1. business and industrial
2. energy
3. nuclear power

Etango Uranium Project
Enhancing Early Mover Advantage
1 December 2014
Technical Disclosures and
Forward-Looking Disclaimers
This presentation should be read in conjunction with the release by Bannerman Resources Limited dated 10 April 2012 and entitled “Bannerman Reports Positive DFS Results and
Milestone Agreement with Namibian State-Owned Mining Company”. All material assumptions detailed in this presentation and underpinning the production target and forecast
financial information in the DFS continue to apply and have not materially changed.
Certain disclosures in this presentation, including management's assessment of Bannerman Resources Ltd’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. The following are important factors that could cause the Company's actual results to differ materially from
those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results
and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic
return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the
Company’s various statutory reports, including its Annual Information Form available on the SEDAR website, sedar.com. Readers are cautioned not to place undue reliance on
forward-looking statements. Bannerman Resources Ltd 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.
Mineral resources that are not ore reserves do not have demonstrated economic viability.
The information in this presentation relating to the Mineral Resources of the Etango Project is based on a resource estimate compiled or reviewed by Mr Brian Wolfe in April
2012. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe was employed by Coffey Mining as an independent consultant to the Company at the time of
the studies and public release of results. As Mr Wolfe is now no longer employed by Coffey Mining, Coffey Mining has reviewed this presentation and consent to the inclusion,
form and context of the relevant information herein as derived from the original reports for which Mr Wolfe’s consent has previously been given. Mr Wolfe has sufficient
experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined
in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and a Qualified Person as defined by Canadian National
Instrument 43-101.
The information in this presentation relating to the Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Harry Warries, a full time employee of
Coffey Mining Pty Ltd. Mr Warries is a Fellow of The Australasian Institute of Mining and Metallurgy 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 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 is an independent consultant to Bannerman and a Qualified Person as defined by Canadian National
Instrument 43-101. Mr Warries consents, and provides corporate consent for Coffey Mining Pty Ltd, to the inclusion in this presentation of the matters based on his information in
the form and context in which it appears.
The information in this report that relates to Mineral Resources or Ore Reserves was prepared and first disclosed under the 2004 JORC Code. It has not been updated since to
comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported. All material assumptions and technical parameters
underpinning the estimates of mineral resources continue to apply and have not materially changed.
All material assumptions detailed in this presentation and underpinning the production target and forecast financial information in the DFS (as previously announced on 10 April
2012 and reported on 30 January 2014 in compliance with Listing Rule 5.16 and 5.17) continue to apply and have not materially changed.
2
The Opportunity
 Very strong outlook for uranium price and uranium investments

Nuclear growth primarily Asian and Middle East driven with China at the forefront.

Progressive restart of Japanese reactor fleet imminent.

Emissions reductions back on the global agenda, as evidenced by agreement between the USA
and China.
 Globally significant uranium project which provides exceptional leverage to
increasing uranium price

Etango Project (80% BMN) is the seventh largest uranium project in the world, based on ore
reserves.

Early mover advantage to be enhanced through heap leach demonstration program in 2015.

Bannerman shares have repeatedly exhibited strong leverage to the uranium price.
 Robust Project, Premier Jurisdiction, Relevant Experience, Balance Sheet
Support
3

Etango is development-ready and underpinned by a detailed Definitive Feasibility Study.

Etango is located in Namibia, Southern Africa - a premier uranium mining jurisdiction.

Board and management team with relevant experience & proven track record.

