Name of the Project
Etango-8 uranium project.

Location
Erongo region of Namibia.

Project Owner/s
Bannerman Energy, through its 95%-owned subsidiary Bannerman Mining Resources.

Project Description
Etango-8 has declared maiden ore reserves of 117.6 -million tonnes at 232 parts per million of uranium for 60.3-million pounds of uranium.

A prefeasibility study (PFS) has confirmed the strong technical and economic viability of conventional openpit mining and heap-leach processing of the Etango deposit at an eight-million-tonne-a-year throughput.

Planned development of the Etango project entails bulk openpit mining of a large, relatively homogenous uranium deposit followed by crushing, acid heap leaching, ion exchange with nano filtration, and uranium recovery into yellowcake product.

The PFS estimates the production of 52.9-million pounds of uranium over the project’s 15-year mine life, with average production estimated at 3.5-million pounds a year of uranium.

Further upside potential exists from future life extension and/or scale-up expansion.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $222-million and an internal rate of return of 20.3%, with a payback of 3.8 years.

Capital Expenditure
Forecast preproduction capital expenditure is estimated at $274-million.

Planned Start/End Date
Not stated.

Latest Developments
Bannerman has approved the start of a definitive feasibility study on Etango, with completion targeted for the third quarter of 2022, at an expected cost of about $4-million.

Key Contracts, Suppliers and Consultants
Wood (process plant design and related infrastructure, plant capital and operating cost estimates); and Qubeka Mining Consultants (pit inventory, mine planning and mining cost estimates).

Contact Details for Project Information
Bannerman Energy, tel +61 8 9381 143 or email info@bannermanenergy.com.