Announcement PDF Bannerman Energy Ltd and Controlled Entities ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2023 Bannerman Energy Ltd Suite 7, 245 Churchill Avenue, Subiaco, Western Australia 6008 PO Box 1973, Subiaco, Western Australia 6008 W bannermanenergy.com T +61 8 9381 1436 E info@bannermanenergy.com CORPORATE DIRECTORY NON-EXECUTIVE CHAIRMAN Ronnie Beevor CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR Brandon Munro CHIEF FINANCIAL OFFICER & COMPANY SECRETARY Stephen Herlihy NON-EXECUTIVE DIRECTORS Ian Burvill Clive Jones Mike Leech Alison Terry PRINCIPAL & REGISTERED OFFICE Suite 7, 245 Churchill Avenue SUBIACO WA 6008 Australia Telephone: +61 (8) 9381 1436 AUDITORS Ernst & Young 11 Mounts Bay Road PERTH WA 6000 Telephone: +61 (8) 9429 2222 Facsimile: +61 (8) 9429 2432 SHARE REGISTRAR Computershare (Australia) Level 17 221 St George’s Terrace PERTH WA 6000 Telephone from within Australia: Telephone from outside Australia: Facsimile: 1300 850 505 +61 (3) 9415 4000 +61 (8) 9323 2033 STOCK EXCHANGE LISTINGS Australian Securities Exchange (ASX Code: BMN) Namibian Stock Exchange (NSX Code: BMN) OTC Markets (OTCQX Code: BNNLF) BANNERMAN ENERGY LTD 2023 ANNUAL REPORT TABLE OF CONTENTS Chairman’s Letter to Shareholders ............................................................................................................................ 1 Board of Directors and Executives ............................................................................................................................. 3 Directors’ Report ...................................................................................................................................................... 7 Auditor’s Independence Declaration ....................................................................................................................... 16 Remuneration Report (audited) .............................................................................................................................. 17 Consolidated Statement of Comprehensive Income ................................................................................................ 29 Consolidated Statement of Financial Position .......................................................................................................... 30 Consolidated Cash Flow Statement ......................................................................................................................... 31 Consolidated Statement of Changes in Equity ......................................................................................................... 32 Notes to the Financial Statements........................................................................................................................... 33 Directors’ Declaration ............................................................................................................................................. 65 Independent Auditor’s report to the members of Bannerman Energy ltd................................................................. 66 Additional Shareholder Information ........................................................................................................................ 71 ABOUT BANNERMAN ENERGY About Bannerman - Bannerman Energy Ltd is a uranium development company listed on the Australian and Namibian stock exchanges and traded on the OTCQX Market in the US. Its flagship asset is the 95% owned Etango Uranium Project located in the Erongo Region of Namibia. On 15 August 2022, Bannerman completed the acquisition of a 41.8% shareholding in Namibia Critical Metals Inc., the developer of the fully permitted Lofdal Heavy Rare Earths Project, one of the very few development projects outside China that offers substantial future production of dysprosium and terbium. Etango has benefited from extensive exploration and feasibility activity since 2006 and boasts a globally large-scale uranium mineral resource1. A 20Mtpa development at Etango was the subject of a Definitive Feasibility Study (DFS) completed in 2012 and a DFS Optimisation Study completed in 2015. Bannerman constructed and operated a Heap Leach Demonstration Plant at Etango, which comprehensively de-risked the acid heap leach process to be utilised on the Etango ore. Namibia is a premier uranium investment jurisdiction with a 45-year history of uranium production and export, excellent infrastructure, and support for uranium mining from both government and community. As the world’s fourth largest producer of uranium, Namibia is an ideal development jurisdiction boasting political stability, security, a strong rule of law and an assertive development agenda. Etango has environmental approvals for the proposed mine and external mine infrastructure, based on a 12-year environmental baseline. Bannerman has long established itself as an Environmental, Social and Governance (ESG) leader in the uranium and nuclear energy sector. In August 2021, a Pre-Feasibility Study (PFS) was completed on Etango-82. The PFS confirmed that this accelerated, streamlined project is strongly amenable to development – both technically and economically. In December 2022, the Etango-8 Definitive Feasibility Study was completed confirming the strong technical and economic viability of conventional open pit mining and heap leach processing of the world-class Etango deposit at 8Mtpa throughput3. More information is available on Bannerman’s website at www.bannermanenergy.com. 1 Refer to Section 3 of Bannerman’s ASX release dated 2 August 2021, Etango-8 Project Pre-Feasibility Study. Bannerman confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. 2 Refer to Bannerman’s ASX release dated 11 November 2015, Outstanding DFS Optimisation Study Results. 3 Refer Bannerman’s ASX release dated 6 December 2022, Etango-8 Definitive Feasibility Study. BANNERMAN ENERGY LTD i 2023 ANNUAL REPORT CHAIRMAN’S LETTER TO SHAREHOLDERS Dear Fellow Shareholder, I am pleased to report that the financial year 2023 has seen your Company safely achieve many important milestones towards constructing our Etango Uranium Project. Accomplishments this year have included the receipt of all outstanding Environmental Clearance Certificates, and National Heritage consents with the Project now fully permitted in this regard, the lodgement of our application to the Namibian Ministry of Mines and Energy for the granting of the Etango Mining Licence in August 2022, and completion of the Etango-8 Definitive Feasibility Study in December 2022. In February 2023, Bannerman won the African Mining Indaba’s ESG Forum Award for Community Engagement in recognition of its Early Learner Assistance Program (ELA Program) in Namibia. Mining Indaba, in its 29th year, is the largest African Mining conference, ranking its ESG Forum Award as one of the most important Environment Social Governance (ESG) awards in the world. Progress on the Front-End Engineering and Design (FEED) and selected early works projects has continued to schedule, with additional metallurgical test work confirming the metallurgical parameters for the design work and completion of the detailed mine design enabling the finalisation of contract mining requests-for-quotation. Parallel uranium marketing and project finance workstreams have also progressed. We announced three strategic appointments during the year to support the Company's next development phase. In October 2022, Ms Alison Terry was appointed non-executive director of the Company. Alison is also Chair of the Sustainability Committee and a member of the Remuneration, Nominations, and Corporate Governance Committee. Alison brings considerable senior executive experience, with a deep understanding of sustainability, ESG dynamics, legal and corporate affairs, and the complexities of significant operations. Mr Gavin Chamberlain joined the Bannerman team as the Chief Operating Officer (COO) in February 2023. With over 30 years of leadership experience in the global mining industry, he has a proven track record in construction, engineering, and project management, especially in the southern African mining industry. Before joining Bannerman, Gavin served as the COO of Kore Potash Limited, where he played a crucial role in advancing large-scale potash projects in the Sintoukola district of the Republic of Congo. He oversaw all internal and external project teams and maintained key relationships with lenders and equity investors. Before that, he worked as the Regional Director of Mining and Minerals Africa at AMEC Foster Wheeler (now Wood plc) and was the Project Director for developing the US$2 billion Husab Uranium Project in Namibia, which is now one of the world's largest operating uranium mines. In June 2023, we announced that Ms. Olga Skorlyakova was appointed Vice President of Market Strategy, responsible for the Company's nuclear industry marketing strategy and uranium sales. Olga is a highly accomplished nuclear industry executive with deep professional experience ranging from business development in the nuclear fuel sector to selling enrichment services. She brings a breadth of sector understanding and an extensive network of relationships formulated over her 15 years working within the nuclear and uranium industries. This year saw growing positive public sentiment amidst a raft of global policy announcements favouring more significant deployment of nuclear energy due to the deepening global energy crisis and the broader effects of the war in Ukraine. Supply disruptions, the increase in demand for electrification, and the economic and human cost of soaring energy prices have focused on the crucial requirement for energy to be secure, reliable, affordable, and clean. With increasing awareness that nuclear is the only energy source that can continuously supply emission-free