Shares in Neo Energy Metals PLC (LSE:NEO) rose 11% to 0.97p after the uranium and gold developer published its first quarterly operational update, pointing to progress on governance, financing and the advancement of its two South African projects.
The London-listed company said it had raised £2.5 million in equity in January to support the development of its New Beisa and Henkries projects.
It reported that its shares had risen around 87% over the quarter, from a 52-week low of 0.52p in early April, leaving its market value at about £25.5 million.
Neo Energy used the update to set out a sweeping overhaul of its board and financial controls.
The board has been restructured with independent non-executive directors, including Neal Froneman, the former chief executive of Sibanye Stillwater and current chairman of the World Gold Council.
Audited accounts for the year to 30 September 2025 were completed with an unmodified opinion, and BDO was appointed as auditor.
At New Beisa, a brownfields uranium and gold project being acquired from Sibanye-Stillwater, the company said the transfer of mining rights remained on track, with the approval timeline extended to December 2026.
Work there has included a site survey, an updated geological model and the start of a process to bring the resource statement up to JORC standards.
At the Henkries uranium project in the Northern Cape, the mining right application was accepted in April and a scoping report accepted in June, with the environmental impact report process now underway.
Chief executive Theo Botoulas said the past six months had brought a transformation across every dimension of the business, spanning governance, financial controls, environmental compliance and mine planning.
The company is targeting a listing on the Johannesburg Stock Exchange's main board during 2026.
It said its priorities for the coming quarter included continued engagement with regulators ahead of the December 2026 deadline for the New Beisa rights transfer.
