Announcement PDF Bannerman Energy Ltd W bannermanenergy.com Suite 7, 245 Churchill Avenue, Subiaco, Western Australia 6008 T +61 8 9381 1436 PO Box 1973, Subiaco, Western Australia 6008 E info@bmnenergy.com ASX ANNOUNCEMENT 12 October 2026 2026 Sustainability Report Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) (Bannerman or the Company) is pleased to release our 2026 Sustainability Report. Bannerman’s Managing Director and CEO, Gavin Chamberlain, commented: “Since our inaugural Sustainability Report, we have significantly strengthened the foundations supporting Etango’s development – from our sustainability systems and workforce capabilities to water planning, environmental stewardship and stakeholder engagement. As we move towards construction, safety remains our first priority, together with supporting our people and communities and preparing responsibly for the next phase of the Project.” The Sustainability Report is also available for download from our website: https://bannermanenergy.com/sustainability/ This ASX release was authorised by: Gavin Chamberlain, Managing Director and Chief Executive Officer Contact Investors: Emma Culver Investor Relations Manager T: +61 8 9831 1436 eculver@bmnenergy.com Media: Michael Vaughan Fivemark Partners T: +61 422 602 720 michael.vaughan@fivemark.com.au Important Notices This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of the Company, the Directors, and the management. The Directors cannot and do not give any assurance that the results, performance, or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law or the ASX listing rules. The information contained in this announcement does not constitute investment or financial product advice (nor taxation, accounting, or legal advice), is not a recommendation to acquire Bannerman shares and is not intended to be used or relied upon as the basis for making an investment decision. This announcement has been prepared without taking into account the investment objectives, financial situation or needs of any individuals. Before making any investment decisions, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and should seek legal, accounting and taxation advice appropriate to their jurisdiction. Bannerman is not licensed to provide investment or financial product advice in respect of Bannerman shares. Page 2 of 2 ABOUT BANNERMAN ENERGY (ASX:BMN, NSX:BMN, OTCQX:BNNLF) 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 recognised with receipt of the 2023 African Mining Indaba’s ESG Award for Community Engagement. 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. 2026 Sustainability Report People, Planet, Performance A LAND OF OPPORTUNITY NAMIBIA STABLE DEMOCRACY SINCE 1990 Namibia is among the most stable democracies in Africa and has held regular multiparty elections since independence in 1990. ONE OF EARTH’S DARKEST SKIES Extremely low light pollution makes Namibia a world-leading destination for astronomical tourism and professional observatories. HOME TO SOME OF THE WORLD’S HIGHEST DUNES In the Sossusvlei area of the Namib Desert, some dunes exceed 300 metres in height, with Dune 7 near Walvis Bay often cited as the tallest in Namibia. WORLD-CLASS URANIUM PRODUCER Namibia is the third-largest uranium- producing country in the world and hosts two of the world’s largest mines: Husab Mine and Rössing Uranium Mine. ANCIENT WONDER Welwitschia mirabilis grows only in Namibia and Angola. Individual plants can live more than 1,000 years and consist of just two continually growing leaves. EMERGING ENERGY HUB Major offshore oil discoveries in the Orange Basin position Namibia as one of the world’s newest oil exploration hotspots, with potential to become a significant future oil producer in Africa. ANGOL NAMIB Swakopmund Walvis Bay ATLANTIC OCEAN Orange Basin (Oil and Gas) U 2 LA IA 250mm AVERAGE RAINFALL PER YEAR The driest country in Sub-Suharan Africa. Windhoek has been recycling wastewater into potable water since the 1960s. 23M m3 2ND DESALINATION PLANT PLANNED One of Africa’s largest seawater desalination plants, the Erongo Desalination Plant, helps secure water for Namibia’s arid coast. 20M m³ A second seawater desalination plant is expected to be operational in the Erongo region in 2027. SOLAR AND WIND RESOURCES Abundant solar and wind resources position Namibia to be a leader in the energy transition. OF FRESH WATER PER YEAR World-class SUSTAINS DESERT LIFE Atlantic fog sustains a unique Namib Desert ecosystem, including the Namib Desert beetle that collects water from fog droplets. Fog STABLE | SUSTAINABLE | INNOVATIVE | READY FOR TOMORROW BOTSWANA ZAMBIA SOUTH AFRICA Windhoek 3 Aerial view of the dry crushing circuit at Etango 4 As Chair of Bannerman Energy’s Sustainability Committee, I am pleased to present the Company’s second Sustainability Report for the financial year ended 30 June 2026. Since publishing Bannerman’s inaugural Sustainability Report in 2023, the Company has made notable progress in developing the governance structures and policies supporting its sustainability approach. As project activities expanded, the Board and Sustainability Committee