electricity at a consistently high level, the demand side is gaining momentum. This year saw most nuclear power nations, including China, India, Japan, Great Britain, France, and the USA, restarting, extending the operating life, in many cases by more than 60 years (USA 80 years), or commencing the building of new nuclear reactors. Today, there are approximately 437 operable nuclear reactors worldwide, 60 reactors under construction, and 100 units in an advanced planning stage. China represents the lion’s share of new construction and is already well down the path of successfully building ten new reactors yearly for the next 15 years. This growth in activity is compounded by nearly 30 other emerging nuclear energy countries across Europe, the Middle East, Africa, Central and South America, Asia, and Oceania, which have begun the process of planning, proposing, or constructing their first reactors. BANNERMAN ENERGY LTD 1 2023 ANNUAL REPORT CHAIRMAN’S LETTER TO SHAREHOLDERS (CONTINUED) Although the present focus is on large nuclear reactors, soon it will be the emerging ‘Small Modular Reactors,' or SMRs, which can be assembled in factories, transported, and installed at almost any desired location and will further propel the demand for uranium. While the uranium sector still has some additional production capacity, it will take many new mines to meet what the World Nuclear Association expects will be an extra 3% to 4% per year increase in demand over the next twenty years. It is also important to note that new uranium mines take at least ten years from the discovery of a deposit through permitting and construction to the start of production. This increasing supply deficit, the growing impact of sanctions applied to Russia (which enriches about 45% of global uranium production), and the more recent geopolitical instability in major uranium producer Niger is seeing several US and non-US utilities manage supply risk by exercising favourable ‘flex options’ within their existing contracts – slowly adding inventory and progressing off-market discussions with alternative potential suppliers. This year, we also undertook two key strategic capital market initiatives to optimally position the Company for future project funding during the year. The first was in July 2022, when shareholders approved the proposed consolidation of Bannerman’s issued capital through the conversion of every ten (10) existing shares into one (1) share (Consolidation). The Consolidation was to reduce Bannerman's capital structure (share count) to a level that better reflects the advanced stage of its Etango Uranium Project and to potentially make the Company’s shares more attractive to certain investors, including institutional and retail investors in North America. The second was in September 2022 when Bannerman shares commenced trading on the OTCQX® Best Market, having been upgraded to OTCQX from the OTCQB® Venture Market, enabling the Company to build visibility among North American investors. On 15 August 2022, Bannerman completed the previously announced acquisition of a 41.8% shareholding in TSX Venture Exchange-listed Namibia Critical Metals Inc. (TSX-V: NMI) (NMI). This shareholding gives us a significant indirect stake in NMI’s flagship asset, the 95%-owned, advanced, and fully permitted Lofdal Heavy Rare Earths Project in Namibia. The Lofdal Project, being the subject of an earn-in agreement with leading global resource strategic partner, Japan Oil, Gas and Metals National Corporation (JOGMEC), is a globally significant development for potential future Heavy Rare Earth Elements (HREE) supply, in particular the crucial need for dysprosium and terbium in the production of permanent magnets. On 3 October 2022, NMI announced the results of its Preliminary Economic Assessment (PEA) for the significantly expanded Lofdal HREE Project “2B-4”. On the conservative assumption that Lofdal would be 100% equity financed, highlights from the PEA included a US$391 million after-tax NPV and 28% IRR over a 16-year mine life. With your Company continuing to maintain its unwavering focus on cost control, project timeliness, and responsible sustainability, our balance sheet has remained strong, with a cash balance on 30 June 2023 of $42.6M and zero debt. We remain well-positioned to complete FEED, early works, progress project funding, uranium marketing, and sales activities. I want to take this opportunity to thank Brandon Munro and all our loyal team at Bannerman, together with our consulting partners, for their hard work and application during the year. Finally, I would like to thank you, our shareholders, for your ongoing support of our people, assets, and strategy – it is greatly appreciated. Yours sincerely, Ronnie Beevor Chairman BANNERMAN ENERGY LTD 2 2023 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES Ronald (Ronnie) Beevor Brandon Munro B.A. (Hons) Non-Executive Chairman LLB, B.Econ, GAICD, F