REG - Neo Energy Metals - Half-year Financial Report
Yesterday 16:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251204:nRSD3218Ka&default-theme=true
RNS Number : 3218K Neo Energy Metals PLC 04 December 2025
Neo Energy Metals plc / LSE: NEO, A2X: NEO / Market: Main Market of the London
Stock Exchange
4 December 2025
Neo Energy Metals plc
('Neo Energy' or 'the Company')
Interim Consolidated Results for the Six-Month Period Ended 31 March 2025
Neo Energy Metals plc ('Neo' or the 'Company'), the near term, low-cost
uranium developer, is pleased to announce its unaudited interim consolidated
results for the six months ended 31 March 2025 (the "Period").
These results can be found on the Company's website
at https://www.neoenergymetals.com/ (https://www.neoenergymetals.com/) .
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:
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 Relations
james@jmdwrite.com (mailto:james@jmdwrite.com)
Tel: +27 (0) 79 336 4010
DIRECTORS' REPORT
The Directors present their report on the consolidated entity consisting of
Neo Energy Metals plc ('Neo' or the 'Company'), and the entities it controlled
(the 'Group') for the half-year ended 31 March 2025 (the 'Period').
PRINCIPAL ACTIVITIES AND REVIEW OF OPERATIONS
Neo is a public limited company incorporated and domiciled in England and
Wales.
The Company's registered number is 09837001 and its registered office is 27-28
Eastcastle Street, London, W1W 8DH, United Kingdom.
The Company is positioned to become Africa's next uranium producer, with 2.2
billion shares outstanding and a current market capitalisation of
approximately £16.5 million.
Neo is a uranium developer and mining company listed on the main market of the
London Stock Exchange (LSE: NEO) and the A2X Markets Exchange in South Africa
(A2X: NEO).
The Company focuses on the acquisition, exploration, development and
production of uranium and strategic energy metals in Southern Africa.
Project Portfolio
The Group holds interests in, and through conditional acquisition agreements
has secured rights to interests in the following key projects:
§ Henkries Uranium Project
A 70% indirect interest is held in Desert Star Trading 130 (Pty) Ltd ("Desert
Star'), the legal and beneficial owner of a uranium prospecting right
NC30/5/1/1/2/11918 located in the Northern Cape of the Republic of South
Africa (the 'Henkries Uranium Project').
The interest is held through the Company's wholly owned South African
subsidiary, Neo Uranium Resources South Africa (Pty) Ltd ('NURSA').
The Henkries Uranium Project is an advanced, near-term uranium project, which
has an estimated JORC Code Compliant mineral resource of approximately 4.7
million pounds ('Mlbs') of uranium (U₃O₈). An independent update report
completed in 2024, of the operating and capital cost estimates previously
defined in the feasibility study completed on the Henkries Uranium Project,
confirmed the low operating and capital cost and overall robust project
economics and including estimated cash operating costs of US$33/lb, NPV (8%
discount rate) of US$76.5 million at US$85/lb uranium price, and an internal
rate of return exceeding 24.9% p.a.
The Henkries Uranium Project features surface mining to only 8m depth of
paleochannel-hosted uranium with 80%+ metallurgical recovery through
conventional acid leach processing and has benefited from over US$30 million
of historical exploration, drilling, metallurgical test work, and feasibility
studies completed by previous operators including Anglo American, Niger
Uranium, and Namakwa Uranium.
§ Beisa Uranium and Gold Mine and Beatrix 4 Complex
An indirect interest has been secured through its 70% shareholding in Neo
Uranium Resources Beisa Mine (Pty) Limited ('NURB'), which during the Period
entered into a conditional sale and acquisition agreement with a wholly owned
subsidiary of Sibanye Stillwater Limited ('Sibanye-Stillwater'), to acquire
the Beisa Uranium and Gold Mine, including the Beatrix 4 mine and shaft
complex, the processing plant complex and associated infrastructure
located in the Witwatersrand Basin, in the Free State Province of South
Africa (the 'Beisa Mine').
Sibanye-Stillwater is listed on the New York and Johannesburg Stock Exchanges,
with a market capitalisation of about R153 billion (approximately USS$8.84
billion). It is one of the world's largest primary producers of platinum,
palladium, and rhodium, and a top tier gold producer.
Operations at the Beisa Mine commenced in the early 1980s and both uranium and
gold were produced from the Beatrix 4 Shaft Complex and adjoining processing
facilities up until it was placed on care and maintenance in 2023.
The Beisa Mine has total SAMREC Code Compliant measured resources of 8.5Mlbs
U₃O₈ and 0.4 million ounces ('Mozs') of gold and further indicated
resources of 18.3Mlbs U₃O₈ and 0.8Mozs of gold, and has been the subject
to various pre-feasibility and development studies. These various studies have
concluded that there were "no fatal flaws in the technical aspects and that
the construction timelines and the capital and operational expenditure
required to re-commence operations at the Beisa Uranium Project and build-up
of production were well-defined."
The acquisition is conditional upon, amongst other things, a Rule 9 Waiver
being obtained in accordance with the City Code on Takeovers and Mergers,
shareholder approval at a forthcoming general meeting of the Company, and
regulatory approvals and transfers of the applicable Beisa Mine mining right,
permits and authorisations in South Africa.
