Neo Energy Metals Secures Sibanye-Stillwater Site Access for New Beisa Uranium and Gold Project Development

Site Access Agreement Facilitates Pre-Development Activities Ahead of Regulatory Transfer

Neo Energy Metals announced that its subsidiary, Neo Uranium Resources Beisa Mine Proprietary Limited, has signed a site access and contractorship agreement with Sibanye Gold Proprietary Limited, a subsidiary of Sibanye-Stillwater Limited. This agreement grants Neo Energy access to the Beatrix 4 Shaft Mining Area, known as the New Beisa Node, to commence a fully funded assessment programme. This milestone enables the company to advance pre-development work while the statutory Section 11 regulatory transfer of the mining right proceeds under South Africa's Mineral and Petroleum Resources Development Act (MPRDA).

Site access will begin once the statutory appointment is finalized, prior to the formal regulatory transfer completion. Neo Energy is designated as the sole and exclusive independent contractor during this interim phase, with Sibanye providing full support. Importantly, Neo Energy will cover all assessment and related costs, with no financial liability for Sibanye, underscoring the subsidiary's ongoing project commitment. This arrangement reflects mutual confidence in advancing development alongside regulatory processes, with ministerial consent for mining right transfer due by 6 December 2026 under the extended Phase 1 deadline, and Phase 2 approval by 6 June 2027.

Comprehensive Three-Workstream Assessment Programme Initiated Covering Gold Plant and Uranium Circuit

Neo Energy has launched a formal implementation assessment comprising three distinct workstreams, aimed at delivering an updated resource estimate and a detailed execution plan for New Beisa. The first workstream involves a gold processing plant refurbishment audit, evaluating existing infrastructure that retains significant assets from prior operations. This includes a 120,000 tonne-per-month milling circuit that processed ore historically at the Beatrix 4 Shaft complex. The audit will determine costs, condition, and timelines to restore the plant to operational status, representing a brownfield refurbishment rather than new construction, and is expected to be the shortest lead element.

The second workstream focuses on a uranium processing circuit metallurgical study, addressing the more capital-intensive and longer lead segment. This comprehensive study will cover process design, engineering, capital cost estimates, and integration with current site infrastructure, running concurrently with the gold plant assessment. The third workstream is a site-wide infrastructure evaluation, including water and power reticulation, tailings management, and environmental compliance under existing authorisations, with radiological and hydrogeological surveys. It will assess repairs and construction needed to restore site office operations and confirm infrastructure readiness for both development phases while identifying remediation needs. These three workstreams are projected to take about eight months and are budgeted at roughly a33.15 million, fully funded by Neo Energy.

Brownfield Gold Strategy Aims for Early Cash Flow Prior to Uranium Circuit Commissioning

Neo Energy’s development approach prioritizes capital efficiency at New Beisa by sequencing gold production before uranium commissioning. This strategy aims to generate early cash flow from the brownfield gold asset to support uranium circuit construction, thereby mitigating development risks. New Beisa is positioned as a capital-efficient uranium and gold project within South Africa’s competitive mining sector. The company holds measured and indicated resources of 26.8 million pounds of uranium at 1,100 ppm grade and 1.2 million ounces of gold at 3.27 g/t under SAMREC Code 2016.

Initial annual production targets approximately 810,000 pounds of uranium and 52,000 ounces of gold, with an estimated all-in sustaining cost below US$30 per pound uranium equivalent after gold credits. The operation’s mine life is projected at 17 years based on current resources. Located on the Beatrix 4 Shaft property near Virginia in the Free State Goldfields—one of the world’s highest-grade uranium regions—the asset benefits from over US$500 million in historical capital investment and existing underground development. The Beisa Reef is accessible from the current shaft at depths between 300 and 1,000 metres. This sequential production approach is designed to generate revenue streams supporting uranium circuit construction and commissioning, reducing financing needs.

December 2027 Gold Production Target Remains Firm Amid Regulatory Timeline Extensions

Neo Energy continues to target first gold production by December 2027, with uranium production to follow. This schedule aligns with the company’s strategy despite extended regulatory approval deadlines announced on 4 June 2026. Neo Energy and Sibanye agreed to extend the Phase 1 approval deadline to 6 December 2026 and Phase 2 to 6 June 2027, facilitating the MPRDA transfer process. Both parties remain confident of a favorable mining right transfer outcome.

Chief Executive Officer Theo Botoulas stated: "This agreement enables us to commence on-site work while the regulatory transfer progresses. We now have a structured, costed roadmap across gold plant refurbishment, uranium circuit design, and site infrastructure, allowing immediate execution post mining right transfer with minimal delay. Subject to assessment outcomes, our December 2027 first gold production target remains firmly achievable." The company will provide market updates as significant developments occur during the assessment and regulatory phases.

