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Etango Uranium Project Building a significant producer with broad strategic appeal January 2010

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Forward-Looking & Technical Disclosures

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.

The Company has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.

The information in this presentation relating to the geology and exploration results of the projects owned by Bannerman Resources Ltd is based on information compiled by Mr Kieron Munro, Head of Geology of Bannerman and a full time consultant to the Company. Mr Munro is a Member of the Australian Institute of Geoscientists, a Recognised Professional Organisation by the Australasian Joint Ore Reserves Committee, who 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as a Qualified Person for purposes of Canadian National Instrument 43-101. Mr Munro consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

The information in this presentation relating to the Mineral Resources of the Anomaly A and Oshiveli deposits within the Etango Project is based on a resource estimate completed by Mr Neil Inwood and the information in this news release relating to the Mineral Resources of the Onkelo deposit within the Etango Project is based on a resource estimate completed by both Mr Iain Macfarlane and Mr Neil Inwood who are full time employees of Coffey Mining Pty Ltd. Messrs. Inwood and Macfarlane are Members of The Australasian Institute of Mining and Metallurgy and have 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, and are independent consultants to Bannerman and Qualified Persons as defined by Canadian National Instrument 43-101. Messrs. Inwood and Macfarlane consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears.

The information in this presentation relating to mining studies undertaken on the Etango Project was completed by Mr Harry Warries of Coffey Mining Pty Ltd, a consultant to Bannerman Resources Ltd. Mr Warries is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to the activity which is being undertaken. Mr Warries consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

The information in this presentation relating to the metallurgical test work undertaken on the Etango Project samples was completed by Mr Daryl Evans of Independent Metallurgical Operations Pty Ltd, a consultant to Bannerman Resources Ltd. Mr Evans is a Member of The Australasian Institute of Mining and Metallurgy and has extensive experience relevant to the activity which is being undertaken. Mr Evans consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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Etango Project Feasibility Study.
Strategic appeal.
Next steps.
Appendix.

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Etango Project Feasibility Study

Etango Uranium Project Advancing to Definitive Feasibility Study

Preliminary Feasibility Study (PFS) completed in December 2009.
Extensive resource base, with a further upgrade in Q1 2010.
Definitive Feasibility Study (DFS) – 12-15 month program for a development decision.
Processing route incorporating conventional agitated tank leaching of a high-grade (3,500-4,000ppm U3O8) flotation concentrate. Metallurgical testwork underway to confirm +90% recoveries.
Mining licence application already filed.
Production targeted for late 2013 coincident with projected widening demand-supply gap.

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PFS Highlights – Flotation Concentrate Leaching Robust large scale, long life uranium project

Mineral Resource	•	Large near-surface resource – M&I 103Mlbs and Inferred 49Mlbs U3O8.
IRR/NPV	•	Pre-tax IRR of 22%, NPV10%of US$431M and 3-4 year payback(at US$70/lb U3O8).
Production	•	5-7Mlbs/year starting late 2013 for modelled total production of 97Mlbs U3O8.
Costs	•	Capital cost of US$555 million; operating costs of US$38/lb in first five years, with average life-of-mine operating costs of US$41/lb U3O8.
Opportunities	•	Key DFS opportunities to reduce costs and improve economics.
Exploration	•	500km2 of prospective landholding – Hyena is the first of several attractive sand-covered prospects.

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Conventional Open Pit Mining

Significant benefits derived from shallow, flat dipping & long deposit

Simple staged pit design.
Low strip ratio
(3.5 waste to 1.0 ore).

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
Expected single pit
based on recent
drilling results.
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Mine design optimisation targeted to expand mineable resources.

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Final pit design
Onkelo Starter pits
Area drilled
Resource model zones
subsequent to
completion of
resource model
Oshiveli
High-grade
starter pits
Anomaly A
6km
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Uranium Pricing Spot v Long Term Contract prices

To insert coloured column chart showing existing/new uranium mines/projects by annual production and/or US$70/lb ~~mineral resource base.~~

Source: Ux Consulting, Q4 2009 report

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Definitive Feasibility Study Targeted project enhancements

Drilling Results since June 2009 to be incorporated in new resource estimate due Q1 2010
Will include Oshiveli and Onkelo – higher grade zones

