Uranium developer Neo Energy has appointed Theo Botoulas as its new CEO and executive director, effective immediately.

Botoulas, who is based in South Africa, is a seasoned mining executive with over 40 years of international experience in mining operational, finance and asset management, the company points out.

He holds a BEng and MSc in Mining Engineering, as well as Mine Manager and Mine Overseer’s Certificates of Competency (Metalliferous Mines), and is registered as a Professional Engineer with the Engineering Council of South Africa.

Botoulas has held senior mining executive roles throughout Africa, including as both CEO and COO of multiple listed and unlisted companies involved in diamond, tin, tantalum, gold, copper and uranium mine production and exploration.

He has led numerous restructuring initiatives, delivered turnarounds of underperforming assets and participated in the successful listing of several mining companies, Neo Energy highlights.

His most recent roles include CEO of Andiamo Exploration, focused on volcanogenic massive sulphide/orogenic deposits in the Arabian-Nubian shield in East Africa, and as a project manager for Abyssinian Metals’ Kenticha lithium project, in Ethiopia.

Botoulas also has significant experience in the construction and management of mining operations in both the Free State and Northern Cape provinces of South Africa, the company indicates.

In conjunction with this appointment, Neo Energy also announced a further restructure of its board.

Given the rapid growth of the company, driven by its planned acquisition of the Beisa uranium project in South Africa, the board believes it requires greater executive management capabilities at this level.

Sean Heathcote will transition to the role of executive technical director, continuing to support the company, Botoulas and its executive management with his deep industry knowledge and technical expertise.

Botoulas will also, as part of his role in South Africa, look to establish a broad and experienced executive team to advance the Beisa project through to production in accordance with the company’s strategy of establishing itself as South Africa’s largest uranium producer.

“I look forward to an exciting journey with Neo Energy in a world where nuclear energy generation and the associated secure and safe production and supply of uranium will become increasingly more relied upon as base load energy to meet increasing demand,” says Botoulas.

“The asset base of Neo Energy has a substantial mix of very near-term and well-balanced future production assets. Having been operational at the Oryx/Beisa mine (now Beatrix 4 shaft) during my early career, the experience will facilitate rapid reopening of the underground operations.

“I look forward to assembling a world-class team of professionals in order to deliver the stated Neo Energy mission, which is to become an established, safe and profitable uranium production company with multiple uranium mining operations across Africa,” he adds.

Meanwhile, in a separate statement, the company announced that its nonexecutive directors James Longley, Charles Tatnall, Jackline Muchai and Bongani Raziya, together with Jason Brewer, have each agreed to receive their director fees for the six months ending May 31 in ordinary shares in lieu of cash payments.

Accordingly, an aggregate amount of 22.4-million ordinary shares at an issue price of 0.75p are to be issued to the above directors.

A further 13.6-million ordinary shares at an issue price of 0.75p are be issued to four different service providers who have also elected to be paid in ordinary shares of the company, in lieu of cash payments, as a commitment of their ongoing support of its activities and growth strategy.

In addition, 143.98-million ordinary shares at an issue price of 0.75p are to be issued under the AUO Commercial Brokerage subscription agreement, as approved by shareholders and as set out in the prospectus.

Funds received have been applied to working capital costs of the company’s activities in South Africa and the UK and in respect of the acquisitions of the Beisa project and Henkries South uranium project in South Africa.