New Beisa Node Offers Brownfield Opportunity with Established Processing Infrastructure

The New Beisa Uranium and Gold Project, acquired from Sibanye-Stillwater—which operated the Beatrix 4 Shaft complex until 2022 and will hold a significant stake in Neo Energy—features extensive infrastructure from over US$500 million in historical capital investment. Surface assets include headgear and winding systems, a gold processing plant with 120,000 tonne-per-month milling capacity, primary ventilation, tailings storage, and major utilities. Underground workings provide access to the Beisa Reef at depths of 300 to 1,000 metres, eliminating the need for new shaft sinking or major underground development before production.

This brownfield nature offers a competitive advantage over greenfield projects by reducing capital expenditure and accelerating production timelines. Situated in the Free State Goldfields, one of the world’s highest-grade uranium regions, New Beisa combines existing infrastructure, accessible mineralisation, and a proven geological setting, lowering execution risk compared to early-stage projects requiring full infrastructure development.

Henkries Node Complements Portfolio with Paleochannel Uranium Resource in Northern Cape

Neo Energy’s portfolio also includes the Henkries Node in the Northern Cape Province, a complementary uranium project featuring a near-surface paleochannel-hosted deposit. Mineralisation occurs in unconsolidated sands from surface to a maximum depth of eight metres, requiring no drilling or blasting. JORC-compliant resources total 4.7 million pounds of uranium at an average grade of 399 ppm, with 25 kilometres of undrilled paleochannel within the licence area indicating significant resource extension potential.

The Henkries process route employs conventional acid leach to yellowcake, validated by an Anglo American pilot plant that processed over 200 test pits at a cost exceeding US$30 million. A 2024 Feasibility Study projects annual production of about 260,000 pounds of uranium at a cash cost near US$40 per pound, with an estimated net present value (10% discount) of US$15.1 million and an internal rate of return above 15% at US$57.7 per pound uranium. Initial capital expenditure is estimated at approximately US$65 million. Combined with New Beisa, Neo Energy controls a JORC- and SAMREC-compliant resource base totaling 31.5 million pounds of uranium and 1.2 million ounces of gold, establishing a significant presence in South Africa’s uranium sector.

Neo Energy Metals Listed on LSE and A2X, Plans JSE Main Board Listing in 2026

Neo Energy Metals plc is listed on the London Stock Exchange Main Market (ticker: NEO) and A2X Markets (A2X: NEO), providing international capital market access while advancing its South African uranium and gold projects. The company aims for a JSE Main Board listing in 2026, reinforcing its strategic focus on South Africa as a uranium jurisdiction and increasing investor accessibility within southern Africa. This dual listing and planned JSE admission align with Neo Energy’s positioning as a dedicated uranium and gold development company in a premier uranium province.

The capital structure includes investment from Sibanye-Stillwater, which will hold a significant shareholding post-New Beisa acquisition, alongside institutional and professional investors. This shareholder base combines mining sector expertise and capital resources to support the multi-year development programme. The planned JSE listing is expected to deepen integration into South African capital markets and broaden investor reach as development advances toward production.

Assessment Programme Timeline and Budget Support Execution Readiness

The implementation assessment programme is designed to deliver detailed technical and cost data within an eight-month timeframe and a budget of approximately a33.15 million, fully funded by Neo Energy. This schedule targets mid-to-late 2026 completion, aligning with the extended Phase 1 regulatory deadline of 6 December 2026 and providing a foundation for execution planning before the Phase 2 deadline of 6 June 2027.

Budgeted costs cover the gold plant refurbishment audit, uranium circuit metallurgical study, and site-wide infrastructure assessment including water and power systems, tailings management, and environmental compliance. This structured budget allocation reflects the complexity of integrating gold processing infrastructure with new uranium circuits and confirms site readiness, reducing execution uncertainty and enabling informed decisions on development sequencing and timing.

Regulatory Transfer and Mining Right Acquisition Under South African MPRDA Framework

The Beatrix 4 Shaft Mining Right is being transferred to Neo Energy under Section 11 of South Africa’s Mineral and Petroleum Resources Development Act, requiring ministerial consent by 6 December 2026 (Phase 1 deadline) and Phase 2 approval by 6 June 2027. Both Neo Energy and Sibanye agreed to extend approval timelines to facilitate the MPRDA transfer process. This regulatory framework establishes a clear pathway for mining right transfer from Sibanye to Neo Energy.

Until formal transfer, Neo Energy is limited to implementation assessment activities and cannot conduct mining operations. Sibanye retains mining rights and statutory compliance responsibility during this interim. This arrangement enables substantive pre-development progress while regulatory approvals proceed, ensuring swift execution post-transfer. The defined Phase 1 and Phase 2 deadlines and mutual confidence support the December 2027 first gold production target.