Issue of Equity and Total Voting Rights

Neo Energy Metals plc (LSE: NEO; A2X: NEO), the uranium and gold development company focused on South Africa, announces that, pursuant to the authority granted by shareholders at the Annual General Meeting held on 18 May 2026, the Board has resolved to allot and issue 165,042,888 new ordinary shares of £0.0001 each in the capital of the Company ("New Shares") at a price of £0.009 per share. The New Shares will be issued to former directors of the Company pursuant to the terms of the settlement agreement reached between Neo Energy and the former directors to give effect to the board transition announced on 22 April 2026.

Application has been made to the London Stock Exchange PLC for the admission of the New Shares to trading on the Main Market of the London Stock Exchange ("Admission"), which is expected to take place at 08h00 on or around 12 June 2026. The New Shares will rank pari passu in all respects with the existing ordinary shares of the Company.

Following Admission, the Company will have 2,792,628,023 Ordinary Shares in issue. No Ordinary Shares are held in treasury and, accordingly, the total number of voting rights is 2,792,628,023. Therefore, this figure may be used by shareholders in the Company as the denominator for the calculation by which they may determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

New Beisa Node - Free State Goldfields

The asset carries more than US$500 million in historical capital investment and benefits from existing surface infrastructure including a headgear and winding systems, a gold processing plant with 120,000 tonne-per-month milling capacity, primary ventilation, a tailings storage facility and all major utilities. Underground development is in place, with the Beisa Reef accessible from the existing shaft at depths of 300 to 1,000 metres.

Initial annual production is targeted at approximately 810,000lbs uranium and 52,000 ounces of gold, at an all-in sustaining cost below US$30 per pound uranium equivalent after gold credits, with an estimated mine life of 17 years on current Measured and Indicated resources.

Henkries Node - Northern Cape

The process route - conventional acid leach to yellowcake - has been proven through an Anglo American pilot plant that processed more than 200 test pits at a cost of over US$30 million.

A 2024 Feasibility Study for the Henkries project indicates annual production of approximately 580,000lbs of uranium at a cash cost of approximately US$33/lb, with an NPV (8%) of US$60 million and an IRR in excess of 25% at US$85/lb. Total initial capital requirement is approximately US$65 million.