Weekly Reports | May 05 2026
This story features BANNERMAN ENERGY LIMITED, and other companies.
For more info SHARE ANALYSIS: BMN
The company is included in ASX300 and ALL-ORDS
Two Australian U308 producers remind the market just how challenging producing uranium can be with Middle East travails not helping.
By Danielle Ecuyer
Bannerman notches up a sterling rally
Bannerman Resources ((BMN)) delivered two positives for investors over the March quarter (as also discussed last week).
The uranium developer is moving forward with its Etango development, with management securing funding and a long-term offtake agreement to assist with moving to a final investment decision.
Post completion of the proposed transaction, flagged for mid-2026, CNOL (China Nuclear Overseas), a subsidiary of CNNC (China National Nuclear Corporation), will own 45% equity in Bannerman (UK), JVCo, through a subscription valued at US$294.5m, with a direct payment to Bannerman of up to US$27m.
The analyst at Canaccord Genuity explains post deal, Bannerman has sufficient funds to progress to first production, assuming the most recent pre-production capex forecast of -US$354m, alongside an existing cash balance of $69.9m.
Bannerman will retain a 55% interest in the JVCo, which has a 52.25% interest in Etango, and, as explained by the broker, allows it to appoint three of the five directors at JVCo and nominate three of the five key specified management roles at Bannerman Namibia, including the CEO.
Etango is one of few greenfield U308 developments, and as nations like China seek out longer term supply, the deal secured reflects the changing demand dynamics in the term uranium markets.
Bannerman share rose 22.7% over April.
For more information, see last week’s Uranium Weekly on the current industry dynamics, https://fnarena.com/index.php/2026/04/28/uranium-week-rising-interest-from-utilities/
U308 spot price eeks out a gain in April
Industry consultants TradeTech pointed to a rise in the U308 spot price of US$1.75/lb to US$86.25/lb over the month of April.
The TradeTech Mid-term price indicator lifted to US$90/lb from US$88/lb at month’s end in March, and the Long-term price indicator remained unchanged over the period at US$93/lb.
Over April, the U308 spot price reached a high of US$87/lb from US$85/lb at March end.
Activity in the spot market was relatively light last week, with no formal spot deals reported up to April 30. The start of May saw a lift in activity. The TradeTech spot price indicator was unchanged on the week at US$86.25/lb.
Twenty-eight transactions were conducted for 2.3mlbs in April, with demand showing up from utilities, producers and financial entities. The main buyers were noted as traders and financial funds, bringing year-to-date sales to 145 transactions or 13.6mlbs.
The uranium market is described as trading with a risk adjustment for the potential future implications on the industry from the Middle East war.
As such, buyers paid higher U308 spot prices for delivery of material at ConverDyn’s US facility.
In contrast, offer prices for material held at Cameco’s Port Hope facility in Canada were reported as “often lower”. Material for sale at Orano’s Comurhex facility in France was offered at prices between these two locations.
The TradeTech monthly cost indicator was unchanged at US$59.90/lb and is up 2.7% year-on-year.
It marks the highest level since the consultants started the indicator in April 2020. Transactions eased into the long-term U308 market over April.
Boss Energy and Lotus Resources underwhelm
Boss Energy ((BOE)) released its wet weather impacted 3Q26 update and production, which was pre-announced, came in -55% lower q/q at 203klbs.
Canaccord Genuity also points to declining wellfield grades and commissioning delays for wellfield B6 and NIMCIX column 4.
C1 costs rose 100% on the prior quarter to $60/lb, largely resulting from lower production and a “high” fixed cost base.
The average realised price of US$74/lb was flat versus 2Q26 and reflected the initial 125klb delivery for a lower fixed price contract. A second delivery of 125klbs is scheduled for 4Q26.
Notably, higher throughput is flagged by Canaccord for the current quarter as Nimcix column 4 is on stream, although B6 is not anticipated to contribute until later in the quarter.
Regarding supply of sulphuric acid, the analyst explains it continues to come from Nyrstar’s smelter in Port Pirie, South Australia. Management noted there had not been any impacts from the Iran war.
Plants and wellfields are connected to the main electricity grid.
Canaccord emphasises Boss remains a “trust me” story until there is more clarity around the outlook for Honeymoon, including the feasibility of the wide-spaced wellfield design. If successful, it could become a template to more accurately value Kallaroo, the analyst states.
Production of 97klbs at Alta Mesa was disappointing, lower than 2Q26 by -46klbs, and attributed to permitting delays in Texas for new wellfield start-ups.
Canaccord rates the stock as Speculative Buy with a $2.50 target price, up from $2.45.
FNArena’s daily monitored brokers have a consensus target price of $1.575.
Macquarie downgraded the target by -11.56% to $1.30 and rates the stock Underweight, asserting there are lower risk and higher quality opportunities among ASX-listed U308 alternatives with better leverage to the uranium price.
Citi believes greater technical clarity on the outlook for the Honeymoon expansion/optimisation project is required to support a share price re-rating.
Neutral rated with a $1.60 target.
