Bannerman Energy : Quarterly Activities Report and Appendix 5B for the period ended 30 June 2022

Bannerman Resources Limited

Registration No. ABN 34 113 017 128

Registered as an external company in Namibia

ISIN Code: AU000000BMN9

NSX Share Code: BMN

QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B FOR THE PERIOD ENDED 30 June 2022

Bannerman Energy Ltd (ASX:BMN, OTCQB:BNNLF, NSX:BMN) (Bannerman or the Company) is pleased to report on a quarter in which Bannerman progressed the Definitive Feasibility Study (DFS) for the 8Mtpa development1 of its flagship Etango Uranium Project in Namibia (Etango-8)

HIGHLIGHTS

• Share Purchase Plan (SPP) closed in April raising A$15 million (at A$0.22 per share).
• Agreement to acquire a 41.8% strategic stake in TSX-V listed critical mineralsdeveloper, Namibia Critical Metals Inc. (NMI).
• NMI's core asset is the advanced Lofdal Heavy Rare Earths Project in Namibia.
• Bolt-onacquisition offering significant alignment and synergies with Bannerman'sEtango Uranium Project.
• Total consideration of A$7.24M cash and 846,337 fully paid BMN ordinary shares,representing a significant discount to prevailing NMI market trading value.
• Transaction completion expected in next two weeks.
• 10-for-1share consolidation approved at General Meeting on 18 July; BMN shares tocommence trading on a post-consolidation basis from 29 July.
• Etango-8DFS progressing steadily, scheduled completion now 4Q CY2022.
• Feasibility and engineering undertaken by best-in-class consultants with Wood plc engaged as DFS lead study manager and continuity from Etango- 8 Pre- Feasibility Study and previous study work.
• World-classTechnical Steering Committee chaired by Norman Green.
• Cash balance of A$51.9M at quarter end.
• Policy reversals in favour of nuclear energy strengthened in several countries;geopolitical tensions delivered recent highs in price of enrichment and conversion.

Bannerman Managing Director and Chief Executive Officer, Brandon Munro, said:

"The Bannerman team remains resolutely focused on the Etango-8 Definitive Feasibility Study. While expected completion of the DFS has pushed back into the December quarter, the process is still tracking well and early FEED work is set to commence in parallel. The agreement we executed duringthe quarter to acquire a strategic stake in Namibia Critical Metals presents a significant and synergisticopportunity for our business. We look forward to the anticipated closing of this transaction in the nextcouple of weeks."

The Quarterly activities report can be found at the following link:

https://wcsecure.weblink.com.au/clients/bannermanresources/headline.aspx?headlineid=61101515

The Appendix 5B - report can be found at the following link:

https://wcsecure.weblink.com.au/clients/bannermanresources/headline.aspx?headlineid=61101514

For and on behalf of Bannerman Energy Ltd by

Steve Herlihy

CFO & Company Secretary

28 July 2022

Registered Office

Bannerman Minig Resources Namibia (Pty) Ltd Registration no. 2005/115

71 Seeadler Street, Vineta Swakopmund

Namibia

Sponsor

IJG Securities (Pty) Ltd Member of the NSX

4th Floor, 1@Steps, C/O Grove and Chasie Street, Klein Kuppe P O Box 186, Windhoek, Namibia

Registration No. 95/505