Announcement PDF September 2026 ASX:BMN, OTCQX:BNNLF AND NSX:BMN Equity raising presentation Not for release to US wire services or distribution in the United States 2 The following notices and disclaimers apply to this document. You are advised to read them carefully before making any use of this document or the information contained in it. The distribution of this document in jurisdictions outside Australia may be restricted by law. You should observe any such restrictions, as failure to comply may constitute a violation of applicable securities laws. Please refer to the “International Offer Restrictions” section of this document for more information. NOT AN OFFER OF SECURITIES This document has been prepared by Bannerman Energy Limited ABN 34 113 017 128 (Bannerman or Company) in relation to its proposed placement of new fully paid ordinary shares in Bannerman (New Shares) to certain sophisticated and professional investors in accordance with section 708A of the Corporations Act 2001 (Cth) (Corporations Act) to raise up to approximately $124 million (before costs) (Placement) and its offer of New Shares to retail investors under a share purchase plan (SPP). Together, the Placement and SPP are referred to as the Offer. Macquarie Capital (Australia) Limited ABN 79 123 199 548 (Macquarie) and Canaccord Genuity (Australia) Ltd (ABN 19 075 071 466) (CG) are the joint lead managers and bookrunners to the Placement. This document is in summary form only. The information is general in nature and does not contain all the information a prospective investor may require in evaluating a possible investment in Bannerman, or that would be required in a prospectus or product disclosure statement prepared in accordance with the Corporations Act or the securities laws of any other jurisdiction. It should be read in conjunction with Bannerman’s other disclosures and releases lodged with the Australian Securities Exchange (ASX) and available at www.asx.com.au. This document does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Bannerman. It is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, and will not be lodged with the Australian Securities and Investments Commission. It may not be relied upon by any person in connection with an offer or sale of Bannerman securities. This document may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Please refer to the “International Offer Restrictions" section of this document for more information. DFS AND SCOPING STUDY Of the Mineral Resources scheduled for extraction and recovery in the Etango-8 Definitive Feasibility Study (DFS) and Etango-XP / XT Scoping Study (Scoping Study), 100% are classified as Measured or Indicated. No Inferred Resources are included in the Etango-8 DFS or Etango-XP / XT Scoping Study production schedules. The Mineral Resources underpinning the Ore Reserve in the Etango-8 DFS have been extracted from the 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 and all material assumptions and technical parameters underpinning the Mineral Resource estimates in that ASX release continue to apply and have not materially changed. Bannerman confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from that ASX release. The information in this document that relates to the production target in the Etango-8 DFS (and the production target in the Etango-XP / XT Scoping Study) and to forecast financial information (including forecast financial information derived from such production targets) have been extracted from the ASX release dated 6 December 2022, “Etango-8 Definitive Feasibility Study”, the ASX release dated 18 March 2024, “Etango Expansion Scoping Study Announcement” and the ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced”. Bannerman confirms that all material assumptions underpinning the production targets set out in the original ASX releases continue to apply and have not materially changed. Bannerman confirms that all material assumptions underpinning the forecast financial information (and forecast financial information derived from the production targets) set out in the original ASX releases (as updated by the 11 June 2024 release) continue to apply and have not materially changed. The Company believes it has a reasonable basis for making the forward looking statements in this document (including with respect to forecast financial information). NOT FINANCIAL PRODUCT ADVICE This document does not constitute financial product advice and does not take into account the investment objectives, financial situation, taxation position or needs of any individual. