Etango Uranium Project Enhancing Early Mover Advantage

1 December 2014

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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.

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The Opportunity

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Very strong outlook for uranium price and uranium investments Nuclear growth primarily Asian and Middle East driven with China at the forefront. Progressive restart of Japanese reactor fleet imminent. Emissions reductions back on the global agenda, as evidenced by agreement between the USA

and China.

Globally significant uranium project which provides exceptional leverage to increasing uranium price Etango Project (80% BMN) is the seventh largest uranium project in the world, based on ore

reserves. Early mover advantage to be enhanced through heap leach demonstration program in 2015. Bannerman shares have repeatedly exhibited strong leverage to the uranium price.

Robust Project, Premier Jurisdiction, Relevant Experience, Balance Sheet Support Etango is development-ready and underpinned by a detailed Definitive Feasibility Study. Etango is located in Namibia, Southern Africa - a premier uranium mining jurisdiction. Board and management team with relevant experience & proven track record. Support of Resource Capital Funds as a significant strategic financial investor.

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Demand – Asian & Middle East Growth Driven

4

Source: WNA November 2014

437 reactors operable in 30 countries,

70 under construction, 475 planned and proposed

China on track to increase nuclear capacity from currently

19 GWe to 58 GWe by 2020

India has recently reiterated its plan to increase nuclear capacity

14 fold to 63 GWe by 2032

Saudi Arabia proposes to build 16 reactors by 2030 & UAE currently

building 3 reactors.

# reactors

0

20

40

60

80

100

120

140

160

180

200

220

240

Proposed

Planned

Under Construction

Operable Reactors

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Looming Deficit in Supply – Demand Balance

RJL Global Uranium Supply-Demand Balance

Source: Raymond James Ltd., UxC, WNA, Company reports

150160170180190200210220230240250260270280290300

2012

A

2013

A

2014

E

2015

E

2016

E

2017

E

2018

E

2019

E

2020

E

2021

E

2022

E

2023

E

2024

E

2025

E

2026

E

2027

E

2028

E

2029

E

2030

E

Mlb

s/yr

U3O

8

RJL Total Supply RJL Total Demand

Falls into deficit in 2020E

Source: Raymond James Ltd For

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6

200

180

160

140

120

100

80

60

40

20

0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

U.S. Utilities Non-U.S. Utilities

MM

lbs U

3O8

Uncovered Requirements – utilities typically contract 2 – 4 years out

Uncovered 2016 – 2017

equals 70Mlbs

Source: Dundee Capital Markets

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Uranium Spot & Term Contract Sales Increasing

050

100150200250300350

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014YTD

Mkt V

ol

(Mlb

s U

3O

8)

Spot Volume LT Volume

Source: Raymond James Ltd For

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Uranium Spot Price Bottomed

SPOT AND TERM PRICE SPREAD AT A 41-MONTH LOW

Source: Raymond James Ltd

$20

$30

$40

$50

$60

$70

$80

$90

Jun-2009

Oct-2009

Feb-2010

Jun-2010

Oct-2010

Feb-2011

Jun-2011

Oct-2011

Feb-2012

Jun-2012

Oct-2012

Feb-2013

Jun-2013

Oct-2013

Feb-2014

Jun-2014

Oct-2014

US$

/lb

UxC Spot Uranium (US$/lb) UxC Long-term Price (US$/lb)

Source: Raymond James Ltd

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Bannerman Highly Leveraged to the Uranium Price

9

0%

100%

200%

300%

400%

500%

600%

75 80 85 90 95 100

Relative % change in pre-tax NPV against the U3O8 price

33% % ch

ange

in p

re-ta

x NPV

US$ U3O8 / lb

Period U3O8 Spot Price Movement

Bannerman Share Price Move

Apr 05 – Jun 07 +490 % +7,900 %

Jun 10 – Feb 11 +80 % +240 %

Historical Bannerman share price movement v U3O8 spot price

500%

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Completed Etango DFS & ESIA in 2012.

Granted environmental approvals in 2012.

6 – 9 Mlbs U3O8 annual production over 16 year mine life, with

opportunity to extend.

Straightforward geology, mineralogy & metallurgy.

Large scale open pit mining, dynamic acid heap leaching & solvent

extraction.

Heap leach demonstration program a natural progression in project de-

risking, financing and development process.

Etango Project in a Nutshell F

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Globally Significant Scale (uranium only projects)

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0

100

200

300

400

53

McAr

thur

Rive

r Ca

mec

o/Ar

eva

2004 JORC / NI 43-101 Compliant Ore Reserves (Mlbs U3O8) Hu

sab

CGNP

C

Ciga

r Lak

e Ca

mec

o/Ar

eva

Inka

i Ca

mec

o/Ka

zato

mpr

om

Lang

er H

einric

h Pa

ladin

Röss

ing

Rio

Tinto

Etan

go

Bann

erm

an

Valen

cia

Fors

ys

Dorn

od

ARMZ

Inka

i Sou

th

ARMZ

361 320

217

88 119

79

34

Source: Bannerman & Company Reports, Nov 2014 (Reflects 100% project reserve).

