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Https://x.com/JB_MiningAfrica/status/1995391719450574864

On 9 December 2024, Neo announced a 'transformational transaction' with Sibanye-Stillwater.

Since then:

✅ gold price up to US$4,270/oz from US$2,639/oz

✅ Sibanye market cap up to US$9.6Bn from US$2.8Bn

Acquisition and regulatory approvals progresses.

1:16:18 JB

“We've picked up a project here, as Theo says, at Beatrix, which has got a 30 km strike. You've got resources in the 100 million pounds of uranium resources and in the million of ounces of gold. I don't think there's a junior gold company on the London Stock Exchange with the gold resources that we have, that we’ll be having when we release. I don't think there's a gold junior gold company that has the infrastructure that we have, the shaft, the process plant and so on and so forth. So, I think, yeah, this is a long-term business.

We're not here to build a business that's going to be worth 50, 100 million, particularly not when you've got half a billion dollars worth of sunk capital and infrastructure there.

So, you've got a mine that operated for over 40 years, okay, almost 40 years. There's a lot of infrastructure there. There's a lot of resources there. So, there's going to be people that make short-term gain. There's no doubt about it. There's going to be a lot of trading in this stock, but we need to demonstrate over the course of the next 6 to 12 months that this stock is going to be a producer.

I've seen somebody here say 3 to 5 years. Certainly not. I'm not, people pumping it. Guys, when you've got a great story, you don't have to pump it. We've got a great story here. We've got great assets here. People can see that. You can see the resource statements that that billion-dollar companies have put out from this. You can see the assets. You'll see valuation reports on those assets. You'll see that the results of the updated work that Theo's doing in terms of an implementation plan. We're not doing a pre-feasibility study. We're doing an implementation plan.

So, I think from my point of view, this is not a short-term company here. This isn't going to be a company that has the 10 minutes in the spotlight. This is a company here that Theo's building which is going to have a very significant presence in South Africa's uranium sector and gold sector.”

1:18:49 JB

“We've got uranium funds that are very keen to get involved. So you've got both sides of the balance sheet that's there. We will deliver on it.

Just to be clear and I'm seeing some of the comments here, we're very aligned this management team in what we want to achieve. We're very aligned here. It's not too often that you get an opportunity like this. I'm very clear, I've never been involved in a transaction in a company that has such a tremendous opportunity like this.

That is why I'm very glad that we've been able to attract somebody of Theo's calibre to come in and drive it and run this show. It's why I'm very glad that we've been able to get somebody like Sibanye there that sees something in us, that's there to sort it through. So, we're very aligned in our goals, in our strategy, and in the timelines that Theo's putting forward. So yeah, very happy with what we're doing here, getting this producing and operating within the next 18 to

1:11:52 TB

“Just on that question, we’ve appointed a dedicated financial controller for now in South Africa. They will be on the Beatrix 4 shaft, we'll have the big five that we'll call a manager mining manager metallurgy, a resident engineer, a mineral resource manager and a financial manager, a financial director.

In the Beatrix company, financial manager has got cost controllers procurement managers, we've got the structure that we want, the number of people that we require, the systems of course, you’ve got procurement systems, you’ve got IT systems.

All those systems will be in place. We’re speaking to Sibanye to see what of their systems we can still use because I don't want to reinvent the wheel. But when you're talking about financial controls and audits, there will be levels of authority sign-off required. If there is capital required outside a budget, there will be a capital application to the board. There'll be all the usual documents that you'll be used to in any mining company. So, that is very much work in progress, and the next audit should be a lot smoother and a lot easier than this last one. And as Jason said, it wasn't just a one-year audit, it was a couple of years.”

1:14:17 JB

“…highlighting when and how we're going to be doing funding. I think when we come back to the market, I think there's going to be sufficient news to get - obviously we're going to have some people that have been sitting there and wanting to get out, sell their stock - I think given where the company's going to be and what the information the company will likely be able to get out to the market at that time and the fact that the gold price has gone up, wow, significantly whilst we have been suspended, and the people that we've been talking to over this period, I actually think we're going to be in a very good position when we come back out.

As to the nature and timing of any financings then the board will make the decision at that time, and the board will make that decision based upon the recommendations from its CEO.”

34:55 TB

“Trust me there is, trust me there is urgency. Trust me when I tell you there is urgency, okay, definitely and again I don't want to pre-empt anything but we're dependent on publishing our financial statements.

When that happens that's going to set up a series of events that we can get this initial capital in to form the base for the company to create a solid foundation. And once we've done that and we've sharpened our pencils, we've got accurate forecasts, we've done our work, then we'll definitely go for the significant capital that will be required to build the mine.

How that's going to be split between debt and equity, we'll still decide. We'll have a look at what our forecasts show us, what our model shows us, and what the market shows us, and what the advisers tell us. We'll take all the information and we'll make a decision at that point.

But trust me if I tell you there is a lot of urgency. I've been here for 5 months and I'd like to get this this mine up and going sooner rather than later. It's taken a little bit longer than I thought it would. Again, there's a lot of things that are within our control that we can control and then there are things that are not in our control which are in the hands of other people. regulators, accountants, auditors, that type. So everything within my control, please understand I push as hard as I can and there's a huge sense of urgency to get this done.”

