Member Info for MCNol

Over 5 million shares have been scooped up in large blocks in the last 45 minutes alone. This explains why Canaccord is on the BID at 0.46—they are likely facilitating these large orders or replenishing their own inventory after selling to these buyers...

CANA now on top of the BID...

ASimpleInvestor (indeed) you're quoting a rulebook from 2010. Institutional funds don't wait for a 'stable £100m cap' in the helium sector—they buy the Value Inflection. With Colorado entering integrated production next week and Rukwa results imminent, the cap is re-rating in real-time. By the time it hits £100m, the easy money has been made. Institutional desks like CANA and JBER aren't on the L2 for a 'pump and dump'; they're here for the transition from explorer to producer...

We have a new MM today Cannacord (CANA). Unlike some smaller MMs, Canaccord is a "bulge-bracket" player for AIM. Their arrival suggests they expect a massive surge in volume that the current MMs (JBER/MREX) might not be able to handle alone. They want to capture the "spread" on the high-frequency trading that will follow the Rukwa ESP results...

Often, a new MM like CANA joins because a large institutional fund has tasked them with either building a major position or exiting one. If they move onto the Bid, it’s a strong signal that a "big fish" is trying to get in before the next RNS...

If you’re only seeing 0.47p as a ceiling, your data is delayed. Look at the live Level 2 Axes: JBER is the primary bid at 0.47p, while MREX is literally sitting on the 0.50p offer right now. It's a classic 47/50 corridor. Trading 'above 0.47' doesn't mean the ceiling is gone; it means the floor has moved up and we’re now knocking on Marex’s door at 0.50...

Giving HE1 eighteen months to reach 0.85p is like giving a Ferrari two miles to reach 20mph. If Rukwa flows commercially and Colorado scales next week, 0.85p is a Tuesday morning milestone, not a 2027 'ambition.' That target assumes total failure in Tanzania."

It is interesting that JBER (Jefferies) are currently one of the dominant forces on the bid. They are typically institutional-facing...

We are pinned in the 47/50 corridor. If JBER starts aggressively lifting that .50 offer, we're heading for a breakout.

No, the news is unlikely to "fall flat." In the UK market, transitioning from an explorer to a producer is a massive value-inflection point, even at 50% ownership...

Https://www.sharecafe.com.au/2026/02/12/blue-star-heliums-galactica-project-nears-full-operations/#:~:text=Spry%20added%20that%20commissioning%20the,plant%20capacity%2C%20with%20encouraging%20interest

Https://www.londonstockexchange.com/news-article/HE1/galactica-project-update/17457660

@Devonlife

Before the first saleable molecule reaches the trailer, engineers must "line-pack" the entire gathering system and plant infrastructure with process gas to reach operational pressure, a volume that stays in the system and is never sold. Simultaneously, the Pressure Swing Adsorption (PSA) units must be meticulously "tuned" and the adsorbent beds conditioned to filter out impurities—a process of trial and error that ensures the output consistently hits Grade-A (99.99%+) purity. Unlike subsequent trailers, which can be filled in 48 hours once the plant is at steady-state, the first load requires external laboratory validation to secure the Certificate of Analysis required for title transfer. Essentially, you aren't just filling a tank; you are calibrating a multimillion-dollar chemical refinery for its 12-year lifespan

In the industrial gas sector, payment is triggered by the Transfer of Title, which occurs only once the trailer is fully loaded, certified, and crosses the "delivery point" (the plant gate). Once this document is signed and the truck is dispatched, an invoice is issued with standard Net 15 or Net 30 settlement terms. Essentially, the presence of the trailer on-site is a physical commitment to buy, but the actual cash-flow event is a performance-based transaction that requires the "molecules to be in motion" toward the customer...

@Devonlife he trailer is the "shopping trolley," but the JV hasn't reached the "checkout" yet.

The cash-flow event occurs at the moment of commercial dispatch. This is exactly why the market is watching for the RNS confirming the first truck has left the site—that is the moment 'potential' becomes 'profit.'

Blubay The focus on 'post-royalty' data is a transparent attempt to move the goalposts. In industrial midstream operations, the Pinon Canyon Plant is valued on its gross nameplate capacity of 4.2 MMscfd, which dictates the project's scale, infrastructure, and ability to fulfil off take mandates....

In the US market, "post-royalty" figures are used for tax and distribution filings, but the Effective Plant Capacity (EPC)—the amount of gas actually hitting the "spigot"—is what determines the frequency of trailer shipments. With three wells already tied in and a trailer on-location, the JV has moved beyond "predictions" and into active logistics....

Blubay even I am getting bored of correcting your misrepresentations of the facts, have at it Sweetheart ...

Oh Blubay It is fascinating that you’ve pivoted to 'after-royalty' metrics to minimise the plant's scale. In industrial engineering, nameplate capacity refers to the gross intake and output capability of the facility, not the net accounting balance after the state takes its cut....

I apologise @Gogsthelogs and @Magpie1862, I am sure Troll one liners are more entertaining to you...

For those who are not O&G people @Blubay is attempting a "technical gotcha" by conflating two separate components of the same integrated system. At Pinon Canyon, the 4.2 MMscfd figure is the unified nameplate capacity for the raw gas feed—the total volume the plant is designed to inhale....

It’s a bold attempt at pedantry, but Blubay has managed to trip over the basic flow-sheet. The 4.2 MMscfd figure is the total nameplate raw gas processing capacity for the Pinon Canyon facility, as explicitly stated in the October 15 and December 22, 2025, technical briefings...

In an integrated plant designed for high-CO2 feedstocks (ranging from 48% to 98% CO2 in the Lyons Formation), the amine unit and the helium recovery unit (HRU) are not competing capacities; they are synchronised. The amine unit is sized specifically to handle the bulk CO2 removal required to deliver that 4.2 MMscfd of raw feed into the helium purification stream....

If you’re suggesting the plant can only 'process' what the amine unit 'cleans,' you’re effectively agreