Neo Energy Metals (LSE:NEO) — Annual General Meeting

0:01 Good morning, ladies and gentlemen. Welcome to the NEO ENERGY METALS PLC Annual General Meeting. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. I would now like to hand you over to the Board from NEO ENERGY METALS PLC. Theo, good morning, sir. Good morning. Thank you very much, everybody. First of all, I'd like to thank everybody for coming and to welcome all shareholders, directors, advisers, invited guests, and I now confirm the formal commencement of the annual journey. In particular, I'd like to thank our chairman, Neil Frohman, who's on the line, and Serge, who's the director of the company, he's president as well. Thank you very much for coming. And to anybody or any other director that's now on the line, I would like to ask the company secretary to please confirm the quorum.

0:54 There is two two shareholders present by proxy or in person. I think we have more than that. I you exceed. So we do have a quorum. Thank you very much. K. I'd like to confirm the notice of the annual general meeting that was set to circulate into shareholders in accordance with the Companies Act 2,006, the company's articles of association, and applicable regulatory requirements. The notice of meeting made was sent to shareholders present be taken as read. Would anybody like me to have it read? Then we proceed. Thank you. The report is taken as read. Okay. The next item on the agenda is the NEO ENERGY board chairman's address. And at this point, I'd like to invite Neil to please the AGM. Thank you.

1:48 Thank you, Theo, and good morning, ladies and gentlemen. On behalf of the board, I'd like to welcome you to the annual general meeting of NEO ENERGY METALS, and thank you for your continued support and engagement. This meeting is an opportunity to reflect on the progress we have made to engage directly with our shareholders and to set out the priorities that will guide the company through the next phase of its development. As chairman, I believe that strong corporate governance is fundamental to the long term success and sustainability of any listed company.

2:34 Good governance is not merely a compliance requirement. It is the framework through which the Board provides oversight, ensures accountability, manages risk, and supports informed decision making. For NEO ENERGY METALS, corporate governance will remain a key priority. As we continue to grow and execute our strategy, it is essential that we operate with a clear, structured, and disciplined framework. This includes having appropriate policies, procedures, delegations of authority, reporting lines, and internal controls in place to support transparency, responsibility, and effective execution across the business.

3:25 A structure driven organization is better positioned to manage complexity, respond to challenges, and deliver on its objectives. The board is therefore committed to strengthening the company's governance framework and ensuring that the right systems and processes are embedded throughout the organization. At the same time, we recognize that governance and strategy are only effective when supported by the right people. Our people are central to the success of the company. Their experience, commitment, and professionalism are critical to how we operate, how we engage with stakeholders and how we deliver value to shareholders.

4:11 As a board, we are committed to fostering a culture of respect, accountability, transparency, and performance. We believe that the company's people must be supported, empowered, and held to high standards as they play a key role in building a sustainable and successful business. Equally important is how we communicate with the market. Effective investor relations and strategic communications are not peripheral functions. They are integral to how a listed company builds credibility, manages expectations, and sustains the trust of shareholders, analysts, and the broader investment community.

4:56 As we advance our projects towards production and navigate the regulatory milestones ahead, clear, consistent, and timely communication will be central to how we demonstrate progress and protect the company's reputation. Looking ahead, the Board remains focused on creating long term value for shareholders while ensuring that the company continues to operate responsibly, transparently and in accordance with standards expected of a listed company. The value is underpinned by the quality of our asset base. At NEO BISER, our measured and indicated mineral resource stands at 26,800,000 pounds of uranium at 1,100 ppm u three zero eight and one point two million ounces of gold at 3.27 grams per ton reported all reported in accordance with the SAMREC code.

5:58 At increase, our Jaw code from 2012 compliant has a resource of 4,700,000 pounds of uranium at 399 p p m, a near surface free dig deposit with established feasibility economics and a mining right application already accepted by the Department of Mineral and Petroleum Resources. Taken together, these two assets give the company a meaningful and growing resource base across both uranium and gold, two commodities for which the structural demand outlook has really been stronger. I would like to thank my fellow board members, management, employees, advisers and shareholders for their continued support and contribution.

6:52 We look forward to the next phase of the company's development and remain committed to building NEO ENERGY METALS into a company defined by disciplined governance, clear strategy and sustained value creation. Thank you. Back to you, Theo. Thank you very much, Mr. Chairman. We will now proceed to the formal business of the AGM. I would like to suggest that during the formal business of the meeting, questions will be restricted to points relating to each resolution as it is proposed. Once the formal business of the meeting is over, I would be happy to take more general questions. Does anybody have any objection? No objections?

7:38 Thank you. Today's voting will be done by way of a poll on each of the resolutions put to the meeting. The company's company secretary will act as scrutineer. When you registered your attendance, you would have been given a poll card with shareholders and proxies for shareholders should complete and sign as indicated. In the case of corporate shareholders, the poll card should be completed by their authorized representatives present at the meeting or via their proxy. You have three options for each resolution. You can vote for the resolution, against the resolution, or you may withhold your vote. A vote withheld is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a resolution. I should mention that for those shareholders who have already lost the proxy, you do not of course need to complete a poll card unless you want to change your vote.

8:33 Will you please return your completed poll cards to the company second? I'm sorry? Good. It may take some time to complete the full procedure. Therefore, the results of the poll, including the proxy votes already received in respect of each resolution, will be announced through our regulatory information service and posted on the company's website as soon as practical. Okay, I'd like to take a bit of time to say it. So we have 670,639,090 proxy votes have been received, appointing the Chairman of the meeting.

9:18 These votes are summarized as indicated here, being given this summary by the company's secretary. Is that correct? Thank you. Okay, resolution number one, annual reports and audited financial statements. The first resolution which is set out in the notice according to this meeting is to receive the annual report and financial statements for the years ending 09/30/2024 and 2025. I shall be pleased to deal with any questions on the report and accounts. It would be helpful if any shareholder asking a question could give their name and state whether they are a shareholder, a proxy or a corporate representative.

10:09 Any questions? If there are no questions, I now propose as an ordinary resolution, number one, to receive the annual report and financial statements of the company for the financial years ended 09/30/2024 and 09/30/2025, together with the reports of the directors of the company, the directors and the auditors therein. To vote, would you put an x in the appropriate box on your poll voting card or by proxy? Thank you. Resolution number two, approval of directors' remuneration report.

10:58 The next item on the agenda is the resolution to approve the directors' remuneration report as set out in the audited financial statements of the company for the years ended thirty September twenty twenty four and twenty twenty five. Are there any questions? No questions? If there are no questions, I now propose as an ordinary resolution to approve the directors' remuneration report contained in the annual report and financial statements of the company, pages 39 to 45, for the periods ended 09/30/2024 and 09/30/2025.

11:43 To vote, please, would you put an x in the appropriate box on your poll voting card? Thank you. Resolution number three, approval of directors' remuneration policy. The next item on the agenda is the resolution for approval of the directors' remuneration policy as set out in the audited financial statements of the company for the year ended 09/30/2025. Are there any questions? No questions. Okay. If there are no questions, I now propose as an only resolution number three, to approve the directors' remuneration policy contained in the directors' remuneration report for the period ended 09/30/2025.

