We are initiating coverage on Bannerman Energy (BMN AU) with a SPEC BUY rating and set a price target of A$4.50. BMN is focussed on developing its Etango project, which following recent FEED and mining license approval is development ready pending financing. We expect an FID to be taken in 2025 which together with updates on contracting and funding are key near-term catalysts. BMN has a strong in country team, and the low grade (relative to peers) of the project has been addressed by the lower cost processing advantages due to the ore body being exceptionally amenable to heap leaching. We believe the timing of Etango development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook. The large resource base also provides potential upside to production and LOM.
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