QUARTERLY ACTIVITIES REPORT For the Period Ended 31 March 2020
April 30 2020 - 7:00AM
Bannerman Resources Limited (ASX:BMN, OTCQB:BNNLF, NSX:BMN)
(“Bannerman” or “the Company”) is pleased to report on a productive
quarter in which Bannerman has further advanced key optimisation
opportunities at its Etango Uranium Project in Namibia, whilst the
uranium market has experienced extensive supply disruption.
HIGHLIGHTS
- Etango Project Membrane Study Testwork successfully
completed• Confirms substantial economic and
operational advantages, including over 80% acid recovery from the
concentrated eluate stream of the IX plant• Excellent results
confirm optimised flowsheet consists of Ion Exchange (“IX”)
followed by iron (“Fe”) reduction before nano-filtration
(“NF”)• Design of nano-filtration plant now complete to
definitive level
- Project optimisation continues• Etango
Project optimisation continues to focus on the evaluation of
project scaling and scope opportunities under various development
parameters and market conditions
- Uranium market driven by extensive production
disruption from COVID-19• World’s largest producer,
Kazatomprom, advised that all Kazakh production disrupted for
expected three month period• World’s largest uranium mine,
Cigar Lake, placed into care and maintenance for an “indeterminate
period” by Cameco• Production disruption at Husab and Rossing
mines in Namibia• U3O8 spot price has risen more than 35% in 6
weeks to be best performing mineral commodity in 2020
- Strong cash balance of A$4.6m at quarter
end• Management and Board pay reductions implemented
from 1 April 2020
The full report is available on Bannerman’s website at
www.bannermanresources.com
Bannerman’s Chief Executive Officer, Mr Brandon
Munro, said, “Uranium supply and demand dynamics have been
highlighted by COVID-19 driven supply disruption in the largest
four uranium producing nations globally. This has widened the
2020 forecast structural deficit and launched the U3O8 spot price
into a commodity sector-leading trajectory. Bannerman has
focused on fiscal discipline and project improvement, ensuring that
our large-scale, advanced Etango uranium project is ideally
positioned as the market continues to improve.”
Brandon MunroChief Executive
Officer30 April 2020
This announcement was
authorised to be issued by the Board of DirectorsFor further
information please contact:
Brandon MunroChief Executive OfficerPerth, Western
AustraliaTel: +61 (8) 9381 1436info@bannermanresources.com.au
|
Rob OrrCompany SecretaryPerth, Western
AustraliaTel: +61 (8) 9381 1436info@bannermanresources.com.au
|
Michael Vaughan (Media)Fivemark PartnersPerth,
Western AustraliaTel: +61 422 602
720michael.vaughan@fivemark.com.au |
About Bannerman - Bannerman Resources Limited is
an ASX and NSX listed 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 near CNNC’s Rössing
uranium mine, Paladin’s Langer Heinrich uranium mine and CGNPC’s
Husab uranium mine. A definitive feasibility study has confirmed
the viability of a large open pit and heap leach operation at one
of the world’s largest undeveloped uranium deposits. From 2015 to
2017, Bannerman conducted a large scale heap leach demonstration
program to provide further assurance to financing parties, generate
process information for the detailed engineering design phase and
build and enhance internal capability. More information is
available on Bannerman’s website at www.bannermanresources.com.
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Forward Looking Statements
The information in this announcement is not
intended to guide any investment decisions in Bannerman Resources
Limited. This material contains certain forecasts and
forward-looking information, including possible or assumed future
performance, costs, production levels or rates, reserves and
resources, prices and valuations and industry growth and other
trends. Such forecasts and information are not a guarantee of
future performance and involve many risks and uncertainties, as
well as other factors. Actual results and developments may differ
materially from those implied or expressed by these statements and
are dependent on a variety of factors. The Company believes that it
has a reasonable basis for making the forward looking statements in
the announcement, based on the information contained in this and
previous ASX announcements.
Bannerman is not aware of any new information or
data that materially affects the information included in this ASX
release, and Bannerman confirms that, to the best of its knowledge,
all material assumptions and technical parameters underpinning the
estimates in this release continue to apply and have not materially
changed.
Competent
Person’s Statement
The information in
this announcement 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 Bannerman Resources Limited 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 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 Resources Limited.
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