Aim-listed Neo Energy Metals has made progress across its New Beisa and Henkries uranium and gold projects, in the Free State and the Northern Cape, in South Africa, respectively, for the quarter ended June 30, with developments in project management, permitting, governance, financial controls and stakeholder engagement forming part of its broader corporate restructuring programme.

Neo Energy’s shares have recorded a strong performance over the quarter, opening at about £0.52 on April before closing at £0.975 on June 26, thereby representing an increase of about 87% over the period. The company’s market capitalisation of about £25-million as of June 30, is based on the two-billion shares in issue.

In the quarter under review, Neo Energy raised £2-million in equity to support its ongoing implementation of the New Beisa and Henkries project rollouts.

The Neo Energy board has been restructured with the establishment of experienced independent nonexecutive directors, including prominent mining executive and businessperson Neal Froneman and four board committees.

Moreover, a Community Liaison Committee has been created along with the adoption of a stakeholder strategic engagement plan.

A Section 11 mining rights transfer at New Beisa is on track with the timeline extended to December and a security governance framework has been initiated at New Beisa following the appointment of deputy protection services managers.

Notably, the Henkries mining right application has been accepted by the Department of Mineral and Petroleum Resources (DMPR), with the scoping report subsequently accepted on June 10. The environmental-impact report process is currently under way.

Meanwhile, the New Beisa project has progressed with the creation of a project management office under R&R Project Services, with a Phase 1 budget formalised and a six-month lifecycle defined.

Further, a light detection and ranging survey of the New Beisa site has been completed, while process flowsheets and block flow diagrammes have been developed for the gold and uranium circuits.

The geological model has also been updated, with work underway on a 3D reconstruction of the underground mine layout, and an upgrade of the resource estimate towards a Joint Ore Reserves Committee- (Jorc-) compliant resource statement.

At Henkries, Neo Energy is progressing with an openpit design review, testwork in collaboration with State mineral research organisation Mintek and environmental-impact assessment activities. “The past six months have seen a transformation in Neo Energy that would have been difficult to imagine a year ago.

Across every dimension of the business – governance, financial controls, environmental compliance, community engagement, mine planning and project management – our teams have delivered work of both breadth and quality that provides a platform we can genuinely be proud of,” says Neo Energy CEO Theo Botoulas.

“The task ahead remains significant. We approach that work with the same determination and the same quality of partnership that has defined the past six months,” he adds.