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Investment Case
The Uranium Opportunity
- Global uranium demand is entering a sustained growth phase.
- The accelerating deployment of nuclear power – driven by decarbonisation commitments, energy security policy and the rapid expansion of AI data infrastructure – is widening a structural gap between demand and primary supply that the existing producer base cannot close quickly.
- Spot and long-term contract prices reflect this shift.
- Medium-term production capacity, in a proven jurisdiction with existing infrastructure, commands a scarcity premium.
Why Neo Energy
- Neo’s strategy is capital-efficient by design.
- Rather than greenfield exploration and development, the company is focused on re-commissioning infrastructure and advancing assets that have already cleared significant technical and permitting hurdles.
- New Beisa represents more than US$500 million in historical capital investment that Neo does not need to replicate.
- Gold production first at New Beisa will generate medium-term revenue to offset total capital requirements; uranium production will follow.
- Henkries offers a lower-complexity, near-surface development path with established feasibility economics.
- Together, New Beisa and Henkries provide two distinct and complementary routes to medium-term production.
Why South Africa
- South Africa has an established nuclear regulatory environment, has produced uranium continuously for more than 70 years, and has developed world-class facilities including Pelindaba and Koeberg.
- The Witwatersrand Basin has an established base of infrastructure, processing expertise, skilled labour, supply chains and road and power infrastructure – conditions that would take years to replicate elsewhere.
- Neo’s B-BBEE structure and the anticipated Sibanye-Stillwater cornerstone investment position the company to operate in full compliance with South Africa’s Mining Charter and with the support of a major industry partner.
Capital Markets
Neo is listed on the Main Market of the London Stock Exchange (LSE: NEO) and on A2X Markets in South Africa (A2X: NEO). A JSE Main Board listing is planned to align the company’s capital markets presence with its South African operational base.
Near-term Catalysts
- Sibanye-Stillwater has granted New Beisa early access application for implementation assessment programme to be completed.
- Sibanye-Stillwater receives New Beisa Section 11 approval by 6 June 2026
- Updated New Beisa mining plan and capital cost estimate is published.
- Neo Energy receives New Beisa Section 11 approval by 6 June 2027.
- New Beisa acquisition is concluded.
- Henkries Mining Right Application approved by December 2026.
- JSE Main Board listing (to be considered by the Board).
Responsible Development
- Neo operates in a sector and jurisdiction where environmental and social performance are conditions of licence, not discretionary commitments.
- The approach is grounded in the realities of historical mining in the Witwatersrand Basin and built on the material advantages of infrastructure re-use, which reduces the development footprint, cost and timeline.
- Neo’s B-BBEE partnership and Social and Labour Plans (SLPs) are structural features of the mining regulatory environment and integral parts of the business plan.
Mineral Resources Summary
New Beisa
Category
Uranium (U₃O₈)
Gold
Mlbs
Grade (g/t)
Moz
Grade (g/t)
Measured
8.50
1,100
0.40
3.20
Indicated
18.30
1,100
0.80
3.30
New Beisa Total (M&I)
26.80
1,100
1.20
6.50
Henkries
Category
Uranium (U₃O₈)
Gold
Mlbs
Grade (g/t)
Moz
Grade (g/t)
Henkries Central - Indicated
2.75
635
-
-
Henkries Central - Inferred
0.81
211
-
-
Henkries North - Inferred
1.14
315
-
-
Henkries Total
4.70
399
-
-
Portfolio Total
31.50
-
1.20
-
Initial Development Timeline
2026
Immediate Proirities
Sibanye-Stillwater Section 11 ministerial consent — decision required on or before 6 December 2026
Complete New Beisa acquisition from Sibanye-Stillwater
Complete implementation assessment
Secure development financing
Progress Henkries Mining Right Application
Neo Energy Section 11 ministerial consent submitted by December 2026 — decision required on or before 6 June 2027
2027
Development
Commence New Beisa shaft refurbishment
Gold plant recommissioning
Workforce recruitment and training
Initiate Henkries infill drilling programme
Production
New Beisa: first production targeted for December 2027
Henkries: production timeline subject to Mining Right approval and financing
Capital Strategy
Neo Energy expects to fund development through a combination of equity capital markets and strategic investment.
In January 2026, the company announced a strategic funding agreement with UK-based investment group Gilini totalling up to £8 million to advance New Beisa towards production.
The company's longer-term capital requirements will be determined on completion of an updated implementation assessment and will be communicated to the market accordingly.
July 24, 2026
Investing in South Africa’s Next Great Uranium Producer
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