In an update to shareholders on activities during the quarter ended September 30, LSE-listed Neo Energy Metals has announced key technical milestones and regulatory updates for its New Beisa and Henkries uranium projects, in South Africa.

The company is currently preparing its Section 11 application for the New Beisa project, which will be submitted as soon as JSE-listed multinational mining and metals processing company Sibanye-Stillwater grants its Section 102 consent.

Operationally, Neo Energy Metals has completed its first optimisation-driven stope inventory for New Beisa based on a modernised 3D geological model, while also advancing mineral footprint designs at its Henkries project to maximise value while strictly minimising cash expenditure prior to acquisition completion.

Work is now progressing toward updating the geological model with historical data and beginning preliminary economic evaluations, the company highlights.

On September 25, Neo Energy Metals raised gross proceeds of £1.75-million through a placing of 269-million new ordinary shares and the fundraising will be used for general working capital purposes including to complete the Section 11 consent process and fulfil the remaining condition precedent for the acquisition of the New Beisa Node at the Beatrix 4 Shaft Mining Area from Sibanye-Stillwater.

The company also notes that the environmental-impact report process is progressing, with two additional specialist studies added to the initial seven, complemented by confirmed compliance from the National Nuclear Regulator.

Neo Energy Metals also notes that operational and technical advancements include completed openpit layouts, updated mine designs using multiple cut-off grades and metallurgical sample preparation at South African mineral research organisation Mintek.

Additionally, the company is developing a secure new core store facility while prioritising local stakeholder relations through infrastructure projects such as borehole upgrades and a mobile reverse osmosis water plant.

On September 10, Neo Energy Metals announced the appointment of Elmarié Maritz as the company’s CFO, succeeding Martin Westerman who served as acting CFO.

Westerman has now been appointed to the newly created role of operations and project delivery group head, and his mandate is focused specifically on executing the company’s mining and project development strategy across New Beisa and Henkries.

To strengthen its corporate governance, compliance and organisational framework and in support of its operational and development activities, Neo Energy Metals has also appointed multinational governance advisory firm Sirdar Group as company secretary.

“Our focus remains on securing these mining right approvals. Until ownership of New Beisa is completed, we will keep cash expenditure on the asset and associated activities to a minimum, while remaining committed to growing shareholder value.

“We have developed a funding strategy designed to ensure the company’s long-term sustainability and deliver value accretion for shareholders,” says Neo Energy Metals CEO Theo Botoulas.

Looking ahead, the company says its immediate priority is to support the timely progress of Sibanye-Stillwater’s Section 102 consent, so that Neo Energy Metals’ own Section 11 application can be lodged without delay.

The company will continue the implementation assessment at New Beisa on a reduced scale.

Given that the focus has now turned exclusively to obtaining a successful grant of the Section 11 application, the timeline to the first production will be adjusted to the second quarter of 2028 in order for the remaining work in the implementation assessment to be completed after the Section 11 application.