Member Info for andypaps

The last hole was 34. This RNS hasn't made a noise about it except as I said one of the intercepts appears in the table. This was more of an operational update telling us this drilling campaign was completed and now we await assays to confirm the XRF readings before it's fed into the updated MRE.

Interestingly an intercept from hole 34 made the table ; 4 metres at 1.6%.

The RNS said 91% of the drilling was at Kalayi, so at the very start Mont Agoma was touched. Obviously something happened to make them change strategy as a prior RNS (Dec 25) stated both to be drilled equally. Maybe discussions with Alphamin at the same time made them focus on Kalayi by indicating this was a fast path to monetisation with them.

I wouldn't be surprised to get an RNS tomorrow or at least this week, unlikely to be assays but hole 34 for sure!

It's been marked down today 3.45% based on an extended spread > 15%. As of just before 3pm there has been 6 transactions on LSE averaging £175 each.

It's presently an unnoticed gem; minimal trades and minimal comments but we are getting closer to the re-rate. What we need is confirmed interest by Alphamin to take Kalayi - that comes when they become the strategic partner in the next round of funding.

It's clear the MRE will be large (eventually) based on the way the model is panning out but still only a fraction of Kalayi has been drilled. Alphamin will be more interested in the model taking shape at this stage as when they extrapolate they will have a good idea where it is likely to land.

Iran was attacked on 28th February (Saturday). It's basically a month. Nothing is really getting through the Strait of Hormuz even with some attempts by Trump to downplay the situation. It still feels like escalation is the path of least resistance and not wanting to be too alarmist I feel fuel shortages and the knock-on result to food supplies will soon become a real concern.

Source: @Jack Prandelli (X/Twitter) : Windward Maritime Intelligence - Lloyd's list, PIB India, regional briefings

Feb 26 → 132 vessels

Feb 27 → 128 vessels

Feb 28 → 98 vessels

Mar 01 → 18 vessels

Mar 02 → 7 vessels

Mar 03 → 2 vessels

Mar 04 → 2 vessels

Mar 05 → 1 vessel

Mar 06 → 0 vessels

Mar 07 → 1 vessel

Mar 08 → 2 vessels

Mar 09 → 1 vessel

Mar 10 → 2 vessels

Mar 11 → 1 vessel

Mar 12 → 0 vessels

Mar 13 → 3 vessels

Mar 14 → 1 vessel

Mar 15 → 0 vessels

Mar 16 → 1 vessel

Mar 17 → 2 vessels

Mar 18 → 1 vessel

Mar 19 → 0 vessels

Mar 20 → 1 vessel

Mar 21 → 2 vessels

Mar 22 → 3 vessels

Mar 23 → 5 vessels

Mar 24 → 6 vessels

"The other noticeable cost is £169k , employee options cancelled. This could be David Minchin."

I should have said "not a cost" as Hex previously recognised the cost for the employee share options and those options were cancelled, lapsed, or forfeited; so it actually comes back as a credit!

It’s always a pain not having all the notes to the accounts until they are published with Companies house, probably by Monday. (RNS only goes to note 4, when there are 20 indicated).

The things that jump out is the increase in intangible assets from £4.087m to £9.819m. The detail would be note 10 but it isn’t there. This would relate to acquisition and exploration of oil and gas leases. The exploration expenditure is being capitalised as economic benefits will flow to the Hex as a result of controlling these assets; overall net assets up to £16m from £9m.

Only £208k (impairment charge) has been written off. It won’t be a well as the amount is too small , but could be some early stage work that won’t give economic benefit or a lease area (most likely) that is no long going to be used. The £208k would have been part of intangible assets in 2024 accounts

The other noticeable cost is £169k , employee options cancelled. This could be David Minchin.

They had £2.734m in the bank at Sept 2025 and have subsequently raised £2.2 after date so we should be well funded.

It will be interesting to see the next set of accounts to determine how the tankers are being bought – operating lease/ finance lease etc.

Great RNS today proving up the model. Hopefully hole 34 continues with large intercepts and grades of at least 1%.

Interestingly, the 2nd December RNS indicated that drilling would target both the Mont Agoma East and the high-grade tin shoots at Kalayi. However, only Kalayi was drilled during this phase.

Based on the great results reported in the RNS on 16th January and 16th February, it appears they opted to drill further and deeper at Kalayi than initially planned (with hole 34 now underway) completely ignoring Mont Agoma East.