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek independent legal, taxation and financial advice appropriate to their jurisdiction and circumstances. NO FINANCIAL DATA All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. This document includes certain historical financial information extracted from Bannerman’s audited consolidated financial statements and information released to ASX (collectively, the Historical Financial Information). The Historical Financial Information is presented in abbreviated form and does not include all the disclosures, statements or comparative information required by the Australian Accounting Standards and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act. FORWARD LOOKING STATEMENTS AND DISCLAIMER Important notices and disclaimer 3 FORWARD-LOOKING STATEMENTS This document contains forward-looking statements regarding project development and operations, production rates, project life, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition, as well as general market outlook. These statements are based on Bannerman’s current expectations and beliefs concerning future events at the date of this document and are expressed in good faith. While Bannerman believes the expectations reflected in such statements are reasonable, they are only predictions and are subject to risks, uncertainties and other factors, a number of which are set out in Appendix C to this document, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Past performance information in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Forward-looking statements should not be relied on as a guarantee of future performance. Other than as required by law, including the ASX Listing Rules, Bannerman does not undertake or assume any obligation to update or revise any forward-looking statement contained in this document. Except for statutory liability which cannot be excluded, Bannerman, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of these forward-looking statements and exclude all liability (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in statements, or any error or omission from, such forward-looking statements. RISKS An investment in Bannerman is subject to investment and other known and unknown risks, some of which are beyond the control of Bannerman. For further information please refer to Appendix C. DISCLAIMER The information in this document has been prepared in good faith by Bannerman. However, no guarantee, representation or warranty, express or implied, is or will be made by Bannerman, Macquarie, CG or any of their respective advisers, affiliates, related bodies corporate, directors, officers, employees, associates, partners and agents as to the currency, accuracy, reliability, completeness or adequacy of any statements, estimates, opinions, conclusions or other information contained in this document. Neither Macquarie, CG or any of their or Bannerman’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this document and, except to the extent referred to in this document, none of them makes or purports to make any statement in this document and there is no statement in this document which is based on any statement by any of them. Each of Macquarie, CG and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or your related parties should participate in the Offer nor does it make any representations or warranties to you concerning the Offer. To the maximum extent permitted by law, Bannerman, Macquarie, CG and each of their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents expressly exclude and disclaim any and all liability (including any liability arising from fault or negligence) for any expenses, losses, damages or costs incurred as a result of the use of or reliance on information contained in, arising out of, derived from, or omitted from, this document, whether express or implied; as a result of the information in this document being inaccurate or incomplete in any way for any reason; or as a result of participation in the Offer. Statements in this document are made only as at the date of this document unless otherwise stated, and the information remains subject to change without notice. Bannerman assumes no responsibility or liability for updating any information in this document or informing any recipient of any new or more accurate information or of any errors or omissions of which it or its affiliates or advisers may become aware. Bannerman reserves the right to withdraw or vary the Offer, or vary the timetable for the Offer, at any time before the issue of the relevant securities without notice. ACCEPTANCE By attending an investor presentation or briefing, or accepting, accessing or viewing this document you acknowledge and agree