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Neo Energy Metals PLC on Monday said it had suspended its Chief Financial Officer De Wet Schutte ‘while investigating potential misconduct’. The company owns uranium and gold projects in South Africa. Its shares fell 4.0% to 0.73 pence on Monday morning in London, having risen 5.8% over the past year. It stressed that the allegation against the CFO did not concern ‘any financial mismanagement, impropriety or wrongdoing and the company’s financial position has not been impacted’. Chartered accountant Schutte joined Neo Energy as CFO in December, after fulfilling the same role at the Meridian Group, a Mauritius-based firm focused on the southern African fertiliser industry. He has previously worked for Harmony Gold Mining Co Ltd and Macquarie Group Ltd. While the investigation proceeds, Neo Energy has appointed Martin Westerman to oversee its finances, effective immediately. This follows a series of board changes in April, when Neo Energy tapped Neal Froneman as its next 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 appointed Sajjad Sabur, John Wallington and Johan Reeder as non-executive directors. 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, while Reeder is a chartered accountant. 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. The company is 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. The company is pursuing a listing on the main board of the Johannesburg Stock Exchange in 2026. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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