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More likely down to the unusual funding facility with Zeus that has artificially set a ceiling to the share price. That and PI's not being patient as they see other stocks rising by 50% on a daily basis, so sell up to chase rainbows.

I personally think there will be changes to the facility, could be replaced by a placing or a strategic investor.

The production timeline has changed though. The wording has subtly changed from full production in Dec 2027, to gold production in Dec followed by the uranium. Until the implementation assessment is complete and we see what state everything is in, this production target date is a wish more than a promise.

Could also be a lingering mis-trust of the company and investors waiting on the sidelines for this approval to come through without any hitches. The company has treated holders badly and whilst there is a new board, the world has changed since this deal was done and I would be surprised if there were no amendments to it.

Just topped up, this is now my single largest holding. The company has been unusually quiet this month, which I think has facilitated the weakness in the share price. I don't think the market quite understands what the CEO is trying to achieve here, just need some patience to see him deliver.

It's Gilini Group, a property development company with other investment interests, they now have a seat on the board.

Yes that's the first part, Neo also has to complete a section 11 and can't file that until Sibanye's have been approved. The long stop date for the Neo part is 6 December, which is why I believe that the Gilini loan doesn't come into play until then. Of course it could close earlier than that.

The cash position at the end of March was £1.5m which just covers their trade payables. They will need more cash and fairly soon but that surely is common knowledge. I'm not sure that Gilini's convertible loan note comes into play until Neo completes their part of the section 11 which is later this year.

The strategic investment RNS was still talking about Q1 approvals this year, yet 9 days later in the interview the CFO mentioned further delays and now the accounts say Q1 2027. This raises so many questions and until such time as the company comes clean on what is going on, it's a difficult investment case.

I would rather an AGM, haven't had one in 2 years now, than a Q&A where they only want to answer the questions they want to.

I think investors have a right to be worried, the board has been withholding information from the market. In the interview of the 27 Jan, it was mentioned there were further delays to the approvals but the shares traded for the rest of that week without official notification.

We only learn of that delay timeframe yesterday and it's enough for the auditors to slap a material uncertainty as a going concern statement due to this in the accounts.

Surely they need a bunch of capital to improve and make ready the infrastructure. Who is going to lend them that until the approvals come through, that's why I struggle to see how that timeline is accurate.

Thank you for sharing the link, though part of me now wishes I hadn't spent the time reading it. I'm not sure what annoys me more, the additional delay of approvals to Q1 2027 or the board bonuses. They received £4m in bonuses (paid in shares), whilst we were suspended for the bulk of the financial year. Would love to know what the bonuses were calculated on!

I just cannot fathom out how they can still maintain the 18-24 production timeframe with the approvals pushed out a year. Something not right here.

Doubt it, the company has very little cash and is basically no longer a going concern.

Thanks BTS, I know the approvals take time and you're at the mercy of the mines department. But given NEO's history it's only natural to wonder whether anything our side is holding it up!

I'm sitting on the fence about these accounts, the last set were in early December and the new CFO only just joined so I can kind of understand it. But why were the latest set of accounts not already waiting and ready to be audited, there's not exactly any revenue to be tested!

The mining license appears to be delayed, from what I can see even Sibanye have dropped the Q1 completion narrative, so why? Is it the SA government's fault or NEO and how does this impact production?

And then if Henkries is so good, with uranium near surface and an all in producing cost of $33lb what is the timeline to get this going. They were supposed to drill in the first year of listing and never even put a shovel in the ground.

We need an AGM, so that questions can be put directly to the board and not screened through some online Q&A forum.

On the face of it, yes NEO is cheap especially so when you look at the valuations of some rubbish listed in London. It does though carry a degree of execution risk and Theo should clarify what was said in the interview about the approvals. It's simply not good enough to mention there are further delays in an interview without officially saying it.

I know Theo inherited a bad hand and is trying to clean it up but the constant shifting of timelines does not help the investment case. At the moment NEO is almost a binary bet, get the approvals and we're off to the races but without them it's a different story, which in my view is why we are valued at this level.

For anyone who has not been following Sibanye, below is an extract from their financial report of last week:

The transaction to sell the Beatrix 4 shaft, which forms part of the Beatrix gold operations and includes the Beisa uranium project, to Neo Energy

Metals Plc. (Neo Energy) for a total transaction consideration of R500 million, comprising R250 million in cash and R250 million in newly issued shares

in Neo Energy was still subject to certain outstanding conditions precedent at the reporting date. The assets and liabilities associated with the

transaction remained classified as held for sale in accordance with the requirements of IFRS 5. Neo Energy will assume responsibility for all Beatrix 4

shaft rehabilitation and environmental liabilities, which amounts to a carrying value of R480 million at 31 December 2025. Property, plant and

equipment of R30 million relating to the Beatrix 4 shaft disposal is included in assets held for sale at 31 December 2025.

The assets presented as assets held for sale were measured at the lower of the carrying values and fair value less cost to sell.

Beyondthesea, it's purely a left field thought as nothing with NEO should come as a surprise anymore! I would like to understand how a delay in approvals does not impact production timelines.

What if SS do change their mind about U mining. They could scupper the deal, crash Neo's share price and buy our remaining assets on the cheap, then be in production fairly quickly with their firepower.

NEO has never met a timeline since listing, so in the interview when they say a delay in approvals will not impact production timelines is questionable at best. There is more to all of this.

That is my take on it, I have a core holding held since July 2024 and will keep that until production at least. I also bought some more this morning but for a shorter term duration.

There are of course risks, from approvals to Trump doing something to South Africa but this is part and parcel of investing.

The normal market size is 500,000 so they paid a premium. If they had split the trades it would have been cheaper!