remained focused on strengthening oversight and ensuring the governance framework evolved in line with the scale and complexity of its operations. Safety performance remains central for both the Board and management team. I am especially pleased that Bannerman maintained its outstanding long-term lost-time injury-free record despite the expansion of on-site works. This achievement demonstrates the professionalism, discipline, and commitment of our team in Namibia and provides a strong foundation for the work ahead. The Board recognises that responsible delivery of a uranium project requires a clear culture of accountability at all levels of the organisation. Sustainability considerations are embedded in Board and Committee decision-making, informing the Company’s approach to safety, environmental stewardship, workforce development and operational planning. Throughout the year, Bannerman implemented and refined several key policies, standards and systems, which strengthened corporate conduct, risk management and internal control processes. The Sustainability Committee regularly reviewed the Company’s safety and environmental performance, stakeholder matters and emerging project risks. This work supported sound decision-making and helped ensure that key sustainability risks and controls remained appropriately managed. Bannerman continued to promote initiatives that contribute to the social and economic well-being of communities across the Erongo region during FY2026. Education and youth development remained a top priority, as reflected in the 15th consecutive year of the Early Learner Assistance Programme and the extension of its long-term partnership with Mondesa Youth Opportunities through a renewed three-year sponsorship. The Company also maintained its established relationships with the Tourism Supporting Conservation Trust (TOSCO), the Hospitality Association of Namibia (HAN), and the Namibia Chamber of Environment (NCE), supporting broader conservation and social advancement efforts across the region. As Bannerman evolves, the Sustainability Committee and Board will continue to provide effective oversight and leadership, ensuring that strong governance and responsible decision-making underpin the Company’s development. Alison Terry Chair, Sustainability Committee Lead Independent Non-Executive Director and Deputy Chair From the Chair, Sustainability Committee 5 CONTENTS Introduction From the Chair, Sustainability Committee 5 From the Chief Executive Officer 9 About Bannerman Energy 10 Etango Project 12 Etango’s Contribution to Sustainable Development 14 Vision, Mission, Purpose and Values 16 Our Approach to Sustainability 18 Sustainability Through the Project Lifecycle 18 Sustainability Governance and Accountability Framework 20 Materiality Assessment 22 FY2026 Highlights 24 FY2027 Priorities and Targets 26 Pillar I: People I.1 Social Approach and Governance 30 I.2 Health, Safety and Well-Being 31 Risk Management and Prevention 33 Occupational and Public Radiation Protection 33 Emergency Preparedness and Response 33 Performance and Metrics 34 I.3 People and Culture 36 Organisational Readiness and Planning 36 Team Composition and Diversity 36 Local Employment and Workforce Development 38 Training and Induction 38 Contractors and Subcontractors 38 Employee Well-Being and Support 41 Labour Practices 41 Human Rights 42 I.4 Communities and Stakeholder Engagement 45 Community Engagement 45 Stakeholder Engagement Model 46 Broader Stakeholder Landscape 47 Social Investment and Community Development 47 6 Pillar Ii: Planet II.1 Environmental Governance and Management Systems 52 II.2 Environmental Protection and Stewardship 52 Air Quality and Emissions 52 Noise 54 Water Stewardship 54 Biodiversity and Land Stewardship 56 II.3 Climate Change and Energy Use 58 II.4 Waste and Materials Management 58 II.5 Radiation Management 60 II.6 Closure, Rehabilitation and Long-Term Stewardship 60 II.7 Environmental Performance and Monitoring 61 Pillar Iii: Performance III.1 Corporate Governance and Oversight 64 Governance Structure 65 III.2 Ethical Business Conduct 66 Policies and standards 66 III.3 Risk Management and Internal Controls 67 III.4 Sustainability Performance Monitoring 70 III.5 Cyber Security and Data Protection 71 III.6 Project Delivery and Value Creation 72 List of Abbreviations 75 7 8 During FY2026, Bannerman Energy transitioned from a development-stage uranium company to the early stages of construction. This progress included several key milestones, including completing Front-End Engineering Design activities, further optimising project and associated de-risking initiatives, expanding long-term infrastructure planning, commencing early works, and enhancing the operational capabilities required to support future delivery of Etango. The reporting period also included the announcement of a transformational project funding solution involving CNNC Overseas Limited (CNOL), aligned with a targeted positive Final Investment Decision on Etango. The proposed transaction reflects growing international confidence in the Project’s quality, scale, and strategic importance as a