Member Info for Beyondthesea

A good read up for investors who are not familiar with the transfer process.

https://discoveryalert.com.au/neo-energy-dmpr-approvals-beatrix-4-shaft-uranium-2026/

Lexicon, JB is still part of the Telegram group, he posted not long after the new board were announced saying he was sticking around as a shareholder & well he should JB made the deal with SS that type of deal isn't easy to pull off.

The selling in this last week is probably CMC off loading their 10m warrents.

Meanwhile we all get an opportunity to buy in & a fantastic price.

GLA

Rouley, just looked back on your past posts & yes I believe it was your post I read.

Fair play for asking the Q you did indeed DYOR.

Cheers

Rouley, you may have read that incorrectly. I have read & understand the value to be based on, 7.5% of share value relates to the nominal share value 0.00001 (total share capital is around £265k).

In other words it is not linked to the current Mcap or SP.

Around 4 billion to 4.5 billion shares will be in issue once the Beisa deal is complete.

Funding the mine rehabilitation & the payment to purchase the mine will most likely be via equity & debt with debt being the major contributor.

Previously streaming for gold & off take agreements for the U have been mooted as ways to raise the debt.

Beisa alone will be producing profits of $225-$275 per annum & th4 billion to 4.5 billion shares ats without production from Henkries.

Using assumptions (base operating profit ~US$254M, 4.4 billion shares post-deal, 5x cash flow multiple), Neo could see a theoretical share price in the region of ~19–23p in a steady-state scenario. Again without Henkries.

GL

Jontfsi, the new quoted figures are for Beisa central, Besia N&S make up the rest but....

Beisa N&S are not needed for a long while as there is 17yrs worth of mining just in the central part.

Ghost, the original S11 was applied for by SS back in May 2025 but I understand there was an issue or misunderstanding were they thought they could transfer the mining right. I t actually needed splitting as is the current process then Neo need to apply for the Beisa node.

As far as I understand this had nothing to do with NEO.

Hopefully it will now be sorted in the weeks to come.

Hi, I am not at my desk so no access to the RNS, but I think the share amount is correct, remember that is only 1/2 of the deal the other part involves Neo paying around $11m in cash to SS.

If the deal was variable the cash consideration would also rise.

The obvious solution is if SS takes the $11m in shares which would then push their shareholding up.

This should not be a point of confusion & does not need clearing up, this is from the original RNS with the terms of the deal.

SS will receive 995,454,544 new ordinary shares, no more & no less.

" Under the Option Agreement, the Loan Notes will be transferred from Sibanye-Stillwater to the Company, following exercise of the option by either party and the issue of 995,454,544 new ordinary shares to Sibanye-Stillwater at an issue price of 1.10 pence per share"

Their share amount has not changed but the % has changed due to the amount of shares now in circulation has changed.

Forgive me for butting in but the calculation in regards to SS share is all down to the original deal,

"· Under the Option Agreement, the Loan Notes will be transferred from Sibanye-Stillwater to the Company, following exercise of the option by either party and the issue of 995,454,544 new ordinary shares to Sibanye-Stillwater at an issue price of 1.10 pence per share"

Their share amount has not changed but the % has changed due to the amount of shares now in circulation.

Meanwhile, great to see the new board cracking on, & changing strategy from gold & U to just gold is a really smart move.

The initial costs are lower without the U plant ($30-50m), & there is already around 400,000 oz already developed waiting to be pulled out of the ground.

GLA

Target date for initial production is Dec 27.

Initial annual production is targeted at approximately 810,000Mlb uranium and 52,000 ounces of gold, at an all-in sustaining cost below US$30 per pound uranium equivalent after gold credits, with an estimated mine life of 17 years on current Measured and Indicated resources.

"upon receipt" is the key here, SS need the S11 as they are splitting the mining right from the other mines close by.

Once split NEO can apply for the S11 to mine, that isn't expected until near the end of the year.

The reasons for this delay appears to be a c0ck up on SS side, when the transfer was originally submitted last May.

Https://www.sibanyestillwater.com/news-investors/news/transactions/franco-nevada-stream/

New chairman of Neo Neil Froneman was CEO at Sibanye when this deal went through.

Indeed, AISC: Below US$30/lb uranium equivalent (net of gold by-product credits).

operating profit pre tax, royalties, equity/debt payments.

$225-$300m.

Using assumptions (base operating profit ~US$254M, 4.4 billion shares post-deal, 5x cash flow multiple), Neo could see a theoretical share price in the region of ~19–23p in a steady-state scenario.