Resource

Update in Q1 2010 to increase size and contiguous strike length to 6km

Mining

Updated mine schedule incorporating resource upgrade
Cost reductions through competitive contract mining tenders
Owner-mining assessment for cost reductions
Larger mining equipment for economies of scale
Electrically-powered haul trucks (trolley assist)
Processing Metallurgical testwork recoveries
Circuit optimisation
Reagent volume and cost savings
Infrastructure Synergies with neighbouring projects

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Infrastructure & Utilities

Proximity to all key infrastructure

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20 GL
Trekkopje/ Areva
AREVA Plant Valencia/ Forsys
Etango Tenement
Road
Power Line
Rössing/ Rio Tinto
Railway
Proposed
Primary Uranium Deposit 25 GL Plant
(NamWater)
Secondary Uranium Deposit Rössing South/ Extract
Etango/ Bannerman
Langer-Heinrich/ Paladin
0 Kilometres 50 Cape Town
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Mineral Resource

Extensive uranium deposit located primarily in flat desert terrain Forward Looking and Technical Disclosures

**Etango Project* Mineral Resource Estimate – December 2009 Uniform Conditioning (“UC”) Method**

Measured & Indicated Resources Inferred Resources

Lower Cut-off	Tonnes	Grade	Contained	U3O8	Tonnes	Grade	Contained U3O8	Contained U3O8
(ppm U3O8)	(Mt)	(ppm U3O8)	(tonnes)	(Mlbs)	(Mt)	(ppm U3O8)	(tonnes)	(Mlbs)
100	205.4	227	46,700	102.8	102.9	217	22,300	49.2
150	149.9	262	39,300	86.8	73.5	251	18,400	40.7

Note: Figures may not add due to rounding; bulk density of 2.63t/m[3] ; Uniform Conditioning estimate; Panel dimensions of 25mNS x 25mEW x 10mRL (Anomaly A and Oshiveli) and 50mNS x 50mEW x 10mRL (Onkelo) and SMU dimensions of 12.5mNS x 12.5mEW x 5mRL with Information Effect.

Bannerman holds an 80% interest in the Project through its Namibian subsidiary. All details reported are for 100% of the Project.

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Flotation Concentrate Leaching Flowsheet Application of established technologies

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Flotation Concentrate
Leaching
Flowsheet
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Flotation Testwork

Over 94% flotation recovery in 5.5% mass pull concentrate

Fresh water

Recycled water

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Improved frothing with recycled water may present opportunity to reduce reagent consumption

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Strategic Appeal

Etango Project Strategic Value

Nuclear utilities want:

Etan o has: g

Low/negligible sovereign risk
Premier uranium producing jurisdiction
Long mine life (+10 years of supply)
- 16 year mine life
Significant annual production
5-7 Mlbs U O 3 8 per year
Low technical risk
Shallow and simple mining, available infrastructure
Consistent economics
Relatively flat operating cost profile
Low permitting risk
No significant legislative, environmental or social impediments
Timing
Production to start in 2013 coincident with projected widening demand-supply gap

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Annual Production Globally significant

Uranium Mines - Production Estimates for 2015

(Ux Consulting, Q4 2009, & Bannerman)

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25.0
20.0
Existing operation
Planned & potential operation
15.0
10.0
5.0
0.0
McArthur River (Can) Rössing South (Nam) Rössing (Nam) Ranger (Aus) LLP Kazatomprom (Kaz) Olympic Dam (Aus) Priargunsky (Rus) Niger (Niger) Muyunkum (Kaz) Navoi (Uzb) Etango (Nam) Langer-Heinrich (Nam) Inkai (Kaz) South Inkai (Kaz) Budenovskoye 2 (Kaz) Central Mynkuduk (Kaz) Imouraren (Niger) Trekkopje (Nam) Budenovskoye 1, 3 & 4 (Kaz) N Kharasan (Kaz) N Kharasan 2 (Kaz) Zarechnoye (Kaz) Kayalekera (Mal) Highland-Smith (US) Cigar Lake (Can) Four Mile (Aus) Western Mynkuduk (Kaz) Akdala (Kaz) Khiagda (Rus) Vostochny (Ukr) Beverley (Aus) Azelik (Niger) Irkol (Kaz) Vaal Rivers (RSA) Dolmatovskoye (Rus) Stepnogorsk (Kaz) Semisbai (Kaz) MWS Tailings (RSA) Ezulwini (RSA) Mestena/Alta Mesa (US) Moore Ranch (US)
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Nuclear Power Utilities