future uranium supply source. At the same time, nuclear energy’s role in the global energy transition has gained further momentum. Growing focus on energy security, decarbonisation, and reliable baseload electricity generation has reinforced the importance of a stable, sustainably produced uranium supply from established and emerging mining jurisdictions. Namibia is recognised as one of the world’s leading uranium-producing countries, underpinned by political stability, established infrastructure, open-cast mining expertise and a long and successful track record as a reliable uranium exporter. Bannerman Energy is committed to delivering the Etango Project responsibly and maintaining constructive relationships with government, communities, employees, suppliers, subcontractors, and other stakeholders associated with its activities. Our sustainability framework is centred on three interconnected pillars – People, Planet and Performance – which shape Bannerman’s approach to responsible project development throughout the Etango lifecycle. As project delivery progresses, these principles guide its execution. The Company further strengthened key operational systems and organisational capabilities in workforce development, environmental stewardship, radiation management, water infrastructure planning, and stakeholder engagement. FY2026 marked a pivotal stage in Bannerman’s evolution, as Project preparations accelerated and Etango moved closer to full-scale construction. As the Company enters this next phase, these advancements will remain central to successful Project delivery and creating long-term value for all stakeholders. Gavin Chamberlain Chief Executive Officer Managing Director Bannerman Energy From the Chief Executive Officer 9 About Bannerman Energy Bannerman Energy is an Australian-listed uranium development company (ASX: BMN, OTCQX: BNNLF, NSX: BMN) focused on advancing the Etango Project in the Erongo region of Namibia. As at 30 June 2026, Etango is 100% owned and managed by Bannerman Mining Resources (Namibia) (Pty) Ltd (Bannerman Namibia), a 95%-owned subsidiary of Bannerman Energy Ltd. The One Economy Foundation (OEF), a Namibian not-for-profit organisation that helps build a bridge of economic opportunity between Namibia’s dual economy, holds the remaining 5% interest in Bannerman Mining Resources (Namibia). Bannerman also holds a minority shareholding in Namibia Critical Metals Inc., the developer of the fully permitted Lofdal Heavy Rare Earths Project in Namibia’s Kunene region. Lofdal is one of the few advanced development projects outside China targeting future production of the heavy rare earth elements, dysprosium and terbium. Reporting Basis This Sustainability Report covers Bannerman Energy Ltd and its controlled entities for the financial year ended 30 June 2026, unless otherwise stated. The report addresses sustainability matters associated with the Company’s corporate activities and the Etango Project in Namibia. References to future activities reflect the Company’s current plans and remain subject to project approvals, financing, regulatory requirements, and other factors that may influence future outcomes. 10 11 The Etango Project is Bannerman Energy’s flagship uranium asset and one of the most advanced undeveloped uranium projects globally. Located in the Erongo region of Namibia, approximately 40 km east of Swakopmund within the Namib Naukluft National Park (NNNP), it is being developed as a conventional open-pit mining and heap leach operation. The Erongo region hosts several long-established uranium mining operations and associated infrastructure, making it one of the world’s most significant uranium-producing regions. Namibia has 50 years of uranium production history and an established regulatory framework governing uranium mining and export. Etango is located close to established regional infrastructure, including sealed road access, grid power infrastructure, access to desalinated water and the Port of Walvis Bay, which has supported uranium exports from Namibia for several decades. The Etango Project has undergone 18 years of exploration, technical evaluation, environmental baseline studies and optimisation. A Definitive Feasibility Study (DFS) completed in 2022 confirmed the technical and economic viability of the Etango-8 development case, based on conventional open- pit mining and heap leach processing at 8 Mtpa throughput, with planned average annual production of approximately 3.5 Mlbs U3O8. Subsequent optimisation studies demonstrated the potential to expand production capacity further. In 2024, Front-End Engineering and Design (FEED) activities and a Control Budget Estimate process were completed, further advancing readiness and de-risking execution. The Project’s technical maturity is demonstrated by the successful construction and multi-year operation of the Etango Heap Leach Demonstration Plant, which validated the proposed heap leach process for the Etango orebody. The Project has received all key mining and environmental approvals required for the mine and associated external infrastructure. Long-term baseline studies inform