secondary demand continues to tighten due to accumulation from various parties in anticipation of market events , not the least of which is the creation of the Sprott Physical Uranium Trust and its anticipated listing in the United States and Canada . " 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 .