Announcement PDF Bannerman Energy Ltd and Controlled Entities ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 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 EXECUTIVE CHAIRMAN & MANAGING DIRECTOR Brandon Munro CHIEF EXECUTIVE OFFICERID Gavin Chamberlain CHIEF FINANCIAL OFFICER & COMPANY SECRETARY Stephen Herlihy NON-EXECUTIVE DIRECTORS Alison Terry (Lead Independent) Ian Burvill Clive Jones Mike Leech 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 2024 ANNUAL REPORT TABLE OF CONTENTS Chairman’s Letter to Shareholders .................................................................................................................................. 1 Board of Directors and Executives ................................................................................................................................... 3 Directors’ Report .............................................................................................................................................................. 7 Auditor’s Independence Declaration ............................................................................................................................. 21 Remuneration Report (audited) ..................................................................................................................................... 22 Consolidated Statement of Comprehensive Income ..................................................................................................... 34 Consolidated Statement of Financial Position ............................................................................................................... 35 Consolidated Cash Flow Statement ............................................................................................................................... 36 Consolidated Statement of Changes in Equity ............................................................................................................... 37 Notes to the Financial Statements ................................................................................................................................. 38 Consolidated Entity Disclosure Statement ..................................................................................................................... 76 Directors’ Declaration .................................................................................................................................................... 77 Independent Auditor’s report to the members of Bannerman Energy ltd .................................................................... 78 Additional Shareholder Information .............................................................................................................................. 83 ABOUT BANNERMAN ENERGY About Bannerman - Bannerman Energy Ltd is a uranium development business listed on the Australian and Namibian stock exchanges and traded on the OTCQX Market in the US. Its flagship asset is the advanced Etango Uranium Project located in the Erongo Region of Namibia. Etango has benefited from extensive exploration and feasibility activity over the past 15 years. The Etango tenement possesses a globally large-scale uranium mineral resource1. In December 2022, a Definitive Feasibility Study (DFS)2 was completed on the Etango-8 Project, confirming to a definitive-level the strong technical and economic viability of conventional open pit mining and heap leach processing of the Etango deposit at 8Mtpa throughput (for average annual output of 3.5 Mlbs U3O8). In March 2024, a scoping study3 demonstrated the capacity to expand annual production to 6.7 Mlbs U3O8. Etango’s advanced credentials are further highlighted by the construction and multi-year operation of the Etango Heap Leach Demonstration Plant, which comprehensively de-risked the conventional acid heap leach process to be utilised on the Etango ore. All environmental approvals have been received for the proposed Etango mine and external mine infrastructure, based on a 12-year environmental baseline. Bannerman was awarded the Mining Licence for Etango in December 2023 and is progressing all key project workstreams towards a targeted positive Final Investment Decision (FID) in parallel with strengthening uranium market fundamentals. 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 third largest producer of uranium, Namibia is an ideal development jurisdiction boasting political stability, security, a strong rule of law and an assertive development agenda. The Bannerman team has ample direct experience in the development, construction and operation of uranium projects in Namibia, as well as extensive links into the downstream nuclear power industry. Bannerman has long established itself as an Environmental, Social and Governance (ESG) leader in the uranium and nuclear energy sector. It is also a leader within Namibia on social development and community engagement and exercises best-practice governance in all aspects of its business. This was recently recognised with receipt of the 2023 African Mining Indaba’s ESG Award for Community Engagement. More information is available on Bannerman’s website at www.bannermanenergy.com. 1 and 2 Refer to Bannerman’s ASX release dated 6 December 2022, Etango-8 Definitive 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. 