Neo Energy, a low-cost uranium developer, has made significant progress in acquiring the Beisa North and Beisa South uranium projects in South Africa’s Witwatersrand Basin.
This includes a cash payment of R5m ($233,017) to Sunshine Mineral Reserve and the issuance of new ordinary shares valued at R5m.
The projects, which include the Beatrix 4 gold mine, are collectively referred to as the Beisa Projects, and boast mineral resources of 90.24 million pounds (mlb) of triuranium octoxide (U₃O₈) and 4.17 million ounces (moz) of gold.
Neo Energy, through its 70%-owned subsidiary, Neo Uranium Resources Beisa Mine (NURB), has made an additional agreement with Sibanye Gold, part of Sibanye Stillwater.
This deal involves the acquisition of the Beatrix 4 mine, shaft complex, processing plant and related infrastructure.
Neo Energy confirmed that NURB and the company have met several key milestones and conditions under the Beisa Uranium Project acquisition with Sibanye Gold and Sibanye-Stillwater.
Additionally, they have fulfilled conditions under the Broad-Based Black Economic Empowerment agreement with Siyakhula Sonke Empowerment.
The company, alongside its advisors and South African lawyers, is working with Sunshine’s team to secure the necessary regulatory approvals, including those under Section 11 of the Minerals and Petroleum Resources Development Act of 2002.
Neo Energy Metals, through its subsidiary NURB, entered a binding agreement in August 2024 to acquire a 100% interest in the Beisa Projects.
This acquisition is part of Neo Energy’s strategy to establish itself as a “prominent” uranium mining player in South Africa and a key operator across the African continent.