Chasing limited new uranium sources

120 Nuclear Reactor Build Programs World Nuclear Association Estimates 2009-2030 100 80 60 40 20 0 Canada China France India Japan Korea Russia Sweden Ukraine UK USA Rest of World 2009 2020 2030

Source: WNA, The Global Nuclear Fuel Market, Supply & Demand 2009-2030

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Uranium Supply and Demand Etango – Right timing

Uranium mine supply versus nuclear reactor requirements

100 90 ~~Gap more than filled by~~ Mine supply Demand with forecast secondary supplies 80 70 60 50 40 ~~Output~~ 30 ~~needs to~~ double 20 10 0

Source: WNA, Macquarie Research, November 2009

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Next Steps

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Next Steps & Newsflow

Financing – Step up dialogue with potential strategic partners and finance providers.
Resource model – Incorporation of drilling reported since July 2009 in Q1 2010. Expected increase in resource size and confidence.
Metallurgical testwork - Flotation locked-cycle and pilot plant testwork in Q1 2010 to confirm processing route and enable detailed design.
Drilling & exploration – Focus on infill programs to further improve resource confidence to a larger component of Measured resources, and to enable resource model verification. Near-mine and regional exploration programs to continue in 2010.

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Summary Building a significant producer with broad strategic appeal

Namibia - Premier mining jurisdiction with stated ambitions to develop its uranium resources.
Uranium resource - Well-defined and globally significant mineral resource, with expandability.
Strategic importance - Nuclear utilities looking for size, scale and surety of long term supply. Etango offers all these.
Feasibility - Robust long term project with key opportunities for DFS cost enhancements.
Independence - Bannerman is one of the few advanced developers currently independent of the majors and end-users.
Cash - US$20 million on hand for DFS.

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www.bannermanresources.com.au

Appendix

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Namibia

Premier uranium mining jurisdiction

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 Stable democratic government, economy, and legal and mineral title regime.



4[th] largest uranium producing country (behind Kazakhstan, Canada and Australia).
Political and social support of uranium mining.

Rössing (Rio 69%) has operated since 1976, Langer-Heinrich (Paladin) since 2006, and Trekkopje (Areva) since 2009.

Peaceful uranium exports accepted globally.

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Exploration Activities

Etango Project licence covers 500km[2] of which only a small portion is properly drill tested.
“Hyena” is a new mineralised zone located 1km south of the main Anomaly A deposit.
20 of 42 RC drill holes have intersected significant mineralisation, particularly in the Hyena South zone.
Best result of 16m at 1,021ppm U3O8 from 84m downhole depth.
The intersections obtained from this first step-out exploration drilling indicate good potential for additional resources in the Etango Project area.

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Capital Structure

As at January 7, 2010
Share price	A$0.82
Shares - currently on issue	202 M
Options - exercise prices A$0.20-7.50/share, average A$2.40/share	23 M
Convertible Note - matures Dec-2011 for A$10M or 16.3M shares	16 M
Contingent Share Issue - on grant of mining licence	4 M
Fully diluted shares	245 M
Market capitalisation (undiluted)	A$166M / US$152M
Average daily traded volume on ASX for 2009	1.0M shares/day

Institutional ownership ~15%
Board/management ownership ~11%

 Shareholder distribution

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North America Australia Europe Namibia Asia

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Comprehensive skill at Board level

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Ronnie Beevor

Finance, Accounting
Audit Committee (Chair)
Remuneration, Corporate Governance & Nomination Committee

Clive Jones

Exploration, Business Development
HSEC Committee
Remuneration, Corporate Governance & Nomination Committee

David Tucker

Key Stakeholder Relations, Corporate Affairs
HSEC Committee (Chair)
Audit Committee

Geoff Stanley, Chairman

Equity Markets
Audit Committee

James McClements

Finance, Equity Markets
Remuneration , Corporate Governance & Nomination Committee (Chair)

David Smith

Development, Operations and Strategy
HSEC Committee

Mason Hills

(alternate to James McClements)

Legal and Commercial

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Management Team Project development expertise

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Len Jubber CEO & Managing Director Mining Engineer

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Peter Kerr Chief Financial Officer Chartered Accountant

John Turney Project Director Metallurgist

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Peter Christians Ivan Saracik Kieron Munro COO (Namibia) Study Manager Head of Geology Mining Engineer Mechanical Engineer Geologist

Andrew Steers Ann Gibbs Financial Controller Investor Relations Chartered Accountant

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Brandon Munro, GM Corporate Development Lawyer

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