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Update: 5 October 2026 | We have revised this page to align with our Operational and Corporate Update published today. The transfer of the New Beisa Mining Right runs in three steps: Sibanye-Stillwater received Section 11 consent on 18 August 2026; its Section 102 consent is now with the Department of Mineral and Petroleum Resources; and Neo Energy will lodge its own Section 11 application once that is granted. Because each step depends on the one before, we have replaced fixed target dates with the steps themselves and will update this page as each is completed. First production at New Beisa is now targeted for Q2 2028.
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).
Near-term Catalysts
- Sibanye-Stillwater Section 11 consent for New Beisa: granted 18 August 2026.
- Site access agreement with Sibanye-Stillwater signed 24 July 2026.
- Sibanye-Stillwater Section 102 consent for New Beisa.
- Neo Energy lodges its New Beisa Section 11 application.
- Neo Energy Section 11 consent; New Beisa acquisition concluded.
- Updated New Beisa mine plan and capital cost estimate published.
- Henkries Environmental Impact Report filed; Mining Right decision.
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
Henkries
Path to Production
Now
New Beisa: three regulatory steps, each dependent on the one before
- Sibanye-Stillwater Section 11 consent: granted 18 August 2026
- Sibanye-Stillwater Section 102 consent, separating the New Beisa Node from the Beatrix operation: with the Department of Mineral and Petroleum Resources
- Neo Energy Section 11 application: in preparation, to be lodged once the Section 102 consent is granted
Then
New Beisa
- Neo Energy Section 11 consent; New Beisa acquisition completed
- Implementation assessment completed; updated mine plan and capital cost estimate
- Development financing secured
- Shaft refurbishment, gold plant recommissioning, workforce recruitment and training
- New Beisa: first production targeted for Q2 2028
Henkries
- Environmental Impact Report completed and filed
- Mining Right decision by the Department of Mineral and Petroleum Resources
- Infill drilling programme
- 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 Neo Energy agreed a strategic funding arrangement with UK-based Gilini of up to £8 million, of which £1.5 million has been invested, with an option over a further £6.5 million. In September 2026 the Company raised £1.75 million through a placing for general working capital, including completing the Section 11 consent process and the remaining condition for the acquisition of the New Beisa Node. Until the acquisition completes, spending on New Beisa will be kept to a minimum.
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.
Shareholder Structure
Register of members, as at September 2026 - six largest holders
Investing in South Africa’s Next Great Uranium Producer
