Neo Energy Metals (LSE:NEO) shares fell 5.06%, to 0.845p, after the company extended the Phase 1 and Phase 2 deadlines for the Beatrix 4 shaft acquisition.
Phase 1 covers the carve‑out of the Beatrix 4 shaft mining right, including the Beisa uranium project, and Phase 2 covers the subsequent transfer of that mining right to Neo Energy.
It was contractually due to be finalised by 6 June, and Neo Energy and Sibanye have agreed to extend the Phase 1 deadline to 6 December and the Phase 2 deadline to 6 June 2027 while they continue engagement with the Department of Mineral and Petroleum Resources (DMPR).
The New Beisa Node is a brownfields uranium and gold development near Virginia in the Free State that carries more than US$500m of historical capital investment and existing surface infrastructure, including a 120,000 tonne‑per‑month milling capacity and underground access to the Beisa Reef at 300-1,000 metres.
Neo Energy said operational planning and project preparation will continue uninterrupted, and the first production of gold remains targeted for December 2027, followed by uranium.
"Our engagement with the DMPR is constructive, there are no substantive objections on the table, and we expect positive outcomes on both applications," said Theo Botoulas, Chief Executive Officer and Chief Operating Officer.
The company said it will update the market as soon as a material development occurs.