Lotus Resources ((LOT)) announced what Ord Minnett described as a “truly horrible March quarter”.
Only two months after raising $79m, this analyst feels the company will be back for more in September. Over the quarter, Lotus delivered just 80klbs of U308 output and burned -$56m in cash.
Ord Minnett estimates some $100m of funding will be needed, possibly via debt and more equity.
The stock is downgraded to Hold from Speculative Buy with a slashing of the target price to $1 from $3.90.
Macquarie appears more sanguine, observing management’s confidence in the Kayelekera restart despite the setbacks. The disappointments have not only been from the resource, for “now” the analyst exclaims, but also from the ability to run the processing plant effectively.
Lotus is also one of U308 miners most impacted by the closure of the Strait of Hormuz. Acid costs for leaching and elution are currently well above initial plan assumptions as the acid plant is commissioned.
Macquarie raises its forecast cash cost to US$201/lb for 2H26 and to US$72/lb in 2H27. Life-of-mine AISC assumptions are increased to US$60/lb from US$52/lb due to greater uncertainty. Target price slips to $1.90 from $2.75 with an Outperform retained.
Canaccord described operating costs of -$36.2m for the quarter as “eye watering” and well above expectations. Accordingly, the analyst has lifted AISC estimates to around US$110/lb for FY26 and circa US$73/lb in FY27.
Target cut to $2.30 from $3.10 with no change to the Speculative Buy rating.
Short interest for the week
Latest data from ASIC reveals short interest in Lotus has risen to 11.64% from 11.18%, placing the stock in eighth position among the most shorted companies on the ASX as at April 28.
Boss Energy is in ninth position at 11.63%, up from 11.44%, while Paladin Energy just makes the top twenty in nineteenth position at 8.89%, down from 9.15%.
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 01/05/2026 | 0.0700 |  -20.24% | $0.16 | $0.05 | |||
| AEE | 01/05/2026 | 0.1300 | – 6.90% | $0.28 | $0.11 | |||
| AGE | 01/05/2026 | 0.0400 |  2.38% | $0.06 | $0.02 | $0.070 | 75.0% | |
| AKN | 01/05/2026 | 0.0200 | -11.11% | $0.03 | $0.01 | |||
| ASN | 01/05/2026 | 0.0500 | -17.74% | $0.13 | $0.04 | |||
| BKY | 01/05/2026 | 0.4300 | 4.88% | $0.70 | $0.39 | |||
| BMN | 01/05/2026 | 4.1000 | – 4.14% | $5.25 | $2.23 | $4.800 | 17.1% | |
| BOE | 01/05/2026 | 1.4500 | – 9.52% | $4.75 | $1.07 | 27.2 | $1.575 | 8.6% |
| BSN | 01/05/2026 | 0.0400 | – 2.78% | $0.08 | $0.01 | |||
| C29 | 01/05/2026 | 0.0300 | – 9.38% | $0.04 | $0.01 | |||
| CXO | 01/05/2026 | 0.3100 | 0.00% | $0.39 | $0.07 | $0.300 | – 3.2% | |
| CXU | 01/05/2026 | 0.0600 | 27.78% | $0.07 | $0.01 | |||
| DEV | 01/05/2026 | 0.2100 | – 4.88% | $0.28 | $0.07 | |||
| DYL | 01/05/2026 | 1.8500 | – 6.20% | $2.97 | $1.15 | -66.9 | $2.215 | 19.7% |
| EL8 | 01/05/2026 | 0.2700 | -15.87% | $0.50 | $0.24 | |||
| HAR | 01/05/2026 | 0.1400 | 0.00% | $0.25 | $0.05 | |||
| I88 | 01/05/2026 | 0.1800 | 0.00% | $0.76 | $0.08 | |||
| KOB | 01/05/2026 | 0.0400 | – 7.69% | $0.09 | $0.03 | |||
| LAM | 01/05/2026 | 0.7600 | – 9.52% | $0.93 | $0.56 | |||
| LOT | 01/05/2026 | 0.8500 | -38.57% | $3.20 | $0.80 | $2.200 | 158.8% | |
| MEU | 01/05/2026 | 0.1100 | 0.00% | $0.19 | $0.04 | |||
| NXG | 01/05/2026 | 17.2500 | 1.05% | $20.47 | $8.06 | -14521.0 | $20.150 | 16.8% |
| ORP | 01/05/2026 | 0.0700 | 7.69% | $0.08 | $0.02 | |||
| PDN | 01/05/2026 | 12.4200 | – 1.64% | $15.10 | $5.41 | -1078.0 | $13.258 | 6.7% |
| PEN | 01/05/2026 | 0.3900 | -22.22% | $1.08 | $0.28 | |||
| SLX | 01/05/2026 | 5.6700 | – 9.38% | $10.85 | $2.68 | |||
| TOE | 01/05/2026 | 0.5500 | – 2.54% | $0.63 | $0.16 | |||
| WCN | 01/05/2026 | 0.0200 | -16.67% | $0.04 | $0.01 |
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For more info SHARE ANALYSIS: BMN - BANNERMAN ENERGY LIMITED
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