Bannerman Energy's (ASX:BMN) deal with CNNC Overseas (CNOL) for the funding, development, and operation of its Etango uranium project in Namibia materially reshapes the company's risk profile, according to a Friday report by Euroz Hartleys.

On Thursday, the company said it executed binding investment subscription and joint venture documentation with CNOL.

Under the deal, the company will receive $322 million from CNOL for a 42.75% stake in the project, reducing Bannerman's stake to 52.25%, Euroz said.

The deal has "attractive" payment and delivery terms and sees the company's share of construction spend covered, removing any potential debt burden throughout the construction and ramp-up phases, Euroz noted.

Euroz Hartleys has a speculative buy rating and an AU$5.70 price target on Bannerman Energy.

Shares of the company fell 6% on market close.