Operational and Corporate Update
Summary by AI BETAClose X
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
De Wet Schutte, Chief Financial Officer
Frederik Brand, Head Governance and Legal
Michelle Krastanov, Corporate Advisor - AcaciaCap Advisors
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.
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