Neo Energy Metals plc / LSE: NEO, A2X: NEO / Market: Main Market of the London Stock Exchange

4 December 2025

Neo Energy Metals plc

('Neo Energy' or 'the Company') 

Interim Consolidated Results for the Six-Month Period Ended 31 March 2025

Neo Energy Metals plc ('Neo' or the 'Company'), the near term, low-cost uranium developer, is pleased to announce its unaudited interim consolidated results for the six months ended 31 March 2025 (the "Period").

These results can be found on the Company's website at https://www.neoenergymetals.com/.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.

ENDS

About NEO Energy Metals Plc

Neo Energy Metals plc is a uranium developer and mining company listed on the main market of the London Stock Exchange (LSE: NEO).

The Company and its South African subsidiaries, namely Neo Uranium Resources Beisa Mine (Pty) Limited and Neo Uranium Resources South Africa (Pty) Ltd, have continued to strengthen the uranium portfolio through conditional agreements for the acquisitions of 100% interest in the Beisa North and Beisa South Uranium and Gold Projects and 100% interest in the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure in the Witwatersrand Basin, located in the Free State Province of South Africa. The combined projects' total SAMREC Code compliant resource base comprises 117 million pounds of U₃O₈ and over 5 million ounces of gold.

Additionally, the Company holds up to a 70% stake in the Henkries Uranium Project, an advanced, low-cost mine located in South Africa's Northern Cape Province and a 100% interest in the Henkries South Uranium Project, extending the Henkries Project's strike length by 10km to a total of 46km of shallow paleo-channels proven to host uranium mineralisation through extensive drilling and feasibility studies backed by US$30 million in historic exploration and development expenditure.

The Company is led by a proven board and management team with experience in uranium and mineral project development in Southern Africa. Neo Energy's strategy focuses on an accelerated development and production approach to generate cash flow from Henkries while planning for long-term exploration and portfolio growth in the highly prospective uranium district of Africa.

The Company's shares are also listed on the A2X Markets (A2X: NEO), an independent South African stock exchange, to expand its investor base and facilitate strategic acquisitions of uranium projects, particularly within South Africa.

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DIRECTORS' REPORT

The Directors present their report on the consolidated entity consisting of Neo Energy Metals plc ('Neo' or the 'Company'), and the entities it controlled (the 'Group') for the half-year ended 31 March 2025 (the 'Period').

PRINCIPAL ACTIVITIES AND REVIEW OF OPERATIONS

Neo is a public limited company incorporated and domiciled in England and Wales.

The Company's registered number is 09837001 and its registered office is 27-28 Eastcastle Street, London, W1W 8DH, United Kingdom.

The Company is positioned to become Africa's next uranium producer, with 2.2 billion shares outstanding and a current market capitalisation of approximately £16.5 million.

Neo is a uranium developer and mining company listed on the main market of the London Stock Exchange (LSE: NEO) and the A2X Markets Exchange in South Africa (A2X: NEO).

The Company focuses on the acquisition, exploration, development and production of uranium and strategic energy metals in Southern Africa.

Project Portfolio

The Group holds interests in, and through conditional acquisition agreements has secured rights to interests in the following key projects:

§ Henkries Uranium Project

A 70% indirect interest is held in Desert Star Trading 130 (Pty) Ltd ("Desert Star'), the legal and beneficial owner of a uranium prospecting right NC30/5/1/1/2/11918 located in the Northern Cape of the Republic of South Africa (the 'Henkries Uranium Project').

The interest is held through the Company's wholly owned South African subsidiary, Neo Uranium Resources South Africa (Pty) Ltd ('NURSA').

The Henkries Uranium Project is an advanced, near-term uranium project, which has an estimated JORC Code Compliant mineral resource of approximately 4.7 million pounds ('Mlbs') of uranium (U₃O₈). An independent update report completed in 2024, of the operating and capital cost estimates previously defined in the feasibility study completed on the Henkries Uranium Project, confirmed the low operating and capital cost and overall robust project economics and including estimated cash operating costs of US$33/lb, NPV (8% discount rate) of US$76.5 million at US$85/lb uranium price, and an internal rate of return exceeding 24.9% p.a. 