to the “Important Notices" as set out above. UNDERWRITING The placement is fully underwritten by the Joint Lead Managers. A summary of the key terms of the underwriting agreement between Bannerman and the Joint Lead Managers is provided in Appendix F of this presentation. Important notices and disclaimer FORWARD LOOKING STATEMENTS AND DISCLAIMER 4 PRESENTATION OVERVIEW Table of contents Section 1 Executive summary Section 2 Equity raising overview Appendix A Etango Project overview Appendix B CNOL transaction Appendix C Key risks Appendix D Offer jurisdictions Appendix E Other Appendix F Placement Agreement 5 Executive Summary 1 EXECUTIVE SUMMARY Bannerman announces fully funded solution for Etango • Etango early works construction activities tracking in line with budget and schedule: o concrete construction activities continue across key dry plant infrastructure areas; o production of on-spec heap leach drainage aggregate continues; o bulk earthworks ~92% complete; o detailed design works for dry plant ~94% complete; and o Phase 1 permanent water supply pipeline installation ~87% complete • Fully permitted with all environmental approvals and Mining Licence in place to build, operate and expand the Etango Project • Execution plan in place and the management team is well prepared for Final Investment Decision (FID) targeted for Q4 20261 • Full-scale construction targeted for Q4 2026 with first uranium production targeted in 2028 Etango project update Strategic CNOL transaction Equity raising overview • Bannerman has agreed binding investment subscription and joint venture documentation with CNOL (a subsidiary of CNNC) to form an incorporated joint venture (JVCo) of 45% CNOL / 55% Bannerman in exchange for: o an initial investment by CNOL of US$294.5 million; plus o past spend reimbursement of up to US$27 million directly to Bannerman2 • Transaction, combined with equity raising, enables the delivery of a fully funded solution for Etango by partnering with a Tier-1 nuclear counterpart CNNC • Delivers attractive offtake structure with 60% of actual production based on arm’s length terms with pricing based on future term and spot price indices (no floor or ceiling) and highly attractive payment and delivery terms1,2 • All conditions precedent to transaction completion have now been satisfied or waived, with completion of the investment expected in September 2026 • ~A$124m underwritten institutional placement (Placement), plus up to ~A$10m Share Purchase Plan (SPP), providing a clear path to becoming the next large-scale, greenfield uranium producer • Shares issued under the Placement and SPP will be issued at A$4.00/sh, representing a 5.4% discount to last close at 8 September 2026 • The Placement, alongside Bannerman’s existing cash, near-term receipt of CNOL subscription and reimbursement payments, and CNOL’s pro- rata contributions, is expected to fully fund Etango through construction and ramp-up • Proceeds from the equity raising will be used for: o Bannerman’s 55% share of residual Etango working capital funding requirement; o Working capital headroom, contingencies and growth initiatives; and o General corporate expenses and offer costs 1. Refer to Appendix C for key risks. 2. Refer to ASX announcement “Etango Strategic Financing with Global Nuclear Utility CNNC” dated 12 February 2026. 6 353 468 57 115 10 60 295 47 Etango pre- production capex Etango working capital Total Etango funding requirement Etango pre- production spend (to 30 Jun 2025) Etango pre-production spend (1 Jul 2025 to transaction completion) CNOL JVCo subscription CNOL 45% share of residual Etango working capital funding requirement Bannerman 55% share of residual Etango working capital funding requirement EXECUTIVE SUMMARY Etango project is fully funded at completion1 Etango funding position (US$m, unaudited, pro forma at completion1) 1. Subject to completion of the CNOL transaction and completion of the equity raising. 2. Refer Bannerman ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced” 3. Refer to Appendix C for key risks. 4. Bannerman’s estimate at completion, up to the maximum of US$60m (equivalent of a US$27m reimbursement to Bannerman). 