planning and decision-making through Bannerman’s Environmental and Social Management System (ESMS). This supports the disciplined management of environmental and social risks as the Project advances through construction and future operations. The mining tenure area covers approximately 7,295 ha, with historical disturbance remaining limited largely to exploration activities, test work and the Etango Heap Leach Demonstration Plant. During FY2026, the Etango Project advanced through early works and infrastructure development, including bulk earthworks, civil works, detailed engineering and long-lead procurement and construction activities. Construction of permanent water supply infrastructure also commenced during the reporting period. Definitive supply agreements with NamPower and NamWater secure the Project’s long-term power and desalinated water requirements as construction progresses toward future operations. The Etango Project is being developed within a sensitive desert environment and tourism region, making environmental stewardship, water management, biodiversity protection, and responsible land use central considerations throughout planning, construction and future operations. Namibia’s regulatory framework, the Strategic Environmental Management Plan (SEMP) for the central Namib uranium province, and recognised international industry practices guide the Project. Etango Project ETANGO’S POTENTIAL CONTRIBUTION TO LOW-CARBON ELECTRICITY Planned average annual uranium production Potential annual fuel supply equivalent* Potential annual emissions avoided** Low-carbon electricity supported globally 3.5 Mlbs U3O8 7–8 large nuclear reactors ~64 million tonnes CO2 Millions of households Contributing to reliable, low-carbon baseload power and a more secure energy future. * Estimated annual reactor fuel supply equivalent. **Illustrative estimate based on the assumed displacement of coal-fired electricity generation. 12 13 Etango’s Contribution to Sustainable Development Nuclear energy remains one of the world’s largest sources of low-carbon baseload electricity, providing approximately 10% of global electricity generation. As countries pursue decarbonisation, electrification, and energy security objectives, demand for reliable low-emissions electricity generation and diversified uranium supply is expected to remain strong. As a future uranium supplier, the Etango Project could play an important role in advancing long-term decarbonisation objectives and global energy security, while also supporting Namibia’s economy through employment, contractor participation, local procurement, infrastructure investment, and skills development, particularly in the Erongo region. Bannerman contributes to several United Nations Sustainable Development Goals (UN SDGs), with five highlighted below for their relevance to Namibia’s national development priorities. The Project supports SDG 1: No Poverty and SDG 2: Zero Hunger through direct and indirect employment, contractor participation and broader economic activity associated with uranium production. Bannerman advances SDG 3: Good Health and Well-Being through occupational health programmes, medical surveillance and radiation monitoring, promoting employee health awareness and safe working environments. The Company contributes to SDG 4: Quality Education and SDG 8: Decent Work and Economic Growth through training, skills development and employment opportunities linked to the Etango Project, strengthening long-term workforce capability within Namibia. The Company’s approach aligns with Namibia’s Sixth National Development Plan (NDP6) and Vision 2030, the national framework for the country’s long-term sustainable development. Beyond the five SDGs highlighted above, the Etango Project contributes to a broader range of the UN SDGs through its economic, social and environmental activities as illustrated on the next page. 14 SDG 1: No Poverty Employment creation through construction and operations, supporting household income and local economic upliftment. Etango Project SDG Contributions Responsible uranium development supporting Namibia’s sustainable growth SDG 2: Zero Hunger Indirect benefits through increased economic activity, contractor participation and community income generation. SDG 3: Good Health and Well-Being Workplace health and safety systems, occupational medical surveillance, radiation monitoring and employee well-being programmes. SDG 4: Quality Education Skills development, technical training, leadership development and workforce readiness programmes. SDG 6: Clean Water and Sanitation Groundwater protection, desalinated water supply infrastructure and ongoing water monitoring in the Erongo region. SDG 7: Affordable and Clean Energy Uranium supply supporting low- carbon electricity generation and global decarbonisation efforts. SDG 8: Decent Work and Economic Growth Job creation, contractor participation, local procurement and long-term economic development in Namibia. SDG 13: Climate Action Contribution to global emissions reduction through enabling clean energy production and responsible environmental management. SDG 15: Life on Land Biodiversity management, land disturbance control, rehabilitation planning and environmental monitoring. NATIONAL ALIGNMENT NDP6 Vision 2030 The Etango Project supports sustainable economic, social and environmental development in Namibia, with a focus on long-term regional benefit in Erongo. 