Business
Update on Beisa Uranium and Gold Mine Acquisition
Neo Energy Metals plc has provided an update on its conditional acquisition of the Beisa Uranium and Gold Project from Sibanye-Stillwater, which includes current SAMREC-compliant resources of 1.2 million ounces of gold and 26.9 million pounds of uranium. The company has initiated an Implementation Assessment to guide the recommencement of gold and uranium production within 18 to 24 months, with a phased approach planned over four stages, targeting first uranium sales in H1 2027. Regulatory approvals from South Africa and the UK are anticipated in Q1 2026, following which the company will issue share consideration and finalize cash consideration payments. Neo Energy has secured a ZAR1.2 billion (£50.4 million) loan facility for working capital and is proceeding with a Rule 9 waiver for Sibanye-Stillwater's potential 40% shareholding. Disclaimer*
About this update from Neo Energy Metals Plc
[{"type":"text","content":"\n\n \n \nNeo Energy Metals plc / LSE: NEO, A2X: NEO / Market: Main Market of the London Stock Exchange\n \n12 December 2025\nNeo Energy Metals plc\n(\"Neo Energy\" or \"the Company\")\nUpdate on Sibanye Transaction, Regulatory Approvals and Implementation Assessment\nNeo 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').\nThe 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.\nThe 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.\nTo 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 implementa...