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 6 May 2026 Macquarie Australia Conference 2026 Presentation Bannerman Energy Ltd (ASX:BMN, OTCQX:BNNLF, NSX:BMN) (Bannerman or the Company) is pleased to release a copy of the presentation to be provided by Executive Chairman, Mr Brandon Munro to delegates at the Macquarie Australia Conference being held from 5 to 7 May 2026 in Sydney, Australia. This ASX release was authorised by: Brandon Munro, Executive Chairman 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. Etango: The World’s Next Uranium Mine MACQUARIE AUSTRALIA CONFERENCE, MAY 2026 ASX:BMN, OTCQX:BNNLF AND NSX:BMN Delivering Bannerman as a production business for the long-term: Construction funded, strongly price leveraged, strategically partnered 2 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. Bannerman Energy Ltd (Bannerman, the Company) confirms that there are no Inferred Resources included in the Etango-8 DFS or Etango-XP / XT Scoping Study production schedules. The Mineral Resources underpinning the Ore Reserve and production target in the Etango-8 DFS (and the production target in the Etango-XP / XT Scoping Study) have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement is found overleaf. For full details of the Mineral Resource estimate, please refer to 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 Mineral Resource estimate included in that release. All material assumptions and technical parameters underpinning the Mineral Resource estimate in that ASX release continue to apply and have not materially changed. This release contains a series of forward-looking statements. Generally, the words "expect," “potential”, "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature forward- looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, to differ materially from those expressed or implied in any of our forward-looking statements, which are not guarantees of future performance. Statements in this release regarding Bannerman’s business or proposed business, which are not historical facts, are forward-looking statements that involve risks and uncertainties, such as Mineral Resource estimates, Ore Reserve estimates, market prices of metals, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, and statements that describe Bannerman’s future plans, objectives or goals, including words to the effect that Bannerman or management expects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by Bannerman, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Bannerman has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast information included in this ASX release. This includes a reasonable basis to expect that it will be able to fund the development of Etango upon successful delivery of key development milestones as and when required. The detailed reasons for these conclusions are outlined in the ASX release dated 6 December 2022, “Etango-8 Definitive Feasibility Study”, in the section titled, “Funding pathway”. While Bannerman considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the DFS will be achieved. To achieve the range of outcomes indicated in the DFS, pre-production funding in excess of US$353M will likely be required. There is no certainty that Bannerman will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Bannerman’s shares. It is also possible that Bannerman could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Etango Project. These could materially reduce Bannerman’s proportionate ownership of the Etango Project. For full details of the Etango-8 DFS and Etango-XP / XT Scoping Study, please refer to ASX releases dated 6 December 2022, “Etango-8 Definitive-Feasibility Study” and 18 March 2024, “Etango-XP and Etango-XT Scoping 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 releases of 6 December 2022 and 18 March 2024. All material assumptions and technical parameters underpinning the estimates in those ASX releases continue to apply and have not materially changed. CAUTIONARY STATEMENT Important notices 3 Forward Looking Statements This presentation includes various forward looking statements which are identified by the use of forward looking words such as “may”, “could”, “will”, “expect”, “believes”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Statements other than statements of historical fact may be forward looking statements. Bannerman believes that it has reasonable grounds for making all statements relating to future matters attributed to it in this presentation. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Investors should note that any reference to past performance is not intended to be, nor should it be, relied upon as a guide to any future performance. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Actual results, values, performance or achievements may differ materially from results, values, performance or achievements expressed or implied in any forward looking statement. None of Bannerman, its officers or any of its advisors make any representation or warranty (express or implied) as to the accuracy or likelihood of fulfilment of any forward looking statement, or any results, values, performance or achievements expressed or implied in any forward looking statement except to the extent required by law. Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. Competent Person Statement The information in this release relating to the Mineral Resources and Ore Reserves was reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and the ASX Listing Rules in a release to the ASX dated 6 December 2022 titled “Etango-8 Definitive Feasibility Study”. The Competent Person responsible for the reporting of the Mineral Resources in the release of 6 December 2022 is Mr Ian Glacken, a Fellow of the Australasian Institute of Mining and Metallurgy. The Competent Person responsible for the reporting of the Ore Reserves in the release of 6 December 2022 is by Mr Werner K Moeller, a Member of The Australasian Institute of Mining and Metallurgy, a Member of the South African Institute of Mining and Metallurgy and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum. Other than the additional information presented in its ASX release dated 11 June 2024 titled “Etango Feed Complete, Costs Updated, Detailed Design”, Bannerman confirms that it is not aware of any new information or data that materially affects the information included in the release of 6 December 2022, that all material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed, and that the form and context in which the Competent Persons’ findings are presented have not been materially modified. FORWARD LOOKING AND COMPETENT PERSON STATEMENTS Important notices 4 Building Etango: the world’s next uranium mine Funding and offtake solution: Transformational partnership with CNNC ABOUT BANNERMAN ENERGY Globally significant resource endowment with scale and scalability Low technical risk with strong technical and commercial viability Strong social licence to operate in Namibia, a proven uranium jurisdiction Proven team with deep uranium experience Early works construction advancing towards first production in 2028 5 ABOUT BANNERMAN ENERGY Corporate snapshot CAPITAL STRUCTURE ASX share price (4 May 2026) A$4.08 Shares on issue 207.7 M Market capitalisation A$847 M Options and performance rights 2.7 M Average daily volume (ASX 3-month) 1.4 M SHARE PRICE (ASX: BMN) SUBSTANTIAL SHAREHOLDERS (%) MM Asset Management (11.8%) Sprott Asset Management (11.1%) Paradice (8.2%) Global X (5.7%) Other institutional (7.3%) Board & Management (2.5%) Retail (53.4%) EQUITY ANALYST COVERAGE BALANCE SHEET Cash (at 31 Mar 26) A$70 M SPUT holding (TSX:U.UN, as at 31 Mar 26) A$13 M Nam. Critical Metals holding (TSXV:NMI, at 31 Mar) A$30 M Debt Zero $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 HNW / Retail (53.4%) Transformational financing delivers premier uranium exposure FUNDING & OFFTAKE SOLUTUON Construction funded with optimal finance solution Majority ownership and debt-free execution pathway Arm’s length, market-priced cornerstone offtake Strategic partnership with global leader 6 With the stockpile tunnel foundation completed, focus now shifts to the tunnel and wing walls. OVERVIEW OF CNNC GROUP A Tier-1 global nuclear partner 7 7 Husab Rössing (68.6%) Etango Existing CNNC Group Uranium Mine Interests in Namibia Langer Heinrich (25%) A leading global integrated nuclear business group 27 commercial nuclear reactors in operation One of the world’s largest consumers of uranium Successful operation of nearby Rössing Mine since 2019 Clear potential to deliver substantial technical and economic efficiencies 7 18 reactors under construction/approved TRANSACTION OVERVIEW Strategic partnership delivering debt-free Etango funding Binding transformational JV investment – Subscription: US$294.5M cash into JVCo – Reimbursement: up to US$27M cash to BMN 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% Binding cornerstone offtake – 60% of life-of-mine production – Pricing based on future term and spot price indices; no floors or ceilings – Highly attractive payment and delivery terms 8 Delivers requisite construction funding for Etango 9 OPTIMISED FUNDING APPROACH US$353M Etango CBE pre- production capital cost estimate1 US$294.5M CNOL investment into JVCo at completion3 1. Refer Bannerman ASX release dated 11 June 2024, “Etango-8 FEED Complete and Costs Updated; Detailed Design Commenced” 2. Forecast JVCo other spend and working capital requirement remains subject to ongoing refinement and review 3. SHA direct subscription proceeds for 45% interest in JVCo, payable at completion 4. SHA maximum 45% share reimbursement for project spend from 1 July 2025 to transaction completion, payable by CNOL to BMN at completion (US$27M) 5. Indicative gross capital and other works spend from 1 July 2025 to transaction completion (based on maximum 45% share reimbursement payable by CNOL to BMN at completion) Etango pre-production capital spent to 30 June 2025 US$10M Etango / JVCo other spend and working capital requirement2 CNOL 45% share of further requisite JVCo contributions BMN 55% share of further requisite JVCo contributions Etango funding position (unaudited, pro forma at completion) Indicative Etango project works spend by BMN from 1 July 2025 