12:41 To vote, would you please put an x in the appropriate box on your poll voting card? Thank you. The next item on the agenda is the resolution for the reappointment of the company's auditors. Are there any questions? Okay. If there are no questions, I now propose as an ordinary resolution to appoint BDO OP as independent auditor of the company, subject to the formal appointment by the Board following the Annual General Meeting. To hold office until the conclusion of the subsequent Annual General Meeting of the company.

13:36 To vote, please, would you put an X in your front row box on your poll voting card? Thank you. Okay. Resolutions five to 10, reelection of directors. The next six ordinary resolutions relate to the re election of directors. Are there any questions? Okay, turning to Resolution five. If there are no more questions, I now propose an ordinary resolution number five to reelect Neil Frohnemann as a Director of the company. To vote, please would you put an X in the appropriate box on your poll voting form?

14:25 Thank you. Resolution six relates to the reelection of Sajid Sabur as Director of the company. Do you have any questions? If there are no more questions on our proposed as an ordinary resolution to elect Sajad Sabur as the Director of the company to vote, please would you put an X in the appropriate box on your full voting card? Thank you.

15:16 Resolution seven relates to the reelection of John Wallington as the director of the company. Do you have any questions? No questions. If there are no questions, I now propose as an ordinary resolution to elect John Wallington as the Director of the company. To vote, please would you put an X in the appropriate box on your poll voting card? Thank you. Resolution eight relates to the reelection of Giovanni Rieder as the Director of the company. Do you have any questions? No questions.

16:04 There are no questions. I now propose as an ordinary resolution to reelect Johan Rieder as the Director of the company. To vote, please would you put an X in the appropriate box on your poll voting card? Thank you. As Resolution nine relates to my own reelection, I now I will now hand over the chair of the meeting to David Skitter for this resolution. So this is resolution nine. It relates to the reelection of Theodora Sputulis as the director of the company. Do you have any questions?

16:54 If there's no more no questions, I propose as an ordinary resolution to reelect Theodore Sputulis as the director of the company. To vote, please put put an x in appropriate box on your voting vote card. Thank you so much. That can do it. Resolution 10 relates to the reelection of David Scooter as a director of the company. Do you have any questions? If there are no more questions, I'll now propose as an ordinary resolution to reelect Devetschitter as a director of the company.

17:41 To vote, please, would you put an x in the appropriate box on your poll voting card? Thank you. Resolution number 11 resolution number 11 asks for approval of the long term incentive plan. Summary of the plan is given in the explanatory section of the notice of AGM. AGM. There are no There are no questions questions on our proposed warning resolution that the company's long term incentive plan, the principal terms of which are summarized in the explanatory notes to this notice, B and approved and the Board B and Ecihaba authorized to do anything which you consider as necessary or desirable to give effect to the long term incentive plan.

18:43 To vote, please put an X in the appropriate box on your full voting card. Thank you. Resolution number 12, allotment of shares in the company. The next resolution relates to directors' authority to generally and unconditionally allot shares in the company. I do not propose to read the entire resolution which you set out in the notice of meeting. Are there any questions? If there are no questions, I now propose as long a resolution that the directors of the company be and are hereby generally and unconditionally authorized for the purposes of Section five fifty one of the Companies Act 2006 to exercise all powers of the company to allot shares in the company and to grant rights to subscribe for or to convert any security into shares in the company up to an aggregate amount of £174,505 and in the matter in the manner set out in the notice of the AGM.

20:07 To vote, would you put an x in the appropriate box on your poll voting poll? Thank you. Resolution 13, development of shares in the company in support of projects. The next resolution relates the directors' authority to allot shares in the company, which is in addition to the authority requested by Resolution 12 and relates to the project set out in the notice of AGM. I do not propose to read the entire resolution which is set out in the notice of meeting. Are there any questions? If there are no other questions, now propose as an ordinary resolution that in addition to and notwithstanding the authority to be provided, the directors upon the parsing of Resolution 12, the directors of company may the company the directors of the company be and hereby authorize you exercise all powers of the company to lock shares in the company up to a diluted nominal value sent out in the notice of the AGM.

21:21 To vote, please, would you put an x in the appropriate box on the poll voting card? Thank you. The resolution fourteen and fifteen, Disapplication of Preemptive Rights. I'll now turn to the two special resolutions that relate to Disapplication of Preemptive Rights for the Shared Government Authorities proposed by the earlier ordinary Resolutions twelve and thirteen. I do not propose to read the entire resolutions which are set out in the notice of the meeting. Does anyone have any questions relating to any of these resolutions? No questions?

22:07 Okay, Resolution 14. Resolution 14 relates to this application of preemptive rights for the share of the penthol authorities proposed by ordinary Resolution 12. Any questions? If there are no questions, will now propose as a special resolution that is subject to and conditional upon the passing of the Resolution 12 set out above the directors be and are hereby authorized to allot equity securities for cash under the authority confirmed by Resolution 12 and or to sell shares held by the company as treasury shares or cash as if section five sixty one of the Companies Act 2006 did not apply to any such allotment or sale, such authority to be limited as set out in the notice of AGM.

22:59 To vote, would you put an x in the appropriate box on your poll voting card? Thank you. And Resolution 15. Resolution 15 relates to the dissapplication of preemptive rights with the Share Allotment Authorities proposed by ordinary Resolution 13. There no there any questions? If there are no questions, I now propose as a special resolution that subject to and conditional upon the passing of Resolution 13, the directors be and hereby authorize to allot equity securities for cash under the authority conferred by Resolution 13 as if Section five sixty one of the Companies Act 2,006 did not apply to any such allotment or sale, such authority to be limited as set out in the notice of the Annual General Meeting.

24:07 Any questions? To vote, please, would you put an x in the appropriate box on your poll voting poll? Thank you. That concludes the formal business of the meeting. Does anyone have any general question? Not to do with the vaccine? No. Can I ask a question as a shareholder? Just Is it related to any of the resolutions? No. Is this this later on? Yes. We'll do a presentation. You might also be fine. Alright, people. Thank you for your attendance. I really do appreciate such a full room. Really, the the people that are putting a lot of hard work, thank the directors that are present, thank NEO.

24:57 I think NEO is in Miami, far away away and for getting up early in the morning, thank you NEO. And thank you all for your attendance. I'd also like to just mention the guys in South Africa that put all of this together and in London, our attorney James Bluh, who are here today, James Duncan, South Africa, our Eagle officer, Johannesburg, Fred Branley. I'd like to thank James Duncan as well that works for ServiceNove, and thank everybody, DeVet, for all the work that he put in and all the work he made into this. Obviously, anybody, I'd like to thank my colleague from South Africa, the panelists, Joe from the world, the very first one. And his team just to meet you all.

25:44 And, yep, thank you very much for the your attendance. With that, we'll formally close the business part of the meeting. Thank you very much. Okay. Did we carry on to the presentation? Now just as a side before we continue, if anybody would like to grab and sell a cup of tea or water, that would be that the. Okay.

26:30 We'll start with our presentation. You can go to the second slide. Line? Jack, Jack, how many many people people are are on the have 63 online at present. Okay. I just wanted to know. Thank you. Just to give you a bit of a follow-up on the progress we've made, in May and November 2025, this has been quite a hard and long slog, we secured our approvals from the South African Reserve Bank up to an amount of billion dollars in an intercompany loan facility and Subhania Stillwater was cleared by them to hold NEO ENERGY METALS shares.

