REG - Neo Energy Metals - Cash Payment and Share Issuance on Beisa Projects

Neo Energy MetalsAnnouncement

11/03/2025 10:30

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RNS Number : 1967A  Neo Energy Metals PLC  11 March 2025

Neo Energy Metals plc / LSE: NEO, A2X: NEO / Market: Main Market of the London
Stock Exchange

 

11 March 2025

Neo Energy Metals plc

('Neo Energy' or 'the Company')

 

Cash Payment and Share Issuance on Beisa North and Beisa South Uranium
Projects

 

Neo Energy, the near term, low-cost uranium developer, is pleased to announce
that as part of the Company's previously announced agreement to acquire the
Beisa North and Beisa South Uranium as well as the Gold Projects located in
the Witwatersrand Basin in the Free State Province of South Africa (together
the 'Beisa Projects'), it has made a cash payment of ZAR5 million
(approximately £215,000) to Sunshine Mineral Reserve (Pty) Limited
('Sunshine') and issued new ordinary shares in the Company to the value of
ZAR5 million (approximately £215,000).

 

The Beisa Projects, comprise total SAMREC Code compliant resources of 90.24
million pounds ('Mlbs') of U₃O₈ and 4.17 million ounces ('Mozs') of gold.
The Beisa Projects comprise two granted Prospecting Rights which are
immediately north and south of the the Beatrix 4 mine and shaft complex, the
processing plant complex and associated infrastructure (the 'Beisa Uranium
Project'), which the Company's majority owned subsidiary, Neo Uranium
Resources Beisa Mine (Pty) Ltd ('NURB')  has entered into a sale and
acquisition agreement with Sibanye Gold Proprietary Limited ('SGL'), a wholly
owned subsidiary of Sibanye Stillwater Limited ('Sibanye-Stillwater') to
acquire.

 

The Company has today announced, that NURB and the Company have satisfied a
number of key milestones and conditions under the Beisa Uranium Project
acquisition with SGL and Sibanye-Stillwater and under the Broad-Based Black
Economic Empowerment ('B-BBEE') agreement that it has signed with South
African mining company, Siyakhula Sonke Empowerment Corporation (Pty) Ltd
('SSC Group'). As a result of these conditions being satisfied, the cash
payment of ZAR5 million and the issue of 28,666,667 shares at an issue price
of 0.75 pence per share have been made to Sunshine.

 

The Company and its advisors and South African based lawyers are working with
Sunshine's lawyers and management team in progressing the applicable
regulatory approvals to complete the acquisition including approval in terms
of Section 11 of the Minerals and Petroleum Resources Development Act
("MPRDA") of 2002.

Further updates will be provided as further key milestones and regulatory
approvals are achieved and secured in respect to the Beisa Projects
acquisition from Sunshine.

 

Admission

Application has been made for the 28,666,667 to be admitted to trading on the
London Stock Exchange on or around 21 March 2025 ('Admission') and will
rank pari passu with the ordinary shares of the Company in issue.

 

Total voting rights

Following Admission, the Company's issued share capital will comprise
1,647,669,335 ordinary shares of 0.01p each, with each share carrying the
right to one vote, therefore the total number of voting rights in the Company
will be 1,647,669,335.  This figure may be used by Shareholders as the
denominator for calculations by which they will determine if they are required
to notify their interest in the Company, or a change to their interest in the
Company, under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation, and the Directors of the Company are responsible for
the release of this announcement.

 

ENDS

 

About NEO Energy Metals Plc

Neo Energy Metals plc is a Uranium developer and mining company listed on the
main market of the London Stock Exchange (LSE: NEO).

The Company and its South African Subsidiaries', namely Neo Uranium Resources
Beisa Mine (Pty) Limited and Neo Uranium Resources South Africa (Pty)
Ltd have continued to strengthen the uranium portfolio through conditional
agreements for the acquisitions of; 100% interest in the Beisa North
and Beisa South Uranium and Gold Projects and 100% interest in the Beatrix
4 mine and shaft complex, the processing plant complex and associated
infrastructure in the Witwatersrand Basin, located in the Free State Province
of South Africa. The combined projects total SAMREC Code compliant resource
base comprises, 117 million pounds of U₃O₈ and over 5 million
ounces of gold.

Additionally, the Company holds up to a 70% stake in the Henkries Uranium
Project, an advanced, low-cost mine located in South Africa's Northern Cape
Province and a 100% interest in the Henkries South Uranium Project,
extending the Henkries Project's strike length by 10km to a total of 46km of
shallow paleo-channels proven to host uranium mineralisation through extensive
drilling and feasibility studies backed by US$30 million in historic
exploration and development expenditure.

The Company is led by a proven board and management team with experience in
uranium and mineral project development in Southern Africa. Neo Energy's
strategy focuses on an accelerated development and production approach to
generate cash flow from Henkries while planning for long-term exploration and
portfolio growth in the highly prospective Uranium district of Africa.

The Company's shares are also listed on the A2X Markets (A2X: NEO), an
independent South African stock exchange, to expand its investor base and
facilitate strategic acquisitions of uranium projects, particularly within
South Africa.

 

For Enquiries Contact:

 

Neo Energy Metals

 Jason Brewer     Executive Chairman       jason@neoenergymetals.com
 Sean Heathcote   Chief Executive Officer  sean@neoenergymetals.com
 Faith Kinyanjui  Investor Relations       faith@neoenergymetals.com

AcaciaCap Advisors

 Michelle Krastanov    Tel: +27 11 480 8500

Bacchus Capital Advisers

 Richard Allan        Tel: +44 203 848 1642
 Shea O'Callaghan    Tel: +44 203 848 1645

Shore Capital

 Toby Gibbs            Tel: +44 207 408 4090
 Harry Davies-Ball

 

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