to completion (based on grossed up maximum CNOL reimbursement)5 Maximum CNOL reimbursement to BMN for spend from 1 July 2025 to completion (US$27M)4 US$60M China dominates world reactor growth 10 WHY CHINA China Rest of World CNNC Rest of China Source: Reactors under construction as per World Nuclear Association, Current & Future Generation RU IN ETANGO URANIUM MINE Two stage development – Strong uranium price leverage with low execution risk 11 11 11 Vast body of previous technical work across resource drilling, geotechnical, metallurgical and environmental studies Conventional open pit mining and heap leach processing Proven management and technical team with deep in-country and uranium operating experience Namibia a premier uranium jurisdiction with expansion fully permitted ETANGO-XP 6.7 Mlbs U3O8 output pa Total Resource: 210.2Mt ETANGO-8 3.5 Mlbs U3O8 output pa Total Resource: 113.5Mt INVESTMENT HIGHLIGHTS Etango-8 – Stage One: Early works underway, operating by 2028 12 12 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. 12 US$35.8/lb Cash opex excl royalties1 US$353M Pre-production capex1 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 that the estimates presented on this slide incorporate the updated cost estimates from the Control Budget Estimate contained in the ASX release dated 11 June 2024. All estimates presented on this slide are expressed on a 100% project basis and pre targeted CNOL transaction completion. 390 2,537 3,301 614 837 1,774 2,698 4,079 5,461 544 905 1,263 INVESTMENT HIGHLIGHTS Outstanding base and expansion price leverage Both Etango-8 and Etango-XP deliver outstanding forecast returns (100% basis) 13 1,500 3,000 4,500 6,000 - Net cashflow (pre-tax, 15-year LOM) US$95/lb US$80/lb US$110/lb US$M 400 800 1,200 1,600 - Post-tax NPV (8%) US$95/lb US$80/lb US$110/lb US$M Etango-8 Etango-8 Etango-8 Etango-8 Etango-8 Etango-8 Etango-XP Etango-XP Etango-XP Etango-XP Etango-XP Etango-XP For full details of the Etango-8 DFS, please refer to ASX release dated 6 December 2022, “Etango-8 Definitive-Feasibility Study”; For full details of the Etango-XP and Etango-XT Scoping Study, please refer to ASX release dated 18 March 2024, “Etango-XP and Etango-XT Scoping 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 and 18 March 2024 releases. All material assumptions and technical parameters underpinning the estimates in the 6 December 2022 and 18 March 2024 releases continue to apply and have not materially changed. Note that the estimates presented on this slide incorporate the updated cost estimates from the Control Budget Estimate contained in the ASX release dated 11 June 2024. All estimates presented on this slide are expressed on a 100% project basis and pre targeted CNOL transaction completion. Husab Langer Heinrich Rossing Etango ABOUT BANNERMAN ENERGY Licence to operate in Namibia, a stable, highly established uranium jurisdiction 14 14 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 15 INVESTMENT HIGHLIGHTS Proven management team with deep in-country and uranium operating experience Melvin Yeo | Chief Legal Counsel • 25+ years’ experience in various legal roles • Previous senior roles at Wesfarmers Limited & Corrs Chambers Westgarth • Extensive transactional and operating experience around the world, including Namibia Werner Ewald | Director - Namibia • 30+ years' experience in the uranium, diamond and coal mining industries • Previously was the Mine Manager at the Rössing uranium mine (Namibia) • Namibian born & based in Swakopmund • 30+ years’ experience as a chartered accountant • Previous experience at BHP Iron Ore as global Financial Controller & Special Projects • Deep M&A and project finance experience Steve Herlihy | Chief Financial Officer & Joint Company Secretary Olga Skorlyakova | Vice President, Market Strategy • 25+ years’ experience in international business development, sales & market strategy • Held executive roles within the nuclear fuel sector with AREVA (now Orano) & TENEX • Recently led the WNA Fuel Report Working Group • 30+ years in project development/construction & contracting • Former Regional Director, Mining for AMEC (now Wood plc) and COO of Kore Potash • Project Director for construction of Husab uranium mine Gavin Chamberlain | Chief Executive Officer Matt Horgan | Vice President, Corporate Development • 14 years’ experience working across technical, marketing, commercial, Investor relations, project development & corporate development/M&A. • Recent and direct experience in African domiciled mineral assets • Held executive & senior roles at Peak Rare Earths, Azure Capital & Alcoa Jeff Pipe | Owner’s Team Project Manager • 40+ years of project & construction management experience in Africa • Worked in coal, gold, platinum & diamond mining (both surface & underground works) • Managing director of Archway Projects for 20 years Cindy Fraser | Owner’s Team Commercial Manager • 30 years’ experience in commercial, contract & supply chain areas of major mining projects, including in Southern Africa • Vast knowledge of developing & implementing project systems & procedures, along with contract management, procurement & logistics experience Andre Alberts | Owner’s Team Technical Manager • 13+ years’ experience in the mining industry, with an operational background in hydrometallurgy • Leading the team of engineers for owner engineering services • Previously worked at Skorpion zinc refinery & Tschudi copper mine/heap leach Danie van Aswegan | Interim Chief Executive Officer - Namibia • 25 years in the mining industry spanning mining, engineering & project management • High performer known for his passion for leadership & fostering a positive organisational culture • Most recently was Head of Projects and Technology Development and a member of Exco at Debmarine Namibia – a global leader in marine diamond extraction 2026 H1: Early works program to continue 2026 H1: Progressive satisfaction of key CPs Mid-2026: Transaction completion (targeted) 2026 H2: Etango Final Investment Decision 2026 H2: Full-scale Etango construction 2028: First Etango uranium production (targeted) Etango FID targeted shortly after transaction completion 16 TIMELINE AND NEXT STEPS The primary crusher building foundations are complete with the first level walls complete. ETANGO URANIUM MINE Outstanding investment asymmetry ahead of buoyant uranium price signals 17 17 17 Scale: Etango ore body +200Mlbs Scalable: Phased development with initial production readily scalable Leverage: +90% production exposed to ceiling free, market prices Near-term production: early works construction underway ahead of first production in 2028 Construction funded: JV funding with strong industry partner Offtake enabled: Favourable payment terms and flexibility from leading global uranium consumer Financially robust: No debt burden on mine and strong balance sheet De-risked simplicity: Low technical and execution risk, ample capability, partner synergies 18 CONTACT DETAILS Phone: +61 8 9381 1436 Email: info@bmnenergy.com @BannermanEnergy @Brandon_Munro Brandon Munro Executive Chairman Emma Culver Investor Relations Manager APPENDIX One of the world’s largest, most advanced uranium development assets Globally large-scale resource endowment 225 Mlbs U3O8 Etango-only Resources1,3 59.9 Mlbs Etango Ore Reserve3 Satellite deposits within trucking distance Scale plus scalability Mineral Resource Estimate (55ppm U3O8 cut-off)1,3 Resource category Tonnes (Mt) Grade (ppm U3O8) Contained U3O8 (Mlb) Measured 32.4 201 14.3 Indicated 345.7 195 148.5 Inferred 140.6 200 62.0 Total 518.6 197 224.9 Mineral Resource Estimate (100ppm U3O8 cut-off)2,3 Resource category Tonnes (Mt) Grade (ppm U3O8) Contained U3O8 (Mlb) Measured 26.6 226 13.3 Indicated 276.9 223 136.4 Inferred 112.5 230 57.1 Total 416.1 225 206.8 1. November 2021 Mineral Resource Estimate JORC (2012) reported within a US$75 pit shell, 55ppm U 3O8 cut-off 2. November 2021 Mineral Resource Estimate JORC (2012) reported within a US$75 pit shell, 100ppm U 3O8 cut-off 3. For full details of the Mineral Resources and Ore Reserve estimate and disclosures, please refer to ASX release dated 6 December 2022, “Etango-8 Definitive-Feasibility Study”. The Mineral Resources underpinning the Ore Reserve have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement(s) are found in the section of this ASX release titled“Competent Person’s Statement(s)”. 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 19 20 APPENDIX Etango-8 DFS and Etango-XP / XT Scoping Study ^ 5.9 Mlbs pa is LOM average Etango-XP output and 6.7 Mlbs pa is average Etango-XP output post expansion completion (after Year 5) For full details of the Etango-8 DFS and Etango-XP / XT Scoping Study, please refer to ASX releases dated 6 December 2022, “Etango-8 Definitive-Feasibility Study” and 18 March 2024, “Etango- XP and Etango-XT Scoping 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 releases of 6 December 2022 and 18 March 2024. All material assumptions and technical parameters underpinning the estimates in those ASX releases continue to apply and have not materially changed. 20 Key Metrics Unit Etango-8 Etango-XP (second phase to 16 mtpa) Etango-XT (extended life at 8Mtpa) Physicals Total ore mined and processed Mt 113.5 210.2 210.2 Average strip ratio x 2.2 3.2 3.2 Average head grade ppm U3O8 240 234 234 Average annual output Mlbs U3O8 pa 3.5 5.9 / 6.7 ^ 3.5 Peak annual output Mlbs U3O8 pa 4.1 7.8 4.8 Total LOM Output Mlbs U3O8 52.6 95.2 95.2 Valuation, Returns and Key Ratios LOM average uranium price US$/lb U3O8 65 80 95 65 80 95 65 80 95 US$/N$ N$ 19.28 19.28 19.28 19.28 19.28 19.28 19.28 19.28 19.28 NPV8 (post-tax, real basis, ungeared) US$M 162 390 614 175 544 905 197 484 767 NPV8 (pre-tax, real basis, ungeared) US$M 302 658 1014 339 911 1483 347 799 1251 IRR (post-tax, real basis, ungeared) % 14.1% 21.1% 26.7% 13.5% 22.7% 29.5% 15.7% 23.7% 30.0% IRR (pre-tax, real basis, ungeared) % 17.5% 25.8% 32.6% 16.8% 27.4% 35.6% 19.1% 28.8% 36.7% Payback (post-tax, from first prod.) Years 4 3 3 7 5 4 4 3 3 Pre-tax NPV / Pre-production capex x 0.9 1.9 2.9 1.0 2.6 4.2 1.0 2.3 3.5 Cashflow Summary Sales revenue (gross) US$M 3,421 4,210 4,999 6,187 7,615 9,043 6,187 7,615 9,043 Total operating costs US$M 1,993 2,019 2,045 4,047 4,093 4,140 4,271 4