Neo Energy Metals PLC (LSE:NEO) shares were on the back foot on Thursday, losing around 6% to 0.84p, after it agreed an extension to regulatory approval deadlines for its acquisition of the Beatrix 4 Shaft, now known as the New Beisa Node.
The South Africa-focused uranium and gold developer said the transaction requires two separate approvals under the country’s Mineral and Petroleum Resources Development Act: first, the carve-out of the Beatrix 4 shaft mining right, including the Beisa uranium project, and second, the transfer of that mining right to Neo.
Phase one approval had been contractually targeted for completion by 6 June 2026, but has not yet been granted by South Africa’s Minister of Mineral and Petroleum Resources.
Neo said it and Sibanye remain in active engagement with the Department of Mineral and Petroleum Resources and have now signed an agreement extending the phase one deadline by six months to 6 December 2026. The phase two approval deadline has consequently been extended to 6 June 2027.
The company said its operational planning and project preparation work continues uninterrupted, with first gold production still targeted for December 2027, followed by uranium production.
Chief executive and chief operating officer Theo Botoulas said the delays related to administrative processes, which “routinely can take additional time”.
“Our engagement with the DMPR is constructive, there are no substantive objections on the table, and we expect positive outcomes on both applications,” he said.
“Our teams are fully engaged in preparing New Beisa for development, and our confidence in this project and our December 2027 first production target is unchanged.”
Neo said both it and Sibanye remain confident of a positive outcome on the two applications.
