Directorate Change

Neo Energy Metals plc (LSE: NEO; A2X: NEO), the uranium and gold development company focused on South Africa, announces that by mutual agreement, De Wet Schutte has stepped down from his role as a director and Chief Financial Officer of the Company and has left the Group.

For further information, please contact Investor Relations.

This announcement contains information which is considered to be inside information for the purposes of the UK Market Abuse Regulation. Upon the publication of this announcement via Regulatory News Service, this inside information is now considered to be in the public domain.

New Beisa Node - Free State Goldfields

The project is being acquired from Sibanye-Stillwater, which operated the Beatrix 4 shaft complex until 2022 and will hold a significant shareholding in Neo Energy.

The asset carries more than US$500 million in historical capital investment and benefits from existing surface infrastructure including headgear and winding systems, a gold processing plant with 135,000 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 810,000lb 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.

The Beatrix 4 Shaft Mining Right is being transferred to Neo Energy under Section 11 of the MPRDA; ministerial consent is required on or before 6 December 2026, with first production targeted for December 2027.

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 260,000lbs U/yr of uranium at a cash cost of approximately US$40/lb, with an NPV (10%) of US$15.1 million and an IRR in excess of 15% at US$57.7/lb. Total initial capital requirement is approximately US$65 million.