Neo Energy Metals | Drill | Acquisitions | Debt Funding | Production Plans

Jason Brewer, Chairman of Neo Energy, provides further updates on ongoing activities.

Neo Energy Metals, a uranium mining company listed on the London Stock Exchange, has acquired the Henkries South Uranium Project in South Africa’s Northern Cape Province.

This acquisition expands the company’s existing Henkries Project by 1,050 km², bringing its total landholding to nearly 1,800 km². The Henkries South site contains several uranium-rich anomalies and shallow deposits, which are expected to complement Neo Energy’s current resource base.

The purchase follows the company’s recent acquisitions of the Beisa North and Beisa South Uranium and Gold Projects, as part of its strategy to establish itself as a leading uranium producer in Africa. Under the terms of the deal with Eagle Uranium SA, Neo Energy will issue shares to finance the acquisition, pending regulatory approval anticipated in October 2024.

This move significantly bolsters Neo Energy’s uranium portfolio and enhances its near-term production prospects in South Africa’s growing uranium industry.

Looking Ahead

Neo Energy is positioning itself as a leading uranium producer in a region with significant potential. If it can successfully integrate Henkries South, the company’s operational scale and competitive advantage will be enhanced. With upcoming drilling and testing phases, investors will be watching closely for updates on resource confirmation and economic feasibility to gauge Neo’s progress toward meeting its near-term production targets.

Overall, Neo’s strategic acquisitions demonstrate a strong commitment to securing a dominant position in Africa’s uranium sector, which could yield substantial benefits as nuclear energy gains global traction.

About NEO Energy Metals Plc

Neo Energy is a Uranium developer and mining company listed on the main market of the London Stock Exchange (LSE: NEO). The Company holds up to a 70% stake in the Henkries Uranium Project, an advanced, low-cost mine located in South Africa’s Northern Cape Province. It has been estimated by some that the historical investment in the project was over US$30 million in exploration and feasibility studies. Neo Energy aims to increase the project’s mineral resources and complete an updated feasibility study with the aim of bringing Henkries into production in the shortest possible timeframe.

The Company also holds a 100% interest in the Beisa North and Beisa South Uranium and Gold Projects in the Witwatersrand Basin, located in the Free State Province of South Africa. The combined projects record a total SAMREC Code compliant resources of 90.24 million pounds (‘Mlbs’) of U₃O₈ and 4.17 million ounces (‘Mozs’) of gold.

The Company is led by a proven board and management team with experience in uranium and mineral project development in Southern Africa. Neo Energy’s strategy focuses on an accelerated development and production approach to generate cash flow from Henkries while planning for long-term exploration and portfolio growth in the highly prospective Uranium district of Africa.

The Company’s shares are also listed on the A2X Markets (A2X: NEO), an independent South African stock exchange, to enable the Company to expand its investor base and facilitate strategic acquisitions of uranium projects, particularly within South Africa.

For Enquiries Contact: