Formal Documents Signed for Henkries South Uranium

Share Issue for Acquisition

Neo Energy, the near term, low-cost uranium developer, is pleased to announce that formal legal documentation in respect of its acquisition of 100% in the Henkries South Uranium Project ('Henkries South') located in the administrative district of Namaqualand in the Northern Cape Province of South Africa, has now been signed.

Further to the RNS dated 14 October 2024, a formal Share Sale and Purchase Agreement ('Agreement') and associated Board and Shareholder resolutions have now been signed by the Company, and also by a South African uranium exploration company, namely Eagle Uranium SA (Pty) Limited ('Eagle Uranium') and by Eagle Uranium's Shareholders. Under the Agreement, the Company has now conditionally acquired a 100% shareholding in Henkries South, with the only outstanding condition, being the applicable regulatory approvals that are expected to be issued in the ordinary course of business and include approval in terms of Section 11 of the Minerals and Petroleum Resources Development Act ("MPRDA") of 2002.

Henkries South comprises a single, 1,050 square kilometre ('km2') granted Prospecting Licence that is immediately south of the Company's existing Henkries Uranium Project. The acquisition of Henkries South not only materially increases the Company's strategic landholding in the region to almost 1,800km2, it also adds a further 10km strike length of shallow paleo-channels which have been demonstrated to host the shallow uranium mineralisation at the Company's Henkries Project. In addition, previous exploration and assessment by the Company's technical management team has shown that Henkries South contains multiple and extensive radioactive anomalies which are expected to add significantly to the resource potential at the now significantly expanded Henkries Project.

The Company will now proceed with the issue of 125 million shares to the Eagle Uranium Shareholders and Advisors ('Acquisition Shares'), pay a cash consideration of ZAR 1.5 million (approximately £65,000), and repay an additional amount of ZAR1.7 million (approximately £73,000) of Eagle Uranium's existing indebtedness and obligations, including licence fees. A further 50 million shares are to be issued to Eagle Uranium and Advisors, upon the transfer of the Henkries South mineral rights to the Company's wholly owned subsidiary Neo Uranium Resources South Africa (Pty) Ltd. All shares are to be issued at a price of 1.25 pence and will be subject to a three-month lock-in period, effective from the date of share issuance.

Neo Energy Metals Chief Executive Officer Sean Heathcote said:

"We are pleased to have finalised the Agreement for the formal documentation regarding the acquisition of 100% of the Henkries South Uranium Project. This marks a significant milestone in our growth strategy within South Africa's uranium sector, reinforcing our commitment and strengthening our presence in one of the country's most promising uranium regions.

"We are eager to accelerate exploration and advance new mine development in this area. Henkries South presents exciting opportunities as we continue executing our vision of building a leading uranium-focused company in Africa, and we look forward to providing further updates on our progress."

Admission

Application has been made for the Acquisition Shares to be admitted to trading on the London Stock Exchange on or around 14 March 2025 ('Admission') and will rank pari passu with the ordinary shares of the Company in issue.

Total voting rights

Following Admission, the Company's issued share capital will comprise 1,619,002,668 ordinary shares of 0.01p each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 1,619,002,668. This figure may be used by Shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.