The Henkries Uranium Project features surface mining to only 8m depth of paleochannel-hosted uranium with 80%+ metallurgical recovery through conventional acid leach processing and has benefited from over US$30 million of historical exploration, drilling, metallurgical test work, and feasibility studies completed by previous operators including Anglo American, Niger Uranium, and Namakwa Uranium.

§ Beisa Uranium and Gold Mine and Beatrix 4 Complex

An indirect interest has been secured through its 70% shareholding in Neo Uranium Resources Beisa Mine (Pty) Limited ('NURB'), which during the Period entered into a conditional sale and acquisition agreement with a wholly owned subsidiary of Sibanye Stillwater Limited ('Sibanye-Stillwater'), to acquire the Beisa Uranium and Gold Mine, including the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure located in the Witwatersrand Basin, in the Free State Province of South Africa (the 'Beisa Mine').

Sibanye-Stillwater is listed on the New York and Johannesburg Stock Exchanges, with a market capitalisation of about R153 billion (approximately USS$8.84 billion). It is one of the world's largest primary producers of platinum, palladium, and rhodium, and a top tier gold producer. 

Operations at the Beisa Mine commenced in the early 1980s and both uranium and gold were produced from the Beatrix 4 Shaft Complex and adjoining processing facilities up until it was placed on care and maintenance in 2023. 

The Beisa Mine has total SAMREC Code Compliant measured resources of 8.5Mlbs U₃O₈ and 0.4 million ounces ('Mozs') of gold and further indicated resources of 18.3Mlbs U₃O₈ and 0.8Mozs of gold, and has been the subject to various pre-feasibility and development studies. These various studies have concluded that there were "no fatal flaws in the technical aspects and that the construction timelines and the capital and operational expenditure required to re-commence operations at the Beisa Uranium Project and build-up of production were well-defined."

The acquisition is conditional upon, amongst other things, a Rule 9 Waiver being obtained in accordance with the City Code on Takeovers and Mergers, shareholder approval at a forthcoming general meeting of the Company, and regulatory approvals and transfers of the applicable Beisa Mine mining right, permits and authorisations in South Africa.

During the Period, the Company entered into an agreement with South African mining company, Siyakhula Sonke Empowerment Corporation (Pty) Ltd ('SSC Group') under which SSC acquired the 30% balance of the shareholding in NURB, as part of the Company's commitment to advancing Broad-Based Black Economic Empowerment ('B-BBEE') in South Africa, and for a total see-through purchase price of ZAR 390,000,000 (approx. £17 million).

The Company anticipates that all outstanding conditions for the acquisition of the Beisa Mine will be satisfied in Q1 2026.

The Group has also entered into conditional acquisition agreements to secure majority interests in the following additional projects:

§ Beisa North and Beisa South Uranium and Gold Projects

In September 2024, the Company's 70% owned subsidiary NURB entered into a conditional acquisition agreement to purchase the Beisa North and Beisa South Uranium and Gold Projects (together the 'Beisa Projects'), from South African exploration company, Sunshine Mineral Reserve (Pty).

The Beisa Projects, have total SAMREC Code Compliant mineral resources of 90.2 Mlbs of U₃O₈ and 4.17 million ounces ('Mozs') of gold and are located on two granted Prospecting Rights, extending over an area of approximately 80km² contiguous to and immediately north and south of the Beisa Mine.

The acquisition of the Beisa Projects remains subject to receiving regulatory approval in South Africa for the ownership transfer to the Company's subsidiary, NURB.

The conditional acquisition of the Beisa Project, consolidates the Company's position in the Witwatersrand Basin in the Free State Province of South Africa, historically one of the world's largest gold and uranium producing regions, with over 117 Mlbs of U₃O₈ resources and 5.4 Mozs of gold resources extending across over 25km of strike length of the uranium and gold rich Beisa Reef.

