Etango Uranium Project
enhancing early mover advantage
Proactive’s Melbourne & Sydney Investor Luncheons
5 & 6 May 2015
Why Invest in Bannerman ?
 Strong outlook for medium term uranium price
 Well positioned to develop Etango
• DFS complete and granted environmental permit
• Strong balance sheet support
• Highly regarded investment jurisdiction
 Un-paralleled leverage driven by
• Historic low share price
• Project economies of scale
• Consensus view of mine incentivising price 60 – 70 % above current
spot price
 Value inflection point – heap leach demonstration program
2
Corporate Snapshot
as 1 May 2015
Share price
A$0.058
Shares - currently on issue
~369m
Shares - fully diluted (for options, rights, convertible notes, Savanna settlement)
~528m
Market capitalisation (undiluted)
~A$21.4m
Top 20 shareholders
~60 %
Cash on hand (as at 31 March 2015) {excludes A$2m capital raising in April}
A$1.7m
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
Major Shareholders
BMN 80% | Clive Jones 20% (free
carried until the project is
financed)
RCF 21.1% | Global X 6.9% | Clive Jones
4.2% | New City Investments 3.1% |
Regent Pacific 2.9%
3
Employee, Management &
Director Shareholding
6.5%
Demand – Asian & Middle East Growth Driven
# reactors
240
220
437 reactors operable
in 30 countries,
65 under construction,
481 planned and proposed
Proposed
200
180
Planned
160
Under Construction
140
Operable Reactors
120
100
China on track to increase
nuclear capacity from
currently
23 GWe to 58 GWe by 2020
India has recently reiterated
its plan to increase nuclear
capacity 14 fold to 63 GWe by
2032
80
60
40
Saudi Arabia proposes to build
16 reactors by 2030 & UAE
currently building 3 reactors.
20
0
Source: WNA Feb 2015 & Public Announcements March 2015
4
Looming Deficit in Supply – Demand Balance
320
310
300
290
280
270
260
250
240
230
220
210
200
190
180
170
160
150
RJL Total Supply
Source: Raymond
James James
Ltd., UxC,
Source: Raymond
Ltd WNA, Company reports
5
RJL Total Demand
2030E
2029E
2028E
2027E
2026E
2025E
2024E
2023E
2022E
2021E
2020E
2019E
2018E
2017E
2016E
2015E
2014A
2013A
Falls into deficit in 2020E
2012A
Mlbs/yr U3O8
RJL Global Uranium Supply-Demand Balance
Risky Global Supply Dynamics
• Recent growth primarily from Kazakhstan.
• Few producers.
• Development cycle of uranium mines
longer than other mines.
Source: UxC
6
Strong Outlook for Medium Term Uranium Price
RJL Uranium Price Outlook
$120
We forecast prices to begin increasing towards mineincentiving levels (~US$70/lb) later in 2015
$100
$70
$80
$60
$60
2014A 2015E
$20
2016E
UxC LT Price
Source: Raymond James Ltd., UxC, WNA, Company reports
Source: Raymond James Ltd
2018E
2017E
2016E
2015E
2014A
2014E
2013A
2013E
2012A
2012E
2011E
2011A
2010E
2010A
2009A
2009E
2008A
2008E
2007E
2007A
2006E
2006A
$0
UxC Spot Price
7
2017E 2018E
$45
$38
$33
$40
2005A
2005E
Uranium Price (US$/lb U3O8)
$140
RJL Price Forecast (Annual Average)
Bannerman Highly Leveraged to the Uranium Price
% change in pre-tax NPV
Relative % change in pre-tax NPV against the U3O8 price
600%
500%
500%
400%
300%
200%
100%
33%
0%
75
80
85
90
US$ U3O8 / lb
95
100
Historical Bannerman share price movement v U3O8 spot price
8
Period
U3O8 Spot Price Movement
Bannerman Share Price Move
Apr 05 – Jun 07
+490 %
+7,900 %
Jun 10 – Feb 11
+80 %
+240 %
Significant Upside In Relative Valuation
9
Namibia – A Premier Uranium Mining
Jurisdiction
Etango
Uranium
Project
Swakopmund

Ranked most attractive African
investment jurisdiction in Fraser
Institute Mining Company Survey.

Political and social support of
uranium mining.

5th largest uranium producing
country – will jump to 2nd when
Husab commences production in
2016.

~ 40 years of uranium mining.
Windhoek
Walvis Bay
10
Favourable Location Relative to Infrastructure
11
Development Ready – DFS & environmental permitting completed
N
12
Licence boundary
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
91
88
53
34
13
ARMZ
Inkai South
ARMZ
Dornod
Inkai
Forsys
Cameco/Kazatomprom
Source: Bannerman & Company Reports, March 2015
(Reflects 100% project reserve) (Etango at 279.6Mt at 194ppm U3O8 reported above a 70ppm U3O8 lower cut-off).
Valencia
Rio Tinto
Rössing
Paladin
Langer Heinrich
Bannerman
Etango
Cameco/Areva
Cigar Lake
CGNPC
Husab
Cameco/Areva
McArthur River
0
Value Inflection Point
 Completed Etango DFS in April 2012.
o 6 – 9 Mlbs U3O8 annual production over 15 year mine life.
o Etango is the fourth largest (based on ore reserves) uranium only
project in the world.
 Heap Leach Demonstration Plant value inflection point in
project development and financing process.
o Showcase project - demonstrates heap leaching process
o Further de-risks Etango development path
o Attract JV / funding partners
o Value engineering
14
Conventional Sulphuric
Acid Heap Leaching
50 day on – off cycle
15
Heap Leach Demonstration Plant
3,000 tonne ore stockpile
16
40 tonne sample loaded
into crib 1
Why Invest in Bannerman ?
 Strong outlook for medium term uranium price
 Well positioned to develop Etango
• DFS complete and granted environmental permit
• Strong balance sheet support
• Highly regarded investment jurisdiction
 Un-paralleled leverage driven by
• Historic low share price
• Project economies of scale
• Consensus view of mine incentivising price 60 – 70 % above current
spot price
 Value inflection point - heap leach demonstration program
17
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.
18
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