3 Refer to Bannerman’s ASX release dated 18 March 2024, Etango-XP and Etango-XT Scoping Study. BANNERMAN ENERGY LTD i 2024 ANNUAL REPORT CHAIRMAN’S LETTER TO SHAREHOLDERS Dear Fellow Shareholder, I am pleased to present the 2024 Annual Report, which highlights a year of disciplined execution of our strategy. While continuing to prioritise safety and environmental stewardship, the Company has maintained momentum in early works towards construction, positioning us to leverage the favourable outlook for uranium and meet the growing global energy demand. This past financial year, we have made significant strides in advancing our flagship Etango Uranium Project in Namibia. We successfully completed the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes, refining the Etango-8 Definitive Feasibility Study outcomes. We also delivered the Etango-XP and Etango-XT Scoping Study, demonstrating the flexibility and longevity that the world-class scale Etango ore body provides, through potential expansion (XP) or extension (XT) of the base-case Etango-8 mine. These milestones enable our preparation for the project's construction phase. Our detailed design activities have commenced, focusing on bulk earthworks and civil engineering, with early works construction progressing as planned. In December 2023, we were granted the Etango Mining Licence (ML 250), marking an essential step towards the project's realisation. With the grant of ML 250 all necessary licences and approvals are now in place to construct and operate the Etango mine. Our financial position remains solid. As of 30 June 2024, our cash balance stood at A$24.0 million, bolstered by the successful raising of A$85 million through a two-tranche placement to institutional and sophisticated investors. The first tranche of A$75.7 million was received in early July, and the second tranche of A$9.3 million was received in midAugust 2024. This placement ensures that we are well-funded to continue our development activities and maintain momentum towards the project's next phase. The uranium market experienced notable volatility over the past year. The spot price of uranium reached a high of US$107/lb in early February before stabilising to trade between US$85/lb and US$95/lb. By the end of the financial year, the spot price was US$87/lb, while the long-term price indicator closed at US$80/lb. These market dynamics underscore the importance of our appointment of Ms Olga Skorlyakova as Vice President of Market Strategy. Her expertise and network within the nuclear industry have been instrumental in advancing our uranium marketing efforts. Our commitment to sustainability remains central to our operations. Our inaugural 2023 Sustainability Report, published in September 2023, outlines our achievements and future plans across our core sustainability pillars: People, Planet, and Performance. This report details our efforts to integrate environmental stewardship, social responsibility, and ethical governance into all aspects of our business. This year saw important changes to our Board and executive team, reflecting the evolution of your company from the development phase into the construction and production phases. After nearly 15 years of service, Mr Ronnie Beevor retired from his position as Non-Executive Chairman. I transitioned to the role of Executive Chairman (whilst retaining the position of Managing Director), focusing on corporate affairs and capital markets, with Ms Alison Terry appointed Lead Independent Director to preserve our commitment to governance. Mr Gavin Chamberlain was appointed Chief Executive Officer after serving with excellence in his role as Chief Operating Officer. These changes are part of our effort to enhance leadership as we approach the construction phase of the Etango Project. Looking ahead, our primary focus will be on advancing the Etango Project, leveraging the favourable market conditions for uranium and our strong project fundamentals. The Scoping Study for the Etango-XP and Etango-XT options has demonstrated the potential for future expansion and life extension of the project, further enhancing the long-term value proposition for our stakeholders. We were also included in the S&P Dow Jones S&P/ASX 300 Index in March 2024, reflecting our strong market position and the growing recognition of our strategic value. The global outlook for uranium remains positive, driven by increasing support for nuclear power worldwide. Current analysis indicates a