Bannerman Energy (ASX:BMN) reported "strong" progress at its Etango project in Namibia during the quarter ended Sept. 30 as it advances towards a positive final investment decision, according to a Thursday filing with the Australian bourse.

Early works are progressing on budget and within schedule, with construction power commissioned within the mining license boundary and detailed design work for the process plant on track, reaching 86% completion for dry plant engineering, the filing said.

The company is assessing various funding sources for the project, including project/corporate debt and potential offtake and joint venture opportunities, per the filing.

Shares fell nearly 1% in afternoon trade on Thursday and earlier reached their highest since June 2024.