Neo Energy Metals progresses uranium project, shares down heavily since IPO

Neo Energy Metals shares were unchanged on Monday after the company announced it had progressed the evaluation of its Henkries uranium project.

Neo has appointed Erudite to renew the project’s financial evaluation, which Anglo American last completed in 1979.

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The news did little to inspire any trading in Neo Energy Metals shares, which were unchanged on the day at 0.58p at the time of writing. Neo Energy Metals shares are down heavily since listing on the London Stock Exchange at 1.25p at the end of 2023.

Commenting on today’s update, Neo Energy CEO Sean Heathcote said:

“While Anglo American moth-balled the Project in the late 1970s following a downturn in demand for uranium, the landscape for uranium has changed greatly with the market witnessing a significant resurgence fuelled by the growing recognition of nuclear’s role in carbon emission reduction.

“This positions Henkries as one of the few projects globally poised to commence production in the near term. Accordingly, we look forward to incorporating the updated estimates provided by Erudite into our financial models within an updated feasibility study ahead of paving the way for strategic development.”

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