Shares of Bannerman Energy Ltd (ASX:BMN) surged 6.15% in intraday trading, outpacing the earlier reported 5% gain. The significant uptick comes as the company announced positive developments in its Etango project in Namibia.

According to a filing with the Australian Securities Exchange, Bannerman Energy reported that early works construction activities for the Etango project are proceeding within budget and on schedule. The company has made substantial progress, with the primary crusher site fully excavated and construction power overhead infrastructure already installed. These developments signal strong execution of the project plan, likely boosting investor confidence.

Furthermore, Bannerman Energy disclosed that draft permanent power supply and acid facility lease agreements are currently under evaluation, indicating ongoing efforts to secure key infrastructure for the project. The company also revealed its intention to make a positive final investment decision on the Etango project within the year, suggesting potential for further growth and development. This forward-looking statement, combined with the current progress, appears to have fueled the significant stock price increase.