(Correcting upside value of Beisa North and South.)
Neo Energy Metals PLC last week Monday said it has commissioned independent valuations of its Beisa gold and uranium project in South Africa.
The London-based near-term, low-cost uranium developer holds uranium assets in the Witwatersrand basin, located in the Free State province. It will assess resources comprising 117.0 million pounds of uranium and 5.4 million ounces of gold in the Beisa North and South uranium projects, the Beatrix 4 mining shaft and the Beisa uranium mine.
Neo Energy’s acquisition of Beatrix 4 in December completed its 100% takeover of the Beisa project. The company purchased the shaft from Roodepoort, South Africa-based gold and platinum producer Sibanye Stillwater Ltd for R 500 million - around £22.0 million.
The newly-commissioned report will clarify the project’s consolidated value. It will also analyse the profitability of reprocessing the estimated 40 million tonnes of gold and uranium tailings currently on site.
A 2023 assessment of Beisa North and South reported an upside value of R 2.3 billion for 46.02 million pounds of uranium, Neo Energy said. This was based on around 51% of the prospect’s total resources, at a uranium price of $53.00 per pound.
‘The completion of the integrated valuation of the entire Beisa Uranium and Gold Project will go a long way to illustrate the sheer scale and significance of the Project in the global uranium market’, said Neo Energy Chief Executive Officer Sean Heathcote.
As with prior reports, the new commission will comply with the South African Mineral Valuation Code and South African Mineral Reporting Codes.
Design and engineering work currently underway at Beisa and will continue during the valuation process. The completed reports are expected in the first-quarter of 2025, with an updated development plan scheduled later in 2025.
Neo Energy also holds a majority stake in South Africa’s Henkries uranium project, which passed an inspection by the South African National Nuclear Regulator.
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