During the Period, the Company entered into an agreement with South African
mining company, Siyakhula Sonke Empowerment Corporation (Pty) Ltd ('SSC
Group') under which SSC acquired the 30% balance of the shareholding in NURB,
as part of the Company's commitment to advancing Broad-Based Black Economic
Empowerment ('B-BBEE') in South Africa, and for a total see-through purchase
price of ZAR 390,000,000 (approx. £17 million).
The Company anticipates that all outstanding conditions for the acquisition of
the Beisa Mine will be satisfied in Q1 2026.
The Group has also entered into conditional acquisition agreements to secure
majority interests in the following additional projects:
§ Beisa North and Beisa South Uranium and Gold Projects
In September 2024, the Company's 70% owned subsidiary NURB entered into a
conditional acquisition agreement to purchase the Beisa North and Beisa South
Uranium and Gold Projects (together the 'Beisa Projects'), from South African
exploration company, Sunshine Mineral Reserve (Pty).
The Beisa Projects, have total SAMREC Code Compliant mineral resources of 90.2
Mlbs of U₃O₈ and 4.17 million ounces ('Mozs') of gold and are located on
two granted Prospecting Rights, extending over an area of approximately
80km(2) contiguous to and immediately north and south of the Beisa Mine.
The acquisition of the Beisa Projects remains subject to receiving regulatory
approval in South Africa for the ownership transfer to the Company's
subsidiary, NURB.
The conditional acquisition of the Beisa Project, consolidates the Company's
position in the Witwatersrand Basin in the Free State Province of South
Africa, historically one of the world's largest gold and uranium producing
regions, with over 117 Mlbs of U₃O₈ resources and 5.4 Mozs of gold
resources extending across over 25km of strike length of the uranium and gold
rich Beisa Reef.
With the Company's immediate focus on satisfying the outstanding conditions
and completing the acquisition of the Beisa Mine from Sibanye Stillwater, the
Company has paused all work and activities on the Beisa Projects. This work
and an update of the acquisition documentation is anticipated to recommence
from late-Q1 2026.
§ Henkries South Uranium Project
During the Period, the Company's subsidiary NURSA, entered into a conditional
acquisition agreement to a purchase a 100% interest in the Henkries South
Uranium Project.
The Henkries South Uranium Project, comprises one granted Prospecting Licence
that extends over approximately 1,050km(2) and is located immediately south
and adjoins the Company's existing Henkries Uranium Project located in the
administrative district of Namaqualand in the Northern Cape Province of South
Africa.
The conditional acquisition of the Henkries South Uranium Project would
materially increase the Company's strategic landholding in the region by over
130% from a current 742km(2) area to almost 1,800km(2) and add a further 10km
strike length of shallow paleo-channels to the current 36km of strike length
of paleo-channels that have been demonstrated to host the shallow uranium
mineralisation at the Company's Henkries Uranium Project through previous
exploration.
The acquisition of the Henkries South Uranium Project remains subject to
receiving regulatory approval in South Africa for the ownership transfer to
the Company's subsidiary, NURSA.
With the Company's immediate focus on satisfying the outstanding conditions
and completing the acquisition of the Beisa Mine from Sibanye Stillwater, the
Company's executive are reviewing the Henkries South Project and how best to
incorporate it into its plans at the Henkries Uranium Project, particularly as
it looks to progress a Mining Right application in Q1 2026.
Implementation Assessment and Immediate Objectives
Various comprehensive studies acquired from Sibanye-Stillwater regarding the Beisa Mine, as well as the Henkries Project, will be assessed with a view to implementing same and achieving production of uranium and gold within the next 18 to 24 months.
This implementation assessment will include, but not be limited to, immediate commencement and refurbishment as well as upgrade work at the Beisa Mine, optimisation study works at the Beisa Projects, and further development studies and resource expansion drilling at the Henkries Uranium Project.
An expansion to the executive management team is well advanced and senior
financial and technical appointments will commence with implementing systems
and controls to support the proposed operational rollout.
Beisa Uranium and Gold Mine and Beatrix 4 Complex: Implementation Assessment
and Startup
Management is currently undertaking an implementation assessment with a view
to the startup of the Beisa Mine ('Implementation Assessment').
The Implementation Assessment addresses all matters associated with mining
gold and uranium, the operational environment which includes the regulatory
issues with respect to underground mining, the requisite licences with respect
to the handling of naturally occurring radioactive materials, tailings
deposition facilities and security.
The Beisa Mine operated continuously from 1980 to 2023, producing both gold
and uranium. It has demonstrated proven operational viability in various
commodity prices cycles and is established in a region of over 80 years of
continuous uranium production and one of the world's leading gold mining
centres.
The Beisa Mine benefits from over US$500 million of sunk capital in existing
infrastructure that would be substantial to replace, including shaft
infrastructure to 1,200m depth (accessing resources in Phase 1 from 350m -
1,000m depth), a gold processing plant designed for gold recovery with
capacity to add a uranium circuit, tailings storage facilities, power
connection to the national grid, water supply and recycling systems,
workshops, offices, and site access roads. The asset
Management will implement plans to integrate the Holding and Operating Company operationally in order that the plans being developed can be optimally implemented. A Chief Financial Officer has been appointed to implement the requisite budgets and controls and to develop the finance and administration function.
The Beisa Mine startup, which will be informed by the Implementation
Assessment currently being developed by management, will be implemented in
three phases: startup, assessment, and implementation.
