REG - Neo Energy Metals - Corporate Update

Neo Energy MetalsAnnouncement

11/07/2025 11:30

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RNS Number : 7690Q  Neo Energy Metals PLC  11 July 2025

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

 

11 July 2025

Neo Energy Metals plc

('Neo Energy' or 'the Company')

 

Corporate Update

Neo Energy, the near-term, low-cost uranium developer, is pleased to provide
an update on the status of the audit of its financial statements for the year
ended 30 September 2024 ("Annual Accounts") and on key advisor and broker
appointments made in respect of the Company's recently announced plans to
complete a fast-track listing on the Johannesburg Stock Exchange ("JSE").

In addition, the Company is pleased to advise on the progress of its proposed
acquisition of the Beisa Uranium Mine and Beatrix 4 mine and shaft complex,
the processing plant complex and associated infrastructure (the "Beisa Uranium
Project"), the adjoining Beisa North and Beisa South Uranium Projects
(together the "Beisa Projects"), and the Henkries South Uranium Project in
South Africa (the "Acquisitions").

Audit of Annual Accounts

Further to the announcement of 31 January 2025, the Company continues to work
with our new independent auditors, Moore Kingston Smith LLP ("MKS"), in their
first year as the Company's auditor, to ensure that the audit of the Annual
Accounts is completed as soon as possible. It is a key priority of the
Company.

All work relating to the Company's South African subsidiaries was completed
earlier this year. In addition, the Company's finance teams and its advisors
in London have finalised work on the audit process in the UK. Meetings between
the Company's South African and UK finance team and advisors were recently
held in London, together with a meeting between one of the Company's South
African finance team and MKS. The audit is on course to be completed in August
in accordance with an agreed schedule and timetable with the auditors,
including completion of the partner review processes and final sign off. The
Board currently anticipates publication of both the Annual Accounts and the
Interim Accounts for the 6 month period ending 31 March 2025, to also be
completed in August 2025 and that the current suspension from trading is
expected to be lifted with these publications.

Key Advisor Appointments in South Africa

The Company is pleased to advise that a number of new advisor, consultant and
service provider appointments have recently been made in South Africa.

AcaciaCap Advisors Pty Limited ("AcaciaCap"), who were appointed in June 2024
as corporate advisors to assist  with the Company's planned uranium mine
purchases and advanced project acquisitions in South Africa, have further been
appointed to assist with the Company's proposed fast-track listing on the JSE
as recently announced. AcaciaCap is accredited by the JSE as a Sponsor and
Designated Advisor as well as an Independent Expert.

AcaciaCap are further assisting the Company's UK-based advisors and key
stakeholders in South Africa in securing all outstanding regulatory approvals
and submissions in respect to the Acquisitions.

In addition, the Company has appointed Light Consulting Pty Limited ("LCL"),
to provide company secretarial services in South Africa. LCL is a related
company of AcaciaCap and a specialist provider of such services.

Mr James Duncan of JMDwrite, has been appointed as the Company's media and
investor communications advisor in South Africa. Mr Duncan has over 40 years'
experience in South Africa's media and financial markets and with a particular
focus in the mining industry as a corporate communications specialist and he
will assist the Company in raising its profile and market awareness of the
Company's major uranium growth and production strategy in Africa.

The Company has also appointed AcaciaCap and South African based Utshalo, led
by Mr Paul Miller, a highly experienced financial services, mining finance,
minerals exploration, mine development and mining operations executive.
AcaciaCap and Utshalo will assist the Company in broadening its investor and
shareholder base in South Africa.

Appointment of Rule 3 Company Advisor

The Company is pleased to announce that it has appointed a UK-based Rule 3
advisor in respect of a Rule 9 waiver ("Waiver") under the City Code on
Takeovers and Mergers ("Takeover Code"). The Waiver is in respect to the
conditional issue of shares in the Company to Sibanye Stillwater Limited
("Sibanye-Stillwater") under the agreement to acquire the Beisa Uranium
Project.

Under the Company's terms of engagement, the Company's advisor will, amongst
other things prepare the Rule 9 waiver circular, assist the Company's Board of
Directors in evaluating and formulating its advice to the Company's
shareholders in accordance with the requirements of the Takeover Code, and
work alongside the Company's legal advisors to draft and review the Panel on
Takeovers and Mergers ("Panel") disclosures in the circular relating to the
Waiver as well as the Rule 9 checklists to be submitted to the Panel, and
generally provide advice as necessary on the application of the Takeover Code
and liaise with the Takeover Panel as necessary as well as being the primary
contact with the Panel and the point of contact for submitting the Rule 9
checklists.

