BANNERMAN ENERGY LIMITED (BMN)
Share Price Analysis and Chart

15/04/2025

1

Buy

$4.70

41.99%

Shaw and Partners was pleasantly surprised by the progress made at Bannerman Energy's Etango Uranium Project in Namibia. The broker describes it as a project in development for the current cycle rather than an advanced exploration project for the next cycle.

The broker notes the Etango-8 project is based on 53Mlb resource, leaving expansion options from the balance of the total 207Mlb resource.

The analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

Buy, High risk. Target lowered to $4.70 from $7.40.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.70 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.30 cents.

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30/04/2025

1

Speculative Buy

$3.74

12.99%

Canaccord Genuity lowers its price target for Bannerman Energy to $3.74 from $4.08 while retaining a Speculative Buy rating, after deferring first production at the Etango project by six months to early 2029 and tempering ramp-up assumptions.

The analyst expects minimal impact from March flooding, continued early construction and design progress, and ongoing evaluation of strategic funding and offtake partnerships.

Key long-lead items such as the tertiary crusher remain ahead of schedule, and around $36.8m remains uncommitted following the March quarter.

Canaccord Genuity emphasises Bannerman remains focused on securing offtake while preserving leverage to higher uranium prices.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -2.93 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.85 cents.