Helium One Global (HE1) Investor update summary

Operational update and project status

• Recently completed a fundraise of £8 million to fund the upcoming extended well test (EWT) at Itumbula West, with a current market cap of £70 million and 5.3 billion shares in issue.

• The company holds nearly 3,000 sq km of prospecting licenses in Tanzania, with the Rukwa Rift Basin as the most advanced, having successfully flowed 4.7% helium to surface from the Itumbula West-1 well.

• The EWT will deepen the well by 100-150 meters to intersect more basement fractures, aiming to establish commercial flow rates and resource estimates over a 4-6 week period, with operations scheduled to commence July 2024.

• The company owns its drilling rig, enabling rapid future drilling and potential revenue from leasing.

• Tai-3 well recovered a downhole sample of 0.8% helium in Q4 2023.

Financial and funding strategy

• Raised £8m in June 2024, £4.7m in February 2024, £6.1m in December 2023, and £6.3m in September 2023 through subscriptions and placings at varying share prices.

• Recent fundraises were necessary due to operational needs and market awareness of funding requirements, leading to share price pressure and dilution.

• Management aims to minimize future dilution, considering debt financing and potential industry partnerships or joint ventures post-EWT.

• The cost of applying for a mining license is minimal, but assembling the application and supporting studies is substantial and separately funded.

• Early engineering studies estimate initial infrastructure costs for helium processing at around $50 million, with modular, scalable design reducing complexity and cost.

Technical and commercial highlights

• The Rukwa Rift Basin project is a primary helium play with no associated hydrocarbons, distinguishing it from most global competitors.

• The EWT will test both the fractured basement and Karoo intervals, with real-time monitoring for helium, hydrogen, and other noble gases.

• Results from the EWT and subsurface modeling will feed into a feasibility study and mining license application, targeting first gas by end of 2025.

• Modular, containerised production facilities are planned, with options to sell helium at source to streamline logistics and minimal on-site civil work required.

• Helium is critical for medical, electronics, AI, and space industries, with global demand at 6.6 Bcf valued at $7 billion and spot prices at $700–$950/mscf.