S&P/ASX 300 Index (ASX: XKO) uranium stock Bannerman Energy Ltd (ASX: BMN) has lost a fair bit of ground since the end of April.
On 23 April, Bannerman shares closed trading for $4.74. Earlier this week, shares were changing hands for $3.14 apiece, putting the share price down 33.7% in just over two months.
While that's been a painful slide for existing shareholders, Fairmont Equities' Michael Gable believes this the retrace now presents an opportunity to buy Bannerman shares at a long-term bargain price (courtesy of The Bull).
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Should I buy the ASX 300 uranium stock today?
"This uranium development company's flagship Etango project is based in Namibia," Gable said.
Citing the first reason you might want to buy Bannerman Energy shares today, he noted, "We believe the uranium sector presents a bright outlook as we expect demand to outpace supply for the next several years."
Then there's the recent joint venture agreement the ASX 300 uranium stock inked with the China National Nuclear Corporation, first announced to the market on 13 February.
Commenting on the JV Etango funding deal on the day, Bannerman Energy executive chairman Brandon Munro said:
By enabling the debt-free construction of Etango, this solution maximises flexibility and dramatically derisks the construction and ramp-up phases of project execution.
It also delivers us a Tier-1 cornerstone offtake partner on genuine and market terms, ensuring Bannerman remains strongly exposed to future uranium price upside potential.
Gable pointed out that the market doesn't appear to be pricing in the benefits of the JV deal. He noted:
Despite BMN de-risking its main resource by announcing a joint venture with the China National Nuclear Corporation, the share price has retreated along with many other stocks in the market.
Which brings us to the third reason Gable has a buy recommendation on Bannerman Energy shares.
"In our view, this presents a buying opportunity as BMN should be leveraged to any upside in the uranium price," he concluded.
What's the latest from Bannerman Energy?
Bannerman released its March quarter update on 29 April.
Commenting on the progress being made at Etango, Bannerman CEO Gavin Chamberlain said:
Bannerman continued to progress Etango's early works program during the March 2026 quarter, with key construction activities, detailed design and procurement advancing in line with schedule and budget.
The ASX 300 uranium stock reported that its site contractor workforce numbered more than 560 personnel at the quarter end, and the project's bulk earthworks contract was 66.5% complete.
Turning to the balance sheet, as at 31 March, Bannerman Energy had a cash balance of $69.9 million and liquid assets of $12.7 million.
