Neo Uranium Resources South Africa Ltd has entered into a sale and acquisition agreement to acquire Beisa Uranium Project from Sibanye Stillwater Limited for ZAR 250 million.

Neo Uranium Resources South Africa (Pty) Ltd has entered into a sale and acquisition agreement to acquire Beisa Uranium Project from Sibanye Stillwater Limited (JSE:SSW) for ZAR 250 million on December 9, 2024. This is subject to settlement of the acquisition and satisfaction of all outstanding conditions, which are predominantly South Africa regulatory approvals and UK shareholder and regulatory approvals. The transaction will be financed through under a loan note instrument of ZAR 250 million.

The Loan Note Instrument will remain as an inter-company debt between the Company and South African subsidiary, Neo Uranium Resources Beisa Mine (Pty) Limited and allow the efficient distribution of future profits from the Beisa Uranium Project through to the Company and its shareholders. The expected completion of the transaction is in H2 2025. On completion of the Transaction, Sibanye-Stillwater will become the Company's largest shareholder and have the right to appoint directors to the Board.

Sibanye-Stillwater will alsohold pre-emption rights of first refusal in respect of anyproposed new equity issuance by the Company, in order to maintain its significant and strategic shareholding in the Company.