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Sorry, my response was pulled. The complex legal structure that exists may allow accumulation in small pockets first before final share consolidation, thereby not triggering a TR1 in the first place.

If a TR1 were issued, it would disclose who the investor(s) are, and there may be confidentiality issues as to why they can't be disclosed yet. For example, conflicts of interest, ML regulators' compliance standards, public awareness, which could cause the share price to spike, etc. There may be a mechanism for Marex/funds/intermediaries to help with share accumulation, but not yet investor share consolidation.

The key statement for me is - "We certainly welcome them as new shareholders to the company and I'm sure in time they'll make those necessary disclosure requirements, when appropriate."

Join the VR experience today!

https://www.linkedin.com/posts/chris-madsen-49b2312_my-friday-is-packed-with-back-to-back-tasks-ugcPost-7377125282475929600-SAeP?utm_source=share&utm_medium=member_android&rcm=ACoAABfDQZUBB4maueVdepD8QITT3_5hWUBx6mk

I think you are misinterpreting Lorna's quote Blubay...

LB - "The investors that are part of this raise were introduced to us by Marex Financial. We know that they have worked together on a number of previous deals. We've met those principles in person and the funds. We certainly welcome them as new shareholders to the company and I'm sure in time they'll make those necessary disclosure requirements, when appropriate."

Perplexity's take -

"The statement refers to investors who participated in a recent fundraising round, facilitated by Marex Financial. Marex Financial, part of the Marex Group, plays a significant role in connecting institutional investors, asset managers, and funds to investment opportunities, often by providing structured access and bespoke financial products to help raise assets and diversify investment strategies. It is common for Marex to introduce investors to companies and participate together on various deals, leveraging their established network in the financial sector.

The statement also notes that the new investors are known to have worked with Marex on past transactions, and have been met in person. The reference to “necessary disclosure requirements” means that, as new shareholders, these investors are expected to file regulatory disclosures as required, such as those associated with significant shareholdings or changes in company ownership, once they meet the relevant thresholds or timelines as stipulated by financial regulations.

Overall, this is a standard market practice for transparency and compliance in both private and public company investments, and indicates that the company has taken steps to formally welcome and account for new shareholders introduced through established financial intermediaries like Marex Financial."

Lorna's statement implies that He1 will be welcoming new shareholders to the company. Why would fund holders who forward sell for short-term profit ever want to be disclosed? They would be profiting off the back, at the cost of long-term shareholders' short-term portfolio balance expense.

Personally, I believe that the CLN serves as a means to create liquidity at a low share price. I also feel that it is a rather short-sighted view. On the other side of the fence, the three investors are accumulating said share liquidity and building a substantial stake in the company, in time for HE1 to play in the big leagues!

The ownership of those shares also have a non dilutive effect, and there is the potential that further cash can be injected by this 'investor' in the future.

That should read "I'm NOT sharing the main discrepancies on this BB".

These are all good reasons Blubay, but there is also another side to the argument as well. I would say I am more skeptical and I recognised a change from the excited body language to a more guarded one around the time HE1 announced they had made a globally significant finding.

Such examples and there are many, the time gap in-between H2 and H3 of the Colorado works, the current explaination doesn't add up. The timeframe for Tanzania has been stretch in 2025 to allow time for all of the cogs to align. Lorna's silence following the initial share price drop and the first conversions. All of these coincidences add up to a bigger picture, and I'm sharing the main ones on the BB.

Okay, so the 3 II's aren't the companies who become the JV partners, but again this could just be a supporting mechanism to direct those shares into the right place in preparation. There were some iffy purchases at higher SP of around 0.68p for a fixed sum, not long after the first conversion. MCNol knows the score.

Well, someones still buying large batches! The CLN conversion is only a transfer mechanism to create new shares and sell them back to the market. There is a lot of volatility at these levels and the shares can be temporarily bought up under the trigger thresholds by different companies. Then all the shares can be consolidated at a time and distributed back to the 3 II's just prior to the JV announcement. Again, just my theory...

Personally whistler, I don't think it is the Chinese. The Chinese are just where the company is based that hold the best equipment at the most affordable price. Although, I did post a link to a Chinese paper some time back, showing a Helium-3 resourse prospected from a Chinese survey of the Rukwa rift basin.

