Bannerman Energy Ltd

Good afternoon, everyone, and welcome to the Bannerman Energy quarterly update webinar for the December 2025 quarter. I'm Emma Culver, Investor Relations Manager at Bannerman Energy, and I'd like to thank you all for joining us this afternoon. I'm joined today by our Chief Executive Officer, Gavin Chamberlain, who will provide a short update on Bannerman, the highlights for the quarter. and all the progress that is happening at our Tango project in Namibia. Following this, we will answer Q&A or Gavin will answer Q&A. For those of you, you're mostly familiar with Zoom, but if you're not, at the bottom of your screen, you'll see the toolbar and the option for Q&A. Please write your questions in there and then I can move through them once Gavin finishes his overview of the quarter. For now, I'd like to hand over to Gavin. We say good morning to him in Cape Town and thank you for joining us as it is early. But I'm sure everyone's very much looking forward to hearing from you today, Gavin.

Thanks, Emma. And yeah, good morning to everyone from a very early cap time. What an exciting time to be in uranium. I think with the current movement in the swipe price, it's a really, really, really good industry to be in. But what I'd like to talk about today is the progress that we've made in the last quarter. We're very pleased with the progress we've made. And in particular, our safety record of 16 years without a lost time injury really stands out as a highlight. The fact that the team on site has come to grips with moving from factory exploration into construction and has continued to maintain an LTI-free record is really pleasing for myself and the rest of the team. On the early works construction activities, we've continued with all of them in this last quarter in line with budget and schedule, with significant new contractors now on site and also progressing extremely well. Our detailed design and procurement activities have continued to advance. We are moving well into the structural steel component of the dry plant area and the wet plant is slowly but surely starting to get traction as well. In terms of long-term infrastructure, The construction of the permanent water supply line has taken off and is moving on in line with our expectations, and we're very pleased with the contractor that we appointed in that area. And obviously, I think in the last quarter, we spoke about the fact that we had done the factory acceptance test of the HPGR, that's the high-pressure grinder roller, which has now successfully been delivered to site. And I think Once again, a really good proof of the fact that the plans that we've put in place in terms of importing equipment for the project have now been tested and have come through, and the team on site has once again passed the flying colours. So we're very comfortable with the fact that we managed to get all of the delivery boxes onto site with no real issues in-country with clearance. We finished the quarter on a strong cash balance of 89 million Australian dollars, and we still have additional liquid assets valued at 12.7, and obviously with no debt at all at the moment. And as I said, as I started my introduction as well, the uranium price had increased nicely to $87, but has continued this trend, and we're very pleased to see that this is now becoming a reality in our lives. Emma? I thought we'd share a couple of photographs because a number of you may have been to site already. A number of you may be joining us, which we're really looking forward to in February. But for those who haven't been or who won't have the privilege of joining us in February, these are a couple of the photographs of the progress we've made on site. What you're looking at here is the heap leach pad. which is one kilometre long by 300 metres wide, and we've currently completed the first three cells and are on schedule to complete this in line with the construction schedule. The other contract that got up and running in the quarter was the blasting, crushing and screening of the drainage material that we require for the heap leach pad. This is one of the original capital saving ideas that was put forward during the feed phase, where we have material on site which we're actually blasting, then we crush it, and we actually then do all the sieving required to actually get it to spec, and this material will then be used in the drainage on the heap ledge pad. And the other big contract that really found traction in the last quarter was the concrete contract. So they've started work in the primary crusher, and it's pleasing to see that the reinforcement is already almost up to ground level, which is 50% of the tower reinforcement means has already been put in place. And once again, we're very happy with the way the concrete contractor has continued. The primary crusher will continue 10 meters above ground level. So what you're looking at there is plus minus of 30% completion in terms of concrete work. And that. And other than that, the concrete contract has continued both with the tertiary crusher, which is shown in this photograph, and also with the stockpile tunnel foundations as well, which was quite a highlight for us. It was one of the biggest pours done in Namibia in a long time, over 1,200 cubic meters of concrete poured in one continuous pour. And I'm very proud of the fact that in all of these activities, the contractor, the site management team, and my own team on site have managed to continue to meet their schedule and stay within budget. Okay. And I think really at this point I'm quite comfortable to take any questions from anyone on the call. But really our message is we are continuing with our work, we are prepared, and we are currently in line with our financing moving ahead to keep the progress going on site.

Great. Thanks, Gavin, and thank you, everyone. Please pop in your questions in that Q&A box, send them through so we can get chatting. James, I see that you've got your hand up, but I just need you to type the question in for me so we can see that one coming through. Gavin, I think to start off, in terms of the number of personnel at site now, how many do we have at site? I mean, I think we're up to close to nearly 400. How has that process gone and has there been any significant issues on site with that increase of personnel?