An organogram, detailing personnel to meet the operational and legal
requirements, will be implemented in stages and revised as the process
continues. Key persons will be appointed and first-line managers will appoint
staff, consultants, contractors and legal appointments under the relevant
South African mining legislation will be made. Approximately 300 skilled
miners are available locally from the region's established mining workforce.
The executive management team, will over the next six months, commence with
implementing the Initial Assessment timelines - short, medium and long term -
with the objective of commencing production within 18 to 24 months.
The restart of the Beisa Mine will proceed in four phases:
§ Phase 1A (months 0-3) covering site re-establishment, shaft refurbishment
initiation, workforce recruitment engagement, and financing package
finalisation;
§ Phase 1B (months 3-9) for shaft equipment upgrades, underground
development, gold plant recommissioning, and uranium circuit design
finalisation;
§ Phase 1C (months 9-15) for uranium plant construction, processing circuit
integration, safety systems upgrade, and regulatory inspections; and
§ Phase 1D (months 18-24) for production ramp-up with first ore production,
processing commissioning, ramp to nameplate capacity, and first uranium sales
targeted in H1 2027.
Regulatory matters with respect to uranium mining and processing are being addressed and the risk contractors retained by the Company are compiling the Risk Register, with a view to taking operational control of the mine site. Mining and metallurgical consultants have been identified and will be retained with a view to the long term operational success of the Beisa MIne, accurately defining milestones and deliverables.
Strategic Developments
During the Period, the Company made significant progress in the following
areas:
§ Project Acquisitions
Expanded the Group's uranium and gold resource base through conditional
acquisition agreements, increasing the total SAMREC Code compliant resource
base to over 120Mlbs of U₃O₈ and over 5Mozs of gold.
§ Henkries Development
Continued advancement of the Henkries Uranium Project towards production,
including updated capital and operating cost estimates, exploration drilling
programs, environmental impact assessments, and mining rights applications.
§ Regulatory Approvals
Progressed applications for key regulatory approvals from South African
authorities required under the conditional acquisition agreements entered
into.
§ JSE Listing
§ Initiated the process for a Fast-Track secondary listing on the
Johannesburg Stock Exchange, administered by the JSE Limited, ('the JSE') to
expand the investor base and facilitate strategic acquisitions within South
Africa.
§ Management Appointments
Strengthened the Executive Team with the appointment of Theo Botoulas as Chief
Executive Officer and with further key executive appointments underway,
alongside key advisor, consultant, and service provider appointments in South
Africa.
Market Context
The global uranium market continues to strengthen, driven by increasing
commitments to nuclear energy as part of the energy transition and
decarbonisation initiatives. The spot U ₃O₈ price has appreciated
significantly from approximately US$60/lb in 2023 to current levels of
US$77/lb, with market analysts forecasting continued price strength to more
than US$100/lb. There are currently 440 nuclear reactors operating globally.
The pledges made at Conference of the Parties 28 ('COP') by 21 nuclear power
generating nations to triple installed capacity by 2050, along with new
reactor announcements, are expected to drive uranium demand well above
forecast levels.
Critical geopolitical supply dynamics are creating significant market
opportunities. Russia currently enriches 44% of global uranium supply, and the
United States banned Russian uranium imports in May 2024. Kazakhstan political
instability concerns have emerged, and Western utilities are urgently seeking
non-Russian supply sources from stable jurisdictions. This geopolitical supply
crisis is accelerating demand for production from mining-friendly
jurisdictions with clear regulations such as South Africa.
Artificial intelligence data centres are emerging as an additional significant
demand driver for nuclear power. Major technology companies including Google,
Microsoft, and Amazon have announced nuclear power procurement for data centre
operations. A ChatGPT query consumes approximately 10 times the power of a
Google search, and AI computing is expected to triple electricity demand by
2030, creating substantial new uranium demand beyond traditional nuclear power
generation.
Notably, only three new uranium mines have started production globally since
2016, highlighting severe supply constraints in the market while demand
continues to accelerate. Neo Energy's three permitted projects position the
Company advantageously to meet this growing demand with near-term production
capability.
FINANCIAL REVIEW
The loss for the Period was £3.824 million (H1 2024: £3.150 million) and was
largely attributable to salary costs, professional and other administrative
expenses.
The consolidated financial results for the Period are summarised below:
§ Group loss after tax: £3.824 million (H1 2024: £3.150 net loss).
§ Total assets: £17.950 million (H1 2024 £0.193 million)
§ Net liabilities: £(0.022) million (H1 2024: £(0.899) million).
§ Loss per share: 0.0 pence (H1 2024: 0.38 pence).
The Board monitors the activities and operating and financial performance of
the Company on a regular basis, and in particular the following key
performance indicators:
§ Resource Base Growth
Total SAMREC/JORC compliant uranium and gold resources across all its
projects.
§ Project Development Milestones
Progress toward key milestones including regulatory approvals, feasibility
studies, and offtake agreements.
§ Cash Position and Runway
Available cash and working capital to fund operations and project development.
§ Market Capitalisation
Share price performance and market valuation.
§ Health, Safety and Environmental Performance
Zero harm objectives and environmental compliance.
