Quarterly Activities Report for the Period Ended 30 June 2020

PERTH, Australia, July 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, during a period of supply disruption in the uranium market.

HIGHLIGHTS

• Etango Uranium Project scaling opportunities advanced
  °  Etango Project optimisation continued during the quarter with focus on the evaluation of project scaling and scope opportunities under various development parameters and market conditions
• Membrane Study Testwork was successfully completed during the quarter
  °  Confirms substantial economic and operational advantages, including over 80% acid recovery from the concentrated eluate stream of the Ion Exchange (“IX”) plant
  °  Excellent results confirm optimised flowsheet consists of IX followed by iron reduction before Nano-Filtration (“NF”)
  °  Design of NF plant now complete to definitive level
• COVID-19 continued to impact 2020 uranium production
  °  Kazatomprom suspended non-essential operations, including well-head development, at all uranium mines in Kazakhstan, the world’s largest uranium producer.  Kazatomprom advised that the disruption continued beyond the initially announced three month period.  Activities are planned to resume in the September quarter at a staged and gradual pace.
  °  The Cigar Lake uranium mine remained in care and maintenance after Cameco advised during the quarter that an initial four week shut-down would continue for an “indeterminate period”.  Mining is planned to resume in September.
  °  Lock-downs and other COVID-19 control measures have continued to present operational challenges at other uranium mines.
• Strong cash balance of A$4.2m at quarter end

Bannerman’s Chief Executive Officer, Mr Brandon Munro, said, “The deepening of the uranium supply deficit from ongoing COVID-19 disruptions continues to position the sector for a significant and sustained recovery.  With nuclear fuel buyers focusing on their own operational challenges during the pandemic, the price response has been modest thus far, emphasising the underlying rationale for Bannerman’s fiscal discipline and strong cash balance.  We continue to add real value to Bannerman’s advanced Etango uranium project as we observe the progressive improvement in market fundamentals.”