Member Info for Blubay

The status shows on the public map section of the mining ministry portal

https://portal.madini.go.tz/

No, it was recommended for approval subject to completion of negotiations and regulatory approvals. It’s just been approved.

ML0795/2025

Application approved

Songwe Helium Ltd (100%)

The spread was around 0.9 / 0.99 anyway, and the closing price of 0.91 was just an allegedly ‘corrected’ trade (previously booked as OTC). Otherwise it would have ended around 0.94 / 0.99

That’s a really unlikely outcome in this case. They already have a fully funded development plan for near term income, which would be sufficient underwrite their basic working capital needs (if necessary) and zero debt, with multi million pound assets. Cash is of course tight but nowhere near a cheap target.

The proposal was for a modular set up (with minimal civils work) based on six stages

Water removal

Deoxygenation

Membrane separation

Pressure swing absorption

Compression

Tube trailer loading

The difference in the Chinese pilot is that they built a primary geothermal energy plant, integrating a secondary helium production flow (same membrane + PSA) for processing the water outside the heating season.

I have no idea what you’re on about. No one has seen the FS but the scheme for processing plant has been published more than once in different iterations, most recently in the slide deck from the AGM (where the CFO also discussed costs). That was a result of the engineering study commissioned more than a year ago.

Yes I’d agree Pete, the pending licence would automatically constitute a contingency putting development of Itumbula ‘on hold’ until award, so it’s just a question then of clarification from HE1 whether that’s the only/primary one, which we’ll hopefully get from them very soon. They already have an engineering study for the plant, as part of the FS, which on face value of the presentation mirrors the process being piloted in China.

Punter - you do understand that no-one in the world had commercially extracted helium from water in a pure helium play prior to HE1's discovery at Itumbula? That is why there was market caution around the discovery RNS, and why it was a significant challenge to identify a suitable CP with hydrological expertise. They've emphasised this all along, that the project is unqiue and requires unorthodox reserve modelling. It was solely experimental technology until the Chinese launched the first commercial pilot plant in November last year (after the discovery), which is now in its first phase of production. That's absolutely huge for HE1, with a demonstration plant in production and the validation from the CPR. But it is 'contingent' and we do need to know what the contingency is.

I think the CPR summary RNS is quite exciting, and not at all boring. It’s a huge step forward to have the company’s novel hypothesis of extracting commercial helium from ground water validated by an independent authority like Sproule ERCE. That’s massive, game changing really.

It would be great to see the CPR. The well profiling validates the company’s own modelling from the EWT at Itumbula, with 2C estimates that might represent very roughly $1m per year per well, gross of recovery costs. With a development plan for 30+ wells over 30+ years that looks very promising.

But it would be good to understand more about the ‘Contingencies’ identified by the CPR to explain their classification of ‘Development on hold’. This could be as simple as pending the award of a mining licence (any day now), or a route to market (off taker?), or as complex as developing new processing technologies. So there’s quite a wide range. To recap…

Contingent Resources:

These are quantities of gas estimated as recoverable from known accumulations, but their development is currently not commercial due to various contingencies.

Development on Hold:

This sub-classification indicates the project has the potential for commercial development, but development is delayed due to factors outside the developer's control.

Examples of Contingencies:

These can include things like regulatory approvals, political or economic uncertainties, securing a license to operate, or ensuring market access.

Progression:

Projects categorized as ‘Development on Hold’ can move towards ‘Development Pending’ or to proven ‘Reserves’ once the contingencies are resolved and the project becomes commercially viable.

Who is Nitash?

His name is ‘Nishant’ (Nish) not ‘Nitash’. Are you sure your acquaintance has the right person? 🤔

I don’t really understand. All he did was approve Eni’s oil sector prospecting licence, as chair of the public authority. What’s his actual connection to Eni and what does Eni have to do with helium?

We all have opinions. Apologies if mine doesn’t agree with yours. Agree the UAE connection is interesting. What is Eni’s interest in helium?

Yes, that’s what I posted yesterday when it appeared on the Tanzanian company registration database. The company was registered on 26 June.

He’s a non executive director of a London listed company. Unless he also has some kind of executive role in Songwe then he’s not ‘coming in with a bang’ in Tanzania or anywhere else.

"why refer to me when it was Beesty69 calling you out "

Why would you think my anonymous reference to paranoid fantasy aliases referred to you?

Folio - the ML ‘application’ was transferred to the name of Songwe when the licence fee was paid, but Songwe didn’t exist as a registered company then and the licence wasn’t awarded. Hopefully that now happens Monday.

PS. Beesty - whatever paranoid fantasy our mutual friend/alias may have imagined is neither what I said or did.

Fair point. The cited source is definitely LSE though, and links back to this forum. It’s one of the hazards of using large language models as if they were search engines!