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Quarterly Activities Report FOR THE PERIOD ENDED 30 SEPTEMBER 2021 BANNERMAN energy Bannerman Energy Ltd ( ASX : BMN , OTCQB : BNNLF , NSX : BMN ) ( Bannerman or the Company ) is pleased to report on a milestone quarter in which Bannerman released a Pre - Feasibility Study ( PFS ) for the 8Mtpa development of its flagship Etango Uranium Project in Namibia ( Etango - 8 ) . only For personal use HIGHLIGHTS Completed positive PFS confirming strong technical and economic viability of Etango - 8 ( see page 2 for key outcomes ) Etango - 8 Definitive Feasibility Study ( DFS ) underway with completion targeted for 3Q CY2022 ; expected cost approx . A $ 4M ( excl . internal costs ) Buy back and extinguishment of only private royalty over Etango Uranium Project Streamlines development process Value accretive transaction Successful launch of rebranded Bannerman Energy Ltd , reflecting the Company's focus on uranium and its strong reputation within the nuclear energy industry Cash balance of A $ 9.6M at quarter end Uranium spot price hit a nine - year high before closing 30 % higher for the quarter Sprott Physical Uranium Trust listed in Canada and utilised an At - The - Market raising facility to raise approximately US $ 450 million to purchase almost 11 million pounds U3O8 from the spot market Support for nuclear power increased in context of energy crisis in Europe , China and elsewhere New Japanese Prime Minister Koshide supported restarting nuclear power plants Clean Energy Act passed in Illinois , preventing the premature closure of the Byron and Dresden nuclear power plants Bannerman Managing Director and Chief Executive Officer , Brandon Munro , said : " I am very pleased with the Etango - 8 Pre - Feasibility Study and the high quality of work generated by the Bannerman team and our top - tier consultants . We have delivered a rigorous study that improved on last year's Scoping Study during a quarter when the uranium spot price attained multi - year highs and investor interest in our sector surged . The nuclear power outlook is the best it has been for a decade as governments , corporates and societies come to appreciate the tremendous positive attributes of this reliable and clean energy source . " Bannerman advised of the completion of a Pre - Feasibility Study ( PFS ) for an 8Mtpa development of its flagship Etango Uranium Project in Namibia in an ASX announcement dated 2 August 2021. 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 . Of the Mineral Resources scheduled for extraction and recovery in the PFS production plan , 100 % are classified as Measured or Indicated . Bannerman confirms that there are no Inferred Resources included in the PFS production schedule . Bannerman Energy Ltd Suite 7 , 245 Churchill Avenue , Subiaco , Western Australia 6008 PO Box 1973 , Subiaco , Western Australia 6008 W bannermanenergy.com T +61 8 9381 1436 E info@bannermanenergy.com