Helium One Global (HE1) H2 2024 earnings summary

Executive summary

• Achieved a confirmed helium discovery at the Rukwa project in Tanzania, with sustained flows up to 5.5% helium (air corrected) from the Itumbula West-1 well in Q3 2024.

• Submitted a Mining Licence (ML) application for the southern Rukwa Helium Project in September 2024.

• Acquired a 50% interest in the Galactica-Pegasus helium project in Colorado, USA, post year-end, expanding the portfolio and providing near-term revenue potential.

• Raised significant capital through multiple share issues to fund drilling, working capital, and acquisitions.

Financial highlights

• Total comprehensive loss for the year ended 30 June 2024 was US$11.0 million, up from US$2.7 million in 2023, mainly due to impairments and exchange differences.

• Net assets increased to US$47.5 million as of 30 June 2024, compared to US$27.2 million at 30 June 2023.

• Cash and cash equivalents at year-end were US$11.6 million (2023: US$9.6 million).

• Exploration and evaluation intangible assets rose to US$31.7 million (2023: US$15.5 million).

• Pre-tax loss for the year was US$8.7 million (2023: US$3.3 million).

Outlook and guidance

• Focused on securing the ML for the Rukwa project and advancing towards production.

• Initial wells at the Galactica-Pegasus project in Colorado expected to be on stream and producing in H1 2025.

• Continued review of Tanzanian prospecting licences and opportunistic approach to new applications.