long-term trend of rising demand for uranium, with the market expected to see significant growth in reactor requirements, especially in China and Western countries diversifying their nuclear fuel supplies away from Russia. The ban on Russian nuclear fuel imports into the USA and similar actions in the EU, UK, and Canada are likely to constrain supply, thereby increasing demand for uranium from other sources. The projection for uranium prices remains strong, with the long-term price expected to continue its upward trajectory due to these geopolitical shifts and the structural supply deficit in the market. This favourable outlook positions us well to capitalise on the growing demand and secure a long-term sustainable uranium business. BANNERMAN ENERGY LTD 1 2024 ANNUAL REPORT CHAIRMAN’S LETTER TO SHAREHOLDERS (CONTINUED) I am grateful to the Namibian government for its unwavering support of Etango and our host community for its patience as we realise Etango’s tremendous employment and development potential. I extend my gratitude to Ronnie Beevor for his contributions and guidance over the years. I also thank Gavin Chamberlain and the entire team for their dedication and hard work. Finally, I express my appreciation to our shareholders for their continued support and confidence in our company. We remain committed to advancing the Etango Project and delivering long-term value to our shareholders. I look forward to updating you on our progress in the coming year. Yours sincerely, Brandon Munro Executive Chairman Bannerman Energy Ltd BANNERMAN ENERGY LTD 2 2024 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES Alison Terry Brandon Munro LLB (Hons), B.Econ, GradDipBus(Actg), GAICD Lead Independent Director LLB, B.Econ, GAICD, F Fin, GradDipAppFin SIA Executive Chairman & Managing Director Term of Office Director since 13 October 2022 Term of Office: CEO and Managing Director since 9 March 2016, Appointed as Executive Chairman 7 March 2024 (whilst retaining position of Managing Director) 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. Independent: No Skills, experience, and expertise 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. 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. 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. 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. Special Responsibilities Managing Director Special Responsibilities Lead Independent Director Chairperson of the Sustainability Committee Member of the Remuneration, Nomination and Corporate Governance Committee. Alison is a Non-Executive Director of Matrix Composites and Engineering Limited, RAC Insurance Pty Ltd, UN Women Australia, the Black Swan State Theatre Company of Western Australia and is a member of Chief Executive Women. Current ASX listed directorships Nil Former ASX listed directorships over the past three years Nil Current ASX listed directorships Matrix Composites & Engineering (12 February 2024 to present) Former ASX listed directorships over the past three years Nil BANNERMAN ENERGY LTD 3 2024 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 Chairperson 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 Nil 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 Non-Executive Director 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 Yes 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. Current ASX listed directorships Nil 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) Former ASX listed directorships over the past three years Nil BANNERMAN ENERGY LTD 4 2024 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES (CONTINUED) CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY Stephen Herlihy CA, CTA, FCPA, F Fin, FGIA B. Bus (Actg), GradDipAppFin SIA, MBA 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. 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. 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. BANNERMAN ENERGY LTD 5 2024 ANNUAL REPORT BOARD OF DIRECTORS AND EXECUTIVES (CONTINUED) EXECUTIVE Gavin Chamberlain Olga Skorlyakova Pr Eng, BSc (Civil Eng), GDE Chief Executive Officer MA (English), EMBA Vice President, Market Strategy Term of Office Chief Operating Officer since 3 February 2023, appointed as Chief Executive Officer 7 March 2024 Term of Office Since 29 May 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. 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”. 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. Werner Ewald BSc (Elect), MBA (Stellenbosch) Managing Director, Bannerman Mining Resources (Namibia) (Pty) Ltd Term of Office Since 24 June 2010 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. BANNERMAN ENERGY LTD 6 2024 ANNUAL REPORT DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2024 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 2024 (“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 Ronnie Beevor Brandon Munro Alison Terry Ian Burvill Clive Jones Mike Leech Position Appointed Retired 27 July 2009 09 March 2016 13 October 2022 14 June 2012 12 January 2007 12 April 2017 7 March 2024 - Independent Non-executive Chairman Executive Chairman/Managing Director Lead Independent Director Non-executive Director Non-executive Director Non-executive Director Yes No Yes Yes Yes Yes Mr Beevor retired from the Board effective 7 March 2024, with Mr Munro appointed Executive Chairman/Managing Director and Ms Terry appointed Lead Independent Director. 