The contracts will see the sale of a total of 1mlb of uranium.
The agreements involve two Fortune 500 energy providers recognized for their extensive power generation capabilities and strong credit ratings. Both contracts are structured with base price terms and escalation clauses linked to the US GDP Implicit Price Deflator (GDP-IPD), which will take effect from the fifth year of the contract period.
Each agreement remains subject to standard conditions precedent, including securing the required regulatory approvals for uranium sales, as outlined within the contractual framework.
Bannerman Energy CEO Gavin Chamberlain commented on the significance of the milestone: “The signing of these limited, select offtake agreements (the first for Bannerman) with high-quality utility counterparties represents a further important step in our systematic advancement of Etango towards a targeted final investment decision. We are able to demonstrate to potential customers a strong foundation for confidence in our ability to meet future supply commitments. In combination with growing global nuclear demand and ongoing tightening in uranium markets, this further reinforces our position as a strategic, long-term supplier to major utilities.”
The company emphasized that its phased development strategy for Etango is closely aligned with project milestones and financial planning. This approach is designed to maintain flexibility, allowing the business to adapt to market conditions while establishing its reputation as a reliable partner for global utilities.
Bannerman Energy has been working to strengthen its financial position in support of the Etango-8 project. In July 2024, the company raised approximately A$85 million ($56.54 million) through a share placement, ensuring capital is available to advance project development and related activities.
The Etango Uranium Project, which has been under systematic planning and staged progression, is positioned as a long-term supply source in response to growing global demand for nuclear energy. With these agreements, Bannerman Energy has taken another step toward finalizing its investment decision while reinforcing its presence in the international uranium market.
By securing partnerships with established utilities, the company highlights the role of stable, long-term contracts in supporting both project financing and customer confidence. This aligns with Bannerman Energy’s broader vision of contributing to reliable and sustainable energy supply for international power markets.
