Member Info for GHOST61

or is someone a *******er???

T & K

Where r u???

GLA & ATB

HEX investor

& maybe another one

Noted by their absence

May be Blue Origin use Helium

Is HEX BB turning into another Happy-Clappy Board.

Ramping naming Brewer ,

- Where is Brewer mentioned in the post???

Brewer has nothing to do with NEO so yr posts are irrelevant

Not cross ramping but as a ref. comparison see recent NEO AGM vs HEX AGM.

Big difference in standard of presentation and content.

So they are not all the same or similar.

One other point re Gilini NED SS. Is he the only non-South African on the new BoD?

J. - Gilini’s board member....

I agree 1.02 looks like a good buy long term. Looking at this Sec 102/11 procedure, reccent work completed and planned, it is doubted there is a practical reason for non-approvals. In view of recent suspensions, OLD BoD issuing shares to themselves, lack of track record etc, followed by their replacement by new BoD, regulatory housekeeping, positive AGM inc. statement re- funding will not be a problem, and JSE listing surely the 102/11s will be approved but

possible for a June 06th deadline extension??? Meantime, the plan appears to being progessed without delay.

OK.

Neil = Neal

JAN>NEO looks a good call

Gday Jimzi. Great to see you are still here and contributing well.

Alternative is cobwebs n suppression from the Happy Clapps

ATB & GL

Contd. 3/3

The possibility of Sibanye-Stillwater cancelling the deal if the June 6, 2026 deadline is missed is theoretically high under strict contract law, but practically low due to the mutual strategic incentives and the nature of regulatory delays in South Africa.

1. The Legal Risk (High Theoretical Probability) The June 6, 2026, date is a Condition Precedent (CP) explicitly defined in the transaction agreement

1.

Automatic Termination: If the Section 102 approval is not granted by this date, the agreement technically allows for the deal to terminate automatically unless an extension is mutually agreed upon

1.

No Statutory Buffer: There is no automatic legal extension in the Mineral and Petroleum Resources Development Act (MPRDA) for private transaction deadlines; the timeline is contractual

4.

Sibanye's Leverage: As the seller, Sibanye-Stillwater retains the legal right to walk away if the condition is not met, potentially leaving Neo Energy with no asset and potentially facing legal disputes regarding any deposits or costs incurred

1.

2. The Commercial Reality (Low Practical Probability) Despite the legal risk, cancellation is unlikely for several reasons:

Strategic Exit: Sibanye-Stillwater has already classified the Beatrix 4 shaft as a non-core asset and placed it on care and maintenance in late 2023

2. They are motivated to complete the sale to realize value and offload environmental liabilities, rather than reabsorb the asset

4

5.

Regulatory Precedent: Delays in South African mining regulatory approvals (Section 102/11) are common due to the administrative workload of the Department of Mineral Resources and Energy (DMRE). In such cases, parties typically negotiate a short extension of the "Longstop Date" rather than terminating the deal

6.

Mutual Investment: Neo Energy has already commenced the Implementation Assessment (Phase 1) and secured working capital, indicating both parties are proceeding with the assumption that the deal will close

1

2.

Company Confidence: Neo Energy Metals has publicly stated the process "remains on track" for the defined timeline, suggesting management does not anticipate a failure that would lead to cancellation

1.

3. Likely Outcome if Deadline is Missed If the Section 102 approval is not granted by June 6, 2026:

Extension Agreement: The most probable outcome is a supplementary agreement signed by both parties to extend the CP deadline by a few months. This is standard practice in the mining sector when regulatory timelines slip

1.

Continued Operations: Neo Energy can continue its Phase 1 assessment via contractor agreements even if the formal transfer is delayed, ensuring operational momentum is not lost

1.

Conclusion While the legal mechanism for cancellation exists if the deadline is missed, the commercial probability is low. The deal is structured with a 24-month completion window (ending December 2026), and the June 6 date is an intermediate milestone. Unl

Contd. 2/3

There is no statutory or automatic framework in South Africa's Mineral and Petroleum Resources Development Act (MPRDA) that grants an extension to the Section 102 approval deadline once the agreed timeframe expires.

