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2026 Year in Review: A Defining Year for Etango BANNERMAN ENERGY AGM, 5 NOVEMBER 2026 ASX:BMN, OTCQX:BNNLF AND NSX:BMN
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2 CAUTIONARY STATEMENT Important notices Of the Mineral Resources scheduled for extraction and recovery in the Etango-8 Definitive Feasibility Study (DFS) and Etango-XP / XT Scoping Study (Scoping Study), 100% are classified as Measured or Indicated. BannermanEnergy Ltd (Bannerman, the Company) confirmsthat there are no InferredResourcesincludedin the Etango-8 DFS or Etango-XP / XT ScopingStudy productionschedules. The Mineral Resourcesunderpinningthe Ore Reserve and productiontarget in the Etango-8 DFS (and the productiontarget in the Etango-XP / XT Scoping Study) have been prepared by a competentperson in accordance with the requirementsof the JORC Code (2012). The CompetentPerson’s Statementis found overleaf. For full details of the Mineral Resource estimate, please refer to the ASX release dated 6 December2022,“Etango-8 Definitive FeasibilityStudy”. Bannerman confirms that it is not aware of any new information or data that materially affects the Mineral Resource estimate included in that release. All material assumptions and technical parametersunderpinningthe Mineral Resourceestimatein that ASX release continueto apply and have not materiallychanged. This release contains a series of forward-looking statements. Generally, the words "expect,"“potential”, "intend," "estimate," "will" and similar expressionsidentify forward-looking statements. By their very nature forward- looking statementsare subject to known and unknownrisks and uncertaintiesthat may cause our actual results, performanceor achievements,to differ materiallyfrom those expressedor implied in any of our forward-looking statements,which are not guaranteesof future performance. Statementsin this release regardingBannerman’sbusinessor proposedbusiness,which are not historical facts, are forward-looking statementsthat involve risks and uncertainties,such as Mineral Resourceestimates,Ore Reserveestimates,market prices of metals, capital and operatingcosts, changesin project parametersas plans continueto be evaluated,continuedavailabilityof capital and financingand general economic,market or businessconditions,and statementsthat describeBannerman’sfuture plans, objectivesor goals, includingwords to the effect that Bannermanor managementexpects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by Bannerman, are inherently subject to significant technical, business,economic,competitive,political and social uncertaintiesand contingencies. Since forward-looking statementsaddress future events and conditions,by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materiallyfrom those currentlyanticipatedin such statements. Investorsare cautionednot to place undue reliance on forward-looking statements,which speak only as of the date they are made. Bannermanhas concludedthat it has a reasonablebasis for providingthese forward-looking statementsand the forecastinformationincludedin this ASX release. This includesa reasonablebasis to expect that it will be able to fund the development of Etango upon successful delivery of key development milestones as and when required. The detailed reasons for these conclusions are outlined in the ASX release dated 6 December 2022, “Etango-8 Definitive FeasibilityStudy”, in the section titled,“Fundingpathway”. While Bannermanconsiders all of the material assumptionsto be based on reasonablegrounds, there is no certainty that they will prove to be correct or that the range of outcomesindicatedby the DFS will be achieved. To achievethe range of outcomesindicatedin the DFS, pre-productionfunding in excess of US$353M will likely be required. There is no certaintythat Bannermanwill be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value ofBannerman’s shares. It is also possible that Bannerman could pursue other value realisation strategiessuch as a sale, partial sale or joint ventureof the EtangoProject. These could materiallyreduceBannerman’sproportionateownershipof the EtangoProject. For full details of the Etango-8 DFS and Etango-XP / XT ScopingStudy, please refer to ASX releasesdated 6 December2022,“Etango-8 Definitive-FeasibilityStudy” and 18 March 2024,“Etango-XP and Etango-XT Scoping Study”. In addition, please refer to ASX release dated 11 June 2024,“Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced”. Other than the updated capital and operating costs expressed in the 11 June 2024 release, Bannermanconfirms that it is not aware of any new informationor data that materially affects the informationincluded in the releases of 6 December 2022 and 18 March 2024. All material assumptions and technicalparametersunderpinningthe estimatesin those ASX releasescontinueto apply and have not materiallychanged.
