Neo Energy Metals PLC New Auditor Appointment - Delay in Annual Accounts

RNS Number : 5246V

Neo Energy Metals PLC

31 January 2025

 

Neo Energy Metals plc / LSE: NEO, A2X: NEO / Market: Main Market of the London Stock Exchange

 

31 January 2025

Neo Energy Metals plc

('Neo Energy' or 'the Company')

 

Appointment of New Auditor

Delay in Publication of Annual Report and Annual Accounts

 

Neo Energy Metals plc ('Neo Energy' or the 'Company') is pleased to announce that it has appointed Moore Kingston Smith LLP ("MKS") as the Company's new independent auditor.

The appointment of MKS as independent auditor follows an extensive due diligence undertaken and completed by the Company's Board.

MKS will be responsible for the independent audit for the current financial year, replacing PKF Littlejohn LLP ('PKF'). This audit will be the first since the Company listed on the London Stock Exchange and will also include a detailed review of the several material post balance sheet events including the acquisition of the Beatrix 4 mine and shaft complex and Beisa Uranium Gold Mine from Sibanye Stillwater Limited, the acquisition of the adjoining Beisa North and Beisa South Uranium and Gold Projects from Sunshine Mineral Reserves Limited and the acquisition of the Henkries South Uranium Project from Eagle Uranium SA (Pty) Ltd.

MKS is a leading global accounting, audit and advisory network with expertise across multiple sectors including substantial expertise in the natural resources sector, possessing deep knowledge in mining and exploration activities. Their proven capability to represent different companies across all levels of the London stock exchanges makes them an ideal partner to support Marula's growth and ambitions.

The Board extends its gratitude to the PKF team for their significant contributions and professionalism over the years.

MKS have commenced the audit work, although their progress has been delayed due to the administrative and professional clearance processes from the Company's previous auditors necessary for the to commence this work. MKS's strong presence in Africa, particularly in the Southern African region, aligns seamlessly with the Company's strategy to position itself as South Africa's leading uranium mining company and a major operator and developer of uranium mines across Africa.

As a result in the delays incurred by MKS in commencing this work, and the need for them to complete a detailed review of the material transactions and acquisitions announced by the Company over the past 3-months there will be a delay in the publication of the Company's annual report and accounts for the year ended 30 September 2024.

As a result, trading in the Company's ordinary shares will be suspended with effect from 7.30am on 31 January 2025.

The Company will provide further updates on expected timings for publication of its annual report and accounts in due course.

The Company will seek a resumption in trading of its ordinary shares on publication of the annual report and accounts.

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.

END About NEO Energy Metals Plc

Neo Energy Metals plc is a Uranium developer and mining company listed on the main market of the London Stock Exchange (LSE: NEO).

The company and its South African Subsidiaries, namely Neo Uranium Resources Beisa Mine (Pty) Limited and Neo Uranium Resources South Africa (Pty) Ltd have continued to strengthen the uranium portfolio through conditional agreements for the acquisitions of; 100% interest in the Beisa North and Beisa South Uranium and Gold Projects and 100% interest in the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure in the Witwatersrand Basin, located in the Free State Province of South Africa. The combined projects total SAMREC Code compliant resource base comprises, 117 million pounds of U₃O₈ and over 5 million ounces of gold.

Additionally, the Company holds up to a 70% stake in the Henkries Uranium Project, an advanced, low-cost mine located in South Africa's Northern Cape Province and a 100% interest in the Henkries South Uranium Project, extending the Henkries Project's strike length by 10km to a total of 46km of shallow paleo-channels proven to host uranium mineralisation through extensive drilling and feasibility studies backed by US$30 million in historic exploration and development expenditure.

The Company is led by a proven board and management team with experience in uranium and mineral project development in Southern Africa. Neo Energy's strategy focuses on an accelerated development and production approach to generate cash flow from Henkries while planning for long-term exploration and portfolio growth in the highly prospective Uranium district of Africa.

The Company's shares are also listed on the A2X Markets (A2X: NEO), an independent South African stock exchange, to expand its investor base and facilitate strategic acquisitions of uranium projects, particularly within South Africa.

For Enquiries Contact:

Jason Brewer	Executive Chairman	[e-mail]
Sean Heathcote	Chief Executive Officer	[e-mail]
Faith Kinyanjui	Investor Relations	[e-mail]
Michelle Krastanov	Corporate Advisor - AcaciaCap Advisors	[e-mail]

 

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END

 

 

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