Bannerman Resources Ltd's (ASX:BMN) shares have hit $0.045 intra-day yesterday, or around 41% higher than yesterday's close, with the company receiving an ASX Price and Volume Query.
Bannerman responded to the ASX that it was not aware of any reason for the change in trading.
The company did however point to an improvement in investor sentiment for uranium.
Bannerman recently outlined results from the Etango Heap Leach Demonstration Plant in Namibia which significantly de-risked the proposed process route.
Results also highlighted opportunities to reduce both capital and operating cost estimates.
Bannerman wholly-owns the Etango Project, which is strategically located near Rio Tinto Ltd’s (ASX:RIO) Rössing uranium mine, Paladin Energy Ltd’s (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp’s Husab uranium mine - which is currently under construction.
Based on the Etango project Definitive Feasibility Study, Etango's production is expected to be 7-9 million pounds U3O8 per year for the first five years and 6-8 million pounds U3O8 per year thereafter.
Current mine life of 16 years has significant expansion potential through the conversion of existing Inferred Resource as well as the deposit being open at depth.