QUARTERLY ACTIVITIES REPORT For the Period Ended 31 March 2020

PERTH, Australia, April 30, 2020 (GLOBE NEWSWIRE) -- 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.”