Helium One Global (HE1) Investor update summary

Operational update and project progress

• Raised £8 million to fund the upcoming extended well test (EWT) at Itumbula West, expected to last 4–6 weeks and critical for project advancement.

• Successfully flowed 4.7% helium to surface at Itumbula West-1, a globally significant concentration with no associated hydrocarbons, CO2, or H2S.

• EWT operations scheduled to commence July 2024 at Itumbula West-1, with plans to deepen the well by 100–150m to test both basement and Karoo intervals for commercial flow rates.

• Owns a truck-mounted drilling rig, enabling rapid deployment and potential revenue from leasing to other operators.

• Results from EWT will inform dynamic subsurface modeling and a feasibility study for a mining license application.

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.

• Current market capitalization stands at £70m with 5.3 billion shares in issue.

• Recent fundraises were necessary due to operational needs and market conditions, resulting in dilution but ensuring project continuity.

• Future funding aims to minimize dilution, with plans to seek industry partners, joint ventures, or debt financing post-EWT.

• Infrastructure costs for helium processing are estimated at around $50 million, with modular design to scale with production.

Project milestones and development plan

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

• Phase III appraisal planned for Q3 2024, targeting project deliverability and monetisation within 18 months.

• Modular, containerised production facilities to be finalized post-EWT, with minimal on-site civil work required.

• First gas and cash flow targeted by end of 2025, contingent on timely license approval and successful EWT.

• Ongoing ESIA and feasibility study to support Mining License application.