Fin, GradDipAppFin SIA Chief Executive Officer (CEO) and Managing Director Term of Office Director since 27 July 2009, Chairman since 21 November 2012 Term of Office: CEO and Managing Director since 9 March 2016 Independent: No Independent: Yes Skills, experience, and expertise Skills, experience, and expertise Ronnie has had over 40 years’ experience in investment banking and mining. He was Head of Investment Banking at Rothschild Australia between 1997 and 2002. Since then, he has been Chair or a Non-Executive director of a range of mining companies, both in Australia and internationally. Brandon has 25 years’ experience as a corporate lawyer and resources executive, including as Bannerman’s General Manager between 2009-2011, based in Namibia. Brandon was appointed CEO of Bannerman in 2016. Brandon lived in Namibia for over five years between 2009-2015, where he also served as Governance Advisor to the Namibian Uranium Association, Strategic Advisor – Mining Charter to the Namibian Chamber of Mines and Trustee of Save the Rhino Trust Namibia, a high-profile Namibian NGO. Ronnie is currently also Chair of Felix Gold, which has substantial gold exploration properties around Fairbanks, Alaska on the Tintina Gold Belt, and a director of Mont Royal Resources, which is exploring for lithium and base metals in the James Bay region of Quebec, Canada. Previously he was Chair of AIM listed EMED Mining which acquired, re-developed and operates the original and now 15mtpa Rio Tinto copper mine in southern Spain. Ronnie’s extensive career as a company director included serving on the boards of Riversdale Resources (which proved up the substantial Grassy Mountain metallurgical coal deposit in Alberta, Canada and was taken over by Hancock Prospecting for A$800M in 2019), Talison Lithium (which acquired the Greenbushes lithium mine in WA and was taken over by Tianqi Lithium for C$900M in 2013), Ampella Mining (which was developing a major gold discovery in Burkina Faso, until taken over by Centamin plc in 2014) and Oxiana (which developed the substantial gold and copper operations at Sepon in Laos, acquired the Golden Grove polymetallic mine in WA and developed the Prominent Hill mine in SA, and which in 2008 merged with Zinifex to form OZ Minerals which was taken over by BHP Group for $9.5bn in May 2023). Brandon is a prominent thought leader within the uranium sector and is currently a member of the World Nuclear Association’s Director-General’s Advisory Council, which provides strategic advice to the Association’s Director-General and Board. Brandon served as Co-Chair of the World Nuclear Association’s Nuclear Fuel Demand working group for four years and was an expert contributor on uranium to the UN Economic Commission for Europe. Brandon’s voluntary service has included board roles in the conservation, arts, and education sectors. Special Responsibilities Managing Director Current ASX listed directorships Nil Former ASX listed directorships over the past three years Novatti Group Limited (12 October 2015 to 5 August 2020) Scandivanadium Limited (13 November 2018 to 6 November 2020) Ronnie has an Honours Degree in Philosophy, Politics and Economics from Oxford University (UK) and qualified as a chartered accountant in London in 1972. Special Responsibilities Member of the Audit Committee Member of the Remuneration, Nomination and Corporate Governance Committee Current ASX listed directorships Felix Gold Limited (27 January 2021 to present) Mont Royal Resources Limited (25 March 2023 to present) BANNERMAN ENERGY LTD 3 2023 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES (CONTINUED) Ian Burvill BE, MBA, MIEAust, GAICD Mike Leech Non-Executive Director FCIS (Accountancy) Non-Executive Director Term of Office Director since 14 June 2012 Term of Office Director since 12 April 2017 Independent Yes Independent Yes Skills, experience, and expertise Ian has over 35 years’ mining industry experience. He started his career as a mechanical engineer, then worked as a merchant banker before becoming a senior executive in private equity. He is a former Partner of Resource Capital Funds and a past Associate Director of Rothschild Australia Limited. Ian has sat on the boards of ten mining companies, two mining services groups, a mining technology venture capital firm, and a leading mining private equity firm. Skills, experience, and expertise Mike is a respected statesman of the Namibian mining industry. He is a former Managing Director of Rössing Uranium Ltd, past president of the Namibian Chamber of Mines and past Chairman of the Namibian Uranium Association. His career with Rio Tinto started in 1982 when he joined Rössing as an accountant and included a posting as Administration Director of Anglesey Aluminium before returning to Rössing in 1997 as Chief Financial Officer. Mike was Managing Director of Rössing, then the largest open pit uranium mine in the world, for