Member Info for Jammysparrow

Well capacity was pretty stretched last year in the hub labs:

https://www.theguardian.com/society/2023/apr/03/backlog-in-nhs-genome-service-leaves-families-facing-long-wait-for-results

https://www.dailymail.co.uk/health/article-12473369/Cancer-patients-miss-cures-NHS-testing-hubs-fail-demand-two-years-launch-pioneering-tumour-analysis-labs.html

Not aware of anything that has changed to increase capacity since but please post links showing that the labs are now on top of this

Not sure whether anyone has posted links to these reports prepared by the Green Finance Institute for Labour but they make some interesting reading.

https://www.greenfinanceinstitute.com/programmes/national-wealth-fund-taskforce/

https://www.greenfinanceinstitute.com/wp-content/uploads/2024/07/20240709_1400_NWF-Taskforce-Report-v.FINAL_.pdf

https://www.greenfinanceinstitute.com/wp-content/uploads/2024/07/20240703_NWF-Taskforce_Sector-Analysis.pdf

The sector analysis in the last one shows the scale of ambition for investment in green hydrogen, steel and industrial decarbonisation to 2030. Massive!

Sure, accept that there is going to be downtime. Didn't realise it was quite that high. Still think it would be higher for March if the hashprice remains the same. Looking at the average hashprice for Q4 it was $81 and they averaged $5.4m so grossed up it would be around $7m which is still higher than any month last year.

Lots of ifs and buts and based on imperfect metrics I accept but should give a ballpark I would think

Yep, I'm moderately hopeful about February's performance. Difficulty hike will hopefully be offset by less downtime than January

Difficulty back in the 70s for now.

Hashprice higher than it was at close last night and knocking on the highest it has been since xmas.

$105 / PH / Day

For Argo that means 105 x 2,800 x 31 = $9m revenue in March less a bit for downtime. Still miles ahead of any month last year and more than double last March

Anyone who sold out first thing this morning got mugged

Think we can be fairly confident to say that, along with Bergen being out, any weak hands from the equity raise will have left by now with a tidy profit so new base set for another leg up

Just about turned over twice the shares in issue over the last 6 trading days. Completely nuts.

Can you just update us on the latest price DD

Third time's a charm

Yes

Newspaper owned by the Tanzanian Government ran an article on the helium potential of Rukwa, also mentioning Eyasi & Balangida, yesterday:

https://dailynews.co.tz/helium-another-type-of-non-renewable-resource-for-accelerated-economic-prosperity/

Maybe we shall hear something shortly

It was about $1.2m in the latest accounts but it had been classified as non-current so not currently expecting it before June 2024.

On another note we had already paid for about $1.4m of casings at the balance sheet date so cash-wise a fairly chunky amount of expense already accounted for before coming into the current year

If they weren't planning on drilling why would they be sending new people out there?

This guy celebrated joining a week ago and thanked the team at Pro-drill/Zenith Energy for arranging flights and accommodation.

https://www.linkedin.com/in/malcolm-wood-bb04a895/

Looks like they already have a few people through Zenith

So they didn't, haha.

Still, unlikely that the budget would have had no contingency at all for anything going wrong and whilst I agree the two companies can't be directly comparable I just can't see that Noble would have spent significantly less than £4m in the last two months but Helium One would have spent say £10m. Surely no-one is suggesting that the repairs have cost £6m?

Everyone knows they will have to raise more at some point that's the nature of the game

Reasons not to be worried about cash raise:

1. They raised more than they needed to fund Itumbula. See presentation on the website - states £6.3m for Itumbula, licencing and 6 month working capital. Separately states additional proceeds via PrimaryBid for extended cash runway, rig development etc. The placing RNS confirms £6.8m raised in total including £0.5m from PrimaryBid offer. That should pay for some spares and repairs.

2. Noble Helium have 100 people on site and only had AUD 8m (c £4m) at end of September. They've since drilled two holes and I haven't seen anything suggesting they need to raise further funds yet. We must have had at least double that, maybe treble following the September fundraise. Noble helpfully publish a quarterly cashflow in their company reports section of the website.

3. If they were really needing funds they didn't need to bring the AGM forward surely. I think they still have authority to issue c 150m shares from the previous AGM. They could have done this at 5p/share and been £7.5m richer right now.

Talk of bringing the AGM forward to raise more cash is nonsense.

Just to be clear, they recently announced around 30m shares in options for the BOD at 6.6p per share. So we all get to more than double our money from here before they see a penny from that.

I think they are going to care what happens here.

That was my thought. If the hydraulics can be fixed to get drilling then they my be able to crack on safe in the knowledge that if something goes wrong they will have shiny new things they can fit so they don't have another "We need to wait two weeks for spare parts" RNS

Lorna did say in the interview the hydraulics specialist was there in parallel to the sourcing of the spares and repairs.

Could they look to do a quick fix to drill the initial hole and then a proper repair whilst casing it and then drilling on? They've been pretty good at thinking outside the box to get the job done at Tai3 but not sure whether that is possible

...and quicker/cheaper?! :)

So they found decent concentrations of helium in fluid at depth but no free gas and Noble seem to have found free gas at a pretty shallow level.

The original paper on Rukwa (https://pubs.geoscienceworld.org/pg/article/28/2/petgeo2021-029/610750/The-principles-of-helium-exploration) seems to suggest the gas is released from the groundwater when the groundwater migrates upwards and reahces bubble point.

Given they had to drill deeper than expected and discovered the Lower Karoo had a mixture of reservoirs and seals, could it be that the groundwater simply hasn't migrated to a shallow enough point and hit the sweet spot there to degas and create a free gas reservoir where they expected.

Obviously they believe conditions may be right when they hit the Basement there hence lining the hole for later.

The TD for Itumbula on their presentation is only 810m so presumably a far greater chance of hitting the bubble point and the groundwater degassing and creating a free gas reservoir?