Bannerman Energy Ltd
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About the company
Established in 2005 and headquartered in Subiaco, Australia, Bannerman Energy Ltd concentrates on the exploration and development of uranium resources. Its operations are centered in Namibia, Southern Africa, where its primary asset is the 95% owned Etango Project, situated within the Erongo uranium mining region. The company transitioned its name to Bannerman Energy Ltd in July 2021, having previously been known as Bannerman Resources Limited.
- CEO
- Gavin Chamberlain
- IPO
- 2005
- Employees
- 41
- HQ
- Subiaco, WA, AU
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- Market Cap
- $793.84M
- P/E
- -344.14
- Fwd P/E
- 307.42
- PEG
- -3.00
- P/S
- 61064.63
- P/B
- 2.81
- EV/EBITDA
- -87.39
- Div Yield
- 0.00%
- Gross Margin
- -307.69%
- Op Margin
- -62176.92%
- Net Margin
- -17015.38%
- ROE
- -0.94%
- ROIC
- -2.90%
Latest fiscal year · YoY change
- Revenue
- $13.00K+0.0%
- Gross Profit
- $13.00K+124.5%
- Op Income
- $-7,129,000
- Net Income
- $-4,099,999+56.9%
- EPS
- $-0.02+63.3%
- OCF Growth
- -5.7%
- FCF Growth
- -154.2%
- 52W High
- $5.25
- 52W Low
- $2.46
- 50D MA
- $3.36
- 200D MA
- $3.66
- Beta
- 0.89
- RSI (14)
- 63
- Avg Volume
- 915.09K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Bannerman said Etango construction remains on schedule and budget, with strong safety, rising site activity, and FID still expected within 6 to 12 months.· January 28, 2026
- 16 years without a lost-time injury; the team emphasized safety as construction ramps from exploration to execution.
- Early works, detailed design, procurement, and infrastructure buildout are all progressing in line with budget and schedule.
- Site headcount has grown to 373, up from about 100 earlier in the quarter, without major induction or onboarding issues.
- Cash ended the quarter at AUD 89 million, plus AUD 12.7 million in liquid assets and no debt.
- Management said FID remains targeted in 6 to 12 months, with first uranium still aimed for 2029.
Gavin Chamberlain said Bannerman finished the quarter with a cash balance of AUD 89 million, plus additional liquid assets of AUD 12.7 million, and no debt. He also said project spend, including amounts spent and committed, was just under one-third of the overall budget, with the uranium spot price rising to $87. Operationally, early works stayed in line with budget and schedule, the heap leach pad’s first 3 cells were completed, HPGR delivery was successful, and the site workforce reached 373. Forward-looking, management said FID is still expected in 6 to 12 months, with no need to slow the project down and a target to bring uranium to market by 2029.
Gavin Chamberlain struck an upbeat tone on uranium market conditions and Bannerman’s execution, calling it an exciting time to be in uranium. He repeatedly stressed that the project is advancing cleanly from exploration into construction, with contractors, design, procurement, and logistics all performing well. He also highlighted that the company is protecting optionality for a future expansion and does not expect current progress to constrain that upside.
No CFO spoke on the call. Financial commentary came from the CEO: Bannerman ended the quarter with AUD 89 million in cash, AUD 12.7 million in additional liquid assets, and no debt. He said spend and commitments were just under one-third of the overall budget, mechanical orders have secured pricing for a large portion of the project, and the company remains comfortable with overall capex staying within budget.
Analysts asked about site headcount, FID timing, contracting strategy, budget progress, contractor performance, utility agreements, expansion optionality, labor supply in Namibia, exchange-rate impacts, the proposed 10% free-carry rule, and strategic funding/partnering. Management said the workforce is now 373, onboarding has been smooth, and major utility progress includes a signed NamPower agreement and a binding MoU with NamWater. They added that the 10% free-carry issue looks less threatening under the new Mining Minister, and that strategic funding interest has risen sharply over the last 6 months as FID approaches.
The call painted a picture of execution with multiple visible milestones: concrete works, the heap leach pad, water infrastructure, and delivered equipment all advancing on schedule. Management said the uranium price has improved materially, contractor performance is strong, and there is rising interest from utilities and potential funding partners.
The biggest dependency remains final funding and FID, which management still expects only in 6 to 12 months. Bannerman also still has two major contracts to place, NamWater’s final signed contract is outstanding, and the company is exposed to policy uncertainty in Namibia even though management thinks the 10% free-carry debate has eased.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 90.7%
- Shares Outstanding
- 207.81M
- Float Shares
- 188.51M
Held by 41 ETFs
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