Business
Key SARB Approvals for Beisa Uranium Acquisition
Key SARB Approvals for Beisa Uranium Acquisition.
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 May 2025\nNeo Energy Metals plc\n('Neo Energy' or 'the Company')\n \nKey SARB Approvals Received for Beisa Uranium Project Transaction\nNeo Energy, the near term, low-cost uranium developer, is pleased to announce that through its wholly owned subsidiary Neo Uranium Resources South Africa (Pty) Ltd (\"NURSA\"), it has satisfied a further key regulatory milestone for its acquisition of the Beisa Uranium Project from Sibanye-Stillwater Limited ('Sibanye-Stillwater'), with the receipt of final approvals from the South African Reserve Bank ('SARB').\nSARB has approved a foreign intercompany shareholder loan facility of ZAR 1.2 billion (approx. £50.4 million) for working capital purposes between Neo Energy and NURSA. This loan structure enables efficient inflow of funds into South Africa subject to compliance with SARB reporting and exchange control requirements.\nSibanye-Stillwater has also confirmed receipt of SARB approval to hold shares in the Company as part of the proposed transaction structure.\nAs announced on 9 December 2024, upon settlement of the acquisition of the 100% interest in the Beisa Uranium Project, which is expected to occur in H2 2025, the Company will pay a cash fee of ZAR250,000,000 (approx. £11 million) and issue loan notes valued at ZAR250,000,000 under a loan note instrument.\nFollowing completion, Sibanye-Stillwater will hold approximately 40% in Neo Energy, becoming its largest shareholder.\nThe Beisa Uranium Project, includes the acquisition of the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure located in the Witwatersrand Basin, in the Free State Province of South Africa, and which hosts SAMREC-compliant measured and indicated resources of 1.2 million ounces of gold and 26.9 million pounds of uranium.\nThe Company and key stakeholders continue to work together in seeking all the necessary regulatory approvals and transfers of permits and authorisations in South Africa and anticipates that these will be finalised in H2 2025\nNeo Energy Metals Executive Chairman Jason Brewer said,\n\"On behalf of the Board, we are pleased to have secured the necessary approvals by SARB marking a significant milestone in the completion of the Beisa Uraniu...