Announcement PDF Bannerman Energy Ltd W bannermanenergy.com Suite 7, 245 Churchill Avenue, Subiaco, Western Australia 600 T +61 8 9381 1436 PO Box 1973, Subiaco, Western Australia 6008 E info@bmnenergy.com BANNERMAN ENERGY LTD AND CONTROLLED ENTITIES FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 CONTENTS Corporate Directory ................................................................................................................................................ 1 Directors’ Report..................................................................................................................................................... 2 Auditor’s Independence Declaration ...................................................................................................................... 9 Consolidated Statement of Comprehensive Income ............................................................................................ 10 Consolidated Statement of Financial Position ...................................................................................................... 11 Consolidated Cash Flow Statement ...................................................................................................................... 12 Consolidated Statement of Changes in Equity...................................................................................................... 13 Notes to the Financial Statements........................................................................................................................ 14 Directors’ Declaration ........................................................................................................................................... 29 Auditor’s Review Report ....................................................................................................................................... 30 ABOUT BANNERMAN ENERGY LTD 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. 1 CORPORATE DIRECTORY EXECUTIVE CHAIRMAN Brandon Munro CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR Gavin Chamberlain CHIEF FINANCIAL OFFICER & JOINT COMPANY SECRETARY Stephen Herlihy JOINT COMPANY SECRETARY Karen Logan NON-EXECUTIVE DIRECTORS Alison Terry (Lead Independent Director & Deputy Chair) Felicity Gooding Clive Jones Bruce McFadzean Danny Goeman PRINCIPAL & REGISTERED OFFICE Suite 7, 245 Churchill Avenue SUBIACO WA 6008 Australia Telephone: +61 (8) 9381 1436 AUDITORS Ernst & Young 9 The Esplanade 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: 1300 850 505 Telephone from outside Australia: +61 (3) 9415 4000 Facsimile: +61 (8) 9323 2033 STOCK EXCHANGE LISTINGS Australian Securities Exchange (ASX Code: BMN) Namibian Stock Exchange (NSX Code: BMN) OTC Markets (OTCQX Code: BNNLF) 2 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 The directors submit the consolidated financial report of Bannerman Energy Ltd (“Bannerman” or the “Company”) and its controlled entities (the “Group”) for the half year ended 31 December 2025. Amounts are expressed in Australian dollars unless otherwise noted. DIRECTORS The names of the Company’s directors in office during the half year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. Brandon Munro Executive Chairman (resigned as Managing Director 3 March 2026) Alison Terry Lead Independent Director and Deputy Chair Gavin Chamberlain Chief Executive Officer and Managing Director (appointed Managing Director 3 March 2026) Felicity Gooding Non-executive Director Clive Jones Non-executive Director Bruce McFadzean Non-executive Director Danny Goeman Non-executive Director (appointed 3 March 2026) JOINT COMPANY SECRETARIES Stephen Herlihy Karen Logan REVIEW AND RESULTS OF OPERATIONS 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. The principal activities of the Group during the reporting period were execution of site early works for the project and continuation of detailed design of the project. Operating Result The Group’s net loss before tax of $853,000 for the half year ended 31 December 2025 (31 December 2024: net loss before tax of $2,703,243) was attributable primarily to corporate and administrative expenses and non-cash share-based compensation expenses and a share of losses in an equity-accounted investment of $248,449 (31 December 2024: $99,532 loss). Interest income for the half year ended 31 December 2025 was $2,420,032 (31 December 2024: $2,257,291). Cash Position Cash and cash equivalents were $89,276,289 as at 31 December 2025 compared with $46,203,755 as at 30 June 2025. DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 3 ETANGO URANIUM PROJECT (BANNERMAN 95%) Figure 1: The Etango Project (ML 250) is close to infrastructure and the towns of Swakopmund and Walvis Bay. Overview The Etango Project is one of the world’s largest undeveloped uranium deposits, located in the Erongo uranium mining region of Namibia, which hosts the Rössing, Husab and Langer-Heinrich mines. Etango is 73km by road from Walvis Bay, one of southern Africa’s busiest deep-water ports through which uranium has been exported for over 45 years. Road, rail, electricity and water networks are all located nearby. Regulatory Approvals Etango is fully permitted for construction and operations. Mining Licence ML 250 was granted in December 2023. Environmental Clearance Certificates covering the mine site, linear infrastructure and the Walvis Bay acid storage facility are current and provide permitting certainty for contractors, financiers and other counterparties. Safety Safety performance at Etango remained strong during the period. The Project has now operated for more than 16 years without a Lost Time Injury. During the half year, the on-site contractor workforce increased to more than 370 personnel as early works activities ramped up across multiple construction fronts, with safety systems and site controls maintained in line with established project standards. Early Works and Long Lead Construction Activities Early works progressed materially during the half year and continued to track in line with approved budgets, schedules, and the Company’s stage gated development framework. Execution of early works was supported by a progressive ramp up in contractor resources across civil, aggregate, and concrete packages, enabling parallel advancement of bulk earthworks, heap leach infrastructure, and permanent plant foundations. The 24-month bulk earthworks contract, awarded in August 2024, advanced beyond the halfway point, with heap leach pad construction and excavation of solution ponds continuing in line with plan. Progress in these areas supports the orderly sequencing of subsequent civil, structural and mechanical activities. DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 4 Concrete construction works commenced during the period, with Phase 1 and Phase 2A concrete packages placed and executed in accordance with the development schedule. Foundations for the primary crusher and stockpile tunnel were completed, marking a transition from enabling works to permanent plant infrastructure. Figure 2: The first concrete pour at the primary crusher site has been completed. A total of 500m3 was poured at an average flow rate of 40m3 per hour. Long-lead procurement continued in parallel with construction activities. The High-Pressure Grinding Rolls (HPGR) tertiary crusher, a key component of the dry plant circuit, was successfully manufactured, transported and delivered to site during the December 2025 quarter, aligning equipment availability with the planned construction sequence. Figure 3: The HPRG tertiary crusher has arrived on site at Etango DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 5 Infrastructure and Utilities Construction water and power arrangements are in place to support early works and full-scale construction. Installation of Phase 1 of the permanent water supply pipeline progressed during the period, with works focused on pump station foundations and the Swakop River crossing. The permanent operational water supply agreement with NamWater has been reviewed by Bannerman and continues to progress toward execution, aligned with Final Investment Decision (FID) timing. Figure 4: The permanent water supply pipeline bridge base to cross the Swakop River is nearing completion Permanent operational power is planned to be supplied from the national grid via NamPower’s Kuiseb substation. A definitive supply arrangement has been agreed, with detailed design of the required feeder bay and associated infrastructure underway. Planning for sulphuric acid supply advanced during the period. Detailed design and geotechnical investigations progressed for the Walvis Bay port acid storage and handling facility, which is intended to support both locally sourced and imported acid, providing flexibility and security of supply for operations. Detailed Design Detailed engineering continued under the leadership of Wood Group PLC, working with Bannerman’s Namibian owner’s team. Dry plant engineering advanced to a high level of completion, with detailed modelling and Issued- For-Construction drawings supporting the execution of concrete and structural packages. Wet plant engineering progressed in parallel, with emphasis on design validation and incorporation of certified vendor data to support cost and schedule certainty at later contract awards. Project Funding and Offtake Bannerman continued to progress its Etango funding strategy during the half year, assessing a range of project and corporate financing