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Hands down, that is the best interview Bo has ever done, and it demonstrates to me at least that this is a company that is execution-focused rather than PR. That means the move north will be news-driven, the way it should be, and there looks to be plenty of it in the pipeline.

Here are my three-part notes for those who want to read them. There are some unbelievable quotes in there.

https://x.com/BigBiteNow/status/2027299925055197366?s=20

I agree, lordloadsoflolly (sometimes it's fun writing these names).

In assessing these so-called worst-case scenarios, we often prove to ourselves just how strong a position our investment is in.

I agree, Punter1234.

Strangely, the sooner the accounts come, the better.

They have a lot of opportunities directly ahead of them, so as you say, funding is nothing to fear.

What that short assessment also supports is a return to Inez #1 as soon as the initial off-takes are in place. I say this because the cost to re-enter is minimal in comparison to likely cash on hand + initial cash flows.

Just to add. The auditors will want to know that Helix has sufficient funds for the coming 12 months.

If Helix completes initial offtake agreements in the next few weeks, then that, combined with existing cash, may form the backbone of any going concern statement.

Here are my thoughts on that.

1. They don't have to issue their FY report until the end of March. By that point, we should have initial off-takes in place and perhaps even be back at Inez #1.

2. This is from last year's FY report under going concern.

"Subsequent to period end in January 2025 the Group closed a fundraising round raising £5 million through the issue of equity in Helix Exploration Plc. This factor combined with an assessment of forecasts, current cash resources, including the sensitivity of key inputs, the Directors consider that the Group will have adequate financial resources to continue in operational existence for the foreseeable future (being a period of at least 12 months from the date of this report)."

The report was signed on 14th February 2025. Sensitivity of key inputs is an important factor, but also since then Hex has raised a further £4.5m ($6.1m) in June for two further drills and only expended cash on one. At $1.2m per drill, even with delays and a return visit, it is easy to see why the broker has forecast $3m in cash at the end of 2025.

What that says to me is any raise would be about growth and speeding things up. I have no problem with that.

3. The last raise went to a US family office. The next, if it comes, may also head that way. If so, then share price movements may not have much influence.

But to be clear, if the offtakes come through quickly enough (which I see no problem with for the short-term ones), then Helix may park further funding because current cash on hand looks to be fairly solid still.

The way I see it, give or take, Helix has been consolidating in a range for around 6 months. This sets an excellent base for the next move.

Assuming cash levels are healthy enough to see them through to decent cash flows, then I think the first off-take news will be enough to see a break higher. Combine it with a return to Inez #1, and the move could really gather pace.

I am still not fully writing off a limited cash injection, but if it does come, then it'll likely be to expedite drilling plans. So it may not hinder the move for long if at all.

I think the market is overplaying the softer #MTEC H1 sales figures and failing to appreciate the clear messaging about the future.

"Despite the reduction in the Contracted Backlog bid activity remains particularly robust, and the business has seen a significant uptick in Sales Bookings in the second half of the year to date. Management are optimistic of further sales momentum in the fourth quarter of FY26. The current Contracted Backlog provides a strong underpin to revenue expectations for the remainder of FY26."

A significant uptick against £13.4m in H1 sales.

I expect a further update in the next few months will compound this.

I'll leave it there for now. Keep an eye out for the analyst call, which should appear on the Made Tech website shortly. Timing may be adjusted by a few days this year due to the new CFO appointment, but when it comes, there should be some good insight into sales trajectory and expectations.

From the #MTEC RNS.

"The Spending Review, announced on 11 June 2025, has provided longer-term budget certainty, enabling Government departments to plan and commit to multi-year programmes with greater confidence. Following the Review, departments spent several months aligning priorities and delivery plans, including over the summer period. Procurement activity was more subdued earlier in the Period, but momentum began to build through the autumn, with a clear re-acceleration in opportunities as we approached the end of the calendar year."

"Recent bid conversions and increasing late-stage sales pipeline activity indicate further sales booking momentum in Q4 FY26 and H1 FY27."

"We look forward to sharing details on contract awards and progress over the coming months."

The soft H1 sales numbers are historic data driven by a clear one-off event, and the market is forward-looking.

I've been invested in MTEC when sales were dropping off due to the business not being set up properly. This time around is completely different.

Yes, but how recent is that statement Oldapache?

I follow helium pricing where I can and will admit to being unaware that HEX was aiming to produce ultra-high gas from the PSA. I assumed it would be processed elsewhere. So it was a nice surprise.

It'll be interesting to see what info is released on pricing because these deals may be NDA. But I was encouraged by Bo restating $500/Mcf yesterday.

I agree with a recent poster here that once the dust settles, the market will begin to appreciate what HEX has achieved here and what it means for expansion plans. I also don't think first sales are very far away and that we will be seeing Inez #1 re-entry news sooner after.