15 Vision, Mission, Purpose and Values Bannerman’s vision, mission, purpose and values guide the Company’s approach to project development, stakeholder engagement and long-term value creation. PROACTIVITY RELIABILITY RESPECT DIVERSITY OF THINKING INTEGRITY We lead by acting early and staying one step ahead. We spot opportunities and solve problems quickly. We strive for excellence in everything we do. We keep our promises - always. We listen to understand. We treat everyone with fairness and care. We act with honesty. We do what’s right, even when it’s not easy. We embrace different ideas to spark innovation. We think broadly to make smarter choices. VISION Be a benchmark builder and operator of ethically mined raw materials for clean energy. MISSION Engage the right people to develop and operate our Company. PURPOSE Generate shareholder value in a sustainable way. 16 17 Our Approach to Sustainability Bannerman Energy’s approach to sustainability is integrated into the responsible development of the Etango Project and underpins disciplined project execution, operational readiness and long-term stakeholder confidence. As the Company progresses through construction, sustainability considerations continue to inform decision-making across governance, risk management, environmental stewardship, workforce development and stakeholder engagement. Our sustainability framework is built around three interconnected pillars: People, Planet and Performance. Together, they guide workforce management, environmental responsibilities and governance practices, providing a consistent foundation for responsible decision-making throughout the Project lifecycle. Reflecting the Company’s transition toward construction, Bannerman further strengthened several priority areas during the reporting period, including: • construction readiness and operational preparedness, • environmental and social performance, • workforce capability and localisation, • governance and compliance systems, and • transparent stakeholder engagement. The framework informs the Company’s governance processes, materiality assessment, annual scorecards and targets, and related reporting disclosures. Sustainability Through the Project Lifecycle Building on the sustainability framework established during the development phase, the Company has progressed into early works and is preparing for full- scale construction. As project activities expand, the Company’s management systems, governance processes, environmental monitoring, workforce programmes and stakeholder engagement continue to evolve to meet the requirements of its phased advancement. During the development and construction phases, sustainability reporting is aligned with major project transition milestones, reflecting the most significant stages in the Company’s sustainability maturity. Annual reporting will commence once Etango enters operations. Bannerman Energy’s sustainability framework 18 Sustainability Maturity Journey • Established sustainability framework • Governance foundations • Foundational stakeholders engagement • Baseline studies and assessments First Sustainability Report Published in 2023 2023 DEVELOPMENT PHASE Foundation and Framework Establishment Sustainability reporting aligned with key project milestones. • Early works construction underway • Preparing for full-scale construction • Strengthening management systems and controls • Expanding our People, Planet and Performance approach Current Sustainability Report Published in 2026 (FY2026) 2026 DEVELOPMENT TO CONSTRUCTION Early works construction • Full-scale construction activities • Operational readiness and training • Enhanced performance monitoring and assurance • Production commencement (H2 2028) Next Sustainability Report Planned for 2028 2028 CONSTRUCTION TO PRODUCTION Full-scale construction • Operational maturity and optimisation • Production-phase sustainability management • Continuous improvement and innovation • Mature reporting aligned with operational performance Future Sustainability Report Planned for 2030 2030 OPERATIONS Full-scale production BEYOND 2030 LONG-TERM STEWARDSHIP Sustaining value for generations • Long-term environmental stewardship • Rehabilitation and closure planning • Supply chain integration • Creating enduring social and economic value Future Sustainability Reports Published annually Bannerman’s sustainability reporting is aligned with major project milestones, with each report reflecting a distinct stage in the evolution of Etango and the maturity of our sustainability framework and management approach. Future reports will continue to support transparent reporting as the Project progresses through construction, operations and long-term stewardship. 19 Sustainability Governance and Accountability Framework The Board of Directors leads sustainability governance at Ban