27:30 I was appointed CEO on the May 16. The list is it took me exactly one year to get to this point, and I've had a lot of help from a lot of people. Some of them were only at work in Johannesburg, some of them helping us. The day came on, and we're fortunate enough now to have people over the of the Neil, John Rieder, John Worthington, all of them on board. So that's our progress through the last year. So this is quite actually a neat way of telling us what's of telling you what we've done in the last year. We appointed the SA France, the certificate in France was secretly appointed and we gave a corporate update in July as best we could with information that we had to hand.

28:20 Four RNS were sent out on audit progress, they were issued. That was a long and difficult road, but we eventually got our audits done and we got them published. In December 2025, we published our annual financial statements in the financial year 2024. And that came on board as our CFO, and we started we started to get stuff over the line and we started getting a lot of our issues that we had dealt with over the line and resolved. Okay, the NEO PISA acquisition was confirmed at R500,000,000 and we've published the funding strategy and the broker research note was published in December.

29:10 At that point, Gellini came in with a 1,500,000,000 strategic investment. CNC Capital Markets and we paid a lot of debts that we incurred by issuing shares. Do you like to expand on that a little bit? Yeah, think the whole idea for us was at that stage, we should specific looking have at those other people just take this to the next level and get them and also clear down any data that we had at that stage. We could have raised more in the market by paying some of the creditors in cash, then you can sort of see if they're just in a you know, buy them at the same shares once we raise the capital. And, you know, so that was basically and we needed a bit of money just to pay the waters, pay all other creditors and then moving to the next phase. That was critical for us.

30:05 If it wasn't for that fundraising, I would think we would have in business today. That was, you know, just to, you know, to move from the previous year to the new year, and then we can start with the 2025 work as well. So we started very late, but, you know, that help us, you know, just to enable that and to start getting all the controls in place. Great. Thanks, David. Okay. From March to present day, we published our financial year of 2025 and financial report. We started our actually started a bit earlier implementation assessment with a new bicycle shaft and we set out a three phase development plan where we're going to do our first implementation assessment and then take it forward.

30:52 Our board was restructured. NEO ENERGY METALS appointed as chair. Sarge, John and Johan Rieder were appointed effective on the May 18. We changed our auditors to BDO and we made application which was accepted for the Hengkruz Mining Right, which also starts a process that we will conclude by the end of this year, hopefully. The interim results were published on the May 5, and we confirmed our AGM for today. David, if you'd like to turn the slide. Yeah. I can present the slides. So I think I'm just going to talk in general, and then anybody can read the slide, is that we have two projects, the NEO ENERGY project, and typically, that project is in in three phases as Stuart just mentioned. The first phase for us now is, you know, to do the the pre implementation study to determine what is required, how do we start up that mine. The mine was on care and maintenance from phenobenary three.

31:56 And so some of the capital that we want to raise is to do the pre implementation study, and that's what we're going hand in hand. And I saw one of the questions that came up is when will we I've got a statement. Let's just talk about Pfizer. The Pfizer reserve on the resource data on the state of 2018 and '16, so we need to update with current economics. So there will definitely be a large upliftment on on the gold side and the uranium side. And so we will then with this with this study that we're gonna do is we will have a clear indication by November what is the new mine plan, how are we gonna start with that mine, and then we can start looking at leveraging the balance sheet. So the next four to five months is fairly critical, and, you know, with the support from Joe and his team also, you know, the intelligence that we need around, you know, what is our and and everything so that we understand that.

32:54 We have to add our section and they're group by December. And, yeah, but it's not on our hands because in the, you know, that would create the odd the same, but it'll be good from close to can have close with it to see how we could cross track if possible. But, however, even that that it did take a bit longer, didn't didn't take any time away from from this bolding and the system work that we had to do. If the section 11 was approved in February, we still would have done what we're doing now. So there's no time change on all of that. And some of the questions that came up, you know, here is that how much will Subhania ultimately own of our business? It would be between 1518% in the most transactions being included. We just voted down Sibanye transaction, so that was one of the votes.

33:43 And then when will first production take place? Typically, we're aiming for first production towards the end of next year, December next year. How it's gonna look like and what it's what we're gonna start up with, we will communicate to the market. It was the later part of this year once we've done the implementation assessment, and we know exactly how we're gonna start up. So that is that is then for for Pfizer. We have appointed advisers to help us. So we've got about six or seven big companies that's helped us with the pre assessments. We appointed a project management company that helps us manage the whole projects that we make sure by the end of November, we know where we're going and what is the circumstances and what is needed to start up. So that's on the that's on Pfizer.

34:33 Second one is on increase. Increase is in the Northern, South West of our country, very close to the Namibian border. We've submitted our mining right application in February. Typically, in South Africa, it's the first year, you're prospecting right there for a certain period, and then you need to apply for your mining right to certain commitments that you have to make. So we we made the application for the mining right in February. It was accepted now in April, and now through this phase from April, typically nine to twelve months, is that, you know, we will finalize also the preimplementations, assessments, and everything that goes hand in hand for for the mining right application. Hopefully, we will have it earlier next year, and then we can start with the amount of the process, but what do we need and and everything, how will we start on how will we start of that plot of that mine. And typically, that's the end piece after the adviser mine sorry. End piece will start maybe eighteen months later towards 2028, late twenty twenty eight.

35:42 Pfizer, just to remind everybody again, it's it's gold and uranium where is just uranium. The corporate positioning, I've spoken about Sibanye, we have Kelly, again, as one of our strategic partners that's working the role of us. We've spoken about NEO and our new board. I think the important part, what we're quite excited is is that our two core assets that we own today, Pfizer and and ENERGY METALS, is sufficient to take us for the next ten to fifteen years. You look at the shortcut report that was published in in December, that was basically just based on these two But surrounding both of our assets, the increased assets are for you know, we've only drawn 10% of the whole body that we own, and that's the way it goes in the thirteen year life of mine. So there's a lot of work that will go into increase more drilling, and we want to upgrade our CPR and the resource statement. So that almost probably will have upgraded resource statement being at the end of the year. On Pfizer, we have seventeen years, gold and uranium, but that's only if we mined the gold and uranium ore bodies, but if we go further down on the sub vertical, there's there's much more gold. We're gonna upgrade our resource statement there as well, and we should have an updated resource mining plan towards the end of the year. But if there is to advise that there is a lot of other opportunities for us that that we can explore.

37:12 But currently, our main focus is, you know, to spend less money in the assets that we've got and see and bring the data into production. We are fully compliant on both our assets on our VE side, which is a critical point for South Africa. The second point is uranium, You need nuclear approval, not all approvals in place. And then the other part is because it's uranium and gold, we brought in our security partner with Charlie's company earlier in to make sure that, you know, we've got all the necessary controls in place specifically with uranium, and we will be the only uranium producer instead of this first call, you know, you know, all those small, but, you know, it's a it's a critical model for us to focus on that.

38:01 Maybe on this investment side, are there any questions for anybody? I would just like to add what events just gone and said, what is the implementation assessment? Okay. We can start feasibility studies and know the whole route, or we can take what's already been done and by Sibanye and others, look at those feasibility studies, upgrade them, update them. What we've done is we've worked at all data sets. We've already taken the look at all data sets. The vet has already told you that we are updating our reserve resource statement. What that actually just means for anybody that may not understand it or not for us for forgiveness if you do, it's just giving you a statement of what is mineable at a certain point in time. It's almost like a balance sheet, if you like, in full formulas.

