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It was a poor update but until we have more information on Mistral pricing and planned cost improvements your comments are merely guesses designed to fit your motives. Shame on you for praying on investors when they are at their most vulnerable.

Morning all,

I am disappointed with both today's RNS content and wording. It looks very much like the new CEO is clearing the decks and presenting all the bad news now with an intention of building upon this in the actual interims presentation and beyond. But my word for a first RNS he didn't half give us shareholders a good rattle and what a contrast to what was said back in June.

Most important for me is that Mistral is still coming by YE and will come with new projects. There is also clearly confidence but I would very much like to understand what "a more cautious increase in Mistral deliveries during H1 2025" means.

The political environment which was bugging me has clearly delayed things. My surprise is that it's being plugged as an issue in the US too.

In my opinion, they have enough cash to get through until at least YE 2025 but I will be looking out for the going concern in the report. My feeling is they will look to stretch it out further and project wins will of course help.

I have been a big supporter of this company and hold a large position but it has been severely tested today. I like Jonathan and the work he has achieved to date. Let's see if he can't deliver what has for so long been promised.

Well if nothing else we heard today that the drill programme is expected to start in October. Delays are not important in the long run because they have plenty of cash on hand. So it hasn't harmed the investment case.

The wording across the report indicates they are confident that the drilling delay is for September only. Once they start then perhaps some life will be breathed back into the market's interest in CMET.

I thought it was a very solid report today. Cash can easily bring them through until a FID decision in H1 2025. That means we get the drill results and so increased NPV, vendor finance updates, further debt deals, off-takes, potentially the mine licenses and the mine plan with FID at the end. Normally that would be extremely attractive to the market but right now it's not listening to many companies. But that will change. Get the drilling started and prove the plan is in play and then this is capable of doing +200% from here.

Yes, TrekMadone unless Bo is a serial bull crap talker he is making some very big statements for this stage of the drill. At the very least they believe they have something commercial.

With regards to Rudyard they have made no positive statement about works beginning there which given the set back at Clink #1 I would have expected if there was anything to say. I also remember Bo saying in a previous interview that the rig had a couple of jobs elsewhere before going to Rudyard. What that means for overlap etc I cannot say.

Don't know if this has been posted but as suspected a rig has already been identified and it's now a case of "getting all the missing logistical pieces set" and hopefully get after it, hopefully in the next 2 to 3, 4 weeks."

So true to form not messing around so stand by your beds.

Listening to Bo he is not holding back in his confidence around what they have seen so far. "some of the highest helium readings I've ever seen" is certainly new rhetoric for a man who says he's been drilling for helium for 25 years.

https://zakstraderscafe.com/interview-bo-sears-ceo-helix-exploration-2/9992/

Hi pacifico,

I have just literally been studying their expansion this morning. I even tried to find their original DFS but then noted they bought the mine in 2021 through the acquisition of Teranga so the trail ended. I would have liked to have found more info about their mines original set-up for oxides if any existed at all.

My take is that THX is looking to up the oxide element of the resource in order to deliver the front-end mine life (say 5 years resource) which in turn would allow the further CAPEX later down the line to implement said BIOX tech for the refractory gold concentrates. Today's update along with the sheer number of options they have at Douta/strike length says their tas looks very doable.

With gold breaking north once more and Segilola drilling due soon I would expect THX is gathering itself for another punch northwards.

Some info on that tech is available here with a list of some commercial operations.

https://www.metso.com/globalassets/industry-pages/metals-refining/hydrometallurgy/mo-biox-process-brochure_print.pdf

I too am not fixated on the rig date but believe the announcement of it would signal the bottom ahead of the test and so it was valid to mention ti when talking about potentially more purchases at potentially lower share prices.

Fair play to you Kaeren and I agree which is why I added more in the 16ps. I may be tempted to go again if it does indeed drop lower but I just have a feeling that the rig announcement is closer than some think.