With the Company's immediate focus on satisfying the outstanding conditions and completing the acquisition of the Beisa Mine from Sibanye Stillwater, the Company has paused all work and activities on the Beisa Projects. This work and an update of the acquisition documentation is anticipated to recommence from late-Q1 2026.

§ Henkries South Uranium Project

During the Period, the Company's subsidiary NURSA, entered into a conditional acquisition agreement to a purchase a 100% interest in the Henkries South Uranium Project.

The Henkries South Uranium Project, comprises one granted Prospecting Licence that extends over approximately 1,050km² and is located immediately south and adjoins the Company's existing Henkries Uranium Project located in the administrative district of Namaqualand in the Northern Cape Province of South Africa.

The conditional acquisition of the Henkries South Uranium Project would materially increase the Company's strategic landholding in the region by over 130% from a current 742km² area to almost 1,800km² and add a further 10km strike length of shallow paleo-channels to the current 36km of strike length of paleo-channels that have been demonstrated to host the shallow uranium mineralisation at the Company's Henkries Uranium Project through previous exploration.

The acquisition of the Henkries South Uranium Project remains subject to receiving regulatory approval in South Africa for the ownership transfer to the Company's subsidiary, NURSA.

With the Company's immediate focus on satisfying the outstanding conditions and completing the acquisition of the Beisa Mine from Sibanye Stillwater, the Company's executive are reviewing the Henkries South Project and how best to incorporate it into its plans at the Henkries Uranium Project, particularly as it looks to progress a Mining Right application in Q1 2026.

Implementation Assessment and Immediate Objectives

Various comprehensive studies acquired from Sibanye-Stillwater regarding the Beisa Mine, as well as the Henkries Project, will be assessed with a view to implementing same and achieving production of uranium and gold within the next 18 to 24 months.

This implementation assessment will include, but not be limited to, immediate commencement and refurbishment as well as upgrade work at the Beisa Mine, optimisation study works at the Beisa Projects, and further development studies and resource expansion drilling at the Henkries Uranium Project.

An expansion to the executive management team is well advanced and senior financial and technical appointments will commence with implementing systems and controls to support the proposed operational rollout.

Beisa Uranium  and Gold Mine and Beatrix 4 Complex: Implementation Assessment and Startup

Management is currently undertaking an implementation assessment with a view to the startup of the Beisa Mine ('Implementation Assessment').

The Implementation Assessment addresses all matters associated with mining gold and uranium, the operational environment which includes the regulatory issues with respect to underground mining, the requisite licences with respect to the handling of naturally occurring radioactive materials, tailings deposition facilities and security.

The Beisa Mine operated continuously from 1980 to 2023, producing both gold and uranium. It has demonstrated proven operational viability in various commodity prices cycles and is established in a region of over 80 years of continuous uranium production and one of the world's leading gold mining centres.

The Beisa Mine benefits from over US$500 million of sunk capital in existing infrastructure that would be substantial to replace, including shaft infrastructure to 1,200m depth (accessing resources in Phase 1 from 350m - 1,000m depth), a gold processing plant designed for gold recovery with capacity to add a uranium circuit, tailings storage facilities, power connection to the national grid, water supply and recycling systems, workshops, offices, and site access roads. The asset

Management will implement plans to integrate the Holding and Operating Company operationally in order that the plans being developed can be optimally implemented. A Chief Financial Officer has been appointed to implement the requisite budgets and controls and to develop the finance and administration function.

The Beisa Mine startup, which will be informed by the Implementation Assessment currently being developed by management, will be implemented in three phases: startup, assessment, and implementation.

An organogram, detailing personnel to meet the operational and legal requirements, will be implemented in stages and revised as the process continues. Key persons will be appointed and first-line managers will appoint staff, consultants, contractors and legal appointments under the relevant South African mining legislation will be made. Approximately 300 skilled miners are available locally from the region's established mining workforce.

The executive management team, will over the next six months, commence with implementing the Initial Assessment timelines - short, medium and long term - with the objective of commencing production within 18 to 24 months.