This suggests a shift in strategy, focusing on proving up Kalayi as quickly & thoroughly as possible. Maybe Alphamin has hinted at potential involvement earlier than expected if results at Kalayi were promising. It is likely to be at the next MRE stage that Alphamin takes a strategic investment as it funds the final proving up of the resource and hence a big rerate for RMR before an official buyout; this would allow for a fairer valuation of the resource and potentially deter any other third parties from becoming involved.

Source: https://investinglive.com/news/iran-media-reportedly-says-there-has-been-no-direct-or-indirect-contact-with-trump-20260323/

Iran's local media is not offering any confirmation to Trump's comments it would seem. This via key energy market correspondent and head of Kpler's energy market and OPEC+ intel, Amena Bakr, on Twitter/X. She is a well reputable source in the oil market for all things, so just be aware of the situation here. The tweet:

"IRANIAN MEDIA SAYS THERE WAS NO DIRECT OR INDIRECT CONTACT WITH TRUMP AND CLAIMS HE WITHDREW AFTER THREATENING TO ATTACK WEST ASIA ENERGY FACILITIES."

Adding to that, Iran is claiming now that "US president retreats after Iran's decisive threats" on television.

I think Bo Sears talking about the historic estimate of ~2.6 Bcf (1977 US Bureau of Mines) in his LinkedIn post certainly has helped with the price action today. As reserves have not been officially updated yet we only ever see the following continuously quoted “Reserves of 355 million cubic feet of recoverable helium with Net Revenue $115 – $220 million over 12 year life of field”.

His Proactive interview from 11 months ago (https://www.youtube.com/watch?v=JDH7D2M924g) talks about 3 to 4Bcf being stacked. At the helium price modelled (pre-Iran war $500 Mcf) and at 4 Bcf (with the new leases recently acquired making it feasible) this is $2 billion in revenue (I've taken no account of costs or the % of gas recoverable) and at $750 you are at $3 billion revenue.

No-one is interested in buying reserves of 355 Mcf, but multiply that by 10 and you have what Qatar produces roughly per annum: 3.0 – 3.2 Bcf of helium (from Helium 1, 2 & 3 plants tied to LNG). Officially he will be talking about the US Bureau figure (2.6Bcf) but unofficially he will be telling potential offtake partners about his belief in the reserves figure (up to 4Bcf)

NNWW,

I'm not sure what his interviews said but the RNS said "First transport asset secured: Helix has leased a ten-cylinder jumbo tube trailer with a service capacity of 156,300 standard cubic feet ("SCF") of compressed helium at a working pressure of 2,669 PSI, providing the Company with dedicated helium transport capability." so it wasn't explicitly stated that it was on its way then , just that leasing has been agreed.

I'm pretty confident that the trailer is coming from Kelley Leasing Partners, LLC Amarillo Texas based on the red and white line markings running down the side of the tank. They do tanks for various gases and this has been marked for helium. It's 3 days from Texas to Montana so we should have delivery over the weekend.

When you have people like Charles Archer seeing the merits of a share you hold and people like Goldbuguk - (who I profile as conservative and realistic) talking about a 10 bagger over 12 to 18 months (his post 19th February) one has to think there is a very strong fundamental case and little to no downside.

I personally think we are looking at a 5 bagger . I have some shares previously bought higher than here , as let's not forget this share has been as high as 0.45 in the last 52 weeks - I have always been relaxed as in my eyes it was always just a waiting game as my conviction has always had this in my top two shareholdings (with Hex).

Charles Archer posted just before 10am - an update on Rome Resources

https://thatstocksguy.substack.com/p/rome-resources-b40

A reminder from the first MRE in Oct 2025

Average grade at Mont Agoma was 0.19% Sn giving 6.1kt inferred mineral reserve; Average grade at Kalayi was 1.36% Sn giving 4.47 kt inferred mineral reserve; Giving a combined 10.6kt Sn

Today’s Kalayi Kalayi drill hole results for KBDD028 to KBDD030 are summarised below.

· KBDD029: 10m at 1.3% Sn from 220m including 5m at 2.3% Sn from 223m;

· KBDD028: 1m at 5.4% Sn from 32m, 1m at 2.0% Sn from 40m and 1m at 4.1% Sn from 45m and;

· KBDD030: 4m at 1.0% Sn from 47m and 5m at 1.3% Sn from 59m including 1m at 6.6% Sn.

As a comparison from the results that went into the initial MRE (Oct 2025) from Kalayi the best grade discovered by XRF were 1.98% - hole KBDD015.