Financial Position
The Company's Statement of Financial Position as at 31 March 2025, with
comparatives at 31 March 2024 and 30 September 2024, is summarised below:
Unaudited Unaudited Audited
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Restated*
Assets
Current assets 309 1,273 139
Non-current assets 17,641 193 18,283
Total Assets 17,950 1,465 18,422
Liabilities
Current liabilities 17,945 539 18,688
Non-current liabilities 27 27 27
Total Liabilities 17,972 566 18,715
Net Liabilities (22) (899) (293)
*The financial statements for the period ended 31 March 2024 have been
restated for the reasons set out in Note 1 of the interim financial
statements.
UK LISTING RULES
The Company is admitted to the Equity Shares (transition) category of the
Official List under Chapter 22 of the UKLR and to trading on the London Stock
Exchange's Main Market for listed securities.
The Financial Conduct Authority temporarily suspended the Company's securities
from the Official List effective from 3 February 2025 at the request of the
Company.
RELATED PARTY TRANSACTIONS
Related party transactions are not disclosed in the condensed set of financial
statements. There have been no material changes in the related party
transactions described in the last annual report.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board has identified the following principal risks and uncertainties
facing the Group:
Exploration and Development Risk
Mineral exploration and mine development involve significant risks. There is
no assurance that exploration activities will result in the discovery of
economically viable mineral deposits, or that development projects will
proceed to production on schedule or within budget. The Company seeks to
mitigate these risks through rigorous technical evaluation, engagement of
experienced consultants, and phased development approaches.
Regulatory and Permitting Risk
The Group's operations are subject to extensive environmental and mining
regulations in South Africa. Delays in obtaining necessary permits, licenses,
or regulatory approvals could adversely affect project development timelines
and costs. The Company maintains proactive engagement with regulatory
authorities and invests in comprehensive environmental and social impact
assessments.
Commodity Price Risk
The economic viability of the Group's projects is dependent on uranium and
gold prices, which are subject to significant volatility driven by global
supply and demand dynamics, geopolitical factors, and macroeconomic
conditions. While current uranium market fundamentals are favourable, future
price movements could impact project economics and the Company's financial
position.
Funding and Liquidity Risk
The Company requires additional capital to advance its projects through to
production. There is no guarantee that future funding will be available on
acceptable terms or at all.
The Board manages this risk through careful cash management, maintaining
relationships with strategic investors, and pursuing multiple funding sources
including equity, debt, and project financing.
Operational and Technical Risk
Mining operations are subject to operational challenges including equipment
failures, adverse ground conditions, water management issues, and technical
complications. The Company mitigates these risks through comprehensive
planning, engagement of experienced operators, and implementation of
appropriate operational controls and monitoring systems.
Political and Country Risk
The Group's projects are located in South Africa, exposing the Company to
country-specific political, economic, and social risks including changes in
mining legislation, taxation policies, foreign exchange controls, and social
instability. The Company monitors these risks closely and maintains compliance
with local laws and regulations, including Broad-Based Black Economic
Empowerment ('B-BBEE') requirements.
Going Concern
The interim condensed consolidated financial statements have been prepared on
a going concern basis. When assessing the foreseeable future, the Directors
have reviewed a period of at least twelve months from the date of approval of
this report. The Directors have prepared a cash flow forecast to 31 December
2027, which shows that the Company and Group will be unable to meet their
liabilities as and when they fall due until further equity or debt funds are
obtained.
The acquisition of Mayflower Energy Metals Limited and the Reverse Takeover
transaction provided the Company with the opportunity to raise new funds and
commence its strategy of securing a majority interest in a mining project that
provides the opportunity for the Company's stakeholders to gain exposure to
the uranium exploration and mining sector and to South Africa's mining sector.
This strategy has been further advanced during the period and post the period
and the three conditional acquisition agreements provide the Company with
additional projects and stakeholders that give the Directors increased
confidence in the ability of the Company and Group to raise equity funding and
to continue to operate as a going concern.
This confidence is drawn from the underlying strength of the 'brownfield'
uranium mine development strategy that the Directors are implementing which is
considered a low-risk strategy and one that is attractive to shareholders and
new investors given the significant sunk capital and established
infrastructure and as such provides the necessary platform for the Company to
continue to secure the necessary funding to continue to operate as a going
concern until such time as the underlying projects are able to generate
profits and positive cash flow from operations..
The position of such a significant and supportive shareholder and one with
significant capital resources provides confidence in the Company's and Group's
ability to raise any potential additional funding that it may need.
Accordingly, the going concern basis has been adopted in preparing the
financial statements.
CORPORATE GOVERNANCE
The Company is committed to high standards of corporate governance and has
established an audit committee, remuneration committee, and nomination
committee with appropriate terms of reference. The Board comprises seven
Directors, including four Independent Non-Executive Directors.
The Company complies with the Quoted Companies Alliance ('QCA') Corporate
Governance Code for small and mid-cap quoted companies [or specify which
governance code applies]. Further details on corporate governance policies and
practices are available in the Annual Report and on the Company's website.
ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
The Company is committed to responsible mining practices and maintaining high
environmental and social standards. The Group's operations comply with
applicable environmental regulations and the Company actively engages with
local communities and stakeholders.
The Company's core values include environmental consciousness, stakeholder
engagement and community support, and accountability and trustworthiness.
These values guide the Company's approach to project development and
operations.
The Group maintains appropriate B-BBEE partnerships in South Africa, with BEE
partners holding a 30% interest in key projects in accordance with South
African mining legislation.
