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Because they made money from the discounted transaction, that’s how risk capital finance works on AIM. They’re not long term investors, although they may sometimes keep a speculative amount after profit slicing.

“ But why this other lot not invested here.”

Spread betters

… on the LinkedIn page that is

It’s the figure that’s been on the HE1 tag line for years and not updated. That was after the earlier work by Oxford university before HE1 started exploring. The 2021 surveys increased that estimate to 138bcf for the Rukwa basin, around 5.4bcf of that potential at Itumbula (with P50 recoverable estimates initially based on about 1bcf). We don’t yet know if their estimate is higher or lower now, after testing.

Of course they won’t, that would be far too commercially sensitive. At some point there will be a report and presentation summarising the relevant findings and proposals. I don’t expect that will come quickly but I think they have to update the market on any revised estimates of reserves for Tai/Itumbula (although technically they no longer hold those licences, pending approval of the ML).

And you literally signed up to LSE today with a new account just to tell us that you’re not invested 🤣🤣🤣

Investinggoals - I think the 1 July announcement covers the key points.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02822781-6A1213759

These are then summarised in HE1’s acquisition RNS as follows

“Confirmed discovery wells in the region have flowed up to 6% helium (average of 3%) as free gas and are close to existing helium infrastructure. Blue Star drilled the State-16 development well in June 2024 which flowed 1.9% He at 285 Mcfd in addition to 70% CO2. The Company's internal gross resource estimates, assuming a P50 Helium concentration of 3%, are 675 million cubic feet.“

But they do have proven commercial reserves at Galactica, that’s the point. I don’t understand how you know about Voyager but don’t know about Galactica

“ until there is a very clear , funded path to production with quality transparent support I consider this Company to be dangerous and uninvestible”

Err… there is already a clear and fully funded path to production, in Colorado. And in early 2025 there will probably be a clear and funded path to production in Rukwa. What’s the problem?

Yes, there’s a common misconception on these boards that derampers must want to invest in the company at a cheaper price. They don’t, they’re just betting on the price to go down further and faster than it should, exactly the same way the rampers want it to go up further and faster than it should.

There is not a cat in hell’s chance of a share raise two weeks after the last one. Really not likely before mining licence approval and a prospectus for development investors. They’re fully funded for the next scheduled phase, which is developing Colorado as quickly as possible to revenue generation. I’d expect to see fund raising maybe later in Q1 2025?

The company has previously made no secret of its assumptions about commercial development, although these will have changed a lot since drilling and testing. They’ve already commissioned the designs for production plant as part of the feasibility study. I would imagine those revised assumptions will appear in a future presentation or prospectus as the previous ones did. The only thing that I think they probably must tell the market is whether their reserve estimates for Tai/Itumbula have changed (e.g. as Noble recently advised). If those are now lower or higher then that would be information material to share price I think.

Proactive is a paid PR service, of course they pay them. It’s not exactly a secret.

The optimism surrounding the 2021 surveys (in the Hannam research note) was based on 1bcf of helium being discovered. That would be a great outcome. Forget about the 138bcf, they’ve since given up the licences on most of that area.

Please try not to quote incorrect numbers. No one ever said there was 138bcf of recoverable helium. That’s the gross potential resources. Of that, about 5.4bcf was estimated for Itumbula. This was prior to drilling and testing. We simply don’t have the estimate of recoverable resources, that should be in the modelling for the feasibility study but until we get a competent person’s report or research note we don’t know what it is.

There is no immediate need for cash here. The currently planned development phase operations (in Colorado) are fully funded through to cash revenue, and hopefully self funded expansion. The Rukwa project isn’t in development and won’t be considered for such until grant of a mining licence (for ten years). As far as current plans go, little likelihood of a raise this year.

No, it’s slightly up

I’m pretty sure you’ll get more data in an updated analyst or competent person’s report, at some point, based on the feasibility study minus commercially sensitive and extraneous detail.

Looks pretty much as expected. They do have a commercial development plan for Tai-Rukwa but the economics and logistics of exploring further in rural TZ remain challenging for a small company in relation to the risk-reward ratio. They’ve chosen to focus on one intensively investigated project area in the hope that’s manageable, and give up pretensions to a mega field exploration, which is good business sense. It means all the current effort now moves from exploration to commercial development, in two specific locations. That’s a significant shift in corporate strategy and identity, hopefully one that starts to make actual money over the next year or so.

“ The details of the feasibility study outline and demonstrate a commercial development plan in southern Rukwa.”

Good news, we await more details over the next months. Handing back the expired licences for most of the other known helium bearing areas focuses the project on Tai-Itumbula, and suggests that the costs and logistics of wider exploration and development in rural TZ are challenging for a small company like HE1 (which we knew). If they can develop the bones of two manageable helium producing projects by end 2025 then they start to look like a going concern, which is great news for shareholders.