38:46 And what we then do is, as David pointed out, the last one it was done, was done under completely different economic conditions. Gold price was lower, uranium price was lower, and that determines what is your cutoff point, what is what we call our yeah. Your your your cutoff, where is your breakeven point. And what they do is the professional guys, they do it, the confident questions. In this case, we we're talking to in Johannesburg. We've got our own internal mining engineer, and then one of the resource managers. We look at the the the economic conditions. We if they retail, have the cutoffs. They create what they call variance towers on grade. We're looking at 25,000 samples, reevaluating them, reentering them into the database that we can get a more accurate reserve resource statement. Now your logic tells you that if the gold price has increased so substantially and so is the uranium price, that's gonna bring down what you call your pay limit, where you make money, and that's gonna bring more of those resources in the rock into play. So we should get a better resource statement. But we'll see, time will tell. They are busy doing it at the moment. It's not a one day job, and it's quite complicated.

40:00 Just also, if you can know, to get us to where we are, we've appointed a company called RMR. The project managers are reading the conspiracy theories on the internet that they work for Sibanye. Well, RMR worked for Ambrance, Sibanye, Army, they work for all the big mining companies. Ordinary, I would do project management myself, but in this instance, because it's such a big project with so many moving parts, it's quite underground, we are pointing to Oracle. If we do take the site over, if when we do take the site over, I use what we call our managers' tickets. In other words, I'm confirmed by the South African government to be what they call a competent person to take charge of mining operations. I always use my manager's tickets and my mine overseer's tickets and my peer range to do the work and to sign it off. So I'm personally overseer, but with the assistance of NEO ENERGY PLC.

40:59 Also, like you just mentioned, ENERGY is not a not a lesser project than Virtus four. It's just that the economic realities are on both of them. NEO ENERGY you've got you've got a huge amount of sunk capital to redo that shaft from scratchy. Today's money would probably cost you $800,000,000 in six years. So that's already sunk cost the shafts alone or with huge amount of money. The increase has got absolutely nothing there except it's technical data sets, we've only rolled out 10% of that resource, we're gonna drill it out more. So it's equally important and we'll bring it on stream in parallel with the other projects. And I think with that, I think we've spent enough time on these slides. Is there anything else you want to say on this slide, Vivek? No, no, always thanks. Okay, so if you just go to the next one, you can see a lot better than me, but there are many projects made each other glass. These are also at a point in time, they will be updated as we go. Our resource at Giviso is almost 27,000,000 pounds of uranium, 1,200,000 ounces of gold, 1,100 parts per million uranium in the rock.

42:13 If you've got three fifty parts per million, you've got a win over mine and we've got almost three times that. The gold grade is 3.27 grams an ounce. The infrastructure as it stands today to replicate that cost around about $500,000,000 Our production target there is 810,000 pounds of uranium a year and 52,000 ounces of gold that might very well increase as we get, but we don't know yet. There's work to be done, okay? Our all in sustaining cost is $30 a pound equivalent. Our CapEx is subject to the implementation assessment, but you can assume it's around about a $100,000,000 a month. And the reason to do everything, shafts, plant, everything, our mine life as we stand is seventeen years and our first production, we are gonna push everything we can to get it up and going on December 2027.

43:10 You gotta remember, as I point out to the people that we work with, the shaft, this is not the local supermarket that we're opening, this is a shaft going down 1,100 meters, and it's not going down another 1,100 meters. We're put men, material, people down there, and we've gotta keep them down safely and take them out safely, and let them do their work safely. So it's it's a it's a focused job, but it has a great return because your gold resource is there and uranium resource is there and it's in there at pretty high grades. And that's why you put a bit longer but you get a better return. That increase, our resource is 4,700,000 pounds, we've only drilled out 10% of that particular ore body, grade is around about four and a halfs per million.

43:55 We've got a our application has been accepted. It's what we call the free dig. And just by the way, as I've worked on, I noticed some of the shelters I've worked at ENERGY METALS, which was then known as the ORIX Mine. I worked there in 1990 to 1992. I know that mine pretty well, and a little bit in South Africa. I come from a place called Pembulu, the Bears. That was the Bears Ground. That's where I come from, that's my own province, I know the Springbok area and I know these assets pretty well. South Africa is the biggest province by surface area and it's got the lowest population. I think there are more people in the Greater Sand area in Johannesburg than in Holland. It's a beautiful place, I love my province and that's where I've been from and so I know this area is pretty well as well.

44:45 There we've got free dig, acid leach, you're going to have to put up a plan, estimate that you're to have to revise at least $65,000,000 for that production target of three and eighty thousand pounds of uranium a year. There's no gold, no other metals however, mining our application, we've applied for other metals, copper and everything else. In case we send our geologists out there and he does happen to draw a big copper deposit, then we might have that as well. So we've done all of that. Wind sustaining capital is $38 a pound, initial CapEx 65, our NPV is about $60,000,000 and an IRR of over 35%. So NEO BISSA is in Virginia in the free state, that's the Fort Farm Goldfields.

45:32 Guaraswam remains the world's single biggest source of uranium gold, E1 plus. There's plenty of it to hold, and one day, somebody will reach Jordan. Increases in the background, the Orange River. So we've got two provinces, two commodities, one company and both assets are in the South African mining jurisdictions. If anywhere you'd like to see the map, we've started to show you where they are, pretty far apart, but pretty easy to manage to get to both places. Next one? Okay, if you'd like to go through the market fundamentals, if you need the best in searching, go through the bit. But as our Chairman has pointed out to the market and I believe Fermi and I previously had these big commodity cycles, the uranium price going up and down.

46:25 In this particular uranium market, it's structural. There has been a fundamental change in how people think worldwide. Nuclear power generation is the big thing, so there would be a demand. And you can see there are charts showing the demand supply deficit. In uranium. You can see it, I think if I can just get the actual numbers, basically the short term price movement does not alter the structural supply demand picture, very strongly supported. Okay, the spot price reached $107 a pound in February 2024, that's a sixteen year high, and some correction from that level was always probable, okay? What matters to a developer like us is the medium to long term contract price and the direction of utility, of which remained constructive.

47:19 Uranium utilities are in the early stages of a multi year recontracting cycle and turn contract prices have held their gains. The World Nuclear Association September 2025 nuclear fuel report projects, the regulatory requirements for uranium will rise from about oh, it's a I think it's I've got it here, about 68 tons of actual uranium to over 389. So there's a huge demand for it. And according to the supply from existing and committed mines, that's not sufficient to meet that demand. Can we buy some energy or come into that are being developed against that backdrop on a given we don't develop or start our projects on a spot price in any particular Basically Yeah. I think, you know, just to add on what Steve was saying is that so there's a a significant data set that's happening.

48:20 Currently, the price is $90. The valuations that we've done was $85. If you the contract pricing today is a $105 a pound. And you will see on the next slide, can we go through the you don't have to go through the next slide now, but you can see the upliftment of that. So the fundamentals are absolutely in place. Theo was quoting tons. If you look at there, you can see the pounds shortfalls difference and there is a $1,070.90 and we will produce one and a half credit returns. It must be very small, but then so there is significant market up, you know, a shortfall in the market. So that's where we will participate in. Typically, increase and adviser would be on steady state, I would say, 29, and that's when you will start using 1,500,000,000 and the gold was probably a bit earlier.

