REG - Neo Energy Metals - Board Changes

Neo Energy MetalsAnnouncement

Wed 07:10

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260422:nRSV4646Ba&default-theme=true

RNS Number : 4646B  Neo Energy Metals PLC  22 April 2026

Neo Energy Metals Plc

('Neo Energy' Or 'The Company')

 

BOARD CHANGES

Neo Energy Metals plc ("Neo" or the "Company"), the uranium and gold
development company focused on South Africa, is pleased to announce the
following changes to its board of directors (the "Board") as the Company
transitions into the next phase of its strategy to become a leading African
uranium producer with significant gold credits.

Appointment of Neal Froneman as Chairman

Neal Froneman, who until recently was Chief Executive Officer of NYSE and JSE
listed Sibanye Stillwater and current chair of the World Gold Council, will
become the new Independent Non-Executive Chairman of Neo Energy Metals.

Appointment of new Non-Executive Directors

Sajjad Sabur, John Wallington and Johan Reeder have been appointed as
Non-Executive Directors.

The appointments, which will become effective on 24 April 2026, follow the
recruitment of South African mining industry veterans, Theo Botoulas and De
Wet Schutte who joined Neo Energy as CEO and CFO in 2025.

The current directors consisting of Jason Brewer, Sean Heathcote, Bongani
Raziya, Jackline Muchai, James Longley and Charles Tatnall are stepping down
effective 22 April 2026.

 

NEO Energy Metals CEO Theo Botoulas said,

"We are pleased to announce these high-profile additions to the Neo Energy
board. We feel very fortunate to have been able to attract board members of
such high pedigree, experience and knowledge of South Africa.

I believe this not only speaks to the exciting potential we see in the New
Beisa and Henkries assets, but also for what Neo Energy can become by
combining the new management and board together under one roof. Both myself
and De Wet have personally worked with them in various parts of our past
careers and deeply respect and value the knowledge and guidance they have, and
no doubt, will provide in future.

In New Beisa and Henkries we have two of the most exciting uranium assets in
the sector, which are heading into a key stage of their development as we look
to complete the New Beisa transaction with Sibanye Stillwater and obtain the
mining right for Henkries before heading into financing and construction
phases.

I look forward to introducing these new board members to shareholders in the
coming months"

Appointments

The following independent non-executive directors have been appointed to the
Board:

Neal Froneman  -  Independent Non-Executive Chairman

Neal Froneman has more than four decades of experience in mining and minerals,
spanning operational, executive and board leadership at Gold Fields, Harmony,
JCI and Aflease Gold, where he was instrumental in the creation of Uranium One
from the company's uranium assets. He served as Chief Executive Officer of
Sibanye-Stillwater from its formation in January 2013 until September 2025,
leading its transformation from a 1.5 Moz South African gold producer into a
globally diversified metals company and the world's primary PGM producer. He
serves on the Board of Governors of the Wits Foundation, is Non-Executive
Chairman of Business Against Crime South Africa and has been Chairman of the
World Gold Council since 2023.  He is also Non-Executive Chairman of Podium
Minerals (ASX Listed) and PGM Processing LLC, and a director of DRA Global.

Sajjad Sabur  -  Independent Non-Executive Director

Sajjad Sabur is Chief Investment Officer at Gilini Group, where he oversees
investment strategy, governance and is responsible portfolio companies. He was
previously Managing Director and Head of Direct Investments at HSBC Private
Equity, where he served on the global Investment Committee with deep
investment experience across geographies and sectors including natural
resources. He is a qualified accountant and holds a BA (Hons) in Economics,,
and holds an MBA from London Business School.

John Wallington  -  Independent Non-Executive Director

John Wallington has more than 40 years of mining industry experience, with
operational leadership across South Africa, Australia, Colombia and Canada. He
spent 27 years at Anglo American plc, culminating as CEO of Anglo Coal, and
has subsequently served as CEO of Coal of Africa, Head of Energy at
Sibanye-Stillwater, and CEO of Riverdale Resources in Canada. He currently
serves as a non-executive director of Glencore. He has also held non-executive
roles at Keaton Energy, Buffalo Coal and Kwatani. He holds a BSc in Mining
Engineering from the University of the Witwatersrand and has completed
executive programmes at London Business School and Harvard Business School.

Johan Reeder  -  Independent Non-Executive Director

Johan Reeder is a Chartered Accountant with 35 years of international
experience across the mining, manufacturing and utilities sectors in Africa,
Australia and the Middle East. He has held senior executive roles in listed
and unlisted entities, leading complex restructurings and aligning operational
performance with long-term shareholder value. His expertise includes
governance, risk management, financial oversight and regulatory compliance
across diverse international jurisdictions.

