Bannerman Energy Ltd

Hello everyone and welcome to our quarterly webinar for the period into 30 June 2026. Thank you all for joining us today. For those of you that don't know me, I'm Emma Culver, Investor Relations and Communications Manager at Bannerman. We're joined today by our Managing Director and Chief Executive Officer, Gavin Chamberlain, who will shortly provide an update on Bannerman and the Otango project. Following this, we will jump into some Q&A. At the bottom of your screen, you will see a Q&A tab. Please open that up, write your questions in, and we will run through them at the end of the highlights. For now, I will hand over to Gavin, who is joining us from Namibia. Good morning, Gavin. How is everyone looking on site at Otango? And I will share my screen so we can run through these updates for the quarter.

Morning, Em, and morning to all investors and stakeholders of the Corp. Yeah, and it's really exciting times, as you know. Every time we come to site, we see more progress. So I'm looking forward to taking everyone through the quarterly results and fielding some questions and answers. I think the highlight for the quarter was really our strategic financing progress in terms of the conditions precedent where we've made significant progress. and we still have confidence now that the final CPEs and transaction completion should be expected during Q3 of 2026. So that's really positive for us that allows us to move forward along the schedule that we've already planned and we're feeling confident that we'll actually achieve this. Over and above that as well is we had a strong quarter in terms of cash control as usual. As you know, we have strong discipline related to managing our cash flow. We ended the quarter with $53 million of cash assets and liquid assets of an additional $11.5 million. Keeping in mind as well, we've already committed an additional $36 million to ongoing contracts on site at the moment and our total spend on the project today is sitting at $69 million. and I think one of the really pleasing things is to be seeing the actual increase in the long-term uranium price over the quarter, now sitting at $97 per pound, which is obviously very supportive of where we want to go in this business. On the actual Tango early works progress, we will share a couple of photographs now as well, but on the early works, the construction activities continue to track against budget and schedule. and with over 560 personnel currently working on site, we're extremely pleased to say that we achieved 1.1 million LTI free man hours on the project alone. So we've previously reported in terms of the safety record for the entire company, but for the project alone we've already achieved 1.1 million, which is really a good indication of the value that the team on site and the contractors on site are placing on safety and safe construction practices. and so as I said 560 personnel on site 1.1 million and I really wanted to share this photograph because it gives you an idea of the camaraderie that's developed on this site and that's the normal early morning safety talk before people start work and I really just love the photograph that's why I wanted to share it but also to once again highlight the focus on being LTI free as we move into the further construction Our bulk earthworks has progressed extremely well during the quarter. We now have 92% complete and this contract should be finished during the next quarter. What you see in the photograph is the near completion earthworks for the heap leach pad. The other bit of work is on the concrete on site. We've had significant progress during the quarter. The primary crusher is sitting above ground level at this point in time and that's the photograph you see in front of you. And you would have been tracking this over the last year or so because we started off with photographs of the excavation and now finally we're actually getting towards the end of the actual concrete work. I reckon that by the end of the quarter we'll be able to show you the completed crusher building. This photograph really gives you an idea of the bulk of the dry plant area. So in the foreground, you've got this stockpile area moving through to the silo at the end in the background in the picture. And it gives you an idea of where the concentrated work is happening on the project. And effectively, this is predominantly focused on concrete work at this point. The earthworks were finished here in the previous quarter. and that is the final silo which basically is the end of the dry circuit which is also now progressing significantly above ground level very good progress here and once again probably the most complex pour on the site which is going relatively well well it's going very well i should say not relatively well and that's the completed concrete works for the secondary and tertiary screening building And then outside of the site, we've progressed significantly on the permanent water supply line. That contract is phase one of that contract sitting at 87% complete. And just to remind people, phase one of the contract is the connection to the NAM water reservoir, crossing over the river and under the road, and then stopping on the other side of the road, waiting for the pipe delivery. So the plimps are all installed up to the first pump station. And really, that's the end of the summary of the quarter. As I said, a very positive quarter, both from a deal perspective and an ongoing progress against the current schedule. And I think at this time, are there any questions that I can field at this point?

Yes, we'll jump in, Gavin. Thanks so much for the update. And for those that would like to look further at the photos, they are on the website in the latest presentation. But Gavin, can you just talk us through the CPs? What is still to be satisfied? How are they tracking and what gives us confidence that that's going to close the Q3?