Bannerman Energy (ASX:BMN) said that it is progressing towards a targeted final investment decision for its Etango uranium project in Namibia, driven by the company's strong cash position and improving market conditions, according to a Thursday filing with the Australian bourse.

The project's financing process is focused on funding options, ranging from debt facilities to joint ventures, the filing said.

Bannerman has also advanced discussion with counterparties to establish uranium sales agreements to balance returns and pricing upside, with strong interest from utilities, the filing added.

Shares of the company rose almost 4% in recent Thursday trade.