119 104

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Namibia – A Premier Uranium Mining Jurisdiction

Windhoek Swakopmund Walvis Bay

Ranked 2nd most attractive African investment jurisdiction in Fraser Institute Mining Company Survey

Political and social support of uranium mining

5th largest uranium producing country

Almost 40 years of uranium mining

Etango Uranium Project

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Favourable Location Relative to Infrastructure F

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Etango Site Layout

N

Licence boundary

5km

16 year mine life, underpinned by 119Mlbs P&P Reserve (194ppm U3O8); significant scope to grow reserve size

Annual production of 6-9 Mlbs U3O8

Capex of US$870 million, with an additional $US380M in sustainable CAPEX over the LOM

Opex (first 5 years) US$41/lb U3O8

Operating cashflow of US$2.7 billion before capital and tax, and free cashflow of US$923 million after capital and tax, at a uranium price of US$75/lb U3O8

Significant opportunities to optimize development strategy for enhanced returns

Robust DFS – Development Ready F

or p

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Straightforward Open Pit Mining - Ore Reserve Estimate based on over 275km Drilling

YEAR 16

1km

6km

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Conventional Sulphuric Acid Heap Leaching

50 day on – off cycle

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Next Step – Heap Leach Demonstration Program

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Demonstrate design & projected

performance reflected in the DFS

Maintain & build project knowledge

Meaningful in-country activities

Pursue optimisation where appropriate

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Heap Leach Demonstration Plant Layout

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Agglomerator

ILS & PLS

Cribs

Reagent mixing

area

Fresh water

Silent generators Workshop &

on-site laboratory

Evaporation Ponds

Crushed Material

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Construction due for completion in early 2015

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Development Strategy

1. Further reduce financing risk through conducting heap leach demonstration program.

2. Update the definitive feasibility study taking into consideration the current cost environment, greater understanding gained from the study review underway and the future results from the heap leach demonstration program.

3. Engage with interested parties with regards to entering into a development partnership .

4. Progress project financing arrangements.

Position Bannerman to fast track the Etango project in a favourable uranium market

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Etango – DFS Pre-Production Capital Cost

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DFS Pre-Production Capital Cost Estimate (April 2012) US$ million

Mining – fleet, establishment & pre-stripping 127

Process plant 354

Site infrastructure 91

External infrastructure (power, water, rail, road and port) 47

EPCM costs 72

Accuracy provision 54

First fills and spares 29 Owner’s costs (personnel, housing, training, insurance etc)

40

Other (camp facilities, mobilisation and demobilisation and temporary services)

56

Total pre-production capital expenditure 870

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DFS Cash Operating Cost Estimate (April 2012)

First 5 Years

Life-of-Mine

Mining:

- US$/tonne mined

- US$/tonne ore

1.72

7.87

1.97

8.55

Processing (US$/tonne ore):

Consumables, labour, maintenance & other 3.37 3.41

Sulphuric acid 1.78 1.79

Power 1.29 1.31

Water 0.64 0.65

7.08 7.15

General & administration ( US$/tonne ore): 1.26 1.23

Total cash operating costs (US$/tonne ore) 16.21 16.93

Total cash operating costs (US$/lb U3O8

produced)

40.85 45.71

Etango – DFS Cash Operating Cost

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Corporate Snapshot as 26 November 2014

Share price A$0.079

Shares - currently on issue ~334m

Shares - fully diluted (for options, rights, convertible notes, Savanna settlement) ~486m

Market capitalisation (undiluted) ~A$26m

Top 20 shareholders ~60 %

Cash on hand (as at 30 Sept 2014) A$4.7m

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: BMN 80% | Clive Jones 20% (free carried until the project is financed)

Major Shareholders: RCF 15.8% | Global X 7.5% | Clive Jones 4.6% | Regent Pacific 3.3% | New City Investments 3.3%

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$25

$30

$35

$40

$45

$50

A$0.03

A$0.06

A$0.09

A$0.12

A$0.15

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Uranium

Spot Price $US/lb U

3 O8

ASX

: BM

N S

hare

Pric

e ($

A)

Share Price v Uranium Spot Price

BMN Share Price (LHS)

U3O8 UxC Spot Price (RHS)

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Ronnie Beevor NE CHAIR • Finance & Accounting • Formerly Head of Investment

Banking at Rothschild Australia • Experience includes Oxiana,

EMED Mining, Wolf Minerals

Clive Jones NED • Exploration & Business

Development • Original vendor of Etango Project • Over 25 years in numerous

Australian exploration & development companies

Ian Burvill NED • Finance & Equity Markets • Senior Vice President of

Resource Capital Funds • Ex-Rothschild US & Australia • Over 28 years in mining

industry

David Tucker NED • Key Stakeholder Relations &

Corporate Affairs • Former Director of Corporate

Affairs for Homestake and Barrick Gold in Australia.

• Over 40 years in mining industry

Len Jubber MD & CEO • Operations,

Development & Executive Management

• Previously MD & CEO Perilya Limited

• Over 27 years in mining industry

Board of Directors

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Robert Dalton • Financial Controller &

Company Secretary • Over 13 years experience in

auditing, accounting & secretarial roles mostly interacting with the resources industry

Werner Ewald • GM Namibia • 22 years with Rio Tinto

incl 20 years in operational and technical roles at Rossing Uranium in Namibia

John Turney • Project Advisor • Lead completion of

Etango DFS. • 35 years operations &

development experience with Homestake & Barrick

Management Team

Len Jubber • MD & CEO • Operations, Development &

Executive Management • Previously MD & CEO Perilya

Limited • Over 27 years in mining

industry, incl 8 years at Rossing Uranium in Namibia

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www.bannermanresources.com Scale, Simplicity, Substance

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