Corporate Update

Neo Energy, the near-term, low-cost uranium developer is pleased to provide an update on several key current and upcoming corporate developments in respect to the implementation of the Company's advanced uranium and gold mining strategy in South Africa.

The Company's securities have been temporarily suspended from trading on the London Stock Exchange ("LSE") since 3 February 2025, as a result of delays in the finalisation and publication of the Company's annual report and accounts for the year ended 30 September 2024 (the "Annual Accounts").

The Company's Annual Accounts have been finalised and are expected to be published shortly following a final audit meeting between the Company's Audit Committee and its independent auditors, Moore Kingston Smith ("MKS"), which is scheduled for later this week, as well as MKS' partner review process which is underway to ensure the quality, compliance, and appropriateness of the overall audit engagement and the final audit report issued by MKS.

The Annual Accounts will then be released by RNS and will be available on the Company's website.

The Company's Interim Accounts for the six-month period ending 31 March 2025 ("Interim Accounts") have also been prepared and are to be published within 5-days after the publication of the Annual Accounts. The Company will then request that the current temporary suspension from trading is lifted.

During this period of temporary suspension in trading of the Company's shares on the LSE, the Company has maintained an ongoing dialogue with key stakeholders including the Financial Conduct Authority, who have been kept fully informed and aware of the timing of the publication of the Annual Accounts and Interim Accounts.

The Company has also been engaging with its financial advisors and brokers in the United Kingdom and South Africa. Analysts are currently updating research reports on the Company and its proposed high-value uranium and gold asset acquisitions in South Africa, and these updated reports will be released once the current temporary suspension of trading on the LSE is lifted. An updated Corporate Presentation is also being finalised. This will also be released ahead of investor presentations that are scheduled to commence later this month in South Africa and the United Kingdom.

The Company's proposed secondary listing of its securities on South Africa's Johannesburg Stock Exchange ("the JSE") continues to progress. With the publication of the Annual Accounts and Interim Accounts, this secondary listing will then be finalised. All key appointments, including a JSE Sponsor, have been made in respect to this secondary listing and the Company looks forward to this being finalised as quickly as possible.

The Company continues to make significant progress across financial, regulatory, and operational matters in respect to its proposed high-value uranium and gold asset acquisitions in South Africa.

Approval of the regulatory applications, which were formally submitted to the Department of Mineral Resources and Energy ("DMRE") in South Africa in May 2025, currently remain outstanding. These applications were in respect to the Company's majority owned subsidiary, Neo Uranium Resources Beisa Mine (Pty) Limited ("NURB") completing the acquisition of the Beisa Uranium Project, the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure located in the Witwatersrand Basin, in the Free State Province of South Africa.

These regulatory applications, which were prepared by Sibanye-Stillwater Limited, the Company's Broad-Based Black Economic Empowerment partner, Siyakhula Sonke Empowerment Corporation (Pty) Ltd and the Company's Management Team and Advisors sought approval from the DMRE under Section 11 and Section 102 of the Mineral and Petroleum Resources Development Act for both a change in the area and the transfer of ownership of a defined area of the existing Mining Right that extends over the Beisa Uranium Project to the Company's subsidiary, NURB.

Progress on this approval process is expected to be advanced during the current quarter and into Q1 2026 and further updates will be provided to shareholders on this.

The Company's Board and Executive Management remain focused on publication of its Annual Accounts, Interim Accounts and on the successful conclusion of the uranium and gold asset acquisitions in South Africa, which the Board believes will lead to a major re-rating and valuation of the Company once it resumes trading on the LSE.