Bannerman Energy Ltd (BMN.AU) saw its shares plummet by 9.78% during intraday trading on Thursday, following an update on its Etango uranium project in Namibia.

The company announced that the detailed model review for the dry plant at the Etango project has been completed, with civil and mechanical design for the dry plant approximately 92% finished. However, detailed engineering for the wet plant remains only 23% complete, with design efforts currently focused on validation test work. The site contractor workforce has been increased to over 370 personnel, and bulk earthworks are about 51% complete. Additionally, the high-pressure grinding rolls tertiary crusher has been manufactured and delivered to the site.

Investors reacted negatively to the mixed progress report, leading to the sharp decline in the stock price.