Neo Energy Metals (LSE:NEO) has entered into a site access and contractorship agreement with Sibanye Gold, enabling its 70%-owned subsidiary to commence a fully funded implementation assessment at the New Beisa Node. The agreement allows work to begin while the transfer of the Beatrix 4 Shaft mining right continues through the regulatory approval process.
Under the arrangement, Neo will act as the exclusive independent contractor for a defined package of pre-development activities. Sibanye will retain ownership of the mining right along with all statutory obligations, while providing site access, operational information and technical support at no cost to Neo.
Three-stage assessment programme underway
The implementation assessment will focus on three key areas designed to prepare the project for future production. These include the refurbishment of the existing gold processing plant, a comprehensive metallurgical study for a proposed uranium processing circuit, and a full review of the site’s infrastructure.
The programme is expected to run for eight months and carries an estimated budget of approximately £3.15 million. The work is fully funded and is intended to reduce technical and development risks ahead of the project’s next phase.
Early gold production strategy targets stronger project economics
Neo plans to prioritise restarting gold production to generate early cash flow before bringing the uranium circuit into operation. Management believes this phased development strategy will reduce capital risk while improving the overall economics of the New Beisa project.
The company continues to target first gold production by December 2027 and views the agreement as an important step in strengthening its strategic partnership with Sibanye-Stillwater while advancing one of South Africa’s significant brownfield uranium and gold projects.
About Neo Energy Metals
Neo Energy Metals is a uranium and gold development company listed on the London Stock Exchange and A2X, with a planned Johannesburg listing in 2026. Its portfolio includes the New Beisa project in South Africa’s Free State Goldfields and the Henkries uranium project in the Northern Cape, representing combined mineral resources of 31.5 million pounds of uranium and 1.2 million ounces of gold under JORC and SAMREC reporting standards.
New Beisa is a brownfield uranium and gold development located on the former Beatrix 4 Shaft property, supported by more than US$500 million of historical investment and substantial existing infrastructure. The project is designed to produce approximately 810,000 pounds of uranium and 52,000 ounces of gold annually over a projected 17-year mine life. Henkries is a near-surface uranium project with a completed feasibility study and planned annual production of around 260,000 pounds of uranium.
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