The restart of the Beisa Mine will proceed in four phases:

§ Phase 1A (months 0-3) covering site re-establishment, shaft refurbishment initiation, workforce recruitment engagement, and financing package finalisation;

§ Phase 1B (months 3-9) for shaft equipment upgrades, underground development, gold plant recommissioning, and uranium circuit design finalisation;

§ Phase 1C (months 9-15) for uranium plant construction, processing circuit integration, safety systems upgrade, and regulatory inspections; and

§ Phase 1D (months 18-24) for production ramp-up with first ore production, processing commissioning, ramp to nameplate capacity, and first uranium sales targeted in H1 2027.

Regulatory matters with respect to uranium mining and processing are being addressed and the risk contractors retained by the Company are compiling the Risk Register, with a view to taking operational control of the mine site. Mining and metallurgical consultants have been identified and will be retained with a view to the long term operational success of the Beisa MIne, accurately defining milestones and deliverables.

Strategic Developments

During the Period, the Company made significant progress in the following areas:

§ Project Acquisitions

Expanded the Group's uranium and gold resource base through conditional acquisition agreements, increasing the total SAMREC Code compliant resource base to over 120Mlbs of U₃O₈ and over 5Mozs of gold.

§ Henkries Development

Continued advancement of the Henkries Uranium Project towards production, including updated capital and operating cost estimates, exploration drilling programs, environmental impact assessments, and mining rights applications.

§ Regulatory Approvals

Progressed applications for key regulatory approvals from South African authorities required under the conditional acquisition agreements entered into.

§ JSE Listing

§ Initiated the process for a Fast-Track secondary listing on the Johannesburg Stock Exchange, administered by the JSE Limited, ('the JSE') to expand the investor base and facilitate strategic acquisitions within South Africa.

§ Management Appointments

Strengthened the Executive Team with the appointment of Theo Botoulas as Chief Executive Officer and with further key executive appointments underway, alongside key advisor, consultant, and service provider appointments in South Africa.

Market Context

The global uranium market continues to strengthen, driven by increasing commitments to nuclear energy as part of the energy transition and decarbonisation initiatives. The spot U ₃O₈ price has appreciated significantly from approximately US$60/lb in 2023 to current levels of US$77/lb, with market analysts forecasting continued price strength to more than US$100/lb. There are currently 440 nuclear reactors operating globally. The pledges made at Conference of the Parties 28 ('COP') by 21 nuclear power generating nations to triple installed capacity by 2050, along with new reactor announcements, are expected to drive uranium demand well above forecast levels.

Critical geopolitical supply dynamics are creating significant market opportunities. Russia currently enriches 44% of global uranium supply, and the United States banned Russian uranium imports in May 2024. Kazakhstan political instability concerns have emerged, and Western utilities are urgently seeking non-Russian supply sources from stable jurisdictions. This geopolitical supply crisis is accelerating demand for production from mining-friendly jurisdictions with clear regulations such as South Africa.

Artificial intelligence data centres are emerging as an additional significant demand driver for nuclear power. Major technology companies including Google, Microsoft, and Amazon have announced nuclear power procurement for data centre operations. A ChatGPT query consumes approximately 10 times the power of a Google search, and AI computing is expected to triple electricity demand by 2030, creating substantial new uranium demand beyond traditional nuclear power generation.

Notably, only three new uranium mines have started production globally since 2016, highlighting severe supply constraints in the market while demand continues to accelerate. Neo Energy's three permitted projects position the Company advantageously to meet this growing demand with near-term production capability.

FINANCIAL REVIEW

The loss for the Period was £3.824 million (H1 2024: £3.150 million) and was largely attributable to salary costs, professional and other administrative expenses.

The consolidated financial results for the Period are summarised below:

§  Group loss after tax: £3.824 million (H1 2024: £3.150 net loss).

§  Total assets: £17.950 million (H1 2024 £0.193 million)

§  Net liabilities: £(0.022) million (H1 2024: £(0.899) million).

§  Loss per share: 0.0 pence (H1 2024: 0.38 pence).

The Board monitors the activities and operating and financial performance of the Company on a regular basis, and in particular the following key performance indicators:

§ Resource Base Growth

Total SAMREC/JORC compliant uranium and gold resources across all its projects.

