MEMBRANE STUDY SUCCESS AND CORPORATE UPDATE

Bannerman Resources Limited (ASX:BMN, OTCQB:BNNLF, NSX:BMN) (“Bannerman” or “the Company”) is pleased to provide an update on the successful completion of the Etango project Membrane Study and corporate actions taken to maintain the Company’s strong balance sheet.

HIGHLIGHTS

• Membrane Study Testwork successfully completed     º Confirms substantial economic and operational advantages, including over 80% acid recovery from the concentrated eluate stream of the IX plant   º Excellent results confirm optimised flowsheet consists of Ion Exchange (IX) followed by Fe reduction before nano-filtration   º Design of nano-filtration plant now complete to definitive level
• Etango Project optimisation continues to focus on the evaluation of project scaling and scope opportunities under various development parameters and market conditions
• Bannerman maintains conservative balance sheet to guard against market uncertainty    º Strong cash balance of A$4.6m at 31 March 2020 and no debt   º Management and Board pay reductions implemented from 1 April 2020
• Current COVID-19 measures not anticipated to disrupt Bannerman business or Etango Project    º Testwork completed and Heap Leach Demonstration Plant safely decommissioned   º Targeted project work in short-to-medium term already desk-top based
• Advanced, permitted Etango Project well positioned amidst uranium supply disruptions caused by COVID-19 response measures

Bannerman’s Chief Executive Officer, Mr Brandon Munro, said, “Bannerman is ideally positioned to withstand the current global market uncertainties, yet react positively to improvements in the uranium market as COVID-19 uranium supply disruption continues or expands. We have a strong cash balance, low cash burn and an advanced, permitted project – a combination that provides both extended operating runway without the need for additional capital and market-leading leverage to positive uranium dynamics.”

This announcement was authorised to be issued by the Board of Directors.For further information please contact:

Brandon MunroChief Executive OfficerPerth, Western AustraliaTel: +61 (8) 9381 [e-mail]

Rob OrrCompany SecretaryPerth, Western AustraliaTel: +61 (8) 9381 [e-mail]

Michael Vaughan (Media)Fivemark PartnersPerth, Western AustraliaTel: [phone] [e-mail]