STOCK EXCHANGE ANNOUNCEMENT

21 November 2012

www.bannermanresources.com

BANNERMAN RESOURCES LIMITED ABN 34 113 017 128

Corporate Office Level 1 ■ Suite 18 ■ 513 Hay Street ■ Subiaco Western Australia 6008 Post PO Box 1973 ■ Subiaco Western Australia 6904

T +61 8 9381 1436 F +61 8 9381 1068

1

CHAIRMAN’S ADDRESS AND CEO PRESENTATION

Perth, Australia – Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN) ("Bannerman" or the "Company") attaches the following documents to be delivered at today’s Annual General Meeting:

1. Chairman’s Address; and 2. Chief Executive Officer’s Presentation.

For further information please contact: Len Jubber

Chief Executive Officer Perth, Western Australia Tel: +61 (0)8 9381 1436

Tim Haughan

Investor Relations Manager Perth, Western Australia Tel: +61 (0)8 9381 1436 admin@bannermanresources.com.au

Spyros Karellas

Investor Relations Toronto, Ontario, Canada Tel: +1 416 800 8921 spyros@pinnaclecapitalmarkets.ca

About Bannerman - Bannerman Resources Limited is an emerging exploration and development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman’s principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto’s Rössing uranium mine and to the west of Paladin Energy’s Langer-Heinrich mine. Etango is one of the world’s largest undeveloped uranium deposits. Bannerman is focused on the development of a large open pit uranium operation at Etango. More information is available on Bannerman’s website at www.bannermanresources.com.

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www.bannermanresources.com

BANNERMAN RESOURCES LIMITED ABN 34 113 017 128

Corporate Office Level 1 ■ Suite 18 ■ 513 Hay Street ■ Subiaco Western Australia 6008 Post PO Box 1973 ■ Subiaco Western Australia 6904

T +61 8 9381 1436 F +61 8 9381 1068

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CHAIRMAN’S ADDRESS

As noted in my letter to shareholders, today is my last day as Chairman of Bannerman.

I joined the Bannerman Board in late 2009, approximately 18 months after the incredible highs when uranium

reached $160/Ib and uranium company share prices went through the roof. More sobering times followed as

uranium prices fell substantially, and along with them, uranium company share prices. Since then companies

have had to knuckle down even more to do the hard yards.

Bannerman has done extensive drilling of its orebody as well as considerable technical, engineering and pilot

scale work, which has taken us through the stages of PFS and final DFS. The work proved we have an orebody

of relatively low grade, but very large scale, which means that we are strongly leveraged to the uranium price.

This fact was reflected when the uranium price started to uplift again in 2010/2011 and our share price moved

well in front of the pack. However, after global setbacks culminating in the Fukushima incident, the spot uranium

price has descended to $40/Ib and, correspondingly, our share price has dropped with it.

Whilst this is very disappointing, on the positive side, the team has worked diligently and stayed extremely

focused. We have a very thorough DFS that has been fully engineered and costed.

The study has been universally complimented. We also have a very strong relationship with the community and

Government of Namibia. We now have all our environmental approvals. We also have open, ongoing

discussions with potential partners. What we all need is more certainty about a future positive uranium market

and share price.

At today’s short and long term uranium prices, production growth is stagnant. Developments are on hold. A

$60/Ib long term uranium price doesn’t work for most developers. The industry generally needs an $80/Ib long

term price before developments will kick-start.

This all makes you wonder. Whilst Germany and Scandinavia are talking nuclear power cutbacks in the near

term, their influence on the global demand is negligible in the scheme of things. Japan’s intent to exit nuclear

energy by 2040 is anything but certain looking at their future power needs and environmental considerations.

There are huge expansions planned for nuclear energy in China, India, Middle East, other Asia, Russia and

Eastern Europe. Len will talk more about this. The secondary supplies of uranium are also decreasing as the

agreement between the US and Russia to convert weapons grade uranium for use in power stations is nearing

its completion.

So, we have a situation of low uranium prices and stagnant uranium supply, but the likelihood of large increases

in net use of global nuclear power. It questions the readiness of the industry to supply adequate uranium for

future demand. It gives a bullish tenor to the supply side. It reminds me of the situation in the iron ore industry in

the early 2000s, when ore prices were low, no one was expanding and no one was ready for the dramatic

expansion of the demand from China. For

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In this environment, with the DFS in hand, Bannerman is very well placed to move quickly when a positive

situation emerges.

