Bannerman Resources Limited
ASX : BMN
NAMIBIAN : BMN

Bannerman Resources Limited

January 24, 2017 07:00 ET

Bannerman Resources Quarterly Activities Report

For the Period Ended 31 December 2016

PERTH, AUSTRALIA--(Marketwired - Jan. 24, 2017) - Bannerman Resources Limited (ASX:BMN)(NAMIBIAN:BMN) ("Bannerman" or "the Company") is pleased to report on a successful December quarter that positions the Company well within an environment of improving uranium sector sentiment.

HIGHLIGHTS

  • Successful capital raising results in A$5 million pro-forma cash balance at quarter end
    • Strongly supported A$4 million placement to institutional and sophisticated investors
    • Shareholders approved the residual A$0.5 million from RCF VI L.P. post quarter end
    • Use of funds includes update of the Etango Definitive Feasibility Study (2012), including incorporation of strong results from the Heap Leach Demonstration Plant
  • Appointment of Ms Twapewa Kadhikwa to the Subsidiary Board
  • Corporate streamlining continued
    • Completion of unmarketable parcel share sale facility
    • Sale and lease-back completed for Swakopmund office property
  • Uranium market dynamics continue to tighten, driving improved sentiment
    • 10 reactors commissioned in 2016
    • Kazatomprom announced 2017 production cut of 10%; coupled with establishment of a Swiss trading arm, demonstrates supply discipline from world's largest producer
    • U3O8 spot price reached a 12 year low, with subsequent 25% increase to US$22.75/lb

Bannerman's Chief Executive Officer, Mr Brandon Munro, said, "I am delighted with Bannerman's progress over another successful quarter. Uranium sector sentiment is improving, supply and demand dynamics are tightening and we can foresee a number of catalysts potentially coming into play in 2017."

The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).

Brandon Munro, Chief Executive Officer

24 January 2017

ABN 34 113 017 128

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