These are very solid results but not as good as the 16th February ones which were truly exceptional because of very large intercepts - but the story is more than maintained with at least another two holes to come. It will be interesting to see what these results do to the initial 10.6kt Sn when the MRE is eventually updated.

I was just re-listening to Paul Barrett’s most recent interview yesterday. He talks about being up to hole 33 at Kalayi. The last RNS about Kalayi was on 16th Feb where they reported up to hole 27. This means they will release 6 additional holes (during the investors presentation they said that there would be at least four further holes). The 13th February RNS released the results of four holes.

At that stage they had drilled 1602 metres and had targeted/ budgeted about 2000 metres in total from what I recall. Having now drilled 2,500 metres they are pretty much complete (it says a lot about the efficiency of their drill team and shows that Jamie who moved to Alphamin hasn’t been particularly missed).

I did expect the latest XRF readings by now but Paul explained that there has been a gap in announcing the XRF readings as they had to get a new unit from Australia and are only now working through the backlog of tin intercepts.

I guess next week we should get some XRF indications as there are only 900 metres to work through. As Edzi has previously said it would maybe have been better to get them in batches (assuming positive) but it looks like we will get them all in one go.

A long Reuters article today posted 1.29pm where on the Telegram Group Charles Archer pointed out that Helix got a mention. I've extracted the Helix part in case you can't easily see it on the url.

https://www.reuters.com/business/energy/helium-prices-soar-qatar-lng-halt-exposes-fragile-supply-chain-2026-03-12/

Industrial gas ​companies sourcing helium from Qatar, ⁠including Air Liquide, Linde (LIN.DE), opens new tab and Air Products and Chemicals (APD.N), opens new tab, are among those most exposed to the supply shock, said Kapadia.

Air Products said it was taking steps to ensure continuity of supply but did not give further details.

Linde declined to comment, while Air Liquide said it relied on multiple sources in different continents and on its storage cavern in Europe.

Iwatani Japan is ⁠also exposed, ​Kornbluth and Bakker said.

Producers outside the region could benefit if disruptions persist.

Exxon Mobil (XOM.N), opens new tab is the largest helium ​producer outside Qatar, while Canada-based North American Helium and smaller developers such as Helix Exploration (HEXH.L), opens new tab and Blue Star Helium (BNL.AX), opens new tab could see stronger demand, Kapadia added.

Kaeren, Just seen your post - how shocking - another reminder how fragile life can be. A split second here or there can be all the difference.

Though you don't know me from a bar of soap it feels like you've been here from the start - like me - so it's a good time as any to also say I appreciate your posts especially the ones that tend to find Helix information from unusual sources i.e LinkedIn. Get well soon.

The fall in the oil price viz a viz Helix’s share price is mainly due to talk of special reserves being released and some Russian sanctions being lifted (also reducing LNG prices by another 10% this morning).

The fall in oil prices is being extrapolated to Helium which shouldn’t be the case as Grok AI analyzing the MarineTraffic from HFI research on Twitter (covering ~9.5 hours from Mar 9 16:25 to Mar 10 02:00 UTC), shows only about 3-5 ships appear to have fully transited the narrow Strait of Hormuz. Most of the 40+ vessels shown are stationary in port clusters (Dubai/Sharjah/Bandar Abbas) or waiting outside due to ongoing disruptions—traffic is down ~94% from the normal 140+/day. This shows helium is still very much disrupted.

Rather than buying the projects outright immediately, the company has secured the right (but not the obligation) to acquire them over time through staged payments.

Total Option Cost: The total consideration is CAD $300,000, paid over four years:

CAD $250,000 in Rome Resources shares

CAD $50,000 in cash

The company can choose to complete the payments earlier if it wishes to exercise the option sooner.

The board sees this option as a very low-cost entry into a highly prospective region for critical minerals, particularly: Tin & Tungsten

The company states: The cash portion ($50k) can be funded from existing resources.

However, shareholder approval is required before issuing the new shares needed for the CAD $250k equity component.

So a future shareholder resolution will likely be required.

Rome Resources has secured the right to test promising mineral licences in Canada for four years at minimal cost, and if results are good, they can acquire the projects while giving the vendors only a small future royalty.

The market reaction is not really about the $300k option price though investors will see huge geological upside for almost no financial risk.

In effect, Rome has bought a call option on a discovery. It’s about the possibility that:

Rome Resources may have quietly secured licences in a proven tin–tungsten mineral belt that could host additional deposits.

That’s the kind of setup that can multiply the value of a junior explorer if exploration confirms the geology.