49:17 We can go to the next slide. The next slide, we just put on the gold market, also structurally changed. I think everybody knows what happened to the gold price in the last couple of months with inflation, political uncertainty, negative real interest rates, all that type of thing. You're to see strength in the gold market fundamentals. Gold is always there. Rafael, anything? Yeah. I think what is important here to think about the resource and reserve statement for Wise Zone 2017 was down at a gold price of $1,200 an ounce. The beginning of 2025, gold was in 2,001. And banks had a long term forecast of about $1,500.

50:05 And specifically, that long term price that we use to determine where we source and reserve stable. So that's a critical one. So the, you know, so the banks and international investors and forecasters for gold has moved from 1.5 to 2.5. Currently, it's over $3,000 an ounce. So that's a significant part. So if you look at our resource data when it was done at a thousand 300, the new resource data, excuse me, will will basically increase in 2.5 to 3,000. So that's the that's the pay limits and everything that that you spoke about. So there's been a fundamental shift in in the gold price. And then typically, the other interesting information is that one would have thought of gold price that we've done 3,000 to $5,000 that the investment in the world will slow down, doesn't slow down. So there's still the same sales every year on gold, a high gold price. So this is very interesting going forward.

51:06 Right. Next slide, Peter. I just need give you an asset overview. That's the new mine. So far off on the you can see on the right hand side, you can see the shaft. It's the main shaft. The little a frame shaft to the to the left is a much smaller shaft, it's a four point or it's a five meter diameter shaft, I think even less than that, I can't remember. But that's what we call a ventilation shaft and it's also because it's a confined mine, that's the second escape way. You cannot open to go underground, you cannot open just one shaft, you got to open them both, there's actually another shaft, actually two ventilation shafts, one for the upper end and one for the lower. And in the background, those big silos that you see are the ore silos and they are graded and that's where the ore is transported to from the shaft and then it goes into the metallurgical plant. So that's basically a view of what the whole site looks like. Like we said, there's $500,000,000 worth of historical capital sunk there.

52:10 There's surface headgears, there's also a subvertical shaft, so there's an underground headgear as well that's underground in a subvertical. There is underground development that's being completed in the free State area of South Africa on your rock spaces. Your your your it's actually been a tilted system, the whole area, so your horizontal rock stresses are much higher than your vertical rock stresses. But because this is such a shallow mine, there's no real rock mechanics or or rock stress that we have to deal with. This is basically a deadweight problem, and it's it's a pretty it's a mine that doesn't have an issue of seismicity or any other kind of problem. So the tunnels are already developed. Some of them will have to be re equipped.

52:57 We're gonna have to open the shaft. Probably put a drone down the shaft to see the condition of the shaft before we put people down in the cage. I'll finish all the shareholders here before I see anybody underground. The person in the cage will be me. I'm not prepared to send anybody anywhere that I'm not prepared to go myself. So we'll go underground, we'll take a look. I don't think there should be any major issues, but if there are, we'll address them, we'll come back to you. But we've got a pretty good idea of what the surface infrastructure looks like. Unfortunately, I don't have extra eyes, so I have to go down the shaft and actually have a physical check of it and have a physical unit. Okay. Our reserves and our resources are measured as per the Saint Marie code. Left in there, 27,000,000 pounds of uranium, 1,100 parts per 1,200,000 ounces of gold at a grade of 3.3.

53:48 Okay, that's essentially our reserve resource statement. We're gonna do, when we put up the mine because the gold is prevalent there and it probably takes up around 70% of our revenue stream. It's because of the gold price where it's gone. We'll do the gold first, we'll construct the gold plant first so we can get some cash flow. There is no uranium plant there. We're gonna we design the uranium plant. We might do what they call reverse leach. If they're on reverse leach, what happens is you treat the uranium, you can pull down, finally treat the uranium first, and then you extract the gold, and there are several papers that indicate that if you do it that way, get a 10% better recovery of on the goal. Okay?

54:36 So there's a couple of options. We've got very skilled process engineers looking at it, and we've paused as part of the implementation assessment, come back and tell you what you're gonna do. K. There they go, if you just like to go on the production profile table, my eyes are failing me out. So the production there is just annual production at steady state at 820,000 tonnes. But I think there might be a great increase on the 52,000 ounces per gold. But again, that will be dependable, you know, this. We will know after the study, implementation study. And I think, you know, we've mentioned the all in sustainable cost for uranium will be below $30. But in reality, if you take all this in credit, you will get uranium for free.

55:23 And, yeah, you most probably only have the uranium plot cost that comes in there. So that even the $50 is a bit high if you really think about that. We have the first production, as we mentioned before, will be by December 2017, and then everything is just dependent on about section 11 approvals. But, you know, we have a fairly busy six months ahead of us to to get with the implementation study. Maybe we can move to the next slide. How much would the uranium plant cost? How quick is it? Well, we're still evaluating that. So the total CapEx you've got in is around to a $100,000,000. Yeah. Maybe a bit more. I would assume that the uranium plant cost around about $50,000,000 of that.

56:14 But we still got to it's one of the nice things about going to Newmarskoye is there is no uranium plant. There was one there previously, and mining like and processing like everything else in the world is driven by technology. So there's new technology available that we're gonna take a look at to make a plant much more capital efficient and much productive and efficient. So at the end of this implementation study, I'll come back to you then, and I'll give you an accurate cost. I'll even give you a schematic of what the plant should look like, and I'll give you the feedback to us. Sorry. And just quickly going back to the gold fundamentals. Are these prices not? Gold is ounces? No. I mean, but, I mean, gold's been above 4,500.

57:02 Yeah. Yeah. But then it's just a snapshot. Okay. So but it it says it's been trading above the. Yeah. Even on the calculations, the short gap presentation or we use, I think, 3.5 or $3,000 an ounce, and I remember that your range was 85. Yeah. But we start applying 4 to $4,600, and that that valuation will just jump up. And and the other important part for the shield is is that if you look at buying I believe the gold prices today, you know, gold's gonna be two thirds more than two thirds of the revenue. And then a third will be uranium. This possible for us.

57:49 Okay. So just unless you've still got a relationship, Are they gonna retain a major shareholding as part of the cash and equity transaction? And they've got the right two board seats. Our chairman was was previously the CEO of Sibanye. He is not one at the moment, he's of Sibanye. He was asked by myself to vet at the Sibanye environment if could do this as with the other directors and we're very honored that they did actually accept and come on to assist us. I think it's gonna be quite an exciting journey for everybody. Sibanye have got preemptive rights on any future funding financing. They do operate adjacent gold mines, Beatrix shafts.

