Neo Energy Metals taps Sibanye Stillwater ex-CEO as new chair
Neo Energy Metals PLC on Wednesday reported a series of board changes, as it noted ‘exciting potential’ on the company’s horizons.
Neo Energy shares jumped 32% to 1.05 pence on Wednesday afternoon in London.
The company owns uranium and gold projects in South Africa. It has appointed Neal Froneman as its new independent non-executive chair. Froneman, fresh off a stint as chief executive officer of gold and platinum producer Sibanye Stillwater Ltd, currently chairs the World Gold Council.
Alongside Froneman, Neo Energy has appointed Sajjad Sabur, John Wallington and Johan Reeder as non-executive directors, effective from Friday.
Sabur previously worked in the private equity arm of HSBC Holdings PLC. Wallington is an Anglo American PLC and Sibanye Stillwater alum, who currently serves on the board of Glencore PLC.
Chartered accountant Reeder has ‘35 years of international experience across the mining, manufacturing and utilities sectors in Africa, Australia and the Middle East,’ Neo Energy added.
Current directors Jason Brewer, Sean Heathcote, Bongani Raziya, Jackline Muchai, James Longley and Charles Tatnall are stepping down as of Wednesday.
‘We are pleased to announce these high-profile additions to the Neo Energy board. We feel very fortunate to have been able to attract board members of such high pedigree, experience and knowledge of South Africa,’ says Chief Executive Officer Theo Botoulas.
‘I believe this not only speaks to the exciting potential we see in the New Beisa and Henkries assets, but also for what Neo Energy can become by combining the new management and board together under one roof,’ the CEO continued.
‘In New Beisa and Henkries we have two of the most exciting uranium assets in the sector, which are heading into a key stage of their development as we look to complete the New Beisa transaction with Sibanye Stillwater and obtain the mining right for Henkries before heading into financing and construction phases.’
Back in March 2025, Neo Energy agreed to buy land and mining rights at the Beisa uranium project from Sibanye Stillwater, having already agreed to acquire Beisa from Sunshine Mineral Reserve Pty Ltd.
Last month, Neo Energy reported that negotiations were underway to secure unrestricted access to the New Beisa complex, and that the company was eyeing a ‘targeted medium-term production timeline date of December 2027.’
Sibanye Stillwater has submitted Section 11 and Section 102 applications to South African authorities, with approval expected in June. Neo Energy plans to submit its own application by December 6. Separately, it expects approval of the mining right application for the Henkries complex by December.
Historically, South Africa has mined uranium as a by-product of precious metals, rather than targeting it directly, though Neo Energy is positioning itself as the region’s low-cost uranium producer.
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