Further Agreement Signed for Beisa Uranium

Neo Energy, the near term, low-cost uranium developer, is pleased to announce that through its 70% majority owned South African subsidiary Neo Uranium Resources Beisa Mine (Pty) Ltd ('NURB'), it has signed a further ancillary acquisition agreement with Sibanye Gold Proprietary Limited ('SGL'), a wholly owned subsidiary of Sibanye Stillwater Limited ('Sibanye-Stillwater') in respect to its acquisition of the Beatrix 4 mine and shaft complex, the processing plant complex as well as associated infrastructure located in the Witwatersrand Basin, in the Free State Province of South Africa ('the Beisa Uranium Project').

A Sale of Immovable Property Agreement ('Property Agreement') has been signed by both NURB and SGL, under which NURB has agreed to acquire the land upon which the Beisa Uranium Project and associated Mining Right extends over. This land covers the majority of the approximately 6,244 hectares that makes up the Beisa Uranium Project Mining Right area and includes, the remaining extent of Portion 1 of the Farm Kalkoenkrans 225 Theunissen RD; Portion 9 of the Farm Annex Glen Ross 562, Theunissen RD; Portion 4 of the Farm Kalkoenkrans 225 Theunissen RD; the remaining extent of the Farm Palmietkuil 328 Theunissen RD; the remaining extent of Portion 1 of the Farm Palmietkuil 328 Theunissen RD; and Portion 6 of the Farm Palmietkuil 328 Theunissen RD.

The price payable for the 6,244 hectares, purchased under the Property Agreement, is already included in the acquisition cost of the Beisa Uranium Project and no additional payments are required to be paid to Sibanye-Stillwater by the Company.

The signing of the Property Agreement has importantly satisfied a further key condition under the acquisition agreement with SGL.

The Company will continue to provide further updates as other key conditions are satisfied in respect to the acquisition of the Beisa Uranium Project and in respect to its broader financings and ongoing audit process.