My gut instinct is that the British government wouldn't want the Chinese to continue to monopolise raw materials either. I think it could be any number of European companies working in a consortium. Who's to say one of the companies isn't SpaceX. If these companies were declared, it could send the share price rocketing, that's for sure. It would also highlight the significant potential. If the companies were announced, this would also Kybosh institutions and consortium companies being able to enter at an attractive share price to build a partnership position to inject cash later down the line. Just my interpretation anyway.

Blubay, there are still alot of unanswered questions.

1. Why haven't the Directors been named on the ML yet?

2. Who are the three institutional investors by name?

3. Lorna stated in a previous interview, that the 3 II's would be named in good time and all would make sense? Why hasn't this been disclosed yet?

4. Why has the FS still not been released to the public yet, what information is being held back and for what reasons.

If I use my own intuition, I would deduct that there has been a plan, which is now being played out, to allow II's to enter at a cost effective level, to allow for a company buy in, who will later become JV partners.

I could go on, the information in the public domain doesn't give a true reflection of the state of play and therefore, playing a game of connecting the dots is necessary. That takes speculation, imagination, and collaboration, to second guess where evidence may be missing.

Blubay, where is your evidence that there isn't? 🤔

Cheers MCNol, my old trusty buddy Perplexity says - "In summary, the Rukwa Rift Basin holds credible geothermal resource potential supported by regional heat flow data, hydrothermal activity, and fault-controlled geothermal systems. With further exploration and development, it could contribute significantly to Tanzania’s renewable energy mix, possibly providing power supply to regional grids like the Tanzania-Zambia interconnector."

This is another potential infrastructure tick in the box, which may represent further income stream value if the geothermal energy can be extracted and converted to power.

Https://www.tanzaniainvest.com/energy/zambia-power-transmission-project-58-percent-completion

A new 400KV power supply will be connecting Zambia through to Rukwa. Who will be generating the power?

Another LinkedIn post...

https://www.linkedin.com/posts/engagexr_vr-meta-pico-activity-7374026077813239808-5ppA?utm_source=share&utm_medium=member_android&rcm=ACoAABfDQZUBB4maueVdepD8QITT3_5hWUBx6mk

Https://www.linkedin.com/posts/colinmbcooper_illuminate-xr-hq-the-future-of-learning-activity-7373632222169407488-l55P?utm_source=share&utm_medium=member_android&rcm=ACoAABfDQZUBB4maueVdepD8QITT3_5hWUBx6mk

I couldn't tell you, I'm invested so short term news, before the event, doesn't really matter too much to me. I'll keep an eye for any news and post it here if I do come across anything.

It's the lack of evidence available that is causing the speculation. I'm just making light of the subject and keeping a positive perspective, with tongue in cheek. Only time will tell how this will play out. My bets on success in some form, rather than a sinking ship!

You're absolutely right, that juicy iceberg is hiding something so monumental under the surface which will expose Helium One to pure helium being created at the mantle no one knew existed and catapult it in a trajectory that will write its success story into the history books!! You best get your 'ice' skates on and join the LTHs before you miss the party! 🛼

As a comparison for a relatively small conversion from helium-4 to helium-3 perplexity states the below.

"Based on calculations from the latest Sproule ERCE CPR (June 2025) for the Southern Rukwa Helium Project:

The 2C (2P) Gross Helium Contingent Resource at Itumbula development is about 296 million standard cubic feet (Mscf) helium-4.

The 2U Prospective Resource in the rest of the mining licence area is about 709 Mscf helium-4 (unrisked).

If we consider a speculative switch of helium-4 to helium-3 in the 2C contingent resource:

1% helium-3 of 296 Mscf = 2.96 Mscf He-3

5% helium-3 of 296 Mscf = 14.8 Mscf He-3

Pricing assumptions:

Helium-4 price: approx. $300 per Mscf

Helium-3 price: approx. $2,000 per standard cubic foot (scf) (or $2 million per Mscf)

Income estimates from helium-3 presence:

At 1% He-3:

2.96×2,000,000=5.92 billion USD

At 5% He-3:

14.8×2,000,000=29.6 billion USD

For context, the total 296 Mscf helium-4 (at $300/Mscf) would generate:

296×300=88.8 million USD

Including the 2U Prospective Resource (709 Mscf helium-4), total speculative helium-4 value is approximately:

(296+709)×300=1.505 billion USD (unrisked)

This shows how even a small realistic helium-3 component could dramatically increase project income potential, but this remains highly speculative pending confirmed helium-3 resource quantification and commercial recovery feasibility.

This approach balances current known 2P figures with speculative helium-3 upside for investor discussion."