Helix Exploration (HEX) H2 2024 earnings summary

Executive summary

• Achieved AIM listing in April 2024, raising £7.5m in an oversubscribed IPO despite challenging market conditions.

• Acquired the Rudyard Project in Montana for $250,000, expanding helium reserves and operational footprint.

• Drilled and tested two wells post-IPO, with Darwin #1 confirming a commercial helium discovery and Clink #1 identifying high-grade helium and hydrogen.

• Post-period, focused on fast-tracking Rudyard development, targeting first production in Q2 2025.

• Acquired a helium processing plant for $500,000, accelerating production timeline and reducing capital outlay.

Financial highlights

• Reported a loss for the period ended 30 September 2024 of £2,165,567; no prior year comparison as this is the first reporting period.

• Net assets at period end were £8,684,342.

• Cash and cash equivalents stood at £4,960,000; exploration assets capitalised as intangibles at £4,087,000.

• No revenue generated during the period; pre-revenue exploration phase.

• Basic and diluted loss per share was (3.30)p.

Outlook and guidance

• Rudyard Project expected to generate net revenue of $115–$220m over a 12.5–14 year field life, with peak post-tax profit of $15–$25m per year.

• First production targeted for Q2 2025, with plans to drill at least two additional wells in 2025.

• Recent £5m equity raise provides sufficient capital to bring Rudyard into production.