Neo Energy Metals Plc announced to provide an operations update regarding its recent activities at its advanced Henkries Uranium Project in the Northern Cape of the Republic of South Africa. As part of its plans to progress Henkries towards production, the Company recognises the importance of recruiting the best talent and maintaining the highest standard of regulatory compliance on the Project. The Company has reconciled and prepared for transport 2,000 surface samples from the old Niger Uranium drilling programme.

These contain known mineralised intersections from 34 boreholes in the Henkries North Deposit that were never sent for analysis and form part of the resource expansion potential as defined in the CPR. If the analysis results follow the existing mineralisation trend in the Henkries North Deposit, there is the potential to immediately add another 1.1 to 1.3 Mlbs of U3O8 to the resource base. Final regulatory radiation tests prior to shipment will be completed by 13 February 2024.

The National Nuclear Regulator ("NNR") awarded Neo Energy a Certificate of Registration COR-302 license for the Prospecting Right on 15 January 2023, which allows for the exploration and sampling at site to commence under the Company's own license. The NNR has already scheduled its first site visit for the 13 March where the Company will illustrate its adherence to its internationally compliant operating procedures. In line with the above NNR regulations and licensing, the Company has appointed Avril van den Heever-Farmer as the Site Radiation Protection Officer ("RPO").

She was born and raised in Namaqualand and is passionate about the district, its people and geology. Her regional exploration experience started with De Beers Namaqualand Mines in 2002 and she has worked on several projects in the region. She has a 14 year history of work on Henkries, which provides an invaluable baseline continuity of the body of knowledge at the Project.

Finally, the Company has agreed in principle the lease of a new core shed for the Project with the Department of Agriculture. This facility was utilised on a previous exploration programme by Niger Uranium and is well suited to the task. Having access to this facility will reduce the site costs for the Project, as a budget item of a new structure (included in the cost estimate) will no longer be required.

Final negotiations are ongoing around the treatment of the cost the Company will incur in restoring the facility to a usable condition.