The 18-month deadline (June 6, 2026) is a contractual Condition Precedent (CP) within the sale agreement between Neo Energy Metals and Sibanye-Stillwater, rather than a fixed statutory limit in the MPRDA itself. However, the regulatory process is designed to be completed within this window, and failure to secure the approval by this date creates significant legal risks rather than triggering an automatic extension mechanism.

Here is how the framework and potential outcomes work:

Contractual Nature: The June 6, 2026, date is defined in the transaction agreement as the deadline for Sibanye-Stillwater to obtain the Section 102 consent to transfer the mining right out of its portfolio

1

2. If this approval is not granted by this date, the transaction is technically at risk of failing unless the parties agree to amend the contract.

No Statutory Extension: The MPRDA does not provide a specific clause for extending the timeline for Section 102 applications once the "Condition Precedent" period has elapsed. The Department of Mineral Resources and Energy (DMRE) processes applications based on their own timelines, but if the deal's contractual deadline passes without approval, the legal basis for the transfer may be void unless the contract is renegotiated.

Renegotiation Pathway: In the absence of an automatic extension, the only framework for continuing the deal is a mutual amendment of the transaction agreement. This would require both Neo Energy and Sibanye-Stillwater to agree to extend the "Longstop Date" (the final deadline for completion) and the specific 18-month CP window. Such an amendment would typically involve new conditions, such as extending the working capital commitments or adjusting the purchase consideration.

Precedent and Risk: While the DMRE has extended timeframes in the past during exceptional circumstances (e.g., the COVID-19 lockdowns), these were specific regulatory declarations, not automatic provisions for private transactions

4. If the deadline is missed without a contractual amendment, the seller (Sibanye) could potentially walk away from the deal, or the buyer (Neo) could face legal challenges regarding the validity of the transfer.

Neo Energy Metals has explicitly stated that the process "remains on track for completion within this defined timeline," indicating that management does not currently anticipate a need for an extension

1

2. The company is proceeding with Phase 1 implementation assessments via contractor agreements to ensure operational progress is not stalled even if the regulatory approval is finalized slightly later in the year, as the Section 11 application is expected in the "latter part of 2026"

1.

The deadline of June 6, 2026, is derived directly from the 18-month regulatory window mandated by the South African Mineral and Petroleum Resources Development Act (MPRDA) for the transfer of mining rights, calculated from the date the transaction was signed.

Here is the breakdown of the timeline:

Signature Date: The acquisition agreement between Neo Energy Metals and Sibanye-Stillwater was signed on December 6, 2024 .

Regulatory Requirement: Under the MPRDA, Sibanye-Stillwater must obtain approval under Section 102 to transfer the Beatrix 4 Mining Right out of its portfolio, followed by the Section 11 application to transfer it to Neo. The agreement stipulates that this specific regulatory transfer process must be completed within 18 months of the signature date .

The Calculation: Adding 18 months to December 6, 2024, results in June 6, 2026 .

This date represents the Condition Precedent (CP) deadline by which Sibanye must secure the initial regulatory approvals to legally enable the sale. If this approval is not granted by June 6, 2026, the timeline for the subsequent Section 11 application (transferring the right to Neo) and the overall 24-month completion window could be jeopardized, although the company has stated this milestone remains "on track" .

The Section 11 application itself (transferring the right to Neo) is expected to be approved in the latter part of 2026, shortly after the June 6 deadline is met and the Section 102 transfer is finalized .

I'd love to learn about when we can expect a return to the much touted UHP & when to expect some virgin drills on new targets.

- Positive news on this would be great. Looking back over since 25Q4 with one raise to fast track production in 2026, then another

raise in 26Q1 it appears recent costs have been quite high. Hoping cash balance + income is enough for funding Inez, Well 5 +

PSA upgrades. Meantime, still not sure why Inez drill string problem was not sorted immediately as previously it seemd Inez was a priority.

As for UHP 99.999 some news on corrective actions would be good as previous Ai posts here indicate it may not be so quick & easy;

and may cost more $$$.

ATB

Panama Canal delays are due to increased traffic and scheduled lock maintenance. Delays are stated as only iro 48hrs.

Still plenty of rain