Neo Energy Metals plc / EPIC: NEO / Market: Main Market of the London Stock Exchange

20 February 2024

Neo Energy Metals plc

('Neo Energy' or 'the Company')

Secondary Listing of Ordinary Shares on A2X Proprietary Limited

Demonstrates commitment to local stakeholders and support for South Africa's capital markets

Neo Energy Metals plc, the near term, low-cost uranium developer advancing the Henkries Uranium Project ('Henkries' or the 'Project') in the Northern Cape of the Republic of South Africa, is pleased to announce that it is pursuing a secondary listing on A2X Proprietary Limited ('A2X Markets' or 'A2X'), an independent stock exchange in South Africa.

Neo will list its shares for trade on A2X Markets from 27 February 2024. Neo will retain its primary listing on the London Stock Exchange ('LSE') and its issued share capital will be unaffected by its secondary listing on A2X.

OVERVIEW

·    A2X is a licensed and regulated stock exchange in South Africa that provides a secondary platform for companies to list their shares for trade.

·    The secondary listing on the A2X will enlarge Neo's shareholder base and provide South African investors with an opportunity to invest in a uranium focused operator within the region.

·    Shares will list for trade on A2X on 27 February 2024 under the share code "NEO".

·    There is no cost or additional regulation to the secondary listing.

·    Neo engaged AcaciaCap Advisors Pty Ltd ('AcaciaCap') as its Corporate Advisor to manage and fast-track the A2X listing process.

Neo Energy CEO Sean Heathcote said: "The A2X has a strong track record as a leading destination for secondary listings, making it a natural secondary listing destination for a company like ours with an exciting uranium project in the Northern Cape. As well as increasing the liquidity and tradability of our shares, we anticipate that a secondary listing on the A2X will drive increased awareness of our activities as we build out our uranium portfolio.  Furthermore, it demonstrates our commitment to our local stakeholders and support for developing South Africa's capital markets.

"Neo's partnership with its cornerstone investor, Q Global Commodities, headed up by Quinton van der Burgh, has played a significant role in facilitating this decision. With a clear and defined growth path, supported by strong market dynamics, I am confident that Neo's compelling investment proposition will attract significant interest from institutional investors in South Africa. I look forward updating shareholders as we fast-track the process in tandem with our newly appointed Corporate Advisor, AcaciaCap."

A2X CEO, Kevin Brady said: "We are delighted to welcome Neo Energy Metals to our market next week and are pleased that A2X was chosen as the exchange to enable South African investors access to this opportunity. This marks an important milestone as the first offshore inward listing on A2X. We expect further inward listings which enable A2X to expand investment opportunities available to the South African marketplace."

DETAILS

Based on the significant interest from South African investors as well as discussions with its cornerstone investor, Q Global Commodities ('QGC'), the Company has decided to pursue a secondary listing on the A2X to enlarge its shareholder base and provide South African investors with an opportunity to invest in a uranium focused operator within the region.

Furthermore, the Company has engaged AcaciaCap as its Corporate Advisor to manage and fast-track the A2X listing process.

About AcaciaCap

AcaciaCap operates as a corporate finance boutique and listing advisory business.  AcaciaCap primarily serves customers in South Africa.

Find out more about Acacia Capital here: www.acaciacap.co.za

About A2X

A2X Markets, an independent South African stock exchange founded in 2014, is licensed and regulated by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) in terms of the Financial Markets Act. The A2X provides an additional trading venue for a company to secondary list their shares for trade, it is authorised to secondary list Shares, ETFs and ETNs as well as to inward list shares with a foreign primary listing.

Find out more about A2X Markets here: https://www.a2x.co.za/

This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.

ENDS

Notes

Neo Energy Metals plc aims to become an important supplier to the fast-growing uranium sector.  Its initial focus is on its 70% owned Henkries Uranium Project, an advanced, low-cost uranium project in the Northern Cape Province of South Africa with a clear pathway to production. +US$30m of historical exploration, drilling, test pitting and mining, metallurgical test-work and pilot plant work has been undertaken at the Project, culminating in a published feasibility study. 

Headquartered in Nairobi, Kenya, Neo Energy is now focused on increasing the mineral resources at Henkries from the current estimated 4.7 million pounds of uranium, (which is highly probable as less than 10% of prospective ground is fully tested), and completing an updated feasibility study ahead of reaching a development decision by November 2025. 

Led by a proven board and management team with uranium and other mineral project development experience in Southern Africa, Neo Energy's strategy is layered on a two-year development approach to generate cashflow from Henkries with a view towards building a longer term exploration and portfolio growth strategy to develop the highly prospective Northern Cape Region of South Africa and, potentially, broader regional expansion into energy metal property holdings globally. 

The team includes:

·    Jason Brewer, Non-Executive Chairman: c.30 years' experience in international mining, financial markets, and investment banking with a particular focus in Africa.

·    Sean Heathcote, CEO: +30 years' experience in the mining and exploration industry in Africa across a broad range of commodities.

·    Jackline Muchai, Non-Executive Director: one of the few Kenyan women serving on a board within London's Main Market on the London Stock Exchange, and CEO of Gathoni Muchai Investments.

·    Bongani Raziya, Non-Executive Director: +20 years' experience in oil and gas and mining in Africa with various directorships held in well-established profitable companies.

·    James Longley, Non-Executive Director: +30 years' experience in finance, whose career has been focused on venture capital, private equity and building growth companies.

·    Charles Tatnall, Non-Executive Director: a seasoned advisor and fundraiser, specialising in small and medium-sized enterprises across diverse industries.