REG - Neo Energy Metals - Update on Beisa Uranium and Gold Mine Acquisition

Neo Energy MetalsAnnouncement

12/12/2025 14:45

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RNS Number : 4404L  Neo Energy Metals PLC  12 December 2025

 

 

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

 

12 December 2025

Neo Energy Metals plc

("Neo Energy" or "the Company")

Update on Sibanye Transaction, Regulatory Approvals and Implementation
Assessment

Neo Energy, the near-term, low-cost uranium developer, is pleased to provide
a comprehensive update on the ongoing regulatory processes, project
integration workstreams and key milestones associated with the  conditional
acquisition of  the Beisa Uranium and Gold Project, including  Beatrix 4
shaft complex, and associated infrastructure (the "Beisa Mine") through its
majority owned subsidiary, Neo Uranium Resources Beisa Mine (Pty)
Limited ("NURB"), from Sibanye Gold Proprietary Limited ("SGL"), a wholly
owned subsidiary of Sibanye-Stillwater Limited ('Sibanye-Stillwater').

The Beisa Mine, which has current SAMREC-compliant measured and indicated
resources of 1.2 million ounces of gold and 26.9 million pounds of uranium, is
located in the Witwatersrand Basin, in the Free State Province of South
Africa. Operations commenced at the Beisa Mine 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 late
2023.

The Company's executive management has now commenced a comprehensive
Implementation Assessment to define operational readiness and the roadmap for
production of gold and uranium from the Beisa Mine to commence within the next
18 to 24 months. The Implementation Assessment addresses all matters
associated with mining gold and uranium, including the operational
environment, regulatory issues with respect to underground mining, requisite
licences for the handling of naturally occurring radioactive materials,
tailings deposition facilities, and security. Various comprehensive studies on
the re-commencement of mining and processing of uranium and gold at the Beisa
Mine completed previously by Sibanye-Stillwater are under review and form part
of this Implementation Assessment.

To support the increased activities in South Africa, an expansion to the
executive management team is well advanced and senior financial as well as
technical appointments will commence in early 2026 with the implementation of
systems and controls to support the proposed operational rollout.

Under the Implementation Aseessment, it is currently proposed that the
re-commencement of mining and processing activities at the Beisa Mine will
proceed in four phases:

i.      Phase 1A (months 0-3) covering site re-establishment, shaft
refurbishment initiation, workforce recruitment engagement, and financing
package finalisation;

ii.     Phase 1B (months 3-9) for shaft equipment upgrades, underground
development, gold plant recommissioning, and uranium circuit design
finalisation;

iii.    Phase 1C (months 9-15) for uranium plant construction, processing
circuit integration, safety systems upgrade, and regulatory inspections; and

iv.    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.

The acquisition of the Beisa Mine, remains subject to regulatory approvals in
South Africa and the United Kingdom and settlement of the cash and share based
consideration to Sibanye-Stillwater. Applications for regulatory approval from
the South African Department of Mineral Resources and Energy ("DMRE") were
submitted by Sibanye-Stillwater in May 2025. These applications cover
approvals required under Section 11 and Section 102 of the Mineral and
Petroleum Resources Development Act ("MPRDA"), enabling, transfer of ownership
of the Beisa Uranium project to NURB. The Company continues to work closely
with Sibanye-Stillwater, the SSC Group and legal advisors in order to advance
these approvals to completion, and which are currently outstanding.

The Company has already received approval from the South African Reserve Bank
("SARB") for a foreign inter-company shareholder loan facility of ZAR1.2
billion (approximately £50.4 million) for working capital purposes between
the Company  and Neo Uranium Resources South Africa (Pty) Ltd ("NURSA"),
enabling efficient inflow of funds into South Africa subject to compliance
with SARB reporting and exchange control requirements.

In the United Kingdom, the Company has already appointed Rule 3 adviser in
connection with the Rule 9 waiver ("Waiver") required under the City Code on
Takeovers and Mergers ("Takeover Code") that is required. The Waiver relates
to the conditional issue of new shares to Sibanye-Stillwater as part of the
transaction under which it is expected to become the Company's largest
shareholder with up to an approximate 40% holding.

The Company anticipates that it will obtain all the necessary outstanding
regulatory approvals in South Africa and in the United Kingdom in Q1 2026.
With this received the Company will then be able to issue the share based
consideration due to Sibanye-Stillwater under the conditional acquisition
agreement to acquire the Beisa Mine, and then finalise its funding
arrangements with its corporate advisors and corporate brokers to settle the
cash consideration also due to Sibanye-Stillwater.

The Company will continue to provide further updates on its progress with the
regulatory approval and its funding arrangements.

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

 

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