13th Aug 2024 19:32
Neo Energy Metals PLC - near term, low-cost uranium developer - Says its South African subsidiary, Neo Uranium Resources Beisa Mine (Pty) Ltd acquires 100% interest in the multi-million pound uranium and multi-million ounce gold resources of the Beisa North and Beisa South Uranium and Gold Projects. The acquisition is in line with the company's strategy to establish itself as South Africa's leading uranium mining company and one of Africa's major uranium mine operators and developers. The Beisa projects is the first of several potential acquisitions being advanced by the company to strategically position and consolidate itself in one of the world's significant uranium resource regions.
Neo Energy Metals Chief Executive Officer Sean Heathcote says: "This acquisition marks a major milestone for Neo Energy Metals, and significantly expands our footprint in one of the richest and long-standing uranium producing regions in the world.
"The Beisa North and Beisa South Uranium Projects not only bolster our uranium resource base but also further strengthens the company's ability to achieve its strategic goal of becoming a major player in global uranium market and as South Africa's leading uranium company.
"Together the Beisa North and Beisa South Uranium Projects add an additional 90 [million pounds] of uranium resources and a further 4.17 [million ounces] of gold resources - the project has a potential combined in situ value of over USD17billion, equivalent to over 210Mlbs of uranium, based on current uranium and gold prices."
Current stock price: 3.80 pence
12-month change: down 84%
By Jeremy Cutler, Alliance News reporter
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