Etango spend hits N$800m

Bannerman Energy invested about N$800 million in advancing its Etango uranium project in Namibia during the 2026 financial year, with construction-related expenditure accounting for the largest share of spending as the company progressed early works on one of the country's largest undeveloped uranium projects.

The company's latest quarterly cash flow report shows A$39.8 million (approximately N$470 million) was spent on property, plant and equipment during the 12 months to 30 June 2026.

A further A$27.8 million (about N$328 million) was invested in exploration and evaluation activities, bringing total capital expenditure on the project to roughly A$67.6 million (about N$800 million) over the financial year.

In addition to project spending, Bannerman reported A$7.2 million (about N$85 million) in administration and corporate costs and A$1.6 million (approximately N$19 million) in staff costs during the year.

The company also invested A$642,000 (about N$7.6 million) in investments and spent A$34,000 (around N$400,000) on other non-current assets.

During the June quarter alone, Bannerman spent A$10.4 million (approximately N$122 million) on property, plant and equipment and A$8.2 million (about N$97 million) on exploration and evaluation. Staff costs for the quarter totalled A$387,000 (around N$4.6 million).

Administration and corporate costs were A$1.2 million (about N$14.7 million).

The expenditure was supported by the successful completion of an A$85 million equity raising during the financial year, which strengthened Bannerman's balance sheet as it continued advancing Etango.