5. SSA direct subscription proceeds for 45% interest in JVCo, payable at completion 2,3 5 7 Quantum funded via equity raising, existing cash & reimbursements 4 8 EXECUTIVE SUMMARY Sources and uses Bannerman’s share of residual Etango working capital funding requirement • Bannerman’s 55% share of the residual working capital funding requirement at completion, after accounting for CNOL’s JVCo subscription and up to US$70m Etango pre-production costs spent to completion • Refer to the funding waterfall on the previous page for more information Working capital headroom, contingencies and growth initiatives • Further working capital to provide additional headroom to support Etango construction activities, and prudent future contingencies • Balance sheet flexibility to support further expansion and growth initiatives General corporate expenses and offer costs • For general corporate costs and costs of the offer CNOL pro-rata contributions • Under the terms of the JVCo Shareholders Agreement CNOL will contribute its 45% share of further requisite JVCo funding (which is not included in the analysis on the right) 1. Sources and uses shown as at 31 August 2026 balance date. Cash balance reflects Bannerman’s unaudited cash at 31 August 2026, pre-completion of CNOL transaction and associated receipt of reimbursement funds by Bannerman. 2. AUDUSD of 0.72. 3. Totals may not add due to rounding. 4. Sources exclude any potential proceeds from the A$10m SPP. Sources1,2,3,4 US$m A$m Cash balance (unaudited as at 31 August 2026) 30 42 CNOL reimbursement payment 27 38 Gross proceeds from Offer 89 124 Total Bannerman sources4 147 204 Uses1,2,3 US$m A$m Bannerman 55% share of residual Etango working capital funding requirement at completion 57 79 Working capital headroom, contingencies and growth initiatives 57 79 General corporate expenses and offer costs 32 45 Total Bannerman uses 147 204 EXECUTIVE SUMMARY Strategic partnership to deliver Etango as the next greenfield uranium project globally to enter production • Transformational JV investment with CNNC subsidiary, CNOL, to fund Etango construction – Structure: CNOL to subscribe for a 45% interest in Bannerman UK subsidiary, Bannerman Energy (UK) Ltd (JVCo), which in turn owns 95% of the Etango Project – Subscription: US$294.5M cash into JVCo – Reimbursement: In addition, Bannerman to receive direct cash reimbursement for 45% of agreed early works project spend between 1 July 2025 and completion up to a cap of US$27M (45% share) • Cornerstone life-of-mine offtake for 60% of Etango output with Tier-1 nuclear industry counterparty, CNOL – Arm’s length terms with pricing based on future term and spot price indices; no floors or ceilings – Highly attractive payment and delivery terms1,2 • All conditions precedent satisfied or waived, with completion of investment expected in September 2026 Bannerman Energy Ltd (ASX:BMN) Bannerman Energy (Netherlands) BV Bannerman Energy (UK) Ltd (JVCo) Bannerman Mining Resources (Namibia) (Pty) Ltd Etango Project CNNC Overseas Limited (CNOL) China National Nuclear Corporation (CNNC) China National Uranium Corporation (CNUC) One Economy Foundation (OEF) 100% 55% 45% 95% 5% loan carried 100% 69.9% 60% offtake contract 9 1. Refer to Appendix C for key risks. 2. Refer Bannerman ASX release dated 12 February 2026, “Etango Strategic Financing with Global Nuclear Utility CNNC” Roadmap to production EXECUTIVE SUMMARY 10 Potential FID Etango-XP expansion Commission & ramp up Expansion Production Construction CNOL transaction Offtake Ongoing offtake contract portfolio optimisation 3.5 Mlbs p.a. 6.7 Mlbs p.a. Development Production Expansion Contracting ✓ Site access road ✓ Temp water and power Initial offtake executed Preliminary offtake discussions ML granted FEED and CBE complete Etango Target FID window ✓ HPGR 2024 2025 2026 2027 2028 2029 2030 ✓ Binding documentation ✓ CPs satisfied or waived Full scale construction activities ❑ Bulk earthworks Transaction completion and receipt of funds EXECUTIVE SUMMARY Early site works update ✓ Heap leach pad earthworks complete and ready to receive drainage aggregate material ✓ Primary crusher concrete works continue to advance; building foundations are complete ✓ Bulk earthworks progressing well (~92% complete), major focus remains the freshwater pond and wet plant terraces ✓ High-Pressure Grinding Rolls tertiary crusher has been successfully delivered to site following factory acceptance ✓ Phase 1 permanent water supply pipeline installation ~87% complete ✓ Phase 2A of the concrete contract for construction of the fine ore silo is being delivered by K. Neumayer Civil Contractors; base has been completed Clear pathway to becoming the next large-scale, greenfield uranium producer at Etango Etango fully funded through to production without requiring debt financing delivering significant operational flexibility1 Execution plan in place and management team well prepared alongside Tier-1 global nuclear partner CNNC2 Retained exposure to uranium market pricing dynamics through attractive and flexible CNOL offtake arrangement2 Project located in Namibia, a leading global uranium mining jurisdiction with a long history of established uranium production Pathway to expanded production of up to 6.7Mlbpa from existing 225Mlb U3O8 Resource3 EXECUTIVE SUMMARY Investment highlights 1. Subject to completion of the CNOL transaction and completion of the equity raising. 