STTCOMP BMN, FA Long
Uranium in Namibia
SOI: 709,974,393
M.C: $21m at current price 0.029
Cash: $1.5m approx.
Bannerman has in the last six months removed all its debt, gained 100% ownership of its Etango uranium project in Namibia and raised a substantial amount of working capital all within a downtrodden uranium market. It has been working on its Heap Leach Demo Plant at Etango to prove the validity of aspects of its DFS. Phase 4 results have just been released that significantly de-risk the project for future financial partners. The strong results from the Phase 4 testwork confirm that the SX design parameters in the Etango Definitive Feasibility Study (DFS) are not only robust but also have considerable potential for further improvement. Phase 5 results have been collected and are currently in review.
A well-established uranium company with management in place who have extensive experience in Namibia, who own 100% of a uranium resource with a de-risked DFS in place for a M.C. of around $20m is a bargain to me. A run back to its glory days of $4 might be out of the question but I think it has 25% in it.