I'm not trying to influence anything. I am simply discussing my thoughts and findings on a forum where investors exist to challenge or argue a different case. Otherwise, I'd have to talk to my wife about it and she'd likely glaze over.

Nothing more nothing less and I wish you well with your strategy and choices.

Just look at the current situation.

HEX has hit its very first snag in what has been a wonderfully managed process from IPO. That snag creates just a 1-month delay but in doing so has given insight into the potential of both the sort-after helium and the added bonus of hydrogen. All backed up with the confidence that they are still funded to get both drills done. What does the market do? It hits

the stock for 25% and keeps it there.

Over at He1 the well test says non-commercial to me and if not then a lot of capex in the middle of nowhere with a slow regulatory government and poor infrastructure. market says drop and then begins to price in the positive and ignores the clear negatives. Very strange.

I accept your point around HE1 but I wasn't focusing on the valuation difference but more the energy and FOMO-related drive it has enjoyed even when hitting investors with outrageous dilution. He1 seemingly can recover from any hit whilst HEX is doubt first and reward later.

Yes, but the first rig would have been released the moment its job was completed (as is common practice) so the hitch and delay are a different lower cost. Be it a new cost.

It is unfair to simply discount fully the c. 10-day saving on the first drill which is why I have challenged the messaging around extra costs and running out of money which some wish to spread because they want the SP lower so they can either close a short or buy or both. What such messaging says is they aren't well read on HEX.

When I say discount I don't mean today's share price but previous pricing at similar junctures in the drilling process. We can of course apply a discount for the change in the overall market and time of year etc but still the lack of energy in HEX is as I say a head scratcher.

I agree we don't need to waste time speculating but nor do we have to accept nefarious comments that try to spread fear into those who may not be quite as seasoned at this. Hence why I commented at the time.

He1 remains important as a barometer to market sentiment because it removes the notion that helium interest or indeed general wider market fears are at work with HEX. He1 caries far more risk at this time on a great many levels making the discount and the caution here all the more puzzling. hence why I brought it up.

No, the first comment was about the Clink #1 original drill in answer to a previous comment on budget savings. Completing in 11 days is advantageous for the customer and not the drill contractor so I theorized that an early finish bonus (like in other industries) may be in play. Purely my own speculation and so not guaranteed.

The second comment was around the new rig and timescales for getting it on site.

So no mixed messages intended.

It's not about being rose-tinted but rather sensible and taking into account the performance of the management team to date.

It is sensible to assume that HEX did not release that RNS without first consulting their rig provider/rig market to get an idea of when they can get this drill done. Contracts have to be agreed and equipment sorted but there is no reason not to trust the guidance at this time.

One other thing I would add before I disappear again is this. Some are trying to push the angle that there will be a long wait for news here. Wanting to dampen spirits. Incite boredom. But let's be clear here. Hex said this about the drill rig.

"may take approximately a month to source and mobilise."

Sourcing doesn't necessarily take anywhere near as long as mobilisation which is attached to availability. Plus they are confined by the rules of the RNS structure. I am not saying it will be quicker because that's just guessing. I am simply pointing out that rig acquisition doesn't have to be anywhere near a month.

I can see a situation where a quicker drill time leads to some sort of bonus but delivered a cost-saving to HEX. Certainly it should help dampen the costs for this further rig mobilisation.

I don't feel any concerns over their ability to cover the costs of these two drills and think it is pure folly to try to drive any messaging that it is.

I fully respect that lordloadsoflolly,

I've been around long enough to understand the ebbs and flows of these things but in the months I have been invested here I've never seen HEX have any sort of FOMO run. Yes there are now new risks and questions but even then the discounts being applied look heavy particularly when I consider the fact that they have another rill which is appraising a target directly next to one that has already proven commercial grades and flow rates. I have seen limited value added for that drill to date.

So yes agree but the difference between this and the way He1 seems to bulldoze through every piece of bad news or raise is a headscratcher for me.