Support of Resource Capital Funds as a significant strategic financial investor.
Demand – Asian & Middle East Growth Driven
# reactors
240
220
200
180
437 reactors operable
in 30 countries,
70 under construction,
475 planned and proposed
Proposed
Planned
160
Under Construction
140
Operable Reactors
120
100
India has recently reiterated its
plan to increase nuclear capacity
14 fold to 63 GWe by 2032
80
60
Saudi Arabia proposes to build 16
reactors by 2030 & UAE currently
building 3 reactors.
40
20
0
Source: WNA November 2014
4
China on track to increase nuclear
capacity from currently
19 GWe to 58 GWe by 2020
Looming Deficit in Supply – Demand Balance
300
290
280
270
260
250
240
230
220
210
200
190
180
170
160
150
RJL Total Supply
Source: Raymond James Ltd., UxC, WNA, Company reports
Source: Raymond James Ltd
5
RJL Total Demand
2030E
2029E
2028E
2027E
2026E
2025E
2024E
2023E
2022E
2021E
2020E
2019E
2018E
2017E
2016E
2015E
2014E
2013A
Falls into deficit in 2020E
2012A
Mlbs/yr U3O8
RJL Global Uranium Supply-Demand Balance
Uncovered Requirements – utilities typically
contract 2 – 4 years out
200
180
160
MM lbs U3O8
140
120
100
Uncovered
2016 – 2017
equals
70Mlbs
80
60
40
20
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
U.S. Utilities
Source: Dundee Capital Markets
6
Non-U.S. Utilities
Mkt Vol (Mlbs U3O8)
Uranium Spot & Term Contract Sales Increasing
350
300
250
200
150
100
50
0
Spot Volume
LT Volume
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
YTD
Source: Raymond James Ltd
7
Uranium Spot Price Bottomed
$90
UxC Spot Uranium (US$/lb)
$80
UxC Long-term Price (US$/lb)
US$/lb
$70
$60
$50
$40
$30
$20
8
Oct-2014
Source: Raymond James Ltd
Jun-2014
SPOT AND TERM PRICE SPREAD AT A 41-MONTH LOW
Feb-2014
Oct-2013
Jun-2013
Feb-2013
Oct-2012
Jun-2012
Feb-2012
Oct-2011
Jun-2011
Feb-2011
Oct-2010
Jun-2010
Feb-2010
Oct-2009
Jun-2009
Source: Raymond James Ltd
% change in pre-tax NPV
Bannerman Highly Leveraged to the Uranium Price
600%
Relative % change in pre-tax NPV against the U3O8 price
500%
500%
400%
300%
200%
100%
33%
0%
75
80
85
90
95
100
US$ U3O8 / lb
Historical Bannerman share price movement v U3O8 spot price
9
Period
U3O8 Spot Price
Movement
Bannerman
Share Price Move
Apr 05 – Jun 07
+490 %
+7,900 %
Jun 10 – Feb 11
+80 %
+240 %
Etango Project in a Nutshell
 Completed Etango DFS & ESIA in 2012.
 Granted environmental approvals in 2012.
 6 – 9 Mlbs U3O8 annual production over 16 year mine life, with
opportunity to extend.
 Straightforward geology, mineralogy & metallurgy.
 Large scale open pit mining, dynamic acid heap leaching & solvent
extraction.
 Heap leach demonstration program a natural progression in project derisking, financing and development process.
10
Globally Significant Scale (uranium only projects)
400
361
2004 JORC / NI 43-101 Compliant Ore Reserves (Mlbs U3O8)
320
300
217
200
119
119
100
104
88
79
53
34
11
ARMZ
Inkai South
ARMZ
Dornod
Forsys
Valencia
Inkai
Rio Tinto
Rössing
Paladin
Langer Heinrich
Bannerman
Etango
Cameco/Areva
Cameco/Kazatomprom
Source: Bannerman & Company Reports, Nov 2014
(Reflects 100% project reserve).
Cigar Lake
CGNPC
Husab
McArthur River
Cameco/Areva
0
Namibia – A Premier Uranium Mining
Jurisdiction

