REG - Neo Energy Metals - Key SARB Approvals for Beisa Uranium Acquisition

Neo Energy MetalsAnnouncement

13/05/2025 10:15

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RNS Number : 4453I  Neo Energy Metals PLC  13 May 2025

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

 

13 May 2025

Neo Energy Metals plc

('Neo Energy' or 'the Company')

 

Key SARB Approvals Received for Beisa Uranium Project Transaction

Neo Energy, the near term, low-cost uranium developer, is pleased to announce
that through its wholly owned subsidiary Neo Uranium Resources South Africa
(Pty) Ltd ("NURSA"), it has satisfied a further key regulatory milestone for
its acquisition of the Beisa Uranium Project from Sibanye-Stillwater Limited
('Sibanye-Stillwater'), with the receipt of final approvals from the South
African Reserve Bank ('SARB').

SARB has approved a foreign intercompany shareholder loan facility of ZAR 1.2
billion (approx. £50.4 million) for working capital purposes between Neo
Energy and NURSA. This loan structure enables efficient inflow of funds into
South Africa subject to compliance with SARB reporting and exchange control
requirements.

Sibanye-Stillwater has also confirmed receipt of SARB approval to hold shares
in the Company as part of the proposed transaction structure.

As announced on 9 December 2024, upon settlement of the acquisition of the
100% interest in the Beisa Uranium Project, which is expected to occur in H2
2025, the Company will pay a cash fee of ZAR250,000,000 (approx. £11 million)
and issue loan notes valued at ZAR250,000,000 under a loan note instrument.

Following completion, Sibanye-Stillwater will hold approximately 40% in Neo
Energy, becoming its largest shareholder.

The Beisa Uranium Project, includes the acquisition of 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, and which hosts SAMREC-compliant measured and indicated resources of
1.2 million ounces of gold and 26.9 million pounds of uranium.

The Company and key stakeholders continue to work together in seeking all the
necessary regulatory approvals and transfers of permits and authorisations in
South Africa and anticipates that these will be finalised in H2 2025

Neo Energy Metals Executive Chairman Jason Brewer said,

"On behalf of the Board, we are pleased to have secured the necessary
approvals by SARB marking a significant milestone in the completion of the
Beisa Uranium Project transaction and further enabling Neo to advance its
development plans.

The Company remains committed to meeting all necessary regulatory approvals in
South Africa and anticipates continuing to advance these milestones into
completion.

These approvals unlock the financial structuring necessary to deliver
long-term value from this world-class asset."

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.

END

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
 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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