§ Project Development Milestones

Progress toward key milestones including regulatory approvals, feasibility studies, and offtake agreements.

§ Cash Position and Runway

Available cash and working capital to fund operations and project development.

§ Market Capitalisation

Share price performance and market valuation.

§ Health, Safety and Environmental Performance

Zero harm objectives and environmental compliance.

Financial Position

The Company's Statement of Financial Position as at 31 March 2025, with comparatives at 31 March 2024 and 30 September 2024, is summarised below:

UK LISTING RULES

The Company is admitted to the Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR and to trading on the London Stock Exchange's Main Market for listed securities.

The Financial Conduct Authority temporarily suspended the Company's securities from the Official List effective from 3 February 2025 at the request of the Company.

RELATED PARTY TRANSACTIONS

Related party transactions are not disclosed in the condensed set of financial statements. There have been no material changes in the related party transactions described in the last annual report.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board has identified the following principal risks and uncertainties facing the Group:

Exploration and Development Risk

Mineral exploration and mine development involve significant risks. There is no assurance that exploration activities will result in the discovery of economically viable mineral deposits, or that development projects will proceed to production on schedule or within budget. The Company seeks to mitigate these risks through rigorous technical evaluation, engagement of experienced consultants, and phased development approaches.

Regulatory and Permitting Risk

The Group's operations are subject to extensive environmental and mining regulations in South Africa. Delays in obtaining necessary permits, licenses, or regulatory approvals could adversely affect project development timelines and costs. The Company maintains proactive engagement with regulatory authorities and invests in comprehensive environmental and social impact assessments.

Commodity Price Risk

The economic viability of the Group's projects is dependent on uranium and gold prices, which are subject to significant volatility driven by global supply and demand dynamics, geopolitical factors, and macroeconomic conditions. While current uranium market fundamentals are favourable, future price movements could impact project economics and the Company's financial position.

Funding and Liquidity Risk

The Company requires additional capital to advance its projects through to production. There is no guarantee that future funding will be available on acceptable terms or at all.

The Board manages this risk through careful cash management, maintaining relationships with strategic investors, and pursuing multiple funding sources including equity, debt, and project financing.

Operational and Technical Risk

Mining operations are subject to operational challenges including equipment failures, adverse ground conditions, water management issues, and technical complications. The Company mitigates these risks through comprehensive planning, engagement of experienced operators, and implementation of appropriate operational controls and monitoring systems.

Political and Country Risk

The Group's projects are located in South Africa, exposing the Company to country-specific political, economic, and social risks including changes in mining legislation, taxation policies, foreign exchange controls, and social instability. The Company monitors these risks closely and maintains compliance with local laws and regulations, including Broad-Based Black Economic Empowerment ('B-BBEE') requirements.

Going Concern

The interim condensed consolidated financial statements have been prepared on a going concern basis. When assessing the foreseeable future, the Directors have reviewed a period of at least twelve months from the date of approval of this report. The Directors have prepared a cash flow forecast to 31 December 2027, which shows that the Company and Group will be unable to meet their liabilities as and when they fall due until further equity or debt funds are obtained.

The acquisition of Mayflower Energy Metals Limited and the Reverse Takeover transaction provided the Company with the opportunity to raise new funds and commence its strategy of securing a majority interest in a mining project that provides the opportunity for the Company's stakeholders to gain exposure to the uranium exploration and mining sector and to South Africa's mining sector. This strategy has been further advanced during the period and post the period and the three conditional acquisition agreements provide the Company with additional projects and stakeholders that give the Directors increased confidence in the ability of the Company and Group to raise equity funding and to continue to operate as a going concern.

This confidence is drawn from the underlying strength of the 'brownfield' uranium mine development strategy that the Directors are implementing which is considered a low-risk strategy and one that is attractive to shareholders and new investors given the significant sunk capital and established infrastructure and as such provides the necessary platform for the Company to continue to secure the necessary funding to continue to operate as a going concern until such time as the underlying projects are able to generate profits and positive cash flow from operations..