Update on South African Uranium Acquisitions

Further to the announcement of 15 May 2025, the Company received notification
from Sibanye-Stillwater that regulatory applications had been formally
submitted to the Department of Mineral Resources and Energy ("DMRE") in South
Africa, in respect to the Company's majority owned subsidiary, Neo Uranium
Resources Beisa Mine (Pty) Limited ("NURB") proposed acquisition of the Beisa
Uranium Project. This regulatory approval process under Section 11 and Section
102 of the Minerals and Petroleum Resources Development Act ("MPRDA") of 2002
for both a change in the area and the transfer of ownership of a defined area
of the existing Mining Right that extends over the Beisa Uranium Project to
the Company's subsidiary, NURB, is ongoing.

Further to the announcement of 11 March 2025, the Company can confirm that it
made a cash payment of ZAR5 million (approximately £215,000) to Sunshine
Mineral Reserve (Pty) Limited ("Sunshine") and issued 28,666,667 new ordinary
shares in the Company at an issue price of 0.75 pence per share and valued at
ZAR5 million (approximately £215,000) in relation to the Beisa Projects.

The Company and its advisors and South African based lawyers are continuing to
work with Sunshine's lawyers and management team in progressing the applicable
regulatory approvals for the transfer of ownership of the Beisa Projects
prospecting licenses to NURB under Section 11 of MPRDA.

Further to the announcement of 7 March 2025, the Company can also confirm that
it issued the 125 million shares due under the proposed acquisition of a
100% in the Henkries South Uranium Project ("Henkries South") from Eagle
Uranium SA (Pty) Limited ("Eagle Uranium") and which adjoins the Henkries
Uranium Project located in the Northern Cape Province of South Africa. The
Company and its advisors are progressing the regulatory approval process for
this acquisition and, upon which, the Company will proceed with the cash
consideration of ZAR 1.5 million (approximately £65,000), and repay an
additional amount of ZAR1.7 million (approximately £73,000) of Eagle
Uranium's existing indebtedness and obligations, including licence fees.

Further updates on the progress of the regulatory approval process for the
Acquisitions will be provided in due course.

Appointment of Joint Broker

The Company is pleased to also announce the appointment  CMC
Markets UK Plc, trading as CMC CapX ("CMC"), as the Company's joint broker
with immediate effect.

CMC is a UK-based financial services company headquartered in London, with
offices in Sydney and Singapore. CMC is listed on the London Stock Exchange
and as part of the engagement, CMC will introduce the Company to its investor
network and assist in further enhancing the Company's profile.

CMC has indicated its strong support of the Company's uranium strategy in
South Africa and the proposed acquisition of the Beisa Uranium Project, the
Beisa Projects and the Henkries South Uranium Project, and has this week
assisted the Company with the placement of a previously allotted 100 million
shares to its clients at a price of 0.5 pence.

CMC has been paid an annual broker fee for its joint broker role, will be
issued with 10 million warrants exercisable at 0.5 pence and with a term of
three years, and will also receive a commission for any investors introduced
to the Company by CMC and any equity funds raised.

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 a majority interest in the Beisa Uranium
Mine, Beatrix 4 mine and shaft complex, the processing plant complex and
associated infrastructure and the Beisa North and Beisa South Uranium and
Gold Projects located 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:

 KENYA                                                           SOUTH AFRICA
 Jason Brewer - Executive Chairman                               Theo Botoulas - Chief Executive Officer

 jason@neoenergymetals.com (mailto:jason@neoenergymetals.com)    theo@neoenergymetals.com (mailto:theo@neoenergymetals.com)

 Faith Kinyanjui - Investor Relations faith@neoenergymetals.com  Michelle Krastanov - Corporate Advisor - AcaciaCap Advisors
 (mailto:faith@neoenergymetals.com)

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

                                                                 Tel: +27 (0) 11 480 8500
                                                                 James Duncan - Media and Investor Communications

                                                                 james@jmdwrite.com (mailto:james@jmdwrite.com)

                                                                 Tel: +27 (0) 79 336 4010

 

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