RE: On open17 Nov 2025 18:35
Approval of the regulatory applications, which were formally submitted to the Department of Mineral Resources and Energy ("DMRE") in South Africa in May 2025, currently remain outstanding. These applications were in respect to the Company's majority owned subsidiary, Neo Uranium Resources Beisa Mine (Pty) Limited ("NURB") completing the acquisition of the Beisa Uranium Project, the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure located in the Witwatersrand Basin, in the Free State Province of South Africa.
These regulatory applications, which were prepared by Sibanye-Stillwater Limited, the Company's Broad-Based Black Economic Empowerment partner, Siyakhula Sonke Empowerment Corporation (Pty) Ltd and the Company's Management Team and Advisors sought approval from the DMRE under Section 11 and Section 102 of the Mineral and Petroleum Resources Development Act for both a change in the area and the transfer of ownership of a defined area of the existing Mining Right that extends over the Beisa Uranium Project to the Company's subsidiary, NURB.
Progress on this approval process is expected to be advanced during the current quarter and into Q1 2026 and further updates will be provided to shareholders on this.