58:36 We have a fantastic relationship with them. The mining guys, we meet with them. We work with them managing new business. If we require data sets, they always step up. We've met with the mineral resource managers, we've met with the technical team, with the security team. So we've got a good relationship with them. They give us a lot of data, and we and we can work. Okay. They've got other uranium bases in South Africa. Maybe at the appropriate time, we can speak to them about those, but appropriate time is not now. Let's eat what we have on the in front of us. And our broad based bank empowerment partner at NEO BISO is the SEC group. The equity participation is structured to meet the mining property requirements and it's basically vendor financing from our side. The vendor is gonna refer that and what it means. Yeah. So what it means is sort of we would have 30 PE to be compliant, you know, in South Africa. 30% is that they broke about, you know, in three phase of the three parts, strategic, the partner, 20%, 5%, you know, for community and 5%, you know, for employees, you know, so it's been set up like that.

59:53 What we've done is we have a bigger financing structure in place where we basically refund them, you know, for the portion that we fund a 100¢, but first cash flow will only flow to them once their loan accounts and everything's been repaid. So that's how it works. This is a very lost transaction, and it's very expensive. You're all money. And then and that's how how that works. It's today in the finance, and we have the communities involved and local employees. Okay. If I just may just ask for the questions that are coming on. Anybody? I mean, you can continue. I will answer that one. Okay. Next one, please. Okay. Just saying. This is in the Northern Cape. If you look at the bottom right hand and the top on the on the right hand side, you'll see what the Northern Cape looks like. That's my province. That's the British.

1:00:50 You can stand there, you can see fame spot and supreme block and all kinds of things roaming around. It's paleo channel hosted uranium. In other words, these were old channels, water channels, waterways. It's a very soft sand. It's almost like a beach sand, you can see it on the right hand side. There are uranium horizon, sometimes outcrops on the surface and sometimes it's eight meters below. That's basically a free dig for an average grade of 400 parts per million and impressive thing about this particular deposit is it's 48, you've got a strike length of about 46 kilometers. There are adjacent properties that we review in the deal on, and as we said, we've only tested around about 10% in this.

1:01:36 The processing there is conventional and an acid leach. You can do resin and pulp and a whole other processes. But like I said, you've got a series of propeller heads that manage things. They remind you. I know to ask the right questions, but we'd be we're looking at all options which is gonna be the most efficient process to use. That's direct yellow crack production and that process was proven by Anglo American using a pilot plant because previously they had worked on this particular asset, perhaps it was a bit too small for them and they proved the metallurgical process would work in with their little pilot plant. That's the reserve result statement for Henkrys, the 5,340,000 pounds at 400 parts per million, giving you 4,700,000 pounds of contained uranium for now and that's probably around about 10% of the ore body that's been drilled out.

1:02:33 Okay, the project economics, annual production is about 580,000 pounds of uranium and this is, I mean, can carry on forever. So this is a function of how big you're gonna build your pond at the beginning, whether you wanna build satellite plants, as the bit out there, get all of the projects in the area that you could perhaps bring in. Your cash cost around about $33 a The all in sustaining is around about $38 a pound. Your NPV $60,000,000 with an IRR of 25%, pay back in four years and you've got quite a huge operating margin. There's a sensitivity table down there, you can pick the price of uranium that you think it might go to.

1:03:19 If it goes to $95 a pound, your NPV of this particular project is $83,400,000 So you see on the right again the photographs, you'll see what it looks like in the sand and the general landscape. We are near the Orange River, so you are sources of water. And the environmental management plan will be done to take recognition and cognizance to everything. What I haven't really mentioned there is we're in a country that's had an issue with uranium mining for ninety years. We've got somebody, an organization called the National Nuclear Regulator. The South African regulations are there. It's actually quite useful because other countries that you might go to and try to mine uranium have no regulations.

1:04:05 Our country, South Africa, we have a lot of regulations that you apply by and if you stick by the book, you shouldn't go wrong. So we've got the national nuclear regulator and you've got the DPO regulations, environmental only disposal of waste. To actually handle that, to to do drilling, we need what they call a CLR 17 license, which is a license to handle natural radioactive material. We have that license in place. So we've got everything in place. So it's it's actually quite a nice environment to work in because there are regulations. Yeah. I'm sorry. There's just two questions I will ask. First one is what will happen if the section 11 is not approved? The section 11 on Pfizer will be approved. If they've seen a section 11 not being approved, sometimes it just takes time. This was to go to the status of government before it. I think it's important for shareholders to understand that we are actually buying a mine that is in care of maintenance while stopping this mine after we will create jobs in an area where we we had where there's a lot of poverty.

1:05:11 So, you know, through the social and labor side of the country, this is very important. So the only risk that we have is time, but then it will happen and then we'll be on communications with the DNPR all the time. The second question you asked here, why would we invest, you know, £65,000,000 up million dollars and only getting a a NPV of $60,000,000. Maybe just to understand how it works is that you invest the $60,000,000 or $65,000,000 beyond the cash flow, and over and above, you with all the costs and your capital is returned, you will get another $60,000,000. So that's the valuation. So maybe you should have looked you know, what what you spent and see, you know, the value of the company of the assets is less than that. Doesn't work by calculating an interest value, taking all the negatives and positive cash flows into consideration.

1:06:04 And that's why the return on these assets even at $85 a pound is greater than 25%. And as we mentioned earlier, the current growth in pricing on uranium is $105 a pound. They are at $95 You can see the return for this asset. This project is greater than 30%. Can I just ask from the Section 11 dates, what is the relevance between the date and December date? And then if they're based, are they you know is that just a conversation with the regulators? The first thing is you deadline. Yeah. The first thing you gotta understand being communication with with the the employer. The second thing you gotta understand, it's a process outside of other area. So we we What we can do is we can supply them the documentation to the standard they require.

1:07:01 We do that. Yeah? So on this section, NEO ENERGY if you miss the date of of of the June 6, there's nothing that the company can do about that. Now in order to to the next question you're ask is, well, what is the money gonna say? Well, first, if you need the if you do go over the date, we made a provision for that. We adjusted our our contracts. So money went this or they actually go for me just as much as people. I'm just gonna arrange it. So they I think the date to you and Charlie lost, we actually signed the agreement that we've given more time. However, a lot more time than after the June 6. However, we're still aiming for that. That's a thought.

1:07:46 We are just as key to get the section 11 through because that means we can close the deal and actually start doing our work. The contracting agreement we spoke about earlier was to get a site to start doing some of that that working very well. So when the section 11 is granted, we don't have to start at the beginning. We really cover the whole of the most. So so, yes, section 11, I don't think it's gonna be an issue. I really don't know. It would be the first time in the city in South Africa on a deal with SARS. I mean, that would be catastrophic for the country, not just for for us. This is international business with a big investment coming in to create jobs in a very difficult environment, in an economy, in a city that's been developed, that's had a hard time with it.

1:08:38 I don't think that you'd see anything like that. It's just that it is a bit frustrating because you're working with the MQR and they but again, you put people that actually interact with them, they talk to them, they give them the documents they require. And as we stated, we we got under the section 11, that's the one you want to go first. Immediately, that that's it should be brought to be in our paperwork, and we brought in our own memorized people that are experts on. And this to prepare that that application. So once this money gets there, it's literally we put ours in and facilitate it through the system. For this thing, what is it? The market that this goes through, most notably ours, so mining the reseller. So after that, then the deal kicks in, and we get our little picks and shovels. We go on the site, and they will deliver it.

