Investor Centre

Mineral Resources — Summary

Project	Category	Uranium (U₃O₈)		Gold
		Mlbs	Grade (g/t)	Moz	Grade (g/t)
New Beisa	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	3.30
Henkries Central	Indicated	2.75	635	–	–
	Inferred	0.81	211	–	–
Henkries North	Inferred	1.14	315	–	–
Henkries Total		4.70	399	–	–
Portfolio Total		31.50		1.20

Resources are not reserves and do not have demonstrated economic viability. Beisa grade reported in ppm U₃O₈; Henkries grade reported in ppm U₃O₈. Gold reported for New Beisa only. Inferred resources are excluded from the New Beisa M&I total. Refer to applicable regulatory announcements for full JORC/SAMREC compliance statements.

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?

The Neo Energy strategy is capital-efficient by design
Rather than exclusively greenfield exploration and development, the company is focused on recommissioning existing 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. 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 facilities such as the Pelindaba nuclear research hub and Koeberg, the only commercial nuclear power station in Africa
The Witwatersrand Basin has an established base of infrastructure, skills, and services, including processing expertise, skilled labour, existing supply chains, and road and power infrastructure — conditions that would take years to replicate elsewhere
The Neo B-BBEE structure and the anticipated Sibanye-Stillwater investment position the company to operate in full compliance with South African mining policy and with the support of an established industry partner

Capital Markets

Neo Energy is listed on the Main Market of the London Stock Exchange (LSE: NEO) and on A2X Markets (A2X: NEO) in South Africa
A JSE Main Board listing is planned to align the company's capital markets presence with its South African operational base

Near-term Catalysts

Completion of the New Beisa acquisition is the primary near-term catalyst — bringing a fully permitted mine and processing infrastructure into Neo Energy and triggering the Sibanye-Stillwater investment
At Henkries, the Mining Right Application has been accepted

Responsible Development

Neo Energy operates in a sector and jurisdiction where environmental and social performance are conditions of licence, not discretionary commitments
The company's approach starts from the legacy of historical mining in the Witwatersrand Basin and is built on the material advantages of infrastructure re-use, which reduces the development footprint, cost, and timeline
Neo's B-BBEE partnership, Social and Labour Plans (SLPs) attached to each mining authorisation, and the anticipated Sibanye-Stillwater significant shareholding position the company to meet South Africa's mining and community development requirements as a structural feature of the business, not an afterthought

Resources

Beisa Project Area	Resource Category	Gold		Uranium as U₃O₈
Beisa Project Area	Resource Category	Moz	g/t	Mlbs	g/t
Beisa Central	Measured	0.40	3.20	8.50	1,100
Beisa Central	Indicated	0.80	3.30	18.30	1,100
Measured Indicated and Inferred Totals		1.20	3.30	26.80	1,100

	Million Tonnes	Average Grade (ppm U₃O₈)	Million lbs U₃O₈ contained
Henkries Central
Indicated	1.97	635	2.75
Inferred	1.74	211	0.81
Total Henkries Central	3.71	436	3.57
Henkries North
Inferred	1.63	315	1.14
Total Henkries North	1.63	315	1.14
TOTAL HENKRIES PROJECT RESOURCES	5.34	399	4.70

Initial Development Timeline

2026

Immediate Priorities

Sibanye-Stillwater Section 11 ministerial consent – decision required on or before 6 June 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 – decision required on or before 6 December 2026

2027

Development

Commence New Beisa shaft refurbishment
Gold plant recommissioning
Uranium circuit detailed design and construction
Workforce recruitment and training
Initiate Henkries infill drilling programme

Production

New Beisa: first uranium sales 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.

Regulatory Announcements

Description

Date Issued

Download Link

Announcement of Interim Consolidated results

05 May 2026

Investor Centre

Mineral Resources — Summary

The Uranium Opportunity

Why Neo Energy?

Why South Africa?

Capital Markets

Near-term Catalysts

Responsible Development

Resources

Initial Development Timeline

2026

2027

Capital Strategy

Regulatory Announcements

Financial Reports

Interim Results

AGM Notice 2025

AGM 2025 Proxy Form

Annual Accounts 2025

Interim Results 2025

Annual Accounts 2024

Interim Results 2024

AGM Notice 2024

AGM 2024 Proxy Form

Accounts 30 SEPT 2023

Notice of AGM SEPT 2023

Prospectus 2023

Annual Report 2022

Final Results 2022

Interim 30 SEPT 2022

Details of Stranger Holdings PLC £20m Bond Offering

Final Results 2021

Reports and Accounts 2019

Notice of AGM OCT 2019

Reports and Accounts 2017

Prospectus January 2017