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It's not likely very soon, first there's the mining licence approval process and in that process also the option for the government to decide on their position (e.g. do they want to invest in helium infrastructure development as part of the 2024-5 national mining strategy).

Yes and a very good interview, much better than previous ones in business terms

https://www.youtube.com/watch?v=s7T5h4qi28c

Https://www.youtube.com/watch?v=s7T5h4qi28c

I presume it's the other way around Roger, the Nomad would only allow them to publish the interview after the BS was shut down (i.e. when those trades were completed). Note that all the FUD posts disappeared here a few minutes before the interview was online.

Https://www.youtube.com/watch?v=s7T5h4qi28c

There was never going to be a placing before the mining licence award. We knew this before.

Yes, that's always been the working assumption, to submit the application in September and hope to get the licence by the end of the year for development in 2025. In the meantime, they will drill six new wells in Colarado to secure an initial income stream in the first half of 2025.

Https://www.youtube.com/watch?v=s7T5h4qi28c

I think it's fair enough for an early stage company to be cautious when sitting on a project that requires larger scale development, involving larger scale capex (requiring government infrastructure investment or major financing houses). It would have been much simpler for a small company like HE1 to land an easily accessible free gas reserve with half a dozen wells and existing plant. But hey, they got that too!

Isn't exactly what we expected Joe and what has been trailed many times before?

I thought that was helpful and much more focused on business considerations than previous interviews. The geology is always interesting but investors need a business focus. Clearly they are convinced about the positive economics of the project but requiring scale, and with some engineering considerations in dealing with fluids. They are not going to fundraise for this before they have a mining licence (not anytime soon) and when they do they expect to be first approaching banks and off takers (debt, JV finance?)

"when the big fish have bought their quota of cheap shares."

'Big fish' don't buy penny AIM exploration shares, and if they do they don't buy them on the open market. They rely on small cap early stage companies shouldering all the risks of exploration and proof of concept before taking on the commercial investment/reward. The big fish in heavily traded small AIM shares are more often spread betting companies and hedge funds, most of whom make their margin from short rather than long positions. The benefit for the company and their underwriters is that they can get a high turnover/churn of shares from retail, which helps to absorb their need for fundraising (which as everyone knows is the only reason for listing on AIM, for companies that are too early or too risky to raise funds by any other means).

As you say, it’s a speculative and unsubstantiated rumour started on social media. The company has previously mentioned discussions with potential JV partners. We don’t know who or what level of discussion was had, very preliminary at that point but who knows what since.

No Toffers, both sides are pathetic, childish squabbles and intensely annoying to anyone wanting to discuss and analyse the business or the market.

You’ve made nine irrelevant message threads today alone (before 8.30am), you are the disruptor!

They are going to submit the mining licence application with a feasibility study containing all the relevant data and modelling. They’ve already commissioned outline plans for the type of processing plant required. As we have always known, that would be a large development project requiring significant capital finance (probably from a major partner or buyer). That will take time. In the meantime they are funded for six new wells in Colorado, starting commercial production in early 2025 (taking 50% profit). And they are funded for basic working capital until at least June 2025. Attention is now likely to shift to Colorado while the Rukwa licence decision is pending and a more detailed prospectus can be prepared for future sale/JV/raise/loan/investment etc. That will take time and I don’t think it’s likely anytime soon.

I’m still unclear if the flow data from the two EWTs is fully reported in the two RNS, or if the second RNS reports only the basement flow data.

The original plan was for six development wells at $48m tied into a modular plant at $38m, plus $1m open p.a. But the assumptions may have changed since then. Absolute no-one is expecting a share raise to pay for that

Development of the Galactica project is just as important as developing Rukwa (proportionally speaking) and more pressing as it offers a near term income stream. Whatever happens, and whoever is doing it, Rukwa won’t be generating any operating revenue before end of 2025 at the earliest and it may require tens of millions capex investment to get to that point (Rukwa requires a processing plant, Colorado doesn’t). Probably HE1 will need to fund the half dozen or so development wells (as in Colorado) but the infrastructure is more likely to come via some kind of JV or government investment or from China, or both (if it’s economically viable).

They’ve also fully funded all the studies required to complete the mining licence application.