1:09:31 They're in South Africa. We'll take you. And it's it's actually quite a magnificent stuff in the the magic mind. So, yeah, is there any other question that I've answered in about that? The other question is, do the board intend to buy any shares in the market? That's up to that. Yeah. There's no idea. Children at university and a lot of other things are no problem with everything according to this because, I mean, anyway, he's gonna do what it is. We need to finish in twenty minutes. Yeah. Yeah. That's Can I just ask you a quick question on you mentioned on the Sibanye relationship? You mentioned 15 to 18% churn. So the previous document presentation that I looked at sort of mentioned 30 to 40%. Well, that's clearly just a dilution issue?

1:10:47 That makes more sense. Yeah. No. That's in Yeah. Sorry. I just apologize to our chairman. NEO, you wanted to say something? Yes. Regarding the question whether the board, you know, is intending to buy shares, I think, you know, let it be well known that I intend to buy shares. I've already approached the executive, we are already just finalizing share a purchasing policy to do that. So, absolutely, I think this this company has tremendous potential and future value.

1:11:34 Hello. I'm I'm as well coming. I have also, with clearance from the company, and our combined team also acquired some shares NEO as well recently. Thank you, Serge. And I'm a big Canadian. Obviously, they've invested. This I haven't seen any kind of tier ones or any different companies. Is that something that will be released? Not sure. NEO is not the investment problem. Oh, I see. Yeah. Yeah. What the best company is that they're not. That's the base. We did sell them out. Yeah. And it was Yeah. I mean, I think that the actual corporate entity acquiring shares its ACL capital. So then if you Oh, So investment by investment vehicle.

1:12:21 When it comes to the issue of t r ones, we've been asked previously. The answer is I can't file the tier one for you. You've gotta do that yourself. Unfortunately, the company said he doesn't do that for me. But Can I can I ask you a very quick question unrelated to all this? And I said, I raised some very brief with Theo before the meeting just about security around the mobile devices. NEO ENERGY METALS METALS PARTNERGY PARTNERGY METALS METALS METALS your the way you're dealing with all those things. Okay. Just to before I begin, our chairman did make that statement in the in the press. I think that says more about the integrity of our chairman than it does about.

1:13:08 So you heard our chairman's address. He's a stickler for the rules. He is the chairman of business against crime. Neil, if you're still there, you'd like to answer the the question about the crime and and and the general, and I'd also like to say something. Daniel, if you're there. Yeah. Yeah. Thank you. And and a very good question. We we have been, as business against crime, working very closely and diligently with the the government to to address corruption and and and make a difference. Up in and and we've been doing that for probably four or five years now.

1:13:55 More recently, the McLanga Commission and and the events that surrounded that have provided a completely new landscape and understanding of organized crime. And so the first the first point I wanna make is that, you know, we we we will not misrepresent, whether it's this team or myself, the state of affairs in South Africa. They there are a lot of issues that are having to be dealt with. So we we're not gonna try and tell you that everything is rosy. It's not rosy.

1:14:42 We have a lot of corruption. We have a lot of organized crime, and we have very high criminality. So that's a bit like being an alcoholic. The first thing you gotta admit is you have a a drinking problem. Having said that, for the first time in many years, I think political parties have realized that crime and corruption is the single biggest issue on the agenda in South Africa. It's the single biggest issue facing civil society. So political parties, if they are corrupt, they're not gonna get supported. Political parties that have proper crime prevention and violence prevention strategies are gonna get support.

1:15:32 And and, in fact, all political parties seem to have realized that, and there's a wind of change. So so that is that is positive. We have, as business against crime, a a a newly developed strategy. We've signed on appropriate people. We're working closely with government. And and for the first time, there's real there's real collaboration at very senior levels in government to to address this problem, and that's recent. The other thing I would say to you is that, you know, making making sure that we don't misrepresent the status in South Africa is important. But, also, it sounds like we are shooting ourselves in our own feet by raising these issues. But what I wanna tell you is we know exactly as as an executive team, as a non executive team of independent directors, we understand the situation, and we know exactly how to deal with it. And it does provide a competitive edge.

1:16:49 I can assure you that if this was not South Africa where there was this resistance against some bad commercial policies, you know, issues that many investors don't understand. BE, we understand it very well. We support it. Many investors don't understand crime. They don't understand, you know, policy rights, property rights, and so on. That creates a competitive edge for those willing to work in this environment and actually who understand it well. If this asset was an asset for sale in Canada or The US or even Europe or Australia. To me.

1:17:45 Did you lose me there? We lost you for about a minute, NEO. Alright. Let me just recap. If this asset was for for sale in in one of the better jurisdictions where where policies are better understood and more investor friendly, you you would have you would have paid have to you would have paid a lot more. You would have have to deal with very significant competition. And and that's the the benefit of operating in South Africa if you understand it and you are able to deal with these these challenges. And I'm not I'm not at at all suggesting that these these challenges are acceptable or right. They are completely unacceptable.

1:18:38 And, of course, as you've heard, we're working very hard as business to actually change it into an environment that we can all aspire to, you know, to work in and and and where our values are are aligned. So, hopefully, that gives you a a balanced perspective. We say it as it is, but we also recognize the the opportunities because of our abilities to work in this environment. Thanks, Thier. Thank you, mister chairman. Okay. Just to reiterate what Neil said, it's a high risk environment. As a management team, do we fear that environment? Not at all. At all. K? Do we respect that environment? Yes, we do. On that basis, I'd just like to introduce you to mister Joe Fangervault. He's our group manager for for risk services.

1:19:34 Just the kind of thing that we do is we, number one, already done a threat and risk analysis of the area that we're working in. We understand all the threats, all the risks. We know the zoo. We know the gangs, the syndicates, the satanic covens, you know everybody in in the area. Okay? These are people that are around. So you can either choose to try and keep yourself away from them like a fort, which doesn't really work, and go and get a hold of guards, or alternatively, you run it on a, what you know, intelligence based security. I get a report from him every week. If there's something, an issue, understand it. We make it as an executive, we make a decision. We come from a country that's got a very strong record on human rights, okay? It's very given the history of our country, we understand that. Human rights is very important.

1:20:28 We don't wanna injure anybody. We don't wanna do anything extreme. However, we'd like to keep the syndicates and the people away from us, and there are ways or means of doing that, which do not include using violence. So if I could just read you what a zama zama actually is so I can answer your question because it seems to concern you quite a lot. Zama zama is actually a Zulu term. It means those that take a chance. That's what it means. It's like a game show you should call zama zama. Okay? It refers to artisanal miners who enter abandoned care and maintenance mine shafts predominantly in search of residual gold deposits. So the lady the ex miners most then, they're now waiting on looking at drains, in the gullies. The majority are migrants from neighboring countries, Mozambique, Zimbabwe, and Sotho, although there are a couple of South Africans, again from our security contractors the daily arrest on other mines or Zagas, and then mostly a lot of them from Tzu, a lot of them probably are from the adjacent countries.

1:21:26 At the lower end, individual zamas are people in desperate economic circumstances, these are people trying to feed their families, taking extraordinary personal risks to survive. Now if you ever been down the South African mine shaft, you've got a lot of problems down there, heat, everything it's us as mining engineers to deal with, these people climb down 500 meters on rope ladders to go and turn stuff off. It's not a man that's seeking his fortune that does it. It's a man that wants to survive. So, yes, we understand the environment. We're not gonna gloss it over, as the chairman said, and these people are being exploited by criminal syndicates and we know how to deal with that. And we also, by the way, do deal and do interact closely, I'm joking with her, with the scientific police services, with crime intelligence, with security companies.

