Member Info for Blubay

It’s not going to be fast tracked, it’s misleading to suggest that it might be.

Anyone who is ‘all in’ on an early stage AIM exploration company really needs to get out of the stock market and bet on the horses instead.

There’s no obvious reason or commercial advantage to fast track the licence application. The company has a schedule of operations and the end of the year is fine. Drilling the Colorado project is the more immediate priority because that’s what they’ve just raised finance for, and the key objective there is to achieve first cash revenue from that project in the first half of 2025. There is a large amount of preparation to do before developing Rukwa, probably a 12 month programme, and a different approach to project financing on a larger scale.

My guess the application goes in Monday and RNS Tuesday but just speculation

I’d be surprised if Liberum gave permission for an RNS without a clear trading day’s notice 😉

All the medium ops will be happening in Colorado, drilling 5 commercial wells for which they already have the funds.

Try to relax Hehex, there’s no need to keep trolling people for minor typos

Concluding the Blue Star deal will be the big news from the US trip in October. There’s no reason or particular advantage to fast tracking the TZ mining licence when the near term operational plan and budget is focused on Colorado. Developing Rukwa and the finance to implement that will come on the back of that, as planned in 2025. If they get the licence by the new year that would be great.

As a helium producing project, HE1's share in Galactica should then be worth multiples of the initial venture capital. And that increasing value in the project would increase their collateral for debt financing options in US capital markets. Achieving any kind of actual cash revenue would also transform HE1's company fundamentals on book. I think it's very shrewd business, albeit not without risk.

For the simple reason that a bird in the hand is worth more than a bird in the bush, as you well know Daze. You don't get to sell future income from an undeveloped asset for its final market value and for the buyer to take on the risk of development to achieve that. Blue Star just don't have the capacity to share raise the amount needed to develop their project, so they need a partner to help them out. Beggars can't be choosers, as everyone knows from watching HE1 trying to navigate similar challenges at Rukwa (from the other side of the table).

For anyone with a short memory, or newbies, back in April (months before the EWT) the company already commissioned work to prepare and design helium production facilities for Rukwa.

https://www.londonstockexchange.com/news-article/HE1/rukwa-project-update/16415623

"Production facility study

The Company has also commenced above-ground engineering studies and, following a detailed review of several companies, has now selected one to produce a preliminary design for a production system that will be suited to the flow rates and gas composition within the Rukwa Basin.

This study has commenced with several processing facility options already being reviewed. These will include a smaller, lower rate pilot plant that would allow for early production as well as larger, modular systems that can be scaled-up. The design work will include helium liquefaction, storage and transportation with the aim of providing a well head to off-taker processing system. This would enable the Company to streamline all downstream and mid-stream activities."

Why do you think there will be a placement now Dickie? It makes no sense at all. There was a placement only a couple of weeks ago to fund their next 3-6 months operational work (in Colorado) while they wait for decision on the Tanzania mining licence (approximately 3 months wait for that). They already raised the working capital to keep the business going in the background until the middle of next year. So the only used for new funds would be for future development of the Rukwa project in 2025, and they've already announced that they aren't approaching those finance options until after they have the mining licence (and even then that their approach would be project finance via banks or partners).

Monday, Tuesday or Wednesday (I'm guessing Tuesday)

Big plans, lots of news starting next week...

News of mining licence application submitted for the Rukwa project, Monday or Tuesday?

Some initial details of the commercial assumptions from the now completed feasibility study expected

Independent verification of the proven resource estimates for Rukwa

Confirmation of signing the acquisition deal with Blue Star for the Colorado Galactica project in October

Announcement on drilling the first of six development wells in Colorado, already fully funded by the last raise

Outcome of the mining licence application hopefully by Christmas

Presentation of proposals for major development of the Rukwa project

... a busy few weeks about to kick off!

RNS will be drafting in advance for board approval to coincide with licence submission. As usual though, when the text is actually released to market, and who gets to hear about it beforehand, is then out of their hands and down to HE1's very leaky Nomad/broker.

Certainly possible, my money's on Tuesday

News likely on Tuesday but it could be Monday, so shorts/spreadbet positions will probably want to close on Friday, too risky to remain open over the weekend. Price isn't really likely to move up without new buyers though, following discovery confirmation or investment news, unless there's a mini P&D planned in the meantime. It's just an occupational hazard in AIM exploration shares, traded on news, decay on absence of news.

There isn’t a shortage of HE1 shares, there never is. HL is just a terrible platform for brokering retail orders in real time. ‘NT to buy/sell’ on a third party trading platform is meaningless.

If you think that you’ve probably misunderstood the nature of the project

This is the well head HE1 ordered for Itumbula. Parker is the equipment supplier. I don’t think it says anything of note other than that.