Quantum Helium (QHE) H2 2024 earnings summary

Executive summary

• Pivoted strategic focus from oil and gas to helium, acquiring a 20% interest in the Vecta Helium Project in the USA, with drilling of five wells set for December 2024.

• Completed sale of Stanley project and raised £1.5m, strengthening the balance sheet and funding new helium exploration.

• Enhanced management team with key appointments in both the US and Australia to support the helium-focused strategy.

• No accidents reported, reflecting a strong safety record.

Financial highlights

• Net production attributable was 16,340 BOE, down from 31,067 BOE year-over-year, mainly due to lower output at Cinnabar.

• Revenue from continuing operations fell to AU$186,232 from AU$572,174 year-over-year.

• Gross profit from continuing operations decreased to AU$76,362 from AU$221,295 year-over-year.

• Net loss for the year was AU$2.14m, similar to the prior year’s AU$2.13m loss.

• Total asset value increased to AU$9.45m from AU$8.67m year-over-year.

Outlook and guidance

• Focused on expanding helium exploration and development, with Vecta and EP-145 as key projects.

• Plans to deploy capital for seismic acquisition in Australia and drilling in the USA.

• Evaluating additional helium exploration opportunities in the USA.