Etango
Uranium
Project
Swakopmund
Walvis Bay
Windhoek



12
Ranked 2nd most attractive African
investment jurisdiction in Fraser
Institute Mining Company Survey
Political and social support of
uranium mining
5th largest uranium producing
country
Almost 40 years of uranium mining
Favourable Location Relative to Infrastructure
13
Etango Site Layout
 16 year mine life, underpinned
by 119Mlbs P&P Reserve
(194ppm U3O8); significant
scope to grow reserve size
Robust DFS – Development Ready
 Annual production of 6-9 Mlbs
U3O8
 Capex of US$870 million, with
an additional $US380M in
sustainable CAPEX over the
LOM
N
Licence boundary
 Opex (first 5 years) US$41/lb
U3O8
 Operating cashflow of US$2.7
billion before capital and tax,
and free cashflow of US$923
million after capital and tax, at
a uranium price of US$75/lb
U3O8
 Significant opportunities to
optimize development strategy
for enhanced returns
14
5km
Straightforward Open Pit Mining
- Ore Reserve Estimate based on over 275km Drilling
6km
1km
YEAR 16
15
Conventional Sulphuric Acid Heap Leaching
50 day on – off cycle
16
Next Step – Heap Leach Demonstration Program
 Demonstrate design & projected
performance reflected in the DFS
 Maintain & build project knowledge
 Meaningful in-country activities
 Pursue optimisation where appropriate
17
Heap Leach Demonstration Plant Layout
Evaporation
Ponds
ILS &
PLS
Crushed
Material
Agglomerator
Cribs
Fresh
water
Workshop &
on-site
laboratory
18
Reagent
mixing
area
Silent
generators
Construction due for completion in early 2015
19
Development Strategy
Position Bannerman to fast track the
Etango project in a favourable uranium market
20
1.
Further reduce financing risk through conducting heap leach
demonstration program.
2.
Update the definitive feasibility study taking into consideration the
current cost environment, greater understanding gained from the study
review underway and the future results from the heap leach
demonstration program.
3.
Engage with interested parties with regards to entering into a
development partnership .
4.
Progress project financing arrangements.
Etango – DFS Pre-Production Capital Cost
DFS Pre-Production Capital Cost Estimate (April 2012)
US$
million
Mining – fleet, establishment & pre-stripping
127
Process plant
354
Site infrastructure
91
External infrastructure (power, water, rail, road and port)
47
EPCM costs
72
Accuracy provision
54
First fills and spares
Owner’s costs (personnel, housing, training, insurance
etc)
Other (camp facilities, mobilisation and demobilisation
and temporary services)
29
40
Total pre-production capital expenditure
870
21
56
Etango – DFS Cash Operating Cost
DFS Cash Operating Cost Estimate (April
2012)
First 5
Years
Life-ofMine
- US$/tonne mined
1.72
1.97
- US$/tonne ore
7.87
8.55
Consumables, labour, maintenance & other
3.37
3.41
Sulphuric acid
1.78
1.79
Power
1.29
1.31
Water
0.64
0.65
7.08
7.15
General & administration ( US$/tonne ore):
1.26
1.23
Total cash operating costs (US$/tonne ore)
16.21
16.93
Total cash operating costs (US$/lb U3O8
40.85
45.71
Mining:
Processing (US$/tonne ore):
produced)
22
Corporate Snapshot
as 26 November 2014
Share price
A$0.079
Shares - currently on issue
~334m
Shares - fully diluted (for options, rights, convertible notes, Savanna settlement)
~486m
Market capitalisation (undiluted)
~A$26m
Top 20 shareholders
~60 %
Cash on hand (as at 30 Sept 2014)
A$4.7m
A$8m convertible note held by RCF Fund IV & A$4m convertible note held by RCF Fund VI.
Key terms - interest rate 8% pa; conversion at A$0.095/share; expiry 30/9/2016
Etango Project ownership:
BMN 80% | Clive Jones 20% (free carried until the
project is financed)
23
Major Shareholders:
RCF 15.8% | Global X 7.5% | Clive Jones 4.6% | Regent Pacific
3.3% | New City Investments 3.3%
Share Price v Uranium Spot Price
$50
A$0.15
BMN Share Price (LHS)
U3O8 UxC Spot Price (RHS)
$45
ASX : BMN Share Price ($A)
$40
A$0.09
$35
A$0.06
$30
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
24
Nov-13
A$0.03
$25
Uranium Spot Price $US/lb U3O8
A$0.12
Board of
Directors
Ronnie Beevor NE CHAIR
• Finance & Accounting
• Formerly Head of Investment
Banking at Rothschild Australia
• Experience includes Oxiana,
EMED Mining, Wolf Minerals
Clive Jones NED
• Exploration & Business
Development
• Original vendor of Etango Project
• Over 25 years in numerous
Australian exploration &
development companies
David Tucker NED
• Key Stakeholder Relations &
Corporate Affairs
• Former Director of Corporate
Affairs for Homestake and Barrick
Gold in Australia.
• Over 40 years in mining industry
25
Ian Burvill NED
• Finance & Equity Markets
• Senior Vice President of
Resource Capital Funds
• Ex-Rothschild US & Australia
• Over 28 years in mining
industry
Len Jubber MD & CEO
• Operations,
Development &
Executive Management
• Previously MD & CEO
Perilya Limited
• Over 27 years in mining
industry
Management Team
Len Jubber
• MD & CEO
• Operations, Development &
Executive Management
• Previously MD & CEO Perilya
Limited
• Over 27 years in mining
industry, incl 8 years at
Rossing Uranium in Namibia
Robert Dalton
• Financial Controller &
Company Secretary
• Over 13 years experience in
auditing, accounting &
secretarial roles mostly
interacting with the
resources industry
26
Werner Ewald
• GM Namibia
• 22 years with Rio Tinto
incl 20 years in
operational and
technical roles at
Rossing Uranium in
Namibia
John Turney
• Project Advisor
• Lead completion of
Etango DFS.
• 35 years operations &
development
experience with
Homestake & Barrick
www.bannermanresources.com
Scale, Simplicity, Substance