Morning all,

Some additional notes on helium grades and pricing.

When you see "helium price" quoted in cubic meters (m³), thousand cubic feet (Mcf), or metric tons in news, indices, or reports without further qualification, it's almost always assessing Grade-A helium (99.997%+) as the representative grade for the overall market.

Ultra-high purity (UHP) grades, such as those now confirmed by HEX at 99.999%, command higher premiums.

What the premium is at any given time will be solved by the various offtakes. But by starting at 99.999%, Helix is delivering a higher-grade product that is more cost-effective to process further to the 99.9999% levels than lower-grade gas.

That indicates that Helix's gas should achieve higher average pricing and be in higher demand.

@djm1 I completely get why investors have become frustrated with Helix. Communication absolutely could have been better. I think the combination of distance, culture and focus on the plant completion has led to some neglect. I expect that to begin to change now that this milestone has been overcome.

This added research today has helped to remind me just how good an investment this is.

@Punter1234

As I have already said, I am not criticising Blue Star's approach. I am simply employing the data they have presented and the timelines they have achieved to assess what that could or does mean for Helix.

When I say bare minimum, I mean they connected 1 well out of 7 and then declared first gas. They then immediately shut the plant in for two months to connect the CO2 plant and more wells, which means that their short-term contract was never going to be executed as stated. So what was the value of declaring the first gas?

In our discussion, you used the timelines from Blue Star's approach to form an opinion of what Helix could or could not achieve. An opinion you are more than entitled to keep.

A closer look demonstrates that the two approaches are completely different to each other. Helix is clearly far more advanced at the point of first gas, which lends itself to a shorter time period to first sales. What this also supports is the decision to delay first gas (something Bo has been criticised for here) in order to ensure that when it comes, the company is ready to sell significant amounts of ultra-high-purity helium almost immediately, and that is the key point here.

I completely get why Blue Star isdoing what it is doing. The CO2 element is profitable, but it adds complications to the process, such as additional costs, planning and time, which is in part why I have always been stuck with Helix. This is not to say that an investment in Blue Star or HE1 isn't worth it. I just like the simplicity that comes with Helix-owned helium, which has been proven by the limited CAPEX required to tie in and produce from 3 high-flowing wells.

I absolutely agree on the "we have been told very little" point, and that certainly needs to be improved. But as I have proved, there is more to be learnt if one is prepared to look, and today's interview was very telling for reasons I have laid out today.

The other interesting point I wanted to share was on the purity.

Blue Star are currently producing 98% gaseous helium, which is sold at the plant. Below are the common uses for this "tailgate" helium, which include further purification by whoever buys it.

Welding and shielding gas — As a component in mixtures for arc welding (e.g., TIG/MIG), providing inert atmospheres to prevent oxidation.

Leak detection — In industrial systems, pipelines, or refrigeration/AC units, due to its small molecular size and inert nature.

Balloon filling — For party, weather, or advertising balloons (non-lift applications often accept this grade).

Purging and blanketing — In chemical processing or storage tanks to displace oxygen/moisture.

Breathing mixtures or diving — In some lower-grade blends (though medical/diving often prefers higher purity).

Initial feedstock — Can be further purified (via PSA or cryogenic methods) to reach ultra-high purity for semiconductors, MRI machines, quantum computing, fiber optics, or research cryogenics.

Now here are Bo's comments when asked about what Helix's plant will produce.

"It's going to be ultra high purity helium. This plant was designed for five nine pure helium. That's 99.999% pure. That's what we're going to get."

What that implies is that the helium sold out of Helix's plant will already be at this ultra high purity level.

"Ultra-high purity helium typically refers to 99.999% (Grade 5) or higher, which is used in the most demanding applications like semiconductors, quantum computing, or specialized research."

Blue Star Helium in their latest presentation quote helium prices between $350-$600 US$/Mcf, but this is for gaseous helium of 98% purity.

Pricing is difficult to determine given the opaque nature of the helium industry, so I asked Grok for guidance on the premium for ultra-high-purity helium.

This was the answer.

"Ultra-high purity helium (99.999% Grade 5 or above): Commands a premium of 50–200%+ over standard grades, depending on specifics."

I don't take everything that Grok says for granted, but the premium makes sense, so it is about how much it is. This new knowledge certainly adds some spice to the offtake discussions and who they may include.

There is a thoroughness to Helix's approach that isn't coming across to investors yet, but over time, should win the day.

The key to the comparison is how advanced and, therefore, how capable each plant is of producing and selling its helium at the point of first gas.

My comparison demonstrates that the time lag for Blue Star between the first gas and tube trailers being filled is due to the CO2 factor, but also the fact that they had installed the bare minimum in order to achieve the milestone. That is why it's taken so long to fill the first trailer.

