Bannerman Energy (ASX:BMN) said early works construction activities for its Etango project in Namibia are within budget and schedule, with the primary crusher site fully excavated, and construction power overhead infrastructure installed, according to a Thursday filing with the Australian bourse.

Meanwhile, draft permanent power supply and acid facility lease agreements are currently under evaluation, the filing said.

The company plans to make a positive final investment decision on the project within the year, according to the filing.

Bannerman Energy shares were up 5% in midday trade on Thursday.