EVENTS AFTER THE REPORTING PERIOD
The Company's securities have continued to been suspended from the Official
List since 3 February 2025 and up until the date of this report.
Since the end of the Period, the Group has undertaken the following
significant events:
§ On 15 May 2025, the Company announced that it has received notification
from Sibanye Stillwater, that regulatory applications have now been formally
submitted to the Department of Mineral Resources and Energy ('DMRE') in South
Africa, in respect to the Company's majority owned subsidiary, NURB's proposed
acquisition of a 100% interest in the Beisa Mine and Beatrix 4 mine and shaft
complex, the processing plant complex and associated infrastructure.
§ On 16 May 2025, the Company announced the announce the appointment of Mr.
Theo Botoulas as its new Chief Executive Officer ('CEO') and Executive
Director of the Board. Mr. Botoulas, who is based in South Africa, is a
seasoned mining executive with over 40 years of international experience in
mining operational, finance and asset management. He holds a B.Eng. and
M.Sc. in Mining Engineering, as well as Mine Manager and Mine Overseer's
Certificates of Competency (Metalliferous Mines), and is registered as a
Professional Engineer with the Engineering Council of South Africa.
In conjunction with this appointment, the Company is also announced a further
restructure of its Board of Directors, with Mr. Sean Heathcote, transitioning
to the role of Executive Technical Director.
§ On 30 June 2025, the Company announced that it was progressing a Fast
Track Secondary Listing on the Johannesburg Stock Exchange (JSE), Africa's
leading stock exchange.
The move is part of the Company's broader growth and capital markets strategy
to enhance liquidity, broaden its shareholder base, and increase visibility
amongst African and international investors. The listing will also position
Neo Energy more strategically as it advances its uranium projects in Southern
Africa.
There were no other material events after the reporting period that require
disclosure under the applicable accounting standards or that, in management's
judgment, would have a material effect on the interim financial statements.
FUTURE OUTLOOK
Looking ahead, the Board's priorities include:
§ Completion of updated feasibility study for the Henkries project and
progression toward a final investment decision.
§ Advancement of exploration drilling programmes to expand mineral resources.
§ Obtaining regulatory approvals for recently acquired projects.
§ Completion of a secondary listing on the JSE.
§ Securing project financing and strategic offtake agreements.
§ Evaluation of additional strategic acquisition opportunities in the uranium
sector.
RESPONSIBILITY STATEMENT
The Directors confirm to the best of their knowledge:
a) the condensed set of interim financial statements has been prepared
in accordance with UK-adopted IAS 34, 'Interim Financial Reporting';
b) the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R ((indication of important events and their
impact during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) the Interim Management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This report was approved by the Board of Directors on 4 December 2025 and the
above responsibility statement signed on its behalf by:
Jason Brewer
Chairman, Neo Energy Metals plc
CAUTIONARY STATEMENT
This Interim Management Report (IMR) has been prepared solely to provide
additional information to shareholders to assess the Company's strategies and
the potential for those strategies to succeed. The IMR should not be relied on
by any other party or for any other purpose.
The IMR contains certain forward-looking statements. These statements are made
by the directors in good faith based on the information available to them up
to the time of their approval of this report but such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
NEO ENERGY METALS PLC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Continuing operations Notes
Administrative expenses 6 (3,824) (1,041) (2,018)
Reverse acquisition expense 7 - (3,378) (6,116)
Operating loss before finance costs (3,824) (4,419) (8,134)
Finance costs (net) - (132) (1)
Other income 8 - 1,401 1,308
Interest income - - 1
Loss before taxation (3,824) (3,150) (6,826)
Taxation - - -
Loss for the period (3,824) (3,150) (6,826)
Total loss attributable to:
Owners of the Parent Company (3,823) (3,150) (6,816)
Non-controlling interest (1) - (10)
(3,824) (3,150) (6,826)
Other comprehensive income - items that may be reclassified subsequently to
profit and loss account
Translation of foreign operations - - (97)
Total other comprehensive loss - - (6,923)
Total comprehensive loss for the period attributable to:
Owners of the Parent Company (3,823) (3,150) (6,913)
Non controlling interests (1) - (10)
(3,824) (3,150) (6,923)
Loss per share - basic and diluted (pence) 5 (0.00p) (0.38p) (0.6p)
NEO ENERGY METALS PLC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Restated*
Non-Current Assets
Intangible assets 9 17,641 193 18,283
Total Non-Current Assets 17,641 193 18,283
Current assets
Trade and other receivables 10 307 1,233 136
Cash and cash equivalents 11 2 40 3
Total Current Assets 309 1,273 139
Total Assets 17,950 1,465 18,422
Equity and Liabilities
Share capital - Ordinary shares 12 207 140 148
Share capital - Deferred shares 12 131 131 131
Share premium 12 13,503 8,452 8,662
Merger reserve 3,109 (140) 3,109
Reverse acquisition reserve (2,320) (3,139) (2,320)
Share option reserve 25 - 25
Foreign exchange reserve (905) 1 (100)
Retained earnings (13,755) (4,546) (9,932)
Capital and reserves attributable to owners of Neo Energy Metals PLC (5) 899 (277)
Non-controlling interests (17) - (16)
Total Equity (22) 899 (293)
Non-Current Liabilities
Long term liabilities 27 27 27
Borrowings - - -
Total Non-Current Liabilities 27 27 27
Current Liabilities
Trade and other payables 13 17,527 539 18,198
Loans from related parties 417 - 488
Borrowings 1 - 2
Total Current Liabilities 17,945 539 18,688
Total Liabilities 17,972 566 18,715
Total Equity and Liabilities 17,950 1,465 18,422
*The financial statements for the period ended 31 March 2024 have been
restated for the reasons set out in Note 1 of the interim financial
statements.