US$1.0B EV ÷ 4.4B shares ≈ US$0.227 per share.

Not a bad 22x bag.

Expect the shares in issue to be around 4.4bn once the Beisa deal is finalised.

A lot yes but the economics of just Beisa are incredibly good.

Using the AISC below $30 lb allows us to get an idea of annual operating profits.

Annual production is targeted at approximately 810,000 pounds of uranium and 52,000 ounces of gold"

based on the targets and the current gold price of $4,709.64, the New Beisa Mine is estimated to produce a gross annual profit of approximately $274 million.

Implied Valuation,

Using a conservative 5x cash flow multiple on the estimated $274m profit, the New Beisa Mine alone could support a market cap of $1.37 billion.

At a more aggressive 8x multiple (common in high-demand cycles), this could reach $2.19 billion.

This is without Henkires & a predicted life of 17yrs.

JB often mentioned being offered $25 for 10oz of gold back in 24. when gold was floating around $2400 & SS completed a gold streaming agreement with Franco-Nevada back in 24.

Frontman was CEO, so well positioned given his ties to NEO & SS

https://www.mining-technology.com/news/sibanye-stillwater-500m-streaming-deal-franco-nevada/

The term 'up to' is key here, NEO have never suggested that the purchase & refurbishment costs would be equity based the preference is debt using gold streaming & off take for the U, given the profit the mine will make $250-$280 per annum repayment costs should be low, another method might be a consortium of banks lending the money.

Either way I doubt the equity route is the one NEO are going down, this resolution simply gives NEO flexability.

The 23p broker comments are now out of date. The latest broker note has a target of 14p PRE PRODUCTION.

I posted some figures a few nights back but with with initial production, a bit long but see below.

*****

I (well me & AI), have been digging into the latest initial production targets & using the AISC below $30 lb allows us to get an idea of annual operating profits.

"annual production is targeted at approximately 810,000 pounds of uranium and 52,000 ounces of gold"

based on the targets and the current gold price of $4,709.64, the New Beisa Mine is estimated to produce a gross annual profit of approximately $274 million.

Implied Valuation,

Using a conservative 5x cash flow multiple on the estimated $274m profit, the New Beisa Mine alone could support a market cap of $1.37 billion.

At a more aggressive 8x multiple (common in high-demand cycles), this could reach $2.19 billion.

Peer Comparison:

NexGen Energy: Valued at ~$8.5 billion, despite only recently receiving construction permits.

Paladin Energy: Often trades as a pure-play producer proxy with significant leverage to spot prices.

Current Standing: Compared to peers like NexGen Energy or Uranium Energy Corp, Neo Energy Metals (currently a micro-cap) would be expected to see a significant "rerating" as it moves from development toward the December 2027 first production target.

Stringer, from the Dec presentation phase i total capex $100-120m

That includes shaft referb, working capital & Uranium plant.

I think what someone is getting at is NEO actually trades on the main LSE exchange, not AIM.

I (well me & AI), have been digging into the latest initial production targets & using the AISC below $30 lb allows us to get an idea of annual operating profits.

"annual production is targeted at approximately 810,000 pounds of uranium and 52,000 ounces of gold"

based on the targets and the current gold price of $4,709.64, the New Beisa Mine is estimated to produce a gross annual profit of approximately $274 million.

Implied Valuation,

Using a conservative 5x cash flow multiple on the estimated $274m profit, the New Beisa Mine alone could support a market cap of $1.37 billion.

At a more aggressive 8x multiple (common in high-demand cycles), this could reach $2.19 billion.

Peer Comparison:

NexGen Energy: Valued at ~$8.5 billion, despite only recently receiving construction permits.

Paladin Energy: Often trades as a pure-play producer proxy with significant leverage to spot prices.

Current Standing: Compared to peers like NexGen Energy or Uranium Energy Corp, Neo Energy Metals (currently a micro-cap) would be expected to see a significant "rerating" as it moves from development toward the December 2027 first production target.

These figures really show the value of New Beisa & this is without Henkries.

Looking forward to this year & Next.

GLA

Nice to see such a positive board here. Many new names & of course some long term holders.

The new BOD have plenty of work on. I have communicated with Theo pre BOD RNS & really happy with the work which is ongoing & already been done.

It may not look like it but I believe there is a lot going on in the back ground.

Next up is AGM (and new presentation), then site access, followed by Sec11 granting for SS. Neo can then apply for the Sec11.

Neo's Mcap is tiny compared to the potential, each stage further along we get the more the disconnect will show, until we see a rise IMO above £200m given the assets & short term before production.

GLA & stay positive.