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So do you think that a placing is being forward sold now, today, for Monday/Tuesday, or not? Or are you just speculating a general non specific fear?

You’ve said there will be a placement coming now with the Colorado news (Monday), and with the ML news (end of the year?). Which is it, or is it both?

You’re flip flopping again Joe, try to focus. Is your placing coming on the day of the Rukwa ML or on the day of the Colorado acquisition deal? Or are you planning two placings?

Conversely, the same people have been shouting next placing since the day after the last placing even though not one dollar of that fund raise has yet been committed to expenditure. The company is cash rich with zero debt. All planned operations and working capital are funded with cash in the bank.

What is the raise for?

How do rate the series of 7m buys this week?

There has to be a news release one way or the other on Monday, or after hours today, even if it’s just to confirm that the extension clause on the acquisition agreement was invoked.

And what do you think this placement is for?

Zoffy - “Blue Star Helium down 25% overnight on ASX...”

No it isn’t. Hasn’t moved at all during this period (0.003/0.004). You’re confusing the buy/sell spread with price movement.

It’s Friday, end of the period of news uncertainty and opportunity to short the natural AIM price drift. Spreadbetters and CFDs will need to close or extend leverage into the risk of a Monday morning RNS, fair game, just speculating while they can.

On a scale of risk it’s not exactly perilous though. A lot depends on the degree of prior diligence in assessing the geology, relations with local contractors, and cost control on contingencies. Five shallow vertical drills with a water rig, no deviations. If they’ve budgeted for one or two hitches they’ve a decent chance.

Toffers, there is no Colorado state approval of the acquisition deal because it’s a 50% project farm in deal between an Australian company and a UK offshore company. The operating company is registered locally and they continue to be the sole operator as far as the state is concerned.

You still haven’t said what this mythical placement is for Joe. What’s the purpose or the need for it? Why would you make a placement when all your operational plans are currently funded with cash in the bank and zero debt?

What’s the raise for? Another acquisition?

I agree with Pete. The company’s current plan foresees the Rukwa licensing and commissioning phase continuing up until end March 2025. Colorado is the operational focus between now and then, assuming the deal is done. If for any reason it isn’t then things might change rapidly with all that available cash.

Toffers, the state has already approved the OGDP for the project. The drill permit approvals have nothing to do with the acquisition. BNL’s local company explicitly remains the operator of the drill programme as far as the state and the acquisition deal is concerned. The state does not need to approve the acquisition.

The Rukwa project development is too big to finance through an equity raise by HE1, not a chance unless the SP is significantly north of where it is now (maybe next year once Galactica is on stream). The Rukwa project might involve a combination of finance as discussed many times but it’s not happening anytime soon and not likely before end of Q1 next year (which is already the planned timeline before any concrete work on the ground).

Personally, I don’t really want them to hurry up. I’d be happier if the ML award for Rukwa came in as expected, after the company has had a chance to move and capitalise on the Colorado project approval and getting drills in the ground there. The ML will restart months of market speculation about project finance and I’d rather get the SP up on solid concrete developments before then. But we have no control over the timings so it is what it is.

The state doesn’t need to approve the BNL-HE1 acquisition deal Toffers and it’s nothing like the MMC. The approval is just for the five new drill permits covered by the approved OGDP. That’s a technical planning approval of plan for each drill pad to go ahead. As the overall plan has already been approved and the drills are very straightforward it’s pretty much a formality, as you say. We don’t know if the permit approvals were a condition of concluding the acquisition deal.

Those are the Form 2 permits applied for. The applications are still pending approval on the web portal (search Las Animas county). Might update later today.

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