six years until he retired in 2011. Since retirement Mike has consulted to the uranium sector and served as a nonexecutive director of ASX-listed Kunene Resources Ltd, a base metals explorer that discovered the Opuwo Cobalt Project in Namibia. Special Responsibilities Chairman of the Remuneration, Nomination and Corporate Governance Committee Member of the Audit Committee Current ASX listed directorships Nil Mike’s commitment to corporate social responsibility in Namibia is well known, including as a former Trustee of Save the Rhino Trust Namibia and the Rössing Foundation. Former ASX listed directorships over the past three years Scandivanadium Limited (13 November 2018 to 28 April 2020) Mike was named an honorary life member of the Namibian Uranium Association in recognition of his singular service to the uranium industry. Clive Jones B.App.Sc(Geol), M.AusIMM Non-Executive Director Special Responsibilities Chairman of Bannerman’s 95% owned Namibian subsidiary, Bannerman Mining Resources (Namibia) (Pty) Ltd Chairperson of the Audit Committee Member of the Sustainability Committee Term of Office Director since 12 January 2007 Independent No Current ASX listed directorships Nil Skills, experience, and expertise Clive has over 30 years’ experience in mineral exploration across a diverse range of commodities, including gold, base metals, mineral sands, critical minerals, uranium, and iron ore. He applied for the Etango licence in 2005 and has since been closely involved in the project. Clive has extensive experience as a director of numerous ASXlisted mining and exploration companies. Former ASX listed directorships over the past three years Nil Special Responsibilities Member of the Sustainability Committee Member of the Remuneration, Nomination and Corporate Governance Committee Current ASX listed directorships Cazaly Resources Limited (15 September 2003 to present) BANNERMAN ENERGY LTD 4 2023 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES (CONTINUED) Alison Terry B.Econ, B.Law Grad. & Dip. Bus(Actg), GAICD Non-Executive Director CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY Term of Office Director since 13 October 2022 Stephen Herlihy CA, CTA, FCPA, F Fin, FGIA B. Bus (Actg), GradDipAppFin SIA, MBA Independent Yes Skills, experience, and expertise Alison is an experienced senior executive and company director with a deep understanding of sustainability, ESG dynamics, legal and corporate affairs, and the complexities of major operations. Her recent executive roles have included Director Sustainability and Corporate Affairs and Joint Company Secretary at Fortescue Metals Group, as a member of the company’s Executive team. Term of Office Company Secretary since 24 January 2022 Skills, experience, and expertise Steve is a Chartered Accountant with over 30 years professional experience. His extensive background in the resources sector includes several roles within BHP Limited, commencing as global Financial Controller for BHP Iron Ore before progressing to special project roles. More recently, he was a partner of a national accounting and advisory firm that was part of a top-ten global accounting network. Her prior experience spans corporate affairs, legal and general management across several sectors, including senior roles at General Motors Holden Limited and electric vehicle infrastructure start-up, Better Place. Steve has deep, hands-on experience in project finance and M&A activities. His broad transactional experience ranges from negotiating small joint venture agreements through to lead commercial roles on large-scale multinational transactions. Alison's previous non-executive roles include on the boards of NBN Tasmania and the leading industry super fund, AustralianSuper, where she was also a member of the Audit and Risk Committee. Alison is a Non-Executive Director of RAC Insurance Pty Ltd, UN Women Australia, the Black Swan State Theatre Company of Western Australia and is a member of Chief Executive Women. Steve was appointed to the Board of Namibia Critical Metals Inc (‘NMI”) (TSXV: NMI OTC: NMREF) at the NMI Annual General Meeting of 18 May 2023. He is Chair of the NMI Audit Committee and a member of the NMI Remuneration Committee. Special Responsibilities Chairperson of the Sustainability Committee Member of the Remuneration, Nomination and Corporate Governance Committee. Current ASX listed directorships Nil BANNERMAN ENERGY LTD 5 2023 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES (CONTINUED) EXECUTIVE Werner Ewald Olga Skorlyakova BSc (Elect), MBA (Stellenbosch) Managing Director, Bannerman Mining Resources (Namibia) (Pty) Ltd MA (English), EMBA Vice President, Market Strategy Term of Office Since 29 May 2023 Term of Office Since 24 June 2010 Skills, experience, and expertise Olga has over 25 years of experience in business development, sales, and market strategy in international business environments. Over the