NEO ENERGY METALS PLC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March 2024
Share capital Ordinary shares Share capital Deferred shares Share premium Merger reserve RTO reserve Share options reserve Translation reserve Retained earnings Total Non controlling interest reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2023 146 - 737 (883) - - (2) 1 (1) (10) (11)
Loss for period - - - - - - - (3,150) (3,150) - (3,150)
FX movement - - - - - - (47) - (97) - (97)
Total comprehensive income (47) (3,149) (3,247) - (3,247)
Redesignation from ordinary to deferred shares (131) 131 - - - - - - - - -
Recognition of plc equity at acquisition date - - - 883 (4,731) - - - (3,849) - (3,849)
Issue of shares for acquisition of subsidiary 30 - - 3,109 (3,139) - - - - - -
Issue of shares for placings 34 - 1,624 - - - - - 1,658 - 1,658
Issue of shares to settle debt 21 - 1,454 - - - - - 1,475 - 1,475
Issue of shares in lieu of fees 21 - 2,580 - - - - - 2,601 - 2,601
Issue of placing shares December 2023 14 - 1,036 - - - - - 1,050 - 1,050
Issue of placing shares December 2023 4 - 481 - - - - - 485 - 485
Balance at 31 March 2024 restated* 140 131 7,912 3,109 (7,870) 0 (49) (3,149) 172 (10) 162
NEO ENERGY METALS PLC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March 2024
Share capital Ordinary shares Share capital Deferred shares Share premium Merger reserve RTO reserve Share options reserve Translation reserve Retained earnings Total Non controlling interest reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2024 restated* 140 131 7,912 3,108 (7,870) 0 (49) (3,149) 172 (10) (162)
Loss for period - - - - - - - (3,666) (3,666) - (3,666)
FX movement - - - - - - (50) - (50) - (50)
Total comprehensive income - - - - - - (50) (3,666) (3,716) - (3,716)
Issue of shares April 2024 1 - 68 - - - - - 69 - 69
Issue of placing shares June 2024 3 - 250 - - - - - 253 - 253
Issue of placing shares June 2024 0 - 6 - - - - - 6 - 6
Issue of shares August 2024 2 - 148 - - - - - 150 - 150
Issue of shares August 2024 1 - 43 - - - - - 44 - 44
Issue of placing shares 1 - 233 - - - - - 234 - 234
September 2024
Cost of shares issued - - - - - - - (2568) (2,568) - (2,568)
Share based payments - - - - 5,550 25 - - 5,575 - 5,575
Balance at 30 September 2024 148 131 8,662 3,109 (2,320) 25 (100) (9,932) (277) (16) (293)
Loss for the period - - - - - - - (3,823) (3,823) (1) (3,824)
FX Movement - - - - - - (805) - (805) - (805)
Total comprehensive income - - - - - - (805) (3,823) (4,628) (1) (4,629)
Issue of shares November 2024 2 - 185 - - - - - 187 - 187
Issue of shares November 2024 5 - 350 - - - - - 355 - 355
Issue of shares January 2025 31 - 2265 - - - - - 2,296 - 2,296
Issue of shares January 2025 9 - 1116 - - - - - 1,125 - 1,125
Issue of shares March 2025 12 - 925 - - - - - 937 - 937
Balance at 31 March 2025 207 131 13,503 3,109 (2,320) 25 (905) (13,755) (5) (17) (22)
NEO ENERGY METALS PLC
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Cash flows from operating activities
Operating loss - continuing operations (3,824) (3,150) (6,826)
Adjustments for:
Write down of bonds - (1,308)
Gain on cancellation of CLNs on issuance - (20)
Interest income - (1)
Finance costs (net) - 133 748
Share based payments - 3,377 5,551
Operating cash outflow before working capital movements (3,824) 360 (2,603)
Increase in trade and other receivables (171) (573) (126)
Increase/(decrease) in trade and other payables 743 436 (1,340)
Net cash flows from operating activities (4,901) 223 (1,466)
Net cash flows from investing activities
Interest income - - 1
Expenditure on fixed assets - (980) -
Expenditure on intangible assets - (2,423) -
Net cash flows from investing activities - (3,403) (1,345)
Net cash flows from financing activities
Repayment of borrowings (5)
Interest paid on loan notes - (133) -
Interest income - - -
Finance cost - - (1)
Loans from related parties - - 483
Net proceeds from issue of share capital 4,900 6,727 3,688
Cost of Reverse acquisition - (3,377) -
Net cash flows from financing activities 4,900 3,217 4,166
Net increase in cash and cash equivalents (1) 37 98
Cash and cash equivalents at the beginning of the period 3 4 2
Effect of exchange rates on cash - - (97)
Cash and cash equivalents at the end of the period 2 41 3
1. General Information
Neo Energy Metals Plc ('the Company') (formerly Stranger Holdings PLC) is a
public limited company with its shares traded on the Main Market of the London
Stock Exchange. The address of the registered office is 27-28 Eastcastle
Street, London, W1W 8DN. The Company was incorporated and registered in
England and Wales on 22 October 2015 as a private limited company and
re-registered on 14 November 2016 as a public limited company. It changed its
name to Neo Energy Metals PLC on 8 November 2023. The Company's registered
number is 09837001.