In the interim the Company needs to consider its options and first and foremost continue reducing its

expenditure levels. These have come down significantly since completion of the DFS which has been largely

due to a decrease in staff numbers.

We acknowledge the need for cost structures to be addressed and to that end the Board has initiated a 17%

decrease in its fees as well as a 58% reduction in the amount of shares rights allocations to directors. All

employees have similarly supported a 50% reduction in performance share rights to be issued this year.

We will also keep shareholders updated on progress with regards to the very important matter of complimenting

the Etango Project with further assets. Len will also be talking more about this in his presentation.

I must say, I have enjoyed my time with Bannerman both as a Non-executive Director and as Chairman. Len

and his management team have worked tirelessly to bring the project to fruition and have engaged with

potential partners as well as the people of Namibia. The Board is well skilled and has maintained its support

behind the management team.

Today, I stand down and hand over the reins to Ronnie Beevor. Ronnie has been with the Bannerman Board

since mid-2009 and is currently Chairman of the Audit Committee. He will assume the role of Chairman of the

Board at the conclusion of this AGM. With his extensive investment banking and boardroom experience, Ronnie

is ideally suited to lead the Bannerman Board into its next stages.

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Well positioned in uranium and pursuing

new opportunities Annual General Meeting, Perth, November 2012

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Technical Disclosures and

Forward-Looking Disclaimers

This presentation should be read in conjunction with the release by Bannerman Resources Limited dated 10 April 2012 and entitled “Bannerman Reports Positive

DFS Results and Milestone Agreement with Namibian State-Owned Mining Company”.

Certain disclosures in this presentation, including management's assessment of Bannerman Resources Ltd’s plans and projects, constitute forward-looking

statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman’s operation as a mineral development company that may cause

future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the

Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency

exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and

operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the

uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company’s various statutory reports, including its Annual Information

Form available on the SEDAR website, sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman Resources Ltd

expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Mineral resources that are not ore reserves do not have demonstrated economic viability.

The information in this presentation that relates to the exploration results of the projects owned by Bannerman is based on information compiled by Mr Martinus

Prinsloo, Exploration Superintendent of Bannerman. Mr Prinsloo is a Member and a Chartered Professional of the Australasian Institute of Mining and Metallurgy, a

Recognised Professional Organisation by the Australasian Joint Ore Reserves Committee, who has sufficient experience relevant to the style of mineralisation and

types of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the

“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as a Qualified Person for purposes of National Instrument

43-101 of the Canadian Securities Administrators. Mr Prinsloo consents to the inclusion in this presentation of the matters based on his information in the form and

context in which it appears.

The information in this presentation relating to the Mineral Resources of the Etango Project is based on a resource estimate compiled or reviewed by Mr Brian Wolfe

in April 2012. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe was employed by Coffey Mining as an independent consultant to the

Company at the time of the studies and public release of results. As Mr Wolfe is now no longer employed by Coffey Mining, Coffey Mining has reviewed this

presentation and consent to the inclusion, form and context of the relevant information herein as derived from the original reports for which Mr Wolfe’s consent has

previously been given. Mr Wolfe has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is

being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves’ and a Qualified Person as defined by Canadian National Instrument 43-101.

The information in this presentation relating to the Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Harry Warries, a full time

employee of Coffey Mining Pty Ltd. Mr Warries is a Fellow of The Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of

mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition

of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, and is an independent consultant to Bannerman and a

Qualified Person as defined by Canadian National Instrument 43-101. Mr Warries consents, and provides corporate consent for Coffey Mining Pty Ltd, to the

inclusion in this presentation of the matters based on his information in the form and context in which it appears.

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Contents

3

Resource definition (core) drilling

at the Etango site.

1. Uranium Market

2. Etango Uranium Project

3. New Business Development

4. Summary

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4

Japan – only 2 restarts to date / inventory overhang / conflicting messages re start-ups vs phase out / pre-election.

China - leadership change and safety reviews.

Aggressive Chinese long term nuclear build program confirmed.

Deferrals in new mine development.

HEU Agreement ends 2013.

New reactor build programs in the Middle East, etc.

Uranium Price Drivers

Short

Term

Long

Term

1. Uranium Market F

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2.5 billion people in China and India – 36 % of global population.

Both countries enjoying significant GDP growth.

1 billion people will live in China’s cities by 2030*.

China will become the world’s largest economy before 2020.

World net electricity generation will nearly double by 2035 with the

majority of this growth coming from non-OECD Asia.**

* McKinsey Global Institute. * * US Energy Information Administration / International Energy Outlook 2011

Asian demand for low emission power is growing significantly

Shanghai

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Demand – Asian Growth Driven

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Source: WNA September 2012

433 reactors operating

in 30 countries,

63 under construction,

489 planned and proposed.

China recently stated its

intention to increase nuclear

capacity from

12.5 GWe to 40GWe by 2015*.

India has recently reiterated its

plan to increase nuclear capacity

14 fold to

63 GWe by 2032.

*Source: The National Energy Administration of

China, and various broker and press reports.

# reactors

0

20

40

60

80

100

120

140

160

180

200

220

Canada UnitedKingdom

SouthKorea

Ukraine France Japan India Russia USA China

Proposed

Planned

Under Construction

Operable Reactors

1. Uranium Market F

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7

0

50

100

150

200

2011 MineProduction

2011-2020 MineClosures

HEU ends 2013 Additional SupplyRequired by 2020

Mlb

s U

3O

8

Pressure On Existing & New Mine Supply

125 Mlbs

1. Uranium Market

Figures are based on WNA reference forecasts

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Negative short term

sentiment

Positive long term

sentiment

1. Uranium Market F

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1. Uranium Market F

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U3O8 v Other Commodities

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1. Uranium Market F

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Etango Definitive Feasibility Study

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• 4 years resource definition, metallurgical testing, feasibility study & environmental

impact assessment.

• Straightforward mining & processing model.

• Completed in April 2012.

2. Etango Uranium Project F

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Etango Site Layout

N

Licence boundary

5km

16 year mine life & extension

opportunities.

Produce 6-9 Mlbs U3O8 per year.

Ore Reserve 119 Mlbs U3O8.

Capex US$870 million.

Opex 1st five years US$41/lb U3O8.

32% operating margin for first 5

years at current U3O8 long-term

contract price (US$60.00/lb).

DFS Features

2. Etango Uranium Project F

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Ore Reserve Estimate based on over 300km

drilling

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2. Etango Uranium Project F

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Simple Open Pit Mining

YEAR 16

1km

6km

2. Etango Uranium Project F

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Straightforward 3 stage crushing

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Primary Crushing

2. Etango Uranium Project F

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Conventional Sulphuric Acid Heap Leaching

50 day on – off cycle

2. Etango Uranium Project F

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Resource Utilisation Upside

Total U3O8 Mineral Resource comprises 149Mlbs M&I and 64Mlbs Inferred

2. Etango Uranium Project F

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Resource Expansion Upside

18

5km

N

Etango Project Area

Existing Etango resource

(149Mlbs M&I and 64Mlbs

Inferred)

Etango Deeps Target (red)

Etango West Target (blue)

Etango South Target (green)

Ondjamba/Hyena Already drilled (yellow)

Additional target (green)

Ompo Already drilled (yellow)

Additional target (green)

2. Etango Uranium Project F

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Global Top 10 Uranium Projects

19

0

50

100

150

200

250

300

350

246

134 119

53

McA

rth

ur

Riv

er

Cam

eco

/Are

va

JORC/43-101 Compliant Reserves (Mlbs U3O8) H

usa

b

Ext

ract

/CG

NP

C

Cig

ar L

ake

Cam

eco

/Are

va

Ran

ger

/Jab

iluka

E

RA

Inka

i C

amec

o/K

azat

om

pro

m

Lan

ger

Hei

nri

ch

Pal

adin

Rö

ssin

g

Rio

Tin

to

Eta

ng

o

Ban

ner

man

Val

enci

a F

ors

ys

Do

rno

d

AR

MZ

Inka

i So

uth

U

ran

ium

On

e

335 320

209

135 119

61

34

Source: Bannerman & Versant Partners, August 2012.

Reflects 100% of projects.

2. Etango Uranium Project F

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Active evaluation of opportunities

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3. New Business Development

Leverage exploration and technical evaluation expertise,

infrastructure and relationships developed over past 6 years,

Not constrained to Namibia, and

Announcement with regard to progress will be made as and when

appropriate.

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Highly leveraged to the uranium price

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0%

100%

200%

300%

400%

500%

600%

75 80 85 90 95 100

Relative % change in pre-tax NPV against the U3O8 price

33%

% c

han

ge

in p

re-t

ax N

PV

US$ U3O8 / lb

Period Spot Price Move

Bannerman Share Price Move

Apr 05 – Jun 07 +490 % +7,900 %

Jun 10 – Feb 11 +80 % +240 %

Historical share price movement v U3O8 spot price

500%

4. Summary F

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Well positioned in uranium & pursuing new

opportunities

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1. Bannerman has:

Positioned the top 10 uranium-only Etango Project to benefit from the

expected medium term upturn in the uranium price; and

A$7.35 million cash as at end September 2012.

2. Bannerman is:

Applying tight cost control.

Open to value add transactions with potential local and international

development partners on the Etango Project; and

Pursuing new opportunities that can leverage from our asset and skill

base.

4. Summary F

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www.bannermanresources.com Scale, Simplicity, Substance

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Recent Uranium Market Activity

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Demand

• Japan paves way for orderly restarts via recently established Nuclear Regulation Authority.

• Chinese confirm plan to increase nuclear capacity from 12.5GWE to 40GWe by end 2015.

• CGNPC reportedly acquiring 13% of Immouraren project.

• UAE US$3 billion contract covering 15 years of fuel supply for first nuclear plant.

• Paladin enter into long-term off-take contract with EDF for 13.73 Mlbs U3O8.

• Saudi Arabia and Turkey indicating significant nuclear growth plans.

Supply

• BHPB defer Olympic Dam expansion and Areva defer Trekkopje & Immouraren projects.

• Kintyre - ‘challenging economics’ at current uranium price (Cameco) / delays DFS.

• Quarterly reports reflect tough operating environment for producers

.

APPENDIX F

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1. Investment Rationale

CGNPC

Erongo Uranium Province Extensive uranium inventory and nearby infrastructure

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APPENDIX F

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Etango Project Mineral Resource and

Ore Reserve Estimates

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Notes:

1. Figures may not add due to rounding.

2. Bannerman holds an 80% interest in the Etango Project through its Namibian subsidiary. All details reported are for 100% of the Project.

3. Mineral Resources are reported at a cut-off grade of 100ppm U3O8 and are inclusive of Ore Reserves.

4. Ordinary Kriged Resource estimate based upon 3m cut composites; bulk density of 2.64t/m3; and panel dimensions of 25mNS by 25mEW by 10mRL.

5. The Ore Reserve was estimated with a modelled mining loss of 2.6% of metal, mining dilution of 4.9% of the total ore tonnes, a cut-off grade of 70ppm

U3O8, a processing recovery of 84.5%, a metal price of US$75/lb U3O8 and the DFS cost estimates.

6. Mineral Resources which are not Ore Reserves do not have demonstrated economic viability.

Mineral Resource Tonnes

(Mt)

Grade

(ppm U3O8)

Contained U3O8

(Mlbs)

Measured 62.7 205 28.3

Indicated 273.5 200 120.4

Measured & Indicated Resource 336.2 201 148.8

Inferred (Etango) 45.7 202 20.3

Inferred (Ondjamba & Hyena) 118.7 166 43.6

Proved 64.2 194 27.4

Probable 215.3 193 91.8

Proved and Probable Ore Reserve 279.6 194 119.3

80%

conversion

APPENDIX

Ore Reserve

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Conventional Process Flowsheet

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APPENDIX F

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Etango – DFS Pre-Production Capital Costs

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APPENDIX

DFS Pre-Production Capital Cost Estimate (April 2012) US$

million

Mining – fleet, establishment & pre-stripping 127

Process plant 354

Site infrastructure 91

External infrastructure (power, water, rail, road and port) 47

EPCM costs 72

Accuracy provision 54

First fills and spares 29

Owner’s costs (personnel, housing, training, insurance etc) 40

Other (camp facilities, mobilisation and demobilisation and

temporary services)

56

Total pre-production capital expenditure 870

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APPENDIX

DFS Cash Operating Cost Estimate (April 2012) First 5

Years

Life-of-

Mine

Mining:

- US$/tonne mined

- US$/tonne ore

1.72

7.87

1.97

8.55

Processing (US$/tonne ore):

Consumables, labour, maintenance & other 3.37 3.41

Sulphuric acid 1.78 1.79

Power 1.29 1.31

Water 0.64 0.65

7.08 7.15

General & administration ( US$/tonne ore): 1.26 1.23

Total cash operating costs (US$/tonne ore) 16.21 16.93

Total cash operating costs (US$/lb U3O8 produced) 40.85 45.71

Etango – DFS Cash Operating Costs

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