last 15 years, she has held executive roles within the nuclear fuel sector, initially with AREVA (now Orano) as Deputy Chief Representative for Russia and CIS countries. She then oversaw sales of enrichment services in the US market for TENEX. Most recently, Olga served as Senior Project Manager at the World Nuclear Association (WNA), where she was responsible for leading the WNA Fuel Report Working Group and co-ordinating input from 80 industry leaders into long-term nuclear fuel market forecasts. Since 2017, she was the co-author, editor, and head of publication of WNA’s flagship biennial report “The Nuclear Fuel Report: Global Scenarios for Demand and Supply Availability”. Skills, experience, and expertise Werner joined Bannerman in June 2010 as the Etango Project Coordinator and is now the Managing Director of Bannerman Mining Resources Namibia. He has 40 years professional experience of which he spent 22 years with Rio Tinto which included 20 years at the Rössing Uranium Mine in Namibia and 2 years at the Tarong Coal Mine in Queensland, Australia. He held numerous operational roles at Rössing including Engineering Manager, Mine Operations Manager and Business Improvement Manager. Prior to Rio Tinto he worked with the De Beers Group at their underground operations near Kimberly, South Africa and the Namdeb alluvial operations in Namibia. Gavin Chamberlain Pr Eng, BSc (Civil Eng), GDE Chief Operating Officer Term of Office Since 3 February 2023 Skills, experience, and expertise Gavin is a deeply experienced minerals sector leader, with a successful track record spanning 30 years in construction, engineering, and project management, most particularly within the southern African mining industry. As the former COO of Kore Potash Limited, he was responsible for advancing its large-scale potash projects in the Sintoukola district of Republic of Congo. This role saw him hold technical and commercial oversight of all internal and external project teams, as well as fostering key lender and equity investor relationships. Prior to this, Gavin was the Regional Director, Mining and Minerals Africa of AMEC Foster Wheeler (now Wood plc). Within this role, he was also the responsible Project Director for the development of the Husab Uranium Project in Namibia, now one of the world’s largest operating uranium mines. Gavin held several other project management and general civil construction roles earlier in his career. BANNERMAN ENERGY LTD 6 2023 ANNUAL REPORT DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023 The directors present their report on the consolidated entity comprising Bannerman Energy Ltd (“Bannerman” or the “Company”) and its controlled entities (the “Group”) for the year ended 30 June 2023 (“the financial year”). Bannerman is a company limited by shares that is incorporated and domiciled in Australia. BOARD OF DIRECTORS The directors of Bannerman in office during the financial year and up to the date of this report were: Name Position Ronnie Beevor Brandon Munro Ian Burvill Clive Jones Mike Leech Alison Terry Independent Non-executive Chairman Chief Executive Officer Non-executive Director Non-executive Director Non-executive Director Non-executive Director Appointed Yes No Yes Yes Yes Yes 27 July 2009 09 March 2016 14 June 2012 12 January 2007 12 April 2017 13 October 2022 COMPANY SECRETARY The company secretary of Bannerman in office during the financial year and up to the date of this report was: Name Appointed Stephen Herlihy 24 January 2022 INFORMATION ON DIRECTORS AND COMPANY SECRETARY Particulars on the skills, experience, expertise and responsibilities of each director and the company secretary at the date of this report, including all directorships of other companies listed on the Australian Securities Exchange, held, or previously held by a director at any time in the past three years, are set out on pages 3 to 6 this report. BOARD MEETING ATTENDANCE Particulars of the number of meetings of the Board of directors of Bannerman and each Board committee of directors held and attended by each director during the 12 months ended 30 June 2023 are set out in Table 1 below. Table 1. Directors in Office and attendance at Board and Board Committee Meetings during the financial year Board committee meetings Board meetings Remuneration, Nomination & Corp. Governance Audit Committee Sustainability Committee Committee A B A B A B A B Ronnie Beevor 8 8 2 2 2 2 1* - Brandon Munro 8 8 2* - 2* - 2* - Ian Burvill 8 8 2 2 2 2 1* - Clive Jones 8 8 - - 2 2 2 2 Mike Leech 8 8 2 2 2* - 2 2 Alison Terry 6 6 1* - 1 1 2* 1 A = Number of meetings attended B = Number of meetings held during the time the director held office or was a member of the relevant committee during the year. * Indicates that a Director attended some or all meetings by invitation whilst not being a member of a specific committee. BANNERMAN ENERGY LTD 7 2023 ANNUAL REPORT DIRECTORS’ REPORT (CONTIN