REG - Neo Energy Metals - Update on Acquisition

Neo Energy MetalsAnnouncement

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RNS Number : 2934W  Neo Energy Metals PLC  12 March 2026

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

 

12 March 2026

 

Neo Energy Metals plc

('Neo Energy' or 'the Company')

 

UPDATE ON ACQUISITION OF THE NEW BEISA MINE (BEATRIX 4 SHAFT)
 

 

Neo Energy Metals PLC ("Neo") provides a clarification update with respect to
its acquisition of the New Beisa Mine (Beatrix 4 Shaft) and associated
processing infrastructure from Sibanye-Stillwater Limited ("Sibanye") (the
"Transaction").

The Transaction was concluded on 6 December 2024 ("Signature Date") with
completion to occur within 24 months. There remains one Condition Precedent
("CP") outstanding, being approval of the applications seeking approval under
Section 11 and Section 102 of the Mineral and Petroleum Resources Development
Act. This requires Sibanye to obtain approval under Section 102 from the South
African Department of Mineral Resources and Energy to transfer the Beatrix 4
Mining Right out of their existing portfolio of mining rights in order to
effect the sale. This transfer is required to be completed within 18 months
from the Signature Date of the Transaction, and this remains on track for
completion within this defined timeline. Once this approval has been granted,
Sibanye can then submit the Section 11 application in order to transfer the
Mining Right to the Company's majority owned subsidiary, Neo Uranium Resources
Beisa Mine (Pty) Limited.

Remaining Process and Key Milestones

The remaining steps to progress the Transaction are as follows:

1.   Sibanye to obtain Section 11 and Section 102 approvals to enable
Sibanye to obtain the relevant Mining Rights before 6 June 2026; and

 

2.   Upon conclusion of the above, Sibanye will continue with the Section 11
approval for the Transaction, which is contingent on a consolidation exercise
and is expected to be completed within the 24 months period from Signature
Date as per the agreement which was signed on the 6 December 2025.

 

Impact on Implementation of the Beisa Mine

As previously advised to shareholders, the Beisa Mine is planned be
operational in the second half of 2027. This will be achieved in three phases
over the next 18 to 24 months.

 

The first phase, an implementation assessment, is to evaluate the entire
mining operation in order to accurately determine the capital cost and to
update the mining plan. This phase will take six (6) to nine (9) months to
complete and is planned to commence during March 2026. The estimated approval
of the Section 11 application in the later part of this year will have no
impact on this phase. This phase will be completed by means of contractor
agreements which management are in the process of finalising.

 

The second phase is to finalise the optimal funding structure for the mine
recommencement works over 12 months. This will production and costs profiles
and cashflow projects calculated in Phase 1.

 

The final Phase 3 will be to ready the site for production. Phase 3 is
estimated to take between 6 to 12 months, a timeframe which remains the same a
previously communicated.

Working Capital Position

De Wet Schutte, Chief Financial Officer of Neo, commented:

"Following our recent fundraising activities, the Company has sufficient
working capital to manage its expenses during this period while the remaining
regulatory processes are concluded."

 

Enquiries:

Jason Brewer, Executive Chairman
jason@neoenergymetals.com (mailto:jason@neoenergymetals.com)

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:
This announcement contains information which is considered to be inside
information for the purposes of the UK Market Abuse Regulation. The person
responsible for arranging the release of this announcement on behalf of 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
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.  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.

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