options, including debt, offtake-linked structures and potential strategic partnerships. Azure Capital and Vermilion Partners (global affiliates of Natixis) continue to advise on optimising the funding mix. DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 6 Offtake marketing remains aligned with Bannerman’s phased development approach. During the period, the Company executed two initial offtake agreements with Tier 1 utilities in September 2025. Bannerman continues to engage with a broad range of global utilities and counterparties, with the objective of progressively layering long-term sales commitments that support project financing outcomes while retaining flexibility ahead of a Final Investment Decision. The execution of these initial offtake agreements represents a further step in the systematic advancement of Etango as a future uranium supply source. Technical Disclosures Certain disclosures in this report, including management's assessment of Bannerman’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman’s operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Full descriptions of these risks can be found in Bannerman’s various statutory reports and announcements. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The information in this report as it relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Marthinus Prinsloo. Mr Prinsloo is a full time employee of the Company and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Prinsloo has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr Prinsloo as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and a “Qualified Person” as defined by Canadian National Instrument 43-101. Mr Prinsloo consents to the inclusion in this announcement in the form and context in which it appears. Mr Prinsloo holds shares and performance rights in Bannerman Energy Ltd. The Etango Project is based on a resource estimate compiled or reviewed by Mr Ian Glacken, Principal Consultant at Snowden Optiro Pty Ltd and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, is an independent consultant to Bannerman. The Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Werner K Moeller, a Director since 2016 of Qubeka Mining Consultants CC based in Klein Windhoek, Namibia. Prior to 2016 Mr. Moeller was a Director of VBKom Consulting Engineers (Pty) Ltd based in Centurion, South Africa from 2008. Mr Moeller is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM nr. 329888), a Member of the South African Institute of Mining and Metallurgy (MSAIMM nr. 704793) and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum (MCIM nr. 708163). He graduated from the University of Pretoria, South Africa and holds a Bachelor degree, majoring in Mine Engineering (2001) and an Honours degree, majoring in Industrial Engineering (2002). Mr Moeller is a practising mining engineer, having practiced his profession continuously since 2002, and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify him as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 7 CORPORATE Issued Securities At the date of this report, Bannerman has 207,670,532 ordinary shares on issue. The Company completed an equity raising of $85,000,000 in a placement to new and existing institutional and sophisticated investors. Completion of the Placement occurred on Thursday 3 July 2025 when the Company issued 26,562,500, fully paid ordinary shares at an issue price of $3.20. The Placement utilised the Company’s existing issuance capacity under ASX Listing Rule 7.1. The proceeds of the funding will be utilised in the continuing development of the Etango Project and will fund the detailed engineering design, early works program and provide general working capital. As at 31 December 2025, Bannerman had on issue 2,558,484 unlisted zero exercise price options issued under the shareholder-approved Employee Incentive Plan (“EIP”) and 175,570 unlisted zero exercise price options issued under the Non-Executive Director Share Incentive Plan (“NEDSIP”). The EIP incentives are subject to various performance targets and continuous employment periods. The NEDSIP incentives 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:  227,664 unlisted options were exercised, and a corresponding number of shares were issued.  33,997 unlisted employee options have, pursuant to the terms of the Employee Incentive Plan (EIP), been forfeited and cancelled following non-satisfaction of the relevant performance criteria.  2,039,608 fully paid ordinary shares were issued upon vesting of unlisted employee performance rights in accordance with the terms of the EIP and Non-Executive Director Share Incentive Plan (NEDSIP).  