Congratulations to Bannerman Energy Ltd (ASX: BMN) on successfully completing their A$85 million capital raising to progress the Etango Project towards Final Investment Decision (FID).

The Placement was strongly supported by existing shareholders and a selection of new, high quality domestic and global institutional investors.

Proceeds of the Placement, together with existing cash, will be used to fund the construction activities ahead of FID, including earthworks and design; infrastructure costs pertaining to construction, water and power; and general working capital and costs of the Placement.

The Placement issue price of A$3.20 per New Share represents a:

• 9.1% discount to the last closing price on ASX of A$3.52 on Monday, 23 June 2025; and a
• 2.2% premium to the 10-day volume weighted average price on ASX of A$3.13 up to, and including, Monday, 23 June 2025.

Shaw and Partners is pleased to support Bannerman Energy Ltd as Joint Lead Manager to the Placement and received fees for that service.

The offer was available to Australian Sophisticated and Professional Investors only. This offer was available to Wholesale investors only (as that term is defined in the Corporations Act).