Henkries passes SA-NNR Inspection

Completed by the South African National Nuclear Regulator

Neo Energy is pleased to announce that, following an inspection of the Henkries Uranium Mine ('Henkries' or the 'Project') by South Africa's National Nuclear Regulator ('NNR'), the Company has received confirmation that the inspection was successfully completed, and it demonstrated full compliance with NNR requirements and all applicable regulations.

The NNR conducted an inspection on 04 December 2024 to verify the compliance of the Company's subsidiary Desert Star Trading 130 (Pty) Ltd.) ('Desert Star'), through which the Company has its' interest in Henkries. The inspection is part of the NNR's continuous monitoring programs and their annual compliance assurance and event reporting system.

The inspection at Henkries was undertaken in respect to Section 2.1 of Certificate of Registration 302 that was issued to Desert Star under section 22 of the National Nuclear Regulator Act, 1999 (Act No 47 of 1999). The inspection completed by NNR covered a visual inspection of the Henkries site and involved the taking of measurements during a site visit to the core yard.

The report now received by Desert Star details that the inspections confirmed satisfactory compliance with NNR requirements and regulations and the conditions of authorisations.

The Company is pleased with the inspection report findings and believe they reinforce the Company's strategy as a socially and environmentally responsible, sustainable, and profitable mine developer and producer of uranium in South Africa.