42:32 TB

“So, I'd say if all goes well 18 months we should be at a point where we can start looking at drilling and blasting again. But again, I've got to go and sit down and do the work and get the whole team to provide their inputs and see how quickly we can do stuff. Anything is possible if you've got the money. So we've got to raise the money, do the initial work and understand how much capital is required to get this up and going, and then it's basically a timeline.”

43:17 TB

“…but at this point in time, I'd prefer to do the work and I'd prefer to calculate it accurately and give you a proper number. We've got a range of numbers from $80 million to $120 million capital expenditure. The others have looked at it and said lower than that.”

48:23 TB

“Another important thing is, as Jason said, if we do any other transactions, we'll immediately release an announcement. At this point in time there are quite a few people that are arriving with some very interesting projects that we taking a look at.

But again these projects have to meet certain criteria and one of those is how will it influence our activities at Beatrix 4 shaft that is our principal asset and again I would like to reiterate everything else compared to that ore body pales into insignificance. That is a massive ore body and a massive mine.”

56:23 JB

“Yeah, those valuation reports will be completed and released concurrently with the listing or post the listing.”

18:56 TB

“…everything's in place. Like I said, to replicate that infrastructure from scratch in in modern world would cost you, I say well north of $500 million. So just the value of the asset alone and the replacement value underpins any value that you might consider in the value of this company. That is basically the asset making or the company making asset. I was looking at the valuations of some of the other uranium companies and I was looking at some of the other uranium companies today and they valued at around about $2.50 per pound in the ground in-situ we valued around about now where the share price is now around about 18 cents.

So it gives you some idea that all the value in this particular company and all the pressure is upwards in value because it's there it exists you can go and have a look at it you can touch it and the all underground is there more importantly and as I said it's a massive or body take a long time maybe 70 year life of mine before it's all mined out maybe even longer I mean 30 km of strike this huge ore body underground with a with various reefs. I mean there's not only one reef there's you like I said you've got leader reef, you've got Beatrix reef you've got several reefs down there in the structure. So yes, it's a really solid project and I look forward to developing it.”

24:16 TB

“…but it certainly shows us that this is an incredibly robust project, and it's extremely doable. And there's, sorry, the last thing is we’re in a gold mining area. We're in a town called Welkom. It's a gold mining town. it was actually built to house gold mines by Anglo-American. If you go there there's every kind of service that you require, good infrastructure and everything so we're in the right place at the right time.”

32:55 JB

“So, we've got to do this in the right way. We've got such an opportunity with this asset. As Theo's mentioned, it's a world-class asset. The gold, uranium, the infrastructure in place. Companies of our size, of our nature, and only being, literally having been around less than two years or so, companies like us don't usually get opportunities like this. And I think we've got to make sure we do it right to be true and fair to the shareholders in terms of the returns which we're expecting to come through a very strong share price appreciation once we resist.”

Such was my conviction, I did not feel impelled to participate in the livestreamed Stockbox Q&A.

However, I’ve since had the opportunity to get stuck into the full recording, and cannot for the life of me fathom the naysayers (other than an obvious, and perfectly understood I might add, frustration and desperation to trade one’s shares).

Short of ‘we’ll be producing and selling our uranium and gold into the market tomorrow’, I could not have wished for a better interaction and candid update from the company.

Although difficult for some to stomach, NEO’s JB is an entirely different proposition from his other listed ventures (which may still flourish, though I am not a shareholder).

Allow me to be blunt, without JB’s dealmaking competency, small-cap NEO would not be in contention for these game-changing assets, nor an enviable association with multibillion dollar stakeholder Sibanye-Stillwater i.e. in whose vested interest, as major shareholder with imminent board membership, it is for NEO to succeed spectacularly.

Echoing the sentiments of many before me, hearing directly from CEO TB was a breath of fresh air, ever confident his shrewd appointment and executive stewardship will prove fruitful.

Once relisted and the news flow floodgates are lifted, all will become apparent.

I found reading the spoken word crystallised further the magnitude of the opportunity before us. The following are non-exhaustive chronological key points of interest - the most promising highlights for me at least - I was able to harvest from the verbatim transcript (minus the various ums, uhs, ahs and other such filler sounds LOL).

4:38 JB

“On that presentation you see us talking about that Sibanye-Stillwater SA transaction. It is without question a company making deal with them. We will be joined by them, they will join us on the board with two of their nominees.

They will have that pre-emptive right to participate in the future fundraisings, and they clearly have other uranium production development assets in South Africa which clearly give us an opportunity to look at as this relationship is strengthened.”

I believe this can only be in reference to SS’s considerable uranium deposits at Cooke, or perhaps of greater significance, its extant uranium processing circuit on said site.

5:15 JB

“But they've got a track record of doing this and perhaps Theo can talk about this in more detail, they did a transaction similar to this where they effectively put assets into a company called DRD Gold that allowed DRD gold to focus on a number of a number of transactions and projects in regards to gold tailings. DRD gold has been a very good standout performer in South Africa and certainly in terms of getting returns for its shareholders.”

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