FY2021
Capital for the next study
A February capital raising supported the Etango-8 study programme. The PFS was completed in August 2021, after the June year end.
ASX: BMN · Five-year financial review
(ASX: BMN) Bannerman Energy Financial Review - FY2021~25
Bannerman moved Etango from studies toward detailed engineering and early works while relying on equity funding rather than producing-mine cash flow. The most useful five-year comparison is therefore cash available, development spending and the distinction between accounting losses and investment outflows.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash
A$46.204m
30 June; excludes July settlement.
Net loss
A$4.195m
Group, not subsidiary-only loss.
Investing outflow
A$55.265m
Includes financial investments.
Capitalised exploration
A$104.832m
Carrying value, not NPV.
Five years in context
Etango is a uranium development project in Namibia. Feasibility, permitting and early works changed the scale of expenditure, but forecast production from studies is not reported uranium sales.
The two A$85m institutional raisings straddle reporting dates: proceeds from the June 2025 transaction arrived on 3 July 2025. Those proceeds are not added to the June cash balance.
Events behind the numbers
FY2022
Etango-8 PFS complete
The August 2021 PFS advanced the smaller-throughput development route while the definitive study proceeded.
FY2023
Definitive feasibility milestone
The Etango-8 DFS was completed in December 2022; its output is a development study, not realised production.
FY2024
Mining licence and early works
The licence was granted in December 2023. FEED, control-budget and early-works activities followed.
FY2025
Engineering and equity funding
Development expenditure expanded. A further June raising settled in July and is a subsequent cash event.
FINANCIAL REVIEW / 01
Funding replenishes cash, but the asset base changes
Cash recovered in FY2025 alongside a larger asset base. A substantial part of that base is capitalised project expenditure rather than cash immediately available for construction.
Cash at each year end
A$ million
Cash and equivalents
AI-generated presentation · values from Cash, assets and equity; no missing values plotted as zero.
Assets and equity
A$ million
Total group assetsTotal group equity
AI-generated presentation · values from Cash, assets and equity; no missing values plotted as zero.
Cash, assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 12.455 | 51.930 | 42.589 | 24.046 | 46.204 |
| Total group assets | 66.958 | 119.841 | 112.956 | 107.789 | 195.346 |
| Total group equity | 66.359 | 117.890 | 110.704 | 105.711 | 186.687 |
Consolidated balances, not the separate parent-company or Namibia subsidiary notes. Cash excludes proceeds received after year end.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Capitalised exploration and evaluation
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Exploration and evaluation carrying value | 60.305 | 78.825 | 104.832 |
Accounting carrying values, not mine NPV. Movement need not equal cash expenditure because other capitalised items and currency effects may apply.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Loss and cash burn tell different stories
The FY2025 loss narrowed, but this does not mean development cash requirements fell. Impairment and equity-accounted losses affect reported earnings, while investing cash captures much of the project outlay.
Statutory loss versus operating cash
A$ million
Group statutory net lossOperating cash flow
AI-generated presentation · values from Loss compared with operating cash; no missing values plotted as zero.
Loss compared with operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group statutory net loss | (2.277) | (3.481) | (4.750) | (9.562) | (4.195) |
| Operating cash flow | (1.441) | (2.193) | (2.329) | (2.631) | (2.782) |
Loss includes non-cash investment impairment and share-based remuneration. Operating cash does not include the investing-classified development spend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Where the funding went
The payment breakdown separates exploration, plant and financial assets. This prevents the SPUT purchase from being relabelled as Etango construction and keeps net financing distinct from gross announced equity raisings.
Investing and financing cash
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Cash deployed and funding received; no missing values plotted as zero.
Selected investing payments
A$ million
Exploration and evaluation paymentsProperty, plant and equipment paymentsFinancial-asset purchases
AI-generated presentation · values from FY2024-FY2025 investing payments; no missing values plotted as zero.
Cash deployed and funding received
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (1.479) | (12.477) | (7.004) | (15.824) | (55.265) |
| Net financing cash flow | 11.205 | 54.216 | 0.096 | (0.088) | 80.395 |
FY2025 investing includes financial-asset purchases as well as Etango development; it is not all mine construction capex. FY2024 net financing was negative despite the generic “provided by” source heading.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024-FY2025 investing payments
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Exploration and evaluation payments | (15.520) | (20.481) |
| Property, plant and equipment payments | (0.035) | (22.971) |
| Financial-asset purchases | (0.040) | (11.548) |
Cash outflows shown in brackets. Financial-asset purchases include the SPUT investment described by the issuer and are not mine development.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- No production, revenue or AISC forecast is presented as achieved operating performance.
- FY2024 financing narrative differs from the rounded cash-flow table by less than A$1,000; the table series is used consistently.
- FY2025 impairment narrative contains a small inconsistent amount; no falsely precise impairment series is built.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Bannerman Energy - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bannerman Energy - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bannerman Energy - 2023 Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Bannerman Energy - 2024 Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Bannerman Energy - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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