Neo Energy Metals provides update on audit progress and trading status

LONDON - Neo Energy Metals plc (LSE:NEO, A2X:NEO) announced Wednesday that the audit of its annual report and accounts for the year ended September 30, 2024, is in its final stages, with publication expected within four to six weeks.

The uranium developer’s shares have been suspended on the London Stock Exchange since February 3, 2025. The company attributed the audit delay to the complexity of accounting for its reverse takeover transaction of Stranger Holdings plc, rather than concerns about asset quality or going concern status.

Neo Energy stated it has been in "active dialogue" with regulatory bodies regarding the audit process and will seek immediate resumption of trading upon publication of its accounts.

The company also confirmed it remains committed to pursuing a secondary listing on the Johannesburg Stock Exchange, with the process anticipated to be completed in the first quarter of 2026.

Despite administrative delays, Neo Energy reported it continues to advance its uranium and gold projects in South Africa. These include the Henkries uranium project, which the company describes as progressing toward near-term production, and ongoing integration of the Beisa and Beatrix assets.

The company acknowledged shareholder concerns over communication during the suspension period and committed to providing bi-weekly updates on audit and regulatory progress until trading resumes.

Neo Energy’s portfolio includes uranium and gold projects in South Africa with a reported resource base of 117 million pounds of U₃O₈ and over 5 million ounces of gold, according to the press release statement.

Theo Botoulas, who was appointed as Chief Executive Officer effective May 16, 2025, leads the company alongside Executive Chairman Jason Brewer.

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