Etango Uranium Project enhancing early mover advantage

Proactive’s Melbourne & Sydney Investor Luncheons

5 & 6 May 2015

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Why Invest in Bannerman ?

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Strong outlook for medium term uranium price

Well positioned to develop Etango

• DFS complete and granted environmental permit

• Strong balance sheet support

• Highly regarded investment jurisdiction

Un-paralleled leverage driven by

• Historic low share price

• Project economies of scale

• Consensus view of mine incentivising price 60 – 70 % above current spot price

Value inflection point – heap leach demonstration program For

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Corporate Snapshot as 1 May 2015

Share price A$0.058

Shares - currently on issue ~369m

Shares - fully diluted (for options, rights, convertible notes, Savanna settlement) ~528m

Market capitalisation (undiluted) ~A$21.4m

Top 20 shareholders ~60 %

Cash on hand (as at 31 March 2015) {excludes A$2m capital raising in April} A$1.7m

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 21.1% | Global X 6.9% | Clive Jones

4.2% | New City Investments 3.1% | Regent Pacific 2.9%

Employee, Management & Director Shareholding

6.5%

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Demand – Asian & Middle East Growth Driven

4

Source: WNA Feb 2015 & Public Announcements March 2015

437 reactors operable in 30 countries,

65 under construction, 481 planned and proposed

China on track to increase nuclear capacity from

currently 23 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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RJL Global Uranium Supply-Demand Balance

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

150160170180190200210220230240250260270280290300310320

20

12A

20

13A

20

14A

20

15E

20

16E

20

17E

20

18E

20

19E

20

20E

20

21E

20

22E

20

23E

20

24E

20

25E

20

26E

20

27E

20

28E

20

29E

20

30E

Mlb

s/yr

U3

O8

RJL Total Supply RJL Total Demand

Falls into deficit in 2020E

5

Looming Deficit in Supply – Demand Balance

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Risky Global Supply Dynamics

• Recent growth primarily from Kazakhstan.

• Few producers.

• Development cycle of uranium mines longer than other mines.

Source: UxC

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RJL Uranium Price Outlook

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

$33$38

$0

$20

$40

$60

$80

$100

$120

$140

20

05E

20

06E

20

07E

20

08E

20

09E

20

10E

20

11E

20

12E

20

13E

20

14E

20

15E

20

16E

20

17E

20

18E

Ura

niu

m P

rice

(US$

/lb

U3

O8

)

UxC Spot Price UxC LT Price RJL Price Forecast (Annual Average)

2017E$45

$60

2014A 2015E2016E

$70

2018E

We forecast prices to begin increasing towards mine-incentiving levels (~US$70/lb) later in 2015

20

05

A

20

06

A

20

07

A

20

08

A

20

09

A

20

10

A

20

11

A

20

12

A

20

13

A

20

14

A

7

Strong Outlook for Medium Term Uranium Price

Source: Raymond James Ltd

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Bannerman Highly Leveraged to the Uranium Price

8

0%

100%

200%

300%

400%

500%

600%

75 80 85 90 95 100

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

33% % c

han

ge

in p

re-t

ax N

PV

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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Significant Upside In Relative Valuation

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Namibia – A Premier Uranium Mining Jurisdiction

Windhoek Swakopmund Walvis Bay

Ranked most attractive African

investment jurisdiction in Fraser

Institute Mining Company Survey.

Political and social support of

uranium mining.

5th largest uranium producing

country – will jump to 2nd when

Husab commences production in

2016.

~ 40 years of uranium mining.

Etango

Uranium

Project

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Favourable Location Relative to Infrastructure

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Etango Site Layout

N

Licence boundary

5km

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Development Ready – DFS & environmental permitting completed F

or p

erso

nal u

se o

nly

Globally Significant Scale (uranium only projects)

13

0

100

200

300

400

53

McA

rth

ur

Riv

er

Cam

eco

/Are

va

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

Hu

sab

C

GN

PC

Cig

ar L

ake

Cam

eco

/Are

va

Inka

i C

amec

o/K

azat

om

pro

m

Lan

ger

Hei

nri

ch

Pal

adin

Rö

ssin

g

Rio

Tin

to

Eta

ng

o

Ban

ner

man

Val

enci

a F

ors

ys

Do

rno

d

AR

MZ

Inka

i So

uth

A

RM

Z

361

320

217

91

119

88

34

Source: Bannerman & Company Reports, March 2015

(Reflects 100% project reserve) (Etango at 279.6Mt at 194ppm U3O8 reported above a 70ppm U3O8 lower cut-off).

119 104

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Value Inflection Point

Completed Etango DFS in April 2012.

o 6 – 9 Mlbs U3O8 annual production over 15 year mine life.

o Etango is the fourth largest (based on ore reserves) uranium only project in the world.

Heap Leach Demonstration Plant value inflection point in project development and financing process.

o Showcase project - demonstrates heap leaching process

o Further de-risks Etango development path

o Attract JV / funding partners

o Value engineering

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Conventional Sulphuric

Acid Heap Leaching

50 day on – off cycle

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Heap Leach Demonstration Plant

40 tonne sample loaded

into crib 1 3,000 tonne ore stockpile

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Why Invest in Bannerman ?

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Strong outlook for medium term uranium price

Well positioned to develop Etango

• DFS complete and granted environmental permit

• Strong balance sheet support

• Highly regarded investment jurisdiction

Un-paralleled leverage driven by

• Historic low share price

• Project economies of scale

• Consensus view of mine incentivising price 60 – 70 % above current spot price

Value inflection point - heap leach demonstration program For

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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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www.bannermanresources.com Scale, Simplicity, Substance

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