+Board composition following these changes

Following these appointments, the Board comprises:

Neal Froneman  -  Non-Executive Chairman

Theo Botoulas  -  Chief Executive Officer

De Wet Schutte  -  Chief Financial Officer

Sajjad Sabur  -  Independent Non-Executive Director

John Wallington  -  Independent Non-Executive Director

Johan Reeder  -  Independent Non-Executive Director

Departures

The following directors have stepped down from the Board with effect from 22
April 2026:

Jason Brewer, Executive Chairman

Sean Heathcote, Executive Technical Director

Bongani Raziya, Non-Executive Director

Jackline Muchai, Non-Executive Director

James Longley, Non-Executive Director

Charles Tatnall, Non-Executive Director

 

Enquiries

Neo Energy Metals plc: https://neoenergymetals.com/
(https://neoenergymetals.com/)

Theo Botoulas, Chief Executive Officer              via
james.duncan@neoenergymetals.com

De Wet Schutte, Chief Financial Officer

James Duncan, Investor Relations and Communications

 

Financial PR / Investor Relations

Tavistock
 
            +44 (0) 20 7920 3150

Jos Simson/Gareth Tredway
                neoenergymetals@tavistock.co.uk

 

AcaciaCap Advisors
 
+27 (0) 11 480 8500

Michelle Krastanov

michelle@acaciacap.co.za (mailto:michelle@acaciacap.co.za)

 

 

About Neo Energy Metals plc

Neo Energy Metals plc is a uranium and gold company listed on the London Stock
Exchange Main Market (LSE: NEO) and the A2X Markets (A2X: NEO), with a JSE
Main Board listing targeted for mid-2026. The Company holds two uranium
projects in South Africa with a combined JORC- and SAMREC-compliant resource
of 31.5 million pounds U₃O₈ and 1.2 million ounces of gold.

New Beisa Uranium Project - Free State Goldfields

The New Beisa Uranium Project is a brownfield uranium and gold development
located on the Beatrix 4 shaft property near Virginia in the Free State
Goldfields, one of the highest-grade uranium-bearing regions in the world. The
project is being acquired from Sibanye-Stillwater, which operated the Beatrix
4 shaft complex until 2022 and retains a cornerstone shareholding in Neo. The
asset carries more than US$500 million in historical capital investment and
benefits from existing surface infrastructure including a headgear and winding
systems, a gold processing plant with 120,000 tonne-per-month milling
capacity, primary ventilation, a tailings storage facility and all major
utilities. Underground development is in place, with the Beisa Reef accessible
from the existing shaft at depths of 300 to 1,000 metres.

Measured and Indicated resources stand at 26.8 million pounds U₃O₈ at
1,100ppm and 1.2 million ounces of gold at 3.27 g/t (SAMREC Code, 2016).
Initial annual production is targeted at approximately 810,000 pounds of
uranium and 52,000 ounces of gold, at an all-in sustaining cost below US$30
per pound uranium equivalent after gold credits, with an estimated mine life
of 17 years on current Measured and Indicated resources. The potential exists
for an additional 90 million pounds uranium and 4.2 million ounces gold.
Production figures are subject to confirmation on completion of the
Implementation Assessment currently under way.

The Beatrix Mining Right is being transferred to Neo under Section 11 of the
Mineral Resources and Petroleum Development Act; ministerial consent is
required on or before 6 June 2026. First uranium sales are targeted for
December 2027.

Henkries Uranium Project - Northern Cape

The Henkries Uranium Project is a near-surface, palaeochannel-hosted uranium
deposit in the Northern Cape Province. Mineralisation occurs in unconsolidated
sands from surface to a maximum depth of eight metres, requiring no drilling
or blasting. JORC-compliant resources total 4.7 million pounds U₃O₈ at an
average grade of 399ppm, with 25 kilometres of identified palaeochannel
remaining undrilled on the licence. The process route - conventional acid
leach to yellowcake - has been proven through an Anglo American pilot plant
that processed more than 200 test pits at a cost of over US$30 million.

A 2024 Feasibility Study indicates annual production of approximately 580,000
pounds U₃O₈ at a cash cost of approximately US$35.2 per pound, with an NPV
of US$63.7 million and an IRR in excess of 26% at US$85 per pound. Total
initial capital requirement is approximately US$65 million. The project
remains economic at uranium prices as low as US$45-50 per pound. A mining
right application is pending.

A 2024 Feasibility Study indicates annual production of approximately 580,000
pounds U₃O₈ at a cash cost of approximately US$33 per pound, with an NPV
(8%) of US$60 million and an IRR in excess of 25% at US$85 per pound. Total
initial capital requirement is approximately US$65 million. The project
remains economic at uranium prices as low as US$45-50 per pound. A mining
right application is pending.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAITMFTMTMTMJF



            Copyright 2019 Regulatory News Service, all rights reserved