2. Refer Bannerman ASX release dated 12 February 2026, “Etango Strategic Financing with Global Nuclear Utility CNNC” 3. Refer to appendix for the Mineral Resource statement. 12 13 Equity raising overview 2 14 EQUITY RAISING OVERVIEW Equity raising overview Offer structure and size • Underwritten Institutional Placement to raise approximately A$124 million (Placement or Offer) ‒ Approximately 31 million New Shares to be issued under the Placement, representing ~14.9% of issued share capital, utilising Bannerman’s existing placement capacity under Listing Rule 7.1 • New Shares will rank equally with existing fully paid ordinary shares in Bannerman • In addition to the Placement, Bannerman will conduct a non-underwritten share purchase plan (SPP) of up to A$30,000 per shareholder to raise up to A$10 million Offer price • All Shares issued under the Placement and SPP will be issued at a fixed price of A$4.00 (Offer Price) per New Share, which represents a: ‒ 5.4% discount to the last closing price of A$4.23 per share on 8 September 20261 Share Purchase Plan • Eligible Bannerman shareholders as at the record date of Tuesday, 8 September 2026 with a registered address in Australia or New Zealand2 (Eligible Shareholders) will have the opportunity to apply for Bannerman shares at the Offer Price pursuant to a non-underwritten SPP3 • Up to A$30,000 per Eligible Shareholder, targeting to raise up to A$10 million (before costs) (with the ability to accept oversubscriptions, subject to the ASX Listing Rules) • Bannerman may decide to accept applications (in whole or in part) that result in the SPP raising less than A$10 million in its absolute discretion. Bannerman reserves the right (in its absolute discretion) to close the SPP early and scale back applications under the SPP if demand exceeds A$10 million Use of proceeds • Proceeds from the equity raising will be used for: ‒ Bannerman’s 55% share of the residual working capital funding requirement at completion, after accounting for CNOL’s JVCo subscription and up to US$70m Etango pre-production costs spent to completion; ‒ Further working capital to provide additional headroom to support Etango construction activities, prudent future contingencies and growth initiatives; and ‒ General corporate expenses and offer costs Syndicate • Macquarie Capital (Australia) Limited and Canaccord Genuity (Australia) Limited are acting as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the Placement • Jett Capital Advisors, LLC is acting as a Co-Lead Manager to the Placement 1. Based on the last day of trading of Bannerman shares prior to the Offer. 2. Also being eligible shareholders for the purposes of ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547. 3. Further details of the SPP will be contained in the SPP offer booklet, which will be sent to eligible Bannerman shareholders on 18 September 2026. 15 EQUITY RAISING OVERVIEW Timetable and pro-forma position Event Date (2026)1 Record Date for eligibility to participate in SPP Tuesday, 8 September 2026 Trading halt Wednesday, 9 September 2026 Announcement of Placement and SPP with ASX Wednesday, 9 September 2026 Trading halt lifted and announcement of completion of Placement Thursday, 10 September 2026 Settlement of New Shares issued under the Placement Tuesday, 15 September 2026 Allotment of New Shares issued under the Placement Wednesday, 16 September 2026 Dispatch of SPP Offer Documents Friday, 18 September 2026 SPP opening date Friday, 18 September 2026 SPP closing date Friday, 2 October 2026 Announcement of SPP results Friday, 9 October 2026 Issue of New Shares under SPP Friday, 9 October 2026 Shares (m) % Shares on issue 207.8 87.0 New shares 31.0 13.0 Pro-forma shares 238.8 100.0 Current Pro-forma Shares on issue 207.8 238.8 Share price5 A$4.23 A$4.23 Market capitalisation A$879M A$1,010M Current Pro-forma Cash A$42M A$166M Debt - - Net cash / (debt) A$42M A$166M Pro-forma capital structure2,3 Pro-forma market capitalisation2,3 Pro-forma net cash position3,4 1. Dates and times are indicative only and subject to change without notice. Bannerman reserves the right to alter the dates in this presentation at its discretion and without notice, subject to ASX Listing Rules and Corporations Act 2001 (Cth). All dates and times refer to Sydney, Australia time. 2. Undiluted market capitalisation. 