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 2024 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 Ronnie Beevor Brandon Munro Ian Burvill Clive Jones Mike Leech Alison Terry A 5 7 7 7 7 7 B 5 7 7 7 7 7 Audit Committee A 2 2* 2 2* 2 2 B 2 2 2 2 Remuneration, Nomination and Corp. Governance Committee A 1 2* 2 2 2* 2 B 1 2 2 2 Sustainability Committee A 1* 2* 1* 2 2 2 B 2 2 2 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 2024 ANNUAL REPORT DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 DIRECTORS’ INTERESTS IN SECURITIES IN BANNERMAN As at the date of this report, the relevant interests of each director in the ordinary shares and share options in Bannerman, as notified to the Australian Securities Exchange in accordance with s205G(1) of the Corporations Act 2001, are as follows: Share Options Beneficial, private Own name company or trust Fully Paid Ordinary Shares Beneficial, private Own name company or trust Brandon Munro Performance Rights Beneficial, private Own name company or trust 1,444,964 - 421,393 - 1,825,929 - Alison Terry - - - 25,270 - - Ian Burvill - 292,909 - 15,796 - - Clive Jones 1,800,428 - 29,045 - - - Mike Leech - 684,600 - 54,219 - 23,360 PRINCIPAL ACTIVITIES Bannerman is an exploration and development company with uranium interests in Namibia, a southern African country which is a premier uranium mining jurisdiction. Bannerman’s principal asset is its 95%-owned Etango Project situated southwest of CNNC’s Rössing uranium mine and CGNPC’s Husab Mine and to the northwest of Paladin Energy’s Langer-Heinrich mine. Etango is one of the world’s largest undeveloped uranium deposits. Bannerman is focused on the development of a large open pit uranium operation at Etango. OPERATING AND FINANCIAL REVIEW CORPORATE Issued Securities At the date of this report, Bannerman has 178,604,511 ordinary shares on issue. As at 30 June 2024, Bannerman had on issue 21,750,729 unlisted options and 127,155 performance share rights issued under the shareholder-approved Employee Incentive Plan (“EIP”) and 294,435 unlisted options and 23,360 performance share rights issued under the Non-Executive Director Share Incentive Plan (“NEDSIP”). The EIP performance rights are subject to various performance targets and continuous employment periods. The NEDSIP options are subject to continuous employment periods. Cancellation and Issue of Securities The Company advised during the period that the following securities in Bannerman were cancelled or issued:  653,178 unlisted options were exercised, and a corresponding number of shares were issued.  150,308 options lapsed unexercised.  232,788 unlisted employee performance rights and options have, pursuant to the terms of the Employee Incentive Plan (EIP) and Non-Executive Director Share Incentive Plan (NEDSIP), been forfeited and cancelled following non-satisfaction of the relevant performance criteria.  432,898 fully paid ordinary shares were issued upon vesting of unlisted employee performance rights in accordance with the terms of the EIP and NEDSIP.  1,150,567 unlisted options were granted in accordance with the EIP and NEDSIP as approved by shareholders on 9 November 2023. BANNERMAN ENERGY LTD 8 2024 ANNUAL REPORT DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Annual General Meeting Bannerman held its Annual General Meeting on 9 November 2023. All resolutions put to the meeting were passed by poll, including adoption of the 30 June 2023 Remuneration Report, re-election of selected Directors and issue of performance-based securities to the Executive Chairman under the EIP. Namibia Critical Metals Inc additional investment On 22 December 2023, the Company acquired a further 3,983,333 shares in Namibia Critical Metals Inc (NMI) with a share price of C$0.06 (Canadian dollar) per share due to the Company’s participation in an NMI Private Placement (capital raising). The acquisition takes the Company’s interest in NMI to 42.1%. The shares were issued with 3,983,333 free-attaching warrants which are exercisable at C$0.10 on or before 22 December 2025. Board of Directors restructure On 7 March 2024, the following board changes occurred:     Ronnie Beevor retired from the position of Non-Executive Chairman. Brandon Munro, the Company’s Chief Executive Officer was appointed to Executive Chairman (whilst retaining his position of Managing Director). Gavin Chamberlain, the Company’s Chief Operating O