REG - Neo Energy Metals - Operational and Corporate Update

Neo Energy MetalsAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260324:nRSX7516Xa&default-theme=true

RNS Number : 7516X  Neo Energy Metals PLC  24 March 2026

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

 

24 March 2026

 

Neo Energy Metals plc

('Neo Energy' or 'the Company')

 

OPERATIONAL AND CORPORATE UPDATE

 

Neo Energy, the medium-term, low-cost uranium developer, is pleased to
announce a number of operational and corporate updates as it continues to
progress development of the Company's strategy for development of the New
Beisa Project.

New Beisa Complex

Executive Management is currently negotiating an Access to Site Agreement with
Sibanye-Stillwater Limited to secure unrestricted access to the New Beisa
Complex site, enabling certain preparatory work to commence, while the Section
11 approval process is being implemented. Security contractors have been
engaged by the Company and are liaising directly with Sibanye-Stillwater's
management. In parallel, mineral rights specialists appointed by the Company
are working closely with Sibanye-Stillwater to support the smooth and
successful implementation of the Section 11 process.

The Company's security contractors have completed the requisite analyses in
support of  operational, regulatory and administrative requirements. The
Company's executive management is engaging with insurers to ensure that the
appropriate insurance cover is emplaced once ownership of the New Beisa mine
transfers to the Company.

The Company has also appointed R&R Quantity Surveyors, Project Managers
and Contractors ("R&R") as project managers for the New Beisa Complex who
are working closely with the Neo Executive Team.

R&R, in consultation with the Company's executive management team, are in
the process of appointing professionals and contractors with requisite mining
engineering, process engineering, mechanical engineering, electrical
engineering, environmental, health and safety, and tailings management
expertise required to complete the Neo Implementation Assessment, with a view
to achieving the targeted medium-term production timeline date of December
2027.

The Sibanye-Stillwater Section 11 and Section 102 applications have been
submitted to the Department of Mineral and Petroleum Resources, with the
requisite approvals expected in May or June 2026. In terms of the Conditions
Precedent contained in the relevant agreement, these approvals are required to
be completed by 6 June 2026.

In accordance with the contractual process, the second Section 11, being Neo's
own  application, will be submitted following approval of the
Sibanye-Stillwater Section 11 application referred to above.  The agreement
requires this process to be completed by 6 December 2026. To support this
process, the Company has appointed professional mineral rights consultants to
ensure that Neo's documentation for the Section 11 application is properly
prepared and in good order for immediate submission.

Whilst the Section 11 process is under way, and in parallel with it, Executive
Management is in the process of finalising a contracting agreement between Neo
and Sibanye-Stillwater. This agreement is intended to provide Neo with
immediate access to the site in order to commence certain on-site work and
analyses required for the Implementation Assessment. This will enable the
Company to undertake the necessary baseline work in support of its  targeted
medium-term production timeline of December 2027.

As part of the Implementation Assessment, Neo is also in the process of
updating its resource statements to reflect the improved operating environment
and prices in the gold and uranium markets. These will be published once
complete.

The Henkries Complex

A Mining Right application was submitted to the Department of Mineral and
Petroleum Resources in February 2026, with the requisite approval expected by
December 2026. This timeline is in accordance with the contractual agreement
reached with Desert Star Uranium (Pty) Limited.

New Executive Appointments

A new Head Governance and Legal has been appointed to support the Company in
maintaining compliance with regulatory and legislative requirements,
establishing clear policies and assisting the Company Secretarial function in
both the United Kingdom and South Africa.

In addition, two line managers have been appointed, both reporting directly to
the Chief Executive Officer and Chief Financial Officer: a Manager: Northern
Cape projects ("Henkries Complex") and a Manager: Free State ("New Beisa
Complex "), previously known as Beatrix No 4 Shaft Complex.

The Neo Management Team will continue to be strengthened and expanded as the
Company develops.

Establishment of New Subsidiary Companies

The Company has incorporated three new subsidiary companies to facilitate the
efficient management of Company resources in order to complete the
Implementation Assessment at New Beisa, and assist with efficient
administration of Henkries.

Annual General Meeting

The Annual General Meeting of the Company is proposed to be held in London in
May 2026.

The Notice of Annual General Meeting is being finalised and will be
distributed to shareholders in due course.

At the Annual General Meeting, shareholders will be requested to vote on a
number of resolutions and will have the opportunity to meet and discuss with
the Company's executive management and Board of Directors the operational and
corporate progress made over 2025, and to date.

Theo Botoulas, CEO of Neo, commented:  "The Company is currently establishing
a solid foundation from which to move forward. We believe that both the New
Beisa and Henkries Projects are well within the capability of our team to
deliver successfully, and that the current Executive Team is well positioned
to implement the growth strategy which we are formulating.

The Executive Team remains mindful of shareholders concerns and seeks to
address these wherever they fall within our direct control and ability to do
so.

We also recognise the importance of ensuring that all shareholders have
appropriate access to information. Accordingly, the Company intends to provide
shareholders with structured quarterly updates on progress going forward.

Neo is entering a phase of positive momentum, and Executive Management is
focused on establishing a strong platform from which to deliver successful
outcomes."

 

Enquiries:

Theo Botoulas, Chief Executive Officer

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

De Wet Schutte, Chief Financial Officer

dewet@neoenergymetals.com (mailto:dewet@neoenergymetals.com)

Frederik Brand, Head Governance and Legal

frederik@neoenergymetals.com (mailto:frederik@neoenergymetals.com)

Michelle Krastanov, Corporate Advisor - AcaciaCap Advisors

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

 

Notes:
The person responsible for arranging the release of this announcement on
behalf  the Company is Frederik Brand, Head Governance and Legal.

 

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
and conceptual agreements for the acquisitions of 100% interest in the Beisa
North and Beisa South Uranium and Gold Projects  and 100% interest in the
New Beisa 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 comprises117 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  located in South Africa's Northern Cape Province.  The Company also
entered into a conditional agreement for the acquisition of a 100% interest
in the Henkries South Uranium Project, which is subject to renegotiation on
improved terms for the Company.  This acquisition would extend 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.

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  UPDJJMATMTTTBPF



            Copyright 2019 Regulatory News Service, all rights reserved