What it also demonstrates is how much further advanced Helix is when it announced first gas. 3 wells fully tied in and capable of running at 75% of expected stabilised capacity.

So yes, there may be other factors, but what Blue Star has shown is that offtakers were prepared to sign up to short-term contracts and supply a tube trailer within 1 month, even though they only had 1 well tied in.

In essence, market commentators are critical of Helix delays but are failing to appreciate how complete the plant is at the point of first gas.

(I've transferred the text from my last post to a new thread because I think there's other info worth sharing and the header isn't appropriate.)

This comment was playing on my mind so I decided to revisit my findings on Blue Star.

"Bluestar are about to load first truck for spot pricing approx "3 months" after first gas. Off takers have already visited etc. It is exactly the same way, the right way, that Bo is also going. I am being realistic about time scales learnt that via HE1 and BlueStar's Colorado Galactic and very little time lost or setbacks there."

To be clear, Blue Star reported the first tube trailer was on site on 20th Jan, which is slightly less than 1 month after they announced the first gas on 22nd December 2025. That period also included the Christmas holidays.

More importantly, immediately after the first gas was produced, Blue Star shut in its processing plant for "integration with the amine unit," which is designed to remove the CO2 element from the input gas. Helix doesn't have that issue.

When Blue Star commenced production on 22nd December 2026, they had only tied in one well (Jackson 31), which had a projected initial stabilised flow rate of 350Mcf/d and grades of 2.2%.

On 12th Feb 2026, Blue Star reported this.

"The gathering system and well site facilities for the State 9 and State 16 wells are now complete, and these wells are ready for tie-in to the production facility."

So the next two wells are yet to contribute, and the CO2 unit has only just been completed.

The tube trailer delivered to the site "holds approximately 170,000 scf" of helium.

Even when assuming 100% recovery, the Jackson well would require 22 days to fill that trailer.

Helix with 3 wells connected and initial flow rates confirmed of 1,500Mcf/d per well at 1.1% average grade, helium would require 3.5 days to fill the same trailer.

What this demonstrates is that it is possible to have the first tube trailers on site within 1 month and for Helix to begin filling them almost immediately.

As far as I can see, Blue Star jumped the gun somewhat because they weren't actually ready to start selling meaningful amounts of helium yet. Hence, why 2 months later, they still haven't filled the first trailer.

Helix is ready, and the time invested to fully complete the plant, such that high initial production levels (75% of guidance) are ready to go when the offtakers visit the site, could prove significant as we move forward.

This comment was playing on my mind so I decided to revisit my findings on Blue Star.

"Bluestar are about to load first truck for spot pricing approx "3 months" after first gas. Off takers have already visited etc. It is exactly the same way, the right way, that Bo is also going. I am being realistic about time scales learnt that via HE1 and BlueStar's Colorado Galactic and very little time lost or setbacks there."

To be clear, Blue Star reported the first tube trailer was on site on 20th Jan, which is slightly less than 1 month after they announced the first gas on 22nd December 2025. That period also included the Christmas holidays.

More importantly, immediately after the first gas was produced, Blue Star shut in its processing plant for "integration with the amine unit," which is designed to remove the CO2 element from the input gas. Helix doesn't have that issue.

When Blue Star commenced production on 22nd December 2026, they had only tied in one well (Jackson 31), which had a projected initial stabilised flow rate of 350Mcf/d and grades of 2.2%.

On 12th Feb 2026, Blue Star reported this.

"The gathering system and well site facilities for the State 9 and State 16 wells are now complete, and these wells are ready for tie-in to the production facility."

So the next two wells are yet to contribute, and the CO2 unit has only just been completed.

The tube trailer delivered to the site "holds approximately 170,000 scf" of helium.

Even when assuming 100% recovery, the Jackson well would require 22 days to fill that trailer.

Helix with 3 wells connected and initial flow rates confirmed of 1,500Mcf/d per well at 1.1% average grade, helium would require 3.5 days to fill the same trailer.

What this demonstrates is that it is possible to have the first tube trailers on site within 1 month and for Helix to begin filling them almost immediately.

As far as I can see, Blue Star jumped the gun somewhat because they weren't actually ready to start selling meaningful amounts of helium yet. Hence, why 2 months later, they still haven't filled the first trailer.

Helix is ready, and the time invested to fully complete the plant, such that high initial production levels (75% of guidance) are ready to go when the offtakers visit the site, could prove significant as we move forward.

@Punter1234 It's actually a great debate, but as you say, we've both likely got better things to be doing. I wish you well also.

Just to be clear, when I said,

"At one point, HE1 had added 100%, and it had nothing to do with actual sales timelines; more progress along the path. In theory, Helix should achieve the same outcome."

I did not mean it would jump 100%. I was talking about a positive reaction to the news as opposed to falling 10%.