752,082 unlisted options were granted (with 687,082 being issued) in accordance with the EIP and NEDSIP as approved by shareholders on 13 November 2025. Namibia Critical Metals Inc additional investment On 26 November 2025, the Company was issued a further 3,671,428 shares in Namibia Critical Metals Inc. (NMI) following the exercise of 3,671,428 free-attaching warrants at an exercise price of C$0.05 per share. Subsequently, on 19 December 2025, the Company was issued a further 3,983,333 shares in NMI following the exercise of 3,983,333 free-attaching warrants at an exercise price of C$0.10 per share. These transactions increased the Company’s interest in NMI from 43.0% to 43.5%. The Company will continue to account for its investment as an associate using the equity method. Annual General Meeting Bannerman held its Annual General Meeting on 13 November 2025, all resolutions put to the meeting were passed by poll. SUBSEQUENT EVENTS Strategic Joint Venture and Investment Agreement – Etango Project On 12 February 2026, the Company announced the execution of a binding Share Subscription Agreement and associated joint venture documentation with CNNC Overseas Limited (CNOL), a subsidiary of China National Uranium Corporation and part of China National Nuclear Corporation, in respect of the funding, development and operation of the Etango Uranium Project. Under the transaction: DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 8  CNOL will subscribe for a 45% interest in Bannerman Energy (UK) Ltd (JVCo), which holds a 95% interest in the Etango Project.  CNOL will invest up to US$321.5 million at completion, comprising US$294.5 million into JVCo and up to US$27 million payable to Bannerman to reimburse 45% of project expenditure incurred from 1 July 2025 to completion.  CNOL will be entitled to 60% of life of mine production from Etango under arm’s length, market-based offtake arrangements, with Bannerman retaining independent marketing rights over the remaining 40%.  Future capital expenditure and operating funding will be contributed pro rata in accordance with the 55% Bannerman and 45% CNOL ownership structure of JVCo. Completion of the transaction is subject to customary conditions precedent, including relevant Chinese regulatory approvals, CNUC shareholder approval, clearance from the Namibian Competition Commission, amendment to the One Economy Foundation funding arrangements, and execution of key infrastructure supply contracts. The long stop date for satisfaction of conditions precedent is 30 September 2026, subject to extension by mutual consent. Completion is targeted for mid-2026, with a Final Investment Decision on the Etango Project expected shortly thereafter. Other than the matter described above, there have been no other events occurring after 31 December 2025 that have significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group. AUDITOR’S INDEPENDENCE DECLARATION Section 307C of the Corporations Act 2001 requires the Company’s auditors to provide the directors of Bannerman with an Independence Declaration in relation to the half year ended 31 December 2025. The Independence Declaration is attached to and forms part of this Directors’ Report. This report is made in accordance with a resolution of the Directors. ROUNDING Amounts in this report and the accompanying financial report have been rounded to the nearest thousand dollars (A$’000) unless otherwise stated under the option available to the Company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which the class order applies. Signed in accordance with a resolution of the Board of Directors. _______________________ Brandon Munro Executive Chairman Perth 3 March 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 9 The Esplanade Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Auditor’s independence declaration to the directors of Bannerman Energy Ltd As lead auditor for the review of the half-year financial report of Bannerman Energy Ltd for the half-year ended 31 December 2025, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; b. No contraventions of any applicable code of professional conduct in relation to the review; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review. This declaration is in respect of Bannerman Energy Ltd and the entities it controlled during the financial period. Ernst & Young J K Newton Partner 3 March 2026 10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2025 6 Months Ended 31 December 2025 2024 Note $'000 $'000 Interest revenue 2,420 2,257 Other income 2 11 - Administration and corporate expense 3(a) (2,684) (1,720) Depreciation expense (53) (57) Finance expense (12) (9) Foreign exchange currency gains/(losses) (115) 40 Impairment of equity-accounted investments 11 - (1,421) Share of profit/(losses) from equity-accounted investments 11 (248) (100) Staff expense 3(b) (1,591) (1,654) Realised