1:22:19 So it's quite a big effort in in going into this to secure the mine. Right. Anything, Richard? Yeah. I think it's important to highlight that equally, we also need to look at internal people inside the mine itself. That's why from a compliance point of view, there's proper background verification, employment rating, and so forth that actually takes place. Because if we can address the cyber threat, that's probably more than 60 or 70 of the problem is actually solved because we can actually prevent them from actually coming onto our onto our project itself. Second of all, I think it's important to highlight that we don't want to engage with any of them on our specific mining site or concession area.

1:23:06 So the idea would be to actually displace that. We want to displace that from outside of our area of operation. Obviously, duty of care, loss of life, infrastructure, maintaining damage also. So I think that is the approach there. And we want to be responsive for nation and not react closely. Responsive means that we can actually assess the patient and actually deal with it, and also pulled out process where we just reaction that's in nature. So I think you're dealing with the school. Well, there's and last thing I'd like to say, so everything is a country of laws. Okay? You got an in the courts. And we've great enforce in the courts. Everything security commission does, k, there's what we call the rules of engagement, what they may or may not be. That has been passed by attorneys.

1:24:03 They're mostly the South African Police Service that's disclosed to them. And you so everybody is coming to me. Everybody understands what they may and may not be. In terms of the law, in terms of union rights, in terms of all the police, things are taken into account. So we're not a bunch of cowboys in the middle of a we think these things through and we try and ameliorate and displace any conflict away from us, k, so that we can do ourself and our miners. We mine and sell minerals. That's all we'd like to get there. Okay. Sorry about This is the last slide. Okay. Last slide. Let's go for it. You did it. Okay. So are we where are we? This is last slide. Shall I shall I take it? Please go, So yeah.

1:24:56 No problem. So for for this year, what is good for us to have on this year is similar to the pre experimental study that we need to finalize. We need to put sectional level, or we want to get the sectional level in which. And, you know, so and then we will be able to to determine what the capital required for the next phase. So we gave this as phase one with both of these projects, and then we could move into phase two. Critical then for next year is that that is when we start the developmental part of the one. How are we gonna start up? Most probably goldfish. Because there is a goldfish and all of that. So we are working all strategies to getting it as fast possible and have the dilution of shareholders as little as possible. So that's why this implementation phase now is critical for us.

1:25:46 And then also on the ENERGY spot, once the mining rights is in place, we will start with the implementation phase for that. And there is some of the work that's being done now at Pfizer on uranium plant, then work in just to be better that, you know, at latest technology on on the available parts. And then the intention is is for us to have the first production. It will most probably be gold production. And that's why I say first production of the gold by the end of next year, you know, 2027, and then ENERGY is the year after that. And, you know, I would say, uranium production was probably in the year of 2028. ENERGY METALS PISER, but they start with the gold that that is the the. But these production profiles and programs we're missing will be shared with shareholders, like I said this year, you can say, this is the plan and this is what we want to implement.

1:26:43 And then if we can go to the next slide, it is just you know, the book structure. And I think most important here, when we did our market cap on Thursday, you know, we roughly have a market cap now for the 27,000,000 pounds. But the important part is if we look at our business and we say that if we evaluate the uranium that we have in the ground and proven and proper or best or indicated compared to the average of reward, we are about when we do that valuation of sector average, you know, sector average is $2.62 dollars 60 per pound. We sell I'll just go to that $1.01 1.13. It means there's a 1.3 times upliftment only on uranium bottom. Then you forget about the gold. You know, we you know, this is just look at the business and forth.

1:27:30 And, you know, the the shortcut evaluation and everything report showed a twelve thirty p valuation, but it was also at much lower numbers. But we will update our evaluations and everything through analyst slides here in the year. But this is just a rough calculation, can just compare us with the rest of the world. And this is also critical as we say the section of the the focus point that we see. We've got to the next slide. Here's the board of directors. You have SASS here. We've spoken to Neil. We have two other directors, John Wellington, which is a well known miner, and, you know, Andre is seasoned miner who's working for Martin.

1:28:16 And, you know, on on the internal board side, you can talk governance and all that. So we have a fairly strong board with every few minutes. That's it that we need, you know, to keep everybody on the right track. And then the last one, most of largest of the executives, myself and few, and spread that space in South Africa, where you help support you both on corporate governance side and on the legal side. And the rest is just, you know, a bit of background. But I I think that is basically our presentation to to everyone. Happy to take any more questions, sir. We need to leave it in. Okay. Want to. Sure that. Questions, please please email email in the queue to us if if you would like us to answer them as we can.

1:29:09 First of all, I'd like to again thank everybody who attended here and set through the meeting. I'd like to thank everybody that attended online. I'd like to thank the the staff and and the and the guys in Johannesburg. Yeah. I'd like to thank our guys in Johannesburg who've sent you messages on the WhatsApp. Thanks to all the new blokes, Fred, Martin, Hank, Yapi, Yapi Loxha, both Yapis, Mario's, JP, all the guys sitting in Joburg, Michelle, everybody down in Joburg and Victoria and in Belkorn watching. Thank you very much for being here. And then again, of course, I'd like to really thank our chairman, Neil Frohnemann, for taking the time and sitting through the meeting and for his address and for the answer to these questions. And I'd like to also invite him if he'd like to have something to end off the meeting with.

1:30:01 Neil, over to you. Thanks, Theo. I think I would really just summarize what I said in my address and perhaps just reinforce. I I agreed to join this board predominantly because of the people involved. It's been my experience as an investor and also being on the other side soliciting investment that first and foremost, you invest in the managers of the business, and I include the board and the executive management in that. And, of course, secondly, and a very close second is there's no point in investing in a good management team if the underlying assets are marginal or questionable.

1:30:58 And I think in this case, Theo and David have shared with you this morning the potential of these assets and the relatively low cost of acquisition. You know, you couple that with good fundamentals for for uranium. For my sins, I'm also the chairman of the World Gold Council, and I can I can tell you that the the safe haven status of gold remains one of its key underlying support measures? The World Gold Council is working very hard to digitalize gold, and that will certainly go a long way to increasing demand as well, although demand is already strong. So the fundamentals for gold also remain very good. Of course, we need to to couple all of this with proper governance.

1:32:04 Of us on on on this board and and this company have worked our whole lives to establish a a credibility, and and we don't want to compromise our credibility and integrity by not having appropriate governance in place. And and that's essentially what my earlier address said. There you have it in my own words. And just to thank the management team and and all the shareholders and and investors on the call. Thank you for your time. I think you will see this company moving forward in a very positive and constructive way. Thank you.

1:32:51 Okay. Thank you, Mr. Chairman. I think with that, we can conclude the meeting. Again, once again to everybody that came to the actual meeting, thank you for coming. Thanks to the company secretary, to our attorney, to to James Duncan in South Africa that prepared all the documents to Fred. And again, as the chairman said, we're going to go places and watch the space. Thank you very much for coming. Thank you, Jake. Jake, you can do the outroider. Thank you. Thank you very much, guys. On behalf of the board of NEO ENERGY METALS, we'd like to thank you for attending today's annual general meeting, and good afternoon to you all.