The position of such a significant and supportive shareholder and one with significant capital resources provides confidence in the Company's and Group's ability to raise any potential additional funding that it may need. Accordingly, the going concern basis has been adopted in preparing the financial statements.

CORPORATE GOVERNANCE

The Company is committed to high standards of corporate governance and has established an audit committee, remuneration committee, and nomination committee with appropriate terms of reference. The Board comprises seven Directors, including four Independent Non-Executive Directors.

The Company complies with the Quoted Companies Alliance ('QCA') Corporate Governance Code for small and mid-cap quoted companies [or specify which governance code applies]. Further details on corporate governance policies and practices are available in the Annual Report and on the Company's website.

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

The Company is committed to responsible mining practices and maintaining high environmental and social standards. The Group's operations comply with applicable environmental regulations and the Company actively engages with local communities and stakeholders.

The Company's core values include environmental consciousness, stakeholder engagement and community support, and accountability and trustworthiness. These values guide the Company's approach to project development and operations.

The Group maintains appropriate B-BBEE partnerships in South Africa, with BEE partners holding a 30% interest in key projects in accordance with South African mining legislation.

EVENTS AFTER THE REPORTING PERIOD

The Company's securities have continued to been suspended from the Official List since 3 February 2025 and up until the date of this report.

Since the end of the Period, the Group has undertaken the following significant events:

§ On 15 May 2025, the Company announced that it has received notification from Sibanye Stillwater, that regulatory applications have now been formally submitted to the Department of Mineral Resources and Energy ('DMRE') in South Africa, in respect to the Company's majority owned subsidiary, NURB's proposed acquisition of a 100% interest in the Beisa Mine and Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure.

§ On 16 May 2025, the Company announced the announce the appointment of Mr. Theo Botoulas as its new Chief Executive Officer ('CEO') and Executive Director of the Board. Mr. Botoulas, who is based in South Africa, is a seasoned mining executive with over 40 years of international experience in mining operational, finance and asset management.  He holds a B.Eng. and M.Sc. in Mining Engineering, as well as Mine Manager and Mine Overseer's Certificates of Competency (Metalliferous Mines), and is registered as a Professional Engineer with the Engineering Council of South Africa.

In conjunction with this appointment, the Company is also announced a further restructure of its Board of Directors, with Mr. Sean Heathcote, transitioning to the role of Executive Technical Director.

§ On 30 June 2025, the Company announced that it was progressing a Fast Track Secondary Listing on the Johannesburg Stock Exchange (JSE), Africa's leading stock exchange.

The move is part of the Company's broader growth and capital markets strategy to enhance liquidity, broaden its shareholder base, and increase visibility amongst African and international investors. The listing will also position Neo Energy more strategically as it advances its uranium projects in Southern Africa.

There were no other material events after the reporting period that require disclosure under the applicable accounting standards or that, in management's judgment, would have a material effect on the interim financial statements.

FUTURE OUTLOOK

Looking ahead, the Board's priorities include:

§ Completion of updated feasibility study for the Henkries project and progression toward a final investment decision.

§ Advancement of exploration drilling programmes to expand mineral resources.

§ Obtaining regulatory approvals for recently acquired projects.

§ Completion of a secondary listing on the JSE.

§ Securing project financing and strategic offtake agreements.

§ Evaluation of additional strategic acquisition opportunities in the uranium sector.

RESPONSIBILITY STATEMENT

The Directors confirm to the best of their knowledge:

a)     the condensed set of interim financial statements has been prepared in accordance with UK-adopted IAS 34, 'Interim Financial Reporting';

b)    the Interim Management Report includes a fair review of the information required by DTR 4.2.7R ((indication of important events and their impact during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

c)     the Interim Management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

This report was approved by the Board of Directors on 4 December 2025 and the above responsibility statement signed on its behalf by:

Jason Brewer

Chairman, Neo Energy Metals plc

CAUTIONARY STATEMENT

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

The IMR contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

NEO ENERGY METALS PLC

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

NEO ENERGY METALS PLC

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION