The Uranium Deal 10 Years in the Making (Brandon Munro)

We sat down with Brandon Munro from Bannerman Energy to discuss their transformative deal with CNNC and the broader uranium market landscape.

Brandon has been at the helm of Bannerman for a decade, guiding the company through one of the most challenging financing environments in mining. With deep expertise in the uranium sector and years of experience operating in Namibia, he shares unique insight into the uranium supply crunch, the contracting cycle, and how to get a deal done.

In this episode, we cover:

• How the deal came together
• Negotiating with a Chinese SOE
• Why now was the right time
• Choosing strategic equity over project finance
• Whether partnering with the Chinese was the only choice
• China's voracious long-term uranium demand
• Why the uranium market will overshoot

Follow Brandon on:

LinkedIn - https://www.linkedin.com/in/brandonmunro/

X - https://x.com/brandon_munro

This was recorded on 26.2.2026.   

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TIMESTAMPS  

(00:00) China’s Uranium Imperative

(03:50) Uranium Cycle Since Fukushima

(07:00) Etango-8 Rethink Explained

(08:50) CNNC JV Deal Breakdown with Bannerman

(34:40) Why Build Now

(38:00) Financing Tradeoffs

(41:50) Regulatory Guardrails

(47:00) China Demand Surge

(52:00) AI Power and Wrap-Up

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