The principal activity of the Company and its subsidiaries is the exploration,
development and mining of uranium and gold in South Africa and the development
of further advanced brownfield projects to grow its operations within the
uranium sector.
These interim condensed consolidated financial statements of Neo Energy Metals
PLC for the six months ended 31 March 2025 were authorised for issue in
accordance with a resolution of the Board of directors on 1 December 2025.
These interim condensed consolidated financial statements are prepared on a
going concern basis which assumes that the Company will be able to realise its
assets and discharge its liabilities in the normal course of business for the
foreseeable future. The Company has incurred ongoing losses since inception
and has no source of recurring revenue. The success of the Company is
dependent upon the ability of the Company to obtain necessary financing to
complete the conditional acquisitions of its various uranium and gold mining
projects and their exploration and development, the confirmation of
economically recoverable reserves, and upon establishing future profitable
production, or realisation of proceeds on disposal. These financial
statements do not give effect to the adjustments that would be necessary to
the carrying value and classification of assets and liabilities should the
Company be unable to continue as a going concern.
The Company's auditors have not reviewed these interim condensed consolidated
financial statements.
2. Accounting policies
2.1 Basis of preparation
The annual consolidated financial statements are prepared in accordance with
UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.
The condensed consolidated financial statements included in this half-yearly
financial report have been prepared in accordance with International
Accounting Standard ("ISA") 34, 'Interim Financial Reporting', as adopted for
use in the UK and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
These condensed consolidated interim financial statements and the comparative
financial information presented in these condensed consolidated interim
financial statements for the period ended 31 March 2025 do not constitute full
statutory accounts within the meaning of Section 434 of the Companies Act
2006. They do not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with the Annual
consolidated financial statements as at 30 September 2024. The financial
statements for the year ended 30 September 2024 were prepared in accordance
with both "International Accounting Standards in conformity with the
requirements of the Companies Act 2006" and "International Financial Reporting
Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in
the European Union". The Annual Report and consolidated financial statements
for the year ended 30 September 2024 were approved by the Board on 1 December
2025 and have been delivered to the Registrar of Companies. The independent
auditor's report on those accounts contained a disclaimer of opinion in
respect of going concern as the ability of the Group to meet its projected
expenditure is dependent on further equity injections and/or the raising of
cash through bank loans or other debt instruments and did not contain any
statement under section 498 of the Companies Act 2006.
No taxation charge has arisen for the period and the Directors have not
declared an interim dividend.
The financial information has been prepared under the historical cost
convention, as modified by the accounting standard for financial instruments
at fair value.
The business is not considered to be seasonal in nature.
2.2 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual consolidated financial statements for the
year ended 30 September 2024, except for the adoption of new standards
effective as of 1 January 2025. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective. One
amendment applies for the first time in 2025 but does not have an impact on
the interim condensed consolidated financial statements of the Group.
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
specify how an entity should assess whether a currency is exchangeable and how
it should determine a spot exchange rate when exchangeability is lacking. The
amendments also require disclosure of information that enables users of its
financial statements to understand how the currency not being exchangeable
into the other currency affects, or is expected to affect, the entity's
financial performance, financial position and cash flows. The amendments are
effective for annual reporting periods beginning on or after 1 January 2025.
When applying the amendments, an entity cannot restate comparative
information. The amendments did not have a material impact on the Group's
financial statements.
2.3 Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the
Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that control
ceases.
The Group applies IFRS 3, the acquisition method to account for business
combinations. The consideration transferred for the acquisition of a
subsidiary is the fair values of the assets transferred, the liabilities
incurred to the former owners of the acquiree and the equity interests issued
by the group. The consideration transferred includes the fair value of any
asset or liability resulting from a contingent consideration arrangement.
Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values
at the acquisition date. The group recognises any non-controlling interest in
the acquiree on an acquisition-by-acquisition basis, either at fair value or
at the non-controlling interest's proportionate share of the recognised
amounts of acquiree's identifiable net assets.
Acquisition-related costs are expensed as incurred.
Any contingent consideration to be transferred by the Group is recognised at
fair value at the acquisition date. Subsequent changes to the fair value of
the contingent consideration that is deemed to be an asset or liability is
recognised either in profit or loss or as a change to other comprehensive
income. Contingent consideration that is classified as equity is not
re-measured, and its subsequent settlement is accounted for within equity.
3 Critical Estimate and Judgements
The preparation of these interim financial statements requires management to
make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results might differ from these estimates.
In preparing these condensed interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the financial statements of Neo Energy Metals PLC for the year ended 30
September 2024.
4. Principal risks and uncertainties
The principal risks and uncertainties affecting the Group are unchanged from
those set out in the Group's accounts for the year ended 30 September 2024.
The Directors have reviewed financial forecasts and are satisfied that the
Group has adequate resources to continue in operational existence for the
foreseeable future. Accordingly, the Group continues to adopt the going
concern basis in the preparation of the condensed consolidated interim
financial statements.
