New Beisa is a brownfield uranium and gold project located near Virginia in the Free State, developed around the existing Beatrix 4 Shaft Complex of Sibanye-Stillwater. The mine and its surface infrastructure — including headgear and winding systems, a gold processing plant with milling capacity of 120 000 tonnes per month, primary ventilation, workshops, change houses, office blocks, and a tailings storage facility — were placed on care and maintenance in 2022. The condition of the infrastructure is currently being assessed. New Beisa represents more than US$500 million in historical capital investment.
The project holds a current Measured and Indicated resource of 26.8Mlb of uranium at 1 100 ppm and 1.2M ounces of gold, reported in accordance with the SAMREC Code. The Beisa Reef, the primary mining target, is accessible from the existing shaft at depths of 300 to 1 000 metres below collar, with development already complete and immediately stopeable ore available.
The deposit is well-defined, with close to 90% of the upper resource in the Measured category. Phase I of the project targets a mine life of 17 years, producing approximately 810 000lb of uranium and 52 000oz of gold per year at an all-in sustaining cost of below US$30 per pound of uranium equivalent. The production profile with respect to Phase I is subject to confirmation and is dependent on the results of the implementation assessment currently being undertaken.
New Beisa is being acquired from Sibanye-Stillwater by way of a Section 11 transfer of the Beatrix Mining Right under South Africa's Mineral and Petroleum Resources Development Act. The existing Mining Right, power, and water usage rights are all in place. Restarting uranium production will require a COR17 Certificate from the National Nuclear Regulator and an Air Emission Licence for the uranium processing facility. On completion of the acquisition, Sibanye-Stillwater is expected to become a significant shareholder in Neo Energy.
Henkries is located in the Namaqualand district of South Africa's Northern Cape Province, approximately 100 kilometres north of Springbok. Discovered by Anglo American in 1975, the deposit hosts uranium mineralisation within soft, very shallow palaeochannel sediments, allowing for a free-dig mining operation that eliminates blasting and crushing and reduces grinding requirements to a minimum.
The project holds a JORC Code 2012-compliant resource estimate of 4.7Mlb of uranium at 399 ppm, established in January 2022. Results from the AAC and Niger Uranium prospecting activities provided pilot plant metallurgical work and assay results confirming sound recoveries and a proven process flowsheet. The licence area encompasses more than 46 kilometres of defined uranium-bearing palaeochannel strike length, with less than 10% of prospective ground fully tested, pointing to significant upside potential across the holding.
The project is regarded as one of the most advanced near-term uranium development opportunities in South Africa. Technical assessments by specialists demonstrated strong economic fundamentals along with lower capital and operational expenses than peer projects around the world.
Power and water utility infrastructure and a skilled labour force within the project area, including area management and technical personnel, allow for expedited site establishment and mine development. The company holds a fully compliant National Nuclear Regulator Certificate of Registration for the site. Neo Energy's stated production strategy prioritises Henkries as a vehicle for generating medium term cash flow, underscoring its broader ambition to become South Africa's leading uranium mining company.
