Business
Acquisition of 90Mlb uranium resource project
Acquisition of 90Mlb uranium resource project.
About this update from Neo Energy Metals Plc
[{"type":"text","content":"\n\nNeo Energy Metals plc / LSE: NEO, A2X: NEO / Market: Main Market of the London Stock Exchange\n \n13 August 2024\nNeo Energy Metals plc\n('Neo Energy' or 'the Company')\n \nMajor Uranium Acquisition Adds 90 Mlbs of Uranium and 4.2 Mozs of Gold Resources\nNeo on Path to Become one of South Africa's Leading Uranium Companies\nNeo Energy Metals plc ('Neo Energy' or the 'Company') is pleased to announce that its newly established and wholly owned South African subsidiary, Neo Uranium Resources Beisa Mine (Pty) Limited ('NURB'), has signed a binding agreement ('Agreement') to acquire a 100% interest in the multi-million pound uranium and multi-million ounce gold resources of the Beisa North and Beisa South Uranium and Gold Projects (together the 'Beisa Projects').\nThe Beisa Projects comprise total SAMREC Code compliant resources of 90.24 million pounds ('Mlbs') of U₃O₈ and 4.17 million ounces ('Mozs') of gold.\nThe Beisa Projects, which comprise two granted Prospecting Rights, extending over an area of approx. 80km2 in the Witwatersrand Basin, located in the Free State Province of South Africa. This region is South Africa's primary uranium producing region, where uranium has been mined continuously for over 70 years. The Witwatersrand Basin, is historically one of the richest gold-producing regions in the world, having produced about 2 billion ounces of gold over more than a century.\nThe Beisa Projects lie immediately north and south of the previous producing high-grade Beisa Uranium Mine and adjoins existing multi-million ounce gold mining operations of Harmony Gold Mining Company Limited and Sibanye Stillwater Limited.\nThe acquisition is in line with the Company's strategy to establish itself as South Africa's leading uranium mining company and one of Africa's major uranium mine operators and developers. The Beisa Projects is the first of several potential acquisitions being advanced by the Company to strategically position and consolidate itself in one of the world's significant uranium resource regions.\nHighlights:\n· Agreement signed with Sunshine Mineral Reserve (Pty) Limited ('Sunshine') to acquire a 100% interest in the Beisa Projects.\n· The Beisa Projects contains one of the largest undeveloped uranium resources in South Africa.\n· The Beisa P...