2325 GMT - Bannerman Energy's deal with China National Nuclear Corp. likely reduces the size of any future equity raising to fund its Etango uranium project in Namibia, Macquarie says. CNNC is investing US$321 million to acquire a 42.75% effective interest in the Etango project. Macquarie had thought Bannerman would need to raise A$400 million at an average issue price of A$3.50/share. It now assumes Bannerman raises A$120 million at A$4.50/share. Macquarie also points out that CNNC already owns 68.82% of the Rossing uranium mine and 25% of the Langer Heinrich mine in Namibia. "We expect to see some synergies in adding Etango to the CNNC Namibia portfolio (eg, acid costs)," Macquarie says. It has an outperform call on Bannerman, and cuts its price target by 4% to A$5.60/share. Bannerman is down 8% at A$4.41 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 03, 2026 18:25 ET (23:25 GMT)

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