gains/(losses) on disposal of plant and equipment - 5 Unrealised fair value losses on financial assets 1,419 (44) Loss before income tax (853) (2,703) Income tax benefit - - Net loss for the half year (853) (2,703) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation 8,271 3,603 Other comprehensive income for the half year, net of tax 8,271 3,603 Total comprehensive income, net of tax 7,418 900 Net loss is attributable to: Equity holders of Bannerman Energy Ltd (770) (2,658) Non-controlling interest (83) (45) (853) (2,703) Total comprehensive income attributable to: Equity holders of Bannerman Energy Ltd 7,410 938 Non-controlling interest 8 (38) 7,418 900 Weighted average number of shares ('000) 205,869 161,119 Basic and dilutive loss pert attributable share to the ordinary equity holders of the Company (cents per share) (0.41) (1.68) The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE HALF YEAR ENDED 31 DECEMBER 2025 Note 31 December 2025 30 June 2025 $’000 $’000 CURRENT ASSETS Cash and cash equivalents 4 89,276 46,204 Financial assets 5 12,677 12,432 Other receivables 6 5,386 1,797 Other current assets 7 455 582 TOTAL CURRENT ASSETS 107,794 61,015 NON-CURRENT ASSETS Exploration and evaluation expenditure 8 124,092 104,832 Investments accounted for using the equity method 11 3,928 2,427 Property, plant and equipment 9 51,729 26,975 Right of use assets 10 73 70 Other non-currents assets 7 61 27 TOTAL NON-CURRENT ASSETS 179,883 134,331 TOTAL ASSETS 287,677 195,346 CURRENT LIABILITIES Trade and other payables 12 8,809 6,243 Lease liabilities 10 73 68 Provisions 13 281 295 TOTAL CURRENT LIABILITIES 9,163 6,606 NON-CURRENT LIABILITIES Provisions 13 3,313 2,053 TOTAL NON-CURRENT LIABILITIES 3,313 2,053 TOTAL LIABILITES 12,476 8,659 NET ASSETS 275,201 186,687 EQUITY Contributed equity 14 373,142 292,391 Reserves 15 41,979 31,760 Accumulated losses (135,228) (134,458) TOTAL PARENT ENTITY INTEREST 279,893 189,693 Non-controlling interest (4,692) (3,006) TOTAL EQUITY 275,201 186,687 The above statement of financial position should be read in conjunction with the accompanying notes. 12 CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 6 Months Ended 31 December 2025 2024 $’000 $’000 CASHFLOWS FROM OPERATING ACTIVITIES Payments for staff costs (871) (914) Payments for administration and corporate costs (5,488) (2,056) Interest received 2,027 1,593 Interest and other costs of finance paid (4) (4) Other income 21 - Net cash utilised in operating activities (4,315) (1,381) CASHFLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation (13,482) (9,505) Payments to acquire investments in associates (642) (270) Payments to acquire financial assets - (13) Payments to acquire property, plant and equipment (19,294) (12,283) Proceeds from the disposal of property, plant and equipment 6 9 Loans provided to related parties - (78) Payments for deposits and bonds (other non-current assets) (7) (4) Net cash utilised in investing activities (33,419) (22,144) CASHFLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares 85,000 85,001 Transaction costs related to issue of shares (4,249) (4,535) Repayment of lease liabilities/borrowings (80) (22) Payments for bank security deposits - - Payment for other receivables and deposits - - Net cash provided by financing activities 80,671 80,444 Net decrease in cash and cash equivalents 42,937 56,919 Cash and cash equivalents at beginning of period 46,204 24,046 Effects of exchange rate changes on the balance of cash held in foreign currencies 135 146 Cash and cash equivalents at end of period 89,276 81,111 The above cash flow statement should be read in conjunction with the accompanying notes. 13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2025 Issued Capital Share Based Payment Reserve Foreign Currency Reserve Equity Reserve Accumulated Losses Non- controlling Interest Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 July 2025 292,391 64,470 (33,472) 762 (134,458) (3,006) 186,687 Loss for the period - - - - (770) (83) (853) Other comprehensive loss - - 8,180 - - 91 8,271 Total comprehensive loss for the period - - 8,180 - (770) 8 7,418 Shares issued during the period 85,000 - - - - - 85,000 Cost of issuing shares (4,249) - - - - - (4,249) Share-based payments - 858 - - - - 858 Capital contributions (Bannerman Namibia) - - - 1,181 - (1,694) (513) Total equity at 31 December 2025 373,142 65,328 (25,292) 1,943 (135,228) (4,692) 275,201 Balance at 1 July 2024 211,925 62,700 (36,740) (826) (130,358) (990) 105,711 Loss for the period - - - - (2,658) (45) (2,703) Other comprehensive loss - - 3,596 - - 7 3,603 Total comprehensive loss for the period - - 3,596 - (2,658) (38) 900 Shares issued during the period 85,001 - - - - - 85,001 Cost of issu