Neo Energy Metals is stepping up efforts to unlock South Africa’s uranium potential, with the London-listed company targeting first production from its New Beisa project in the second quarter of 2028 as it works through key regulatory and ownership hurdles.

The company is preparing to submit a Section 11 mining-right application for New Beisa once Sibanye-Stillwater secures the Section 102 consent needed to complete the transfer of the New Beisa Node at the Beatrix 4 Shaft Mining Area.

Neo Energy raised £1.75 million ($1.96 million) on Sept. 25 through the placement of 269 million new ordinary shares. The proceeds will provide working capital, including funding for the Section 11 consent process and the remaining conditions required to complete the New Beisa acquisition.

New Beisa moves closer

The uranium developer has completed its first optimisation-focused stope inventory for New Beisa using an updated 3D geological model, while mine designs have been refined using multiple cut-off grades.

An environmental-impact report is also advancing, with two additional specialist studies added to the original seven. The company said compliance with the National Nuclear Regulator has been confirmed.

Metallurgical samples are being prepared at Mintek, South Africa’s mineral research organisation, while completed openpit layouts and updated mine designs are supporting the next phase of technical work.

Neo Energy said it will keep spending on the asset at a minimum until ownership is completed, while continuing a reduced-scale implementation assessment.

Henkries development advances

At the Henkries uranium project, Neo Energy is developing mineral footprint designs aimed at maximising potential value without committing significant cash before the acquisition is completed.

The next stage includes incorporating historical information into the geological model and starting preliminary economic evaluations.

The company is also developing a secure new core storage facility and investing in local stakeholder initiatives, including borehole upgrades and a mobile reverse osmosis water plant.

Management reshaped for growth

Neo Energy has also strengthened its leadership structure as it moves from technical assessment toward project execution.

Elmarié Maritz was appointed chief financial officer on Sept. 10, replacing Martin Westerman, who had been acting CFO. Westerman has moved into a newly created role as group head of operations and project delivery, where he will oversee execution of the company’s mining and development strategy at New Beisa and Henkries.

The company has also appointed governance advisory firm Sirdar Group as company secretary to strengthen its corporate governance, compliance and organisational framework.

CEO Theo Botoulas said the immediate priority is securing the necessary mining-right approvals while maintaining disciplined spending.

With the development timetable now tied closely to the Section 11 process, Neo Energy has pushed its first-production target to the second quarter of 2028 to allow the remaining implementation work to be completed after the application is lodged.