Member Info for Blubay

Arguing about anyone’s ‘negative gang’ or ‘positive gang’ swamping a public discussion board is pointless. You might as well shout at the wind and expect it to change the weather. If you want to make money then get better at weather forecasting 🌧️🌦️☀️

Pub - "the only way they profit is if the tills ring louder. They’re on the same side of the trade as us"

That's not quite how it works though. The investors, who were arranged by MREX, could have borrowed shares, from an MM/broker (like MREX), to sell them when the price was at or above 0.6p before calling in sufficient conversion at 0.5p to cover their return of those shares. As long as both sides of the deal were done and dusted within the month it wouldn't cause any ripples. Just hypothetically of course.

FlySeaLSE - "Is there something to prevent them doing consecutive conversions?"

They may do as they choose to do.

"The Investors may elect to convert the £10 million Advance into ordinary shares ("Ordinary Shares") in the Company at any time and in any such proportion as they so choose upon delivery to the Company of a notice of conversion ("Conversion Notice"). " (RNS)

Sure, but that was always fairly likely once the CPR was published. As the CEO clearly said in the last interview the key objective for the appraisal is to bump up the numbers on the scale, by addressing the contingencies and in the hope of establishing the proven resource. That could unlock a very different project finance scenario.

"you are ignoring the average concentration of 5.5% helium discovered in Tanzania. We are looking at 20,000 bpd, which is - to be fair to the CEO - a huge result, demonstrating a flow rate of 6,176 scf/d of helium"

That would be 5.5% of the gas in the water. The gas water ratio is the contingency here, as the CPR observes. There's some uncertainty about that due to variation between the different down hole samples, If the ratio does proves to be 1:4 gas to water then the helium is potentially 5% out of the 25% gas in the 20,000 barrels of water a day (i.e. 1.25% of the flow, if the electric pump proves to deliver the best case planning scenario). The predicted helium from ITW1 in this scenario is equivalent to the helium from the State 16 well in Colorado, which is free flowing gas with no pumps or water processing, plus the bonus cash byproduct of beverage grade CO2. In the modelling, a 'typical' Rukwa well (CPR) appears less profitable per day than a typical Galactica well, due to contingencies of high extraction cost. But Rukwa may have the strategic resource attraction of being a profitable project at scale over the longer term. And importantly, HE1's share of the project is currently much larger than in Colorado.

HE1 reached the maximum term allowed for their extended exploration licence, which expired in September last year. They had no option but to apply for a mining licence at that point, making the best case they could put forward based on the data collected to that point. They made a good hand of that and it would have been unreasonable for the Ministry to turn them down after putting in all the exploration (it would certainly be unusual). They had to push it at the final stage, following the delay and failure to hit basement at Tai, but they were able to present ITW1 as a 'discovery' to get in under the wire, albeit without having quite enough time and money to prove their modelling of commercial flow rates and extraction (which is what the appraisal is now all about). For an unorthodox and untested prospect they've done really well to be fair and deserve credit for playing the capital markets as well as they have done.

“ thought this was all going to be bank loans and JV's going forward”

I think if the CPR had come in stronger that could have worked for a pump priming loan, but lenders need confidence and collateral assets. Hopefully the appraisal phase will tip the balance for some early stage project finance.

Very positive news. The disadvantage for PLSR is that they’d then have to pay it back whereas HE1 wing pay a penny and will be debt free once the share market has done its necessary work of rinsing out the $10m advance

Https://find-and-update.company-information.service.gov.uk/company/FC038827

Helium One Global is based in the British Virgin Islands, with management operating in London and Tanzania.

I guess it’s more likely the ‘investor’ agreed to sell the tranche of shares previously above 0.6p and is now covering them at 0.5p (your scenario is possible but much more risky as the sale would probably drop the price).

Not sure if they can start work until after BNL’s shareholder vote on 19 September. Hopefully then things can move on quick enough from there.

I posted no such thing. I said “I'm going to guess first target conversion price will be around 0.5p” and gave the odds of that happening in months 1-3

MC - mmm 🤔 …8 August…

“ it gets so irritating when this board gets cluttered with people who do not know what they are talking about stating potential VWAP conversion prices and short timescales. Maybe Blubay will stop doing that at some point?”

Kicking myself for not suggesting a wager against the abuse received at time of posting 🤔

“8 Aug 2025 10:42

Just as a wild stab in the dark (disclaimer) I'm going to guess first target conversion price will be around 0.5p to sell into or above 0.6p rises. But just idle Friday speculation in the absence of news.”

First 10% of advance converted at 0.5p within 2 weeks of authorisation vote. At least that means the cash is in the bank now.

Presumably nothing can progress without the vote (19 September). Not sure if that means waiting another month before committing to anything, or whether HE1 would try to push on using any of their share.

Looks bold, they’re raising the $4.5m AUD plus maximum contingency authority up to 25% equity, plus options. Let’s hope it’s enough to get the job done. The puzzle remains that it’s much less than HE1 are raising for the same project, operated on a 50-50 basis. Hardly a word of explanation yet from either party on the rationale or detailed expenditure plans. Hopefully we hear more after their meeting vote.

It’s not contaminated. The disposal plan is irrigation, draining into the Rukwa Lake basin. The modular processing plant design is all drawn out in the published CPR.

If you read the CPR you’ll see that irrigation is in the plan