Member Info for Blubay

That's about the most stupid post of the day so far. How old are you, 12?

"We need cash flow generation figures after 3 months to give confidence."

If you're waiting for cash flow accounts you'll be waiting a year from now for the results period ending June 2025.

I’ve never told anyone to buy or sell at any price, dyor, make your own decisions. Never trust anyone who tells you what to do with your money, in either direction.

Joe, there’s more than $4m left from the last raise. If they can get three of the six cheap wells done to budget in Colorado then there’s probably plenty of headroom contingency there.

Sharebel - company says it has working capital until at least the middle of 2025, you say it hasn’t. Company says it has fully funded the development of the Colorado project to revenue stage, you say it hasn’t. Company says it has more than $4m contingency from the last raise, you say it hasn’t. Where are you getting your inside information, or is it false and misleading?

I think that probably reflects the company pivot towards the US market

That’s false and misleading information Sharebel, which is market abuse. The company has working capital until at least the middle of next year, it has fully funded all planned operations in that timescale, it has at least $4m contingency on top of that, it has no debt.

HE1 is fully funded for all of its planned operations and contingencies during the next 6-9 months.

It’s massive news for any small AIM exploration company to secure transition to becoming a cash generating producer at any scale.

It’s brilliant news Reggie, first commercial production of helium in 6-9 months

You clearly haven’t done the maths on the last raise. The company was already fully funded with working capital until at least June 2025. There was then a surplus of >$4m from the raise to add to this or for contingency.

Https://www.londonstockexchange.com/news-article/HE1/completion-of-farm-in/16745862

“We are excited to soon be drilling an additional six development wells, following the successful drilling of the State 16 development well earlier this year. Together these wells are expected to form the initial gas gathering system into the Galactica helium production facility, delivering exciting, high-value helium and critical CO2 co-product streams, with first production on target for H1 2025.”

Just published

https://www.bluestarhelium.com/wp-content/uploads/2024/11/61235884.pdf

Permits for the five Jackson wells still showing as 'in process' on the ECMC portal today (no updates since 23 October). Not sure if that's indicative of approval still pending or just the website not being updated. Also not sure if the approval is among the conditions for concluding the acquisition deal.

https://ecmc.state.co.us/permits.html

The Balingida project on the website no longer exists (licence relinquished). The Eyasi project is reduced to one prospecting licence area (currently in the long grass). The Colorado project isn't on the website (not yet confirmed). I was told a website review and update is currently in process to update all the projects but I can't see any sign of it yet.

The company says they expect a decision on award of mining licences 'after around three months' from application date (17 September) and hopefully before the end of the year (based on similar recent experiences of other companies in country). Could be sooner or later of course.

So effectively there are two commercial development projects in play - the first in Colorado, pending confirmation of the farm in acquisition, and the second in Tanzania pending award of the mining licences, and subsequent negotiation of project financing after that. Revenue from the first project anticipated in H1 2025, from the second possibly by end 2025 (approx 12 months from licence award?)

The status of the remaining licences needs to be updated on the company website. If you look at the Rukwa project page then they have relinquished the licence areas on the right (East side of the lake) and applied to retain the licence areas on the left (Southern). All areas have expired as exploration licences after the maximum period of renewals since 2015 and they have now applied to convert the selected to mining licences, which would allow for commercial development. It's explained in the 17 September RNS but it's not easy to disaggregate from the text without context

Hotmail? Who uses hotmail ffs?

The agreement is based on a 50-50 shared liability for overrun costs