Earnings per share (EPS)
Basic earnings per share is calculated by dividing the loss from continuing
operations attributable to equity shareholders of the parent company by the
weighted average number of ordinary shares in issue during the period:
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Loss attributable to the equity holders of the company (3,291) (3,150) (6,826)
Weighted average number of shares 1,674,124,917 830,676,656 1,106,192,344
Basic and Diluted earnings per share (pence) (0.00p) (0.38p) (0.6p)
There is no difference between the diluted loss per share and the basic loss
per share presented given any adjustment is anti-dilutive. Warrants could
potentially dilute basic earnings per share in the future but were not
included in the calculation of diluted earnings per share as they are
anti-dilutive for the period presented.
6. Group operating loss, expenses by nature and personnel
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Wages and salaries 3,635 - 1,489
Share-based payment expense - 1,041 25
Legal and professional fees 170 - 151
Regulatory costs 15 - 79
Audit fees - - 135
Office costs 4 - 95
Travel and accommodation expenses - - 43
Total administrative expenses 3,824 1,041 2,018
7. Reverse acquisition
Information on prior year acquisition
On 9 November 2023, the Company (then "Stranger Holdings PLC") completed a
reverse takeover ("RTO") of Neo Uranium Resources South Africa (Pty) Ltd
("NURSA"), a private South African uranium exploration company holding the
Henkries Uranium Project and Beisa Project through local subsidiaries.
Under IFRS 10 (Consolidated Financial Statements) and IFRS 2 (Share-based
Payment), the transaction has been accounted for as a reverse acquisition. The
shareholders of NURSA became the controlling shareholders of the legal parent,
Neo Energy Metals PLC, by virtue of holding a majority of the voting rights
following completion. The legal parent Neo Energy Metals PLC did not meet the
definition of a business under IFRS 3 and therefore the transaction falls
outside the scope of IFRS 3.
Accordingly, no goodwill has been recognised. The difference between the fair
value of the equity instruments deemed to have been issued by NURSA and the
fair value of the identifiable net assets of Neo Energy Metals PLC was charged
to the Statement of Comprehensive Income for the year ending 30 September 2024
as a share-based payment expense of £5,315,000, (31 March 2024: £3,378,000)
representing in substance the cost of obtaining a London Stock Exchange
listing.
8. Other income
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 March 31 March 30 September
2025 2024 2024
£'000 £'000 £'000
Other income - 1,401 1,308
- 1,401 1,308
The Other income balance on 30 September 2024 relates to a bond facility write
off.
9. Intangible assets
Cost and net book amount Desert Star (Henkries) Prospecting Rights Sunshine Mineral Resources Prospecting Rights Total
£'000 £'000 £'000
At 31 March 2024 193 - 193
Additions 1,307 16,509 17,816
At 30 September 2024 1,773 16,509 18,283
Foreign exchange differences (62) (580) (642)
At 31 March 2025 1,711 15,929 17,641
10. Trade and other receivables
Unaudited Unaudited Audited
31 March 31 March 30 September 2024
2025 2024 £
£ £
Other receivables and prepayments 249,089 568,632 49,331
Amounts owed by directors - - 86,602
249,089 568,632 135,933
11. Cash and cash equivalents
Unaudited Unaudited Audited
31 March 31 March 30 September 2024
2025 2024 £
£ £
Cash and cash equivalents 1,525 40,711 2,585
1,525 40,711 2,585
12. Share capital and premium
Ordinary shares of £0.0001 Ordinary shares Deferred shares Share premium Merger reserve Total
£ £ £ £
£
At 1 October 2024 1,479,132,972 147,913 131,193 8,661,633 3,108,987 12,049,726
Issue of shares in 25,000,000 2,500 - 185,000 - 187,500
November 2024
Issue of shares 47,306,668 4,731 - 350,069 - 354,800
in November 2024
Issue of shares 306,133,334 30,613 - 2,265,387 - 2,296,000
January 2025
Issue of shares 90,000,000 9,000 1,116,000 - 1,125,000
January 2025
At 31 March 2025 1,947,572,974 194,757 131,193 12,578,089 3,108,987 16,013,026
13. Trade and other payables
Unaudited Unaudited Audited
31 March 31 March 30 September 2024
2025 2024 £
£ £
Trade payables 480,178 1,048,825 323,929
Other payables and accruals 538,740 (175) 360,002
Deferred consideration * 17,348,036 - 17,500,109
Taxes and social security 581 - 14,208
18,367,536 1,048,650 18,198,248
* The deferred consideration of £17,348,036 (ZAR400,000,000) is due to the
vendors of the Sunshine Mineral Reserve asset acquisition on the transfer of
the applicable prospecting rights to Neo Uranium Resources Beisa Mine (Pty)
Ltd once Section 11 notice of the Mineral Resources and Petroleum Development
Act has been issued.
ENDS
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 IR FSSFDLEISEEE
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Neo Energy Metals
See all newsREG - Neo Energy Metals - Appointment of New CFO and Finance Director
AnnouncementREG - Neo Energy Metals - Half-year Financial Report
AnnouncementREG - Neo Energy Metals - Annual Financial Report
AnnouncementREG - Neo Energy Metals - Expiry of Warrants
AnnouncementREG - Neo Energy Metals - Corporate Update
Announcement