CEO Interview Re: COP28 Nuclear Energy Declaration

Neo Energy Metals plc / EPIC: NEO / Market: Main Market of the London Stock Exchange

6 December 2023

Neo Energy Metals plc

('Neo Energy' or 'the Company')

CEO Interview

Declaration at COP28 to Triple Nuclear Energy Capacity by 2050

Neo Energy Metals plc, the near term, low-cost uranium developer, is pleased to announce that an interview with CEO Sean Heathcote has been published regarding the new declaration to triple nuclear energy capacity by 2050: https://youtu.be/-AR-jEve21Q

Launched at COP28 by more than 20 countries including the UK, the Declaration to Triple Nuclear Energy (full declaration outlined below) is a landmark event that recognises the key role of nuclear energy in reaching net zero.  A two-day intensive Net Zero Nuclear Summit will commence on 7 December to explore how the nuclear industry can best align and collaborate with governments to accelerate growth in nuclear energy and reflect on activity earlier in the week at COP28.

"This is great news…. everybody is committed to make nuclear the new base load, which is fundamental for the uranium mining sector," said Neo Energy CEO Sean Heathcote.

Neo Energy is positioned to become a supplier to the nuclear industry as it fast-tracks its advanced Henkries Uranium Project in the Northern Cape Province of South Africa towards production.  Newly published research on the Company can be found at: https://bit.ly/3NeBbij

Declaration to Triple Nuclear Energy

Recognizing the key role of nuclear energy in achieving global net-zero greenhouse gas emissions / carbon neutrality by or around mid-century and in keeping a 1.5°C limit on temperature rise within reach and achieving Sustainable Development Goal 7;

Recognizing the importance of the applications of nuclear science and technology that contribute to monitoring climate change and tackling its impacts, and emphasizing the work of the International Atomic Energy Agency (IAEA) in this regard;

Recognizing that nuclear energy is already the second-largest source of clean dispatchable baseload power, with benefits for energy security;

Recognizing that analyses from the OECD Nuclear Energy Agency and World Nuclear Association show that global installed nuclear energy capacity must triple by 2050 in order to reach global net-zero emissions by the same year;

Recognizing that analysis from the Intergovernmental Panel on Climate Change shows nuclear energy approximately tripling its global installed electrical capacity from 2020 to 2050 in the average 1.5°C scenario;

Recognizing that analysis from the International Energy Agency shows nuclear power more than doubling from 2020 to 2050 in global net-zero emissions by 2050 scenarios and shows that decreasing nuclear power would make reaching net zero more difficult and costly;

Recognizing that new nuclear technologies could occupy a small land footprint and can be sited where needed, partner well with renewable energy sources, and have additional flexibilities that support decarbonization beyond the power sector, including hard-to-abate industrial sectors;

Recognizing the IAEA's activities in supporting its Member States, upon request, to include nuclear power in their national energy planning in a sustainable way that adheres to the highest standards of safety, security, and safeguards and its "Atoms4NetZero" initiative as an opportunity for stakeholders to exchange expertise;

Recognizing the importance of financing for the additional nuclear power capacity needed to keep a 1.5°C limit on temperature rise within reach;

Recognizing the need for high-level political engagement to spur further action on nuclear power;

The Participants in this pledge:

Commit to work together to advance a global aspirational goal of tripling nuclear energy capacity from 2020 by 2050, recognizing the different domestic circumstances of each Participant;

Commit to take domestic actions to ensure nuclear power plants are operated responsibly and in line with the highest standards of safety, sustainability, security, and non-proliferation, and that fuel waste is responsibly managed for the long term;

Commit to mobilize investments in nuclear power, including through innovative financing mechanisms;

Invite shareholders of the World Bank, international financial institutions, and regional development banks to encourage the inclusion of nuclear energy in their organizations' energy lending policies as needed, and to actively support nuclear power when they have such a mandate, and encourage regional bodies that have the mandate to do so to consider providing financial support to nuclear energy;

Commit to supporting the development and construction of nuclear reactors, such as small modular and other advanced reactors for power generation as well as wider industrial applications for decarbonization, such as for hydrogen or synthetic fuels production;

Recognize the importance of promoting resilient supply chains, including of fuel, for safe and secure technologies used by nuclear power plants over their full life cycles;

Recognize the importance, where technically feasible and economically efficient, of extending the lifetimes of nuclear power plants that operate in line with the highest standards of safety, sustainability, security, and non-proliferation, as appropriate;

Commit to supporting responsible nations looking to explore new civil nuclear deployment under the highest standards of safety, sustainability, security, and non-proliferation;

Welcome and encourage complementary commitments from the private sector, non-governmental organizations, development banks, and financial institutions;

Resolve to review progress towards these commitments on an annual basis on the margins of the COP;

Call on other countries to join this declaration.

ENDS

Notes

Neo Energy Metals plc aims to become an important supplier to the fast-growing uranium sector.  Its initial focus is on its 70% owned Henkries Uranium Project, an advanced, low-cost uranium project in the Northern Cape Province of South Africa with a clear pathway to production. +US$30m of historical exploration, drilling, test pitting and mining, metallurgical testwork and pilot plant work has been undertaken at the Project, culminating in a published feasibility study. 

Headquartered in Nairobi, Kenya, Neo Energy is now focused on increasing the mineral resources at Henkries from the current estimated 4.7 million pounds of uranium, which is highly probable as less than 10% of prospective ground is fully tested, and completing an updated feasibility study ahead of reaching a development decision by November 2025. 

Led by a proven board and management team with uranium and other mineral project development experience in Southern Africa, Neo Energy's strategy is layered on a two-year development approach to generate cashflow from Henkries with a view towards building a longer term exploration and portfolio growth strategy to develop the highly prospective Northern Cape Region of South Africa and, potentially, broader regional expansion into energy metal property holdings globally. 

The team includes:

·    Jason Brewer, Non-Executive Chairman: c.30 years' experience in international mining, financial markets, and investment banking with a particular focus in Africa.

·    Sean Heathcote, CEO: +30 years' experience in the mining and exploration industry in Africa across a broad range of commodities.

·    Jackline Muchai, Non-Executive Director: one of the few Kenyan women serving on a board within London's Main Market on the London Stock Exchange, and CEO of Gathoni Muchai Investments.

·    Bongani Raziya, Non-Executive Director: +20 years' experience in oil and gas and mining in Africa with various directorships held in well-established profitable companies.

·    James Longley, Non-Executive Director: +30 years' experience in finance, whose career has been focused on venture capital, private equity and building growth companies.

·    Charles Tatnall, Non-Executive Director: a seasoned advisor and fundraiser, specialising in small and medium-sized enterprises across diverse industries.