Neo Energy Metals PLC (LSE:NEO) shares slumped, losing more than 20%, with update on the firm's funding strategy for the proposed acquisition of the Beisa uranium and gold project in South Africa.
The company said completion of the transaction remains targeted for the first quarter of 2026, subject to regulatory and shareholder approvals.
It added that it is working with UK and South African advisers and joint brokers to secure the funding required to complete the acquisition and subsequent redevelopment of the Beisa Mine.
Neo Energy told investors it is confident of securing funding through 2027, supported by the advanced nature of the asset and existing infrastructure.
“The Board of Directors is confident of being able to secure all its future funding requirements in 2026 and through to 2027 to complete the acquisition and subsequent re-development of the Beisa Mine,” the company said.
Neo Energy added that discussions are advanced on a proposed convertible note facility of up to £3 million, followed by a potential £5 million subscription.
In London, Neo Energy shares fell 23.87% changing hands at 0.57p.