3. Pro-forma capital structure, pro-forma market capitalisation and pro-forma net debt exclude any potential shares issued and proceeds from the A$10m SPP. 4. Cash balance reflects Bannerman’s unaudited cash at 31 August 2026, pre-completion of CNOL transaction and associated receipt of reimbursement funds by Bannerman. 5. Share price based upon Bannerman last closing price on the ASX on 8 September 2026. 16 Etango Project Overview A Husab Langer Heinrich Rössing Etango ETANGO PROJECT OVERVIEW Licence to operate in Namibia, a stable, highly established uranium jurisdiction 17 17 Tumas (Deep Yellow) Recognised tier-one supplier to global utilities 45-years of uranium production and export Three large-scale uranium mines; Top 3 global producer Excellent infrastructure - port, rail and power Clear mining code and strong rule of law Strong community and social support for uranium 18 18 ETANGO PROJECT OVERVIEW Fully permitted with all environmental approvals and Mining Licence in place to build, operate and expand Etango Mine CONSENT TYPE DATE ACHIEVED ECC 01608 (Etango Project) 5 July 2012 ECC 02193 (linear infrastructure) 26 July 2011 ECC 01529 (HL demonstration plant) 7 September 2014 ECC APP 3078 (permanent water pipeline) 10 August 2022 ECC APP 3058 (electrical transmission line) 23 August 2022 ECC 2300287 (temporary water pipeline) 16 April 2023 Environmental licence Etango Mining Licence awarded December 2023 ETANGO PROJECT OVERVIEW Strong technical and commercial viability demonstrated via Etango-8 DFS 19 19 For full details of the Etango-8 DFS, please refer to ASX release dated 6 December 2022, “Etango-8 Definitive-Feasibility Study”. In addition, please refer to ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced”. Other than the updated capital and operating costs expressed in the 11 June 2024 release, Bannerman confirms that it is not aware of any new information or data that materially affects the information included in the 6 December 2022 release. All material assumptions and technical parameters underpinning the estimates in the 6 December 2022 release continue to apply and have not materially changed. Note: 1 Refer to Appendix C for key risks.2 Reflective of the updated cost estimates from the Control Budget Estimate contained in the ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced”. • Conventional open pit mining and heap leach processing at 8 Mtpa throughput • Informed by vast body of previous technical work across resource drilling, geotechnical, metallurgical and environmental studies • Cost estimates completed to +/-10% accuracy1 15 years Initial mine life 8 Mtpa Throughput capacity 113.5 Mt Total ore throughput 87.8% Processing yield 240 ppm Average U3O8 head grade 3.5 Mlb Average U3O8 output p.a. 19 US$35.8/lb Cash opex excl royalties2 US$353M Pre-production capex1,2 21.1% 26.7% 31.4% 35.5% - 15% 30% 45% US$80/lb US$95/lb US$110/lb US$125/lb IRR % Post-tax IRR1 3.3 2.6 2.3 2.1 - 2 4 6 US$80/lb US$95/lb US$110/lb US$125/lb Years Payback (post-tax)1 390 614 837 1,060 - 400 800 1,200 1,600 US$80/lb US$95/lb US$110/lb US$125/lb US$M Post-tax NPV (8%)1 1,774 2,537 3,301 4,065 - 1,500 3,000 4,500 6,000 US$80/lb US$95/lb US$110/lb US$125/lb US$M Net cashflow (pre-tax) For full details of the Etango-8 DFS, please refer to ASX release dated 6 December 2022, “Etango-8 Definitive-Feasibility Study”. In addition, please refer to ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced”. Other than the updated capital and operating costs expressed in the 11 June 2024 release, Bannerman confirms that it is not aware of any new information or data that materially affects the information included in the 6 December 2022 release. All material assumptions and technical parameters underpinning the estimates in the 6 December 2022 release continue to apply and have not materially changed. Note: 1. Reflective of the updated cost estimates from the Control Budget Estimate contained in the ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced”. Based on 100% equity ownership. ETANGO PROJECT OVERVIEW Outstanding Etango-8 upside price leverage 43% 30% 57% 36% (22%) Incorporating completion of the Front-End Engineering and Design (FEED) and Control Budget Estimate (CBE) processes1 23% 27% (10%) (11%) 20 21 ETANGO PROJECT OVERVIEW Experienced Board of Directors with extensive uranium operating & development experience Mike Leech | Director – Namibia • 30+ years’ mining industry experience. Currently based in Namibia. • Deep Namibian uranium operating experience including former roles as MD and CFO at Rössing Uranium. • Founding Chair, Namibian Uranium Association, former President of Namibian Chamber of Mines Brandon Munro | Executive Ch