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3 FORWARD LOOKING AND COMPETENT PERSON STATEMENTS Important notices Forward Looking Statements This presentation includes various forward looking statements which are identified by the use of forward looking words such as “may”, “could”, “will”, “expect”, “believes”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Statements other than statements of historical fact may be forward looking statements . Bannerman believes that it has reasonable grounds for making all statements relating to future matters attributed to it in this presentation . Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements . Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Investors should note that any reference to past performance is not intended to be, nor should it be, relied upon as a guide to any future performance . Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect theCompany’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond theCompany’s control. Although the Company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements . Actual results, values, performance or achievements may differ materially from results, values, performance or achievements expressed or implied in any forward looking statement . None of Bannerman, its officers or any of its advisors make any representation or warranty (express or implied) as to the accuracy or likelihood of fulfilment of any forward looking statement, or any results, values, performance or achievements expressed or implied in any forward looking statement except to the extent required by law. Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. Competent Person Statement The information in this release relating to the Mineral Resources and Ore Reserves was reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and the ASX Listing Rules in a release to the ASX dated 6 December 2022 titled“Etango-8 Definitive Feasibility Study”. The Competent Person responsible for the reporting of the Mineral Resources in the release of 6 December 2022 is Mr Ian Glacken, a Fellow of the Australasian Institute of Mining and Metallurgy . The Competent Person responsible for the reporting of the Ore Reserves in the release of 6 December 2022 is by Mr Werner K Moeller, a Member of The Australasian Institute of Mining and Metallurgy, a Member of the South African Institute of Mining and Metallurgy and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum . Other than the additional information presented in its ASX release dated 11 June 2024 titled “Etango Feed Complete, Costs Updated, Detailed Design”, Bannerman confirms that it is not aware of any new information or data that materially affects the information included in the release of 6 December 2022, that all material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed, and that the form and context in which the Competent Persons’ findings are presented have not been materially modified.
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4 Highlightsfor the year 2026 YEAR IN REVIEW Etango FID taken; funded to production, debt-free, first production targeted 2028. Safety is personal; accountability is visible and leadership is shown through action Strong social licence, experienced team: Namibian contractors, NamWater agreement, new Namibia CEO. Cost and schedule on plan: US$353M capex (±10%) held, critical path on track for 2028. Visible progress on site; 523 people, across 4 Namibian contractors Strategically partnered with CNNC: CNOL holds 45% of the JV, with 60% life-of-mine offtake.
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5 Be Prepared, Be Patient THE STRATEGY PLAN AHEAD maintain readiness and momentum UNDERSTAND align with the jurisdiction BUILD CULTURE deliberately develop the organisation
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6 Tier-1 strategic partner 2026 YEAR IN REVIEW
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7 Positive FID on Etango 2026 YEAR IN REVIEW
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8 Safety Leadership and Local Capability 2026 YEAR IN REVIEW
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9 Bulk earthworks ETANGO SITE PROGRESS October 2025 October 2026
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10 Primary Crusher structure ETANGO SITE PROGRESS October 2025 October 2026
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11 Coarse ore stockpile tunnel ETANGO SITE PROGRESS October 2025 October 2026
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12 Fine ore silo ETANGO SITE PROGRESS October 2025 October 2026
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13 Dry circuit ETANGO SITE PROGRESS November 2025 November 2026
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14 Focused on Delivery LOOKING AHEAD TO 2027 People and safety: Continuing to develop the workforce and maintaining a strong focus on safety and execution. Infrastructure: Progressing the permanent water and power infrastructure. Production readiness: Delivering against the construction schedule towards commissioning and first production targeted in 2028. Long-Term Value: Continue to position Bannerman to deliver sustainable shareholder value. Construction: Advancing full-scale construction across the dry and wet processing facilities.
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15 CONTACT DETAILS Gavin Chamberlain Managing Director and Chief Executive Officer Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro Emma Culver Investor Relations and Communications Manager