Update on Regulatory Approval Processes

About this update from Neo Energy Metals Plc

  Neo Energy Metals plc ("Neo Energy" or the "Company") Update on Regulatory Approval Processes for New Beisa Acquisition Neo Energy Metals plc (LSE: NEO; A2X: NEO; "Neo Energy"), the uranium and gold development company focused on South Africa, provides the following update on the regulatory approval processes relating to Neo Energy's acquisition of the Beatrix 4 Shaft (now the New Beisa Node) from Sibanye-Stillwater Limited ("Sibanye") ("the Transaction"). The Transaction involves two distinct regulatory approval steps in terms of the Mineral and Petroleum Resources Development Act (MPRDA): ●    Phase 1 - The Regulatory approvals for the carve out of the Beatrix 4 shaft mining right (inclusive of the Beisa uranium project) (Beatrix 4 shaft Mining Right"); and ●    Phase 2 - the Regulatory approval for the transfer of the Beatrix 4 Shaft Mining Right to Neo Energy. Regulatory Process Update The South African Minister of Mineral and Petroleum Resources has not yet granted approval for Phase 1 approvals which was contractually agreed between Sibanye and Neo to be finalized by 6 June 2026. Neo Energy and Sibanye are in active engagement with the Department of Mineral and Petroleum Resources ("DMPR") and continue to pursue the granting of these approvals as soon as reasonably possible. To this extent, Neo Energy and Sibanye have signed an agreement to extend the deadlines for Phase 1 by 6 months to 6 December 2026 and therefore extend the approval for Phase 2 to 6 June 2027 to allow both regulatory approval processes to reach their conclusion. The Company will update the market as soon as a material development occurs. The Company's position across these regulatory approvals is straightforward: the Asset is world-class, the Transaction is fully supported by both parties, and the regulatory framework is well understood. Neo Energy's operational planning and project preparation activities continue uninterrupted, and first production of gold remains targeted for December 2027, followed by uranium. Both Sibanye and the Company remain confident in a positive outcome on both applications. Theo Botoulas, Chief Executive Officer and Chief Operating Officer of Neo Energy, commented: "While we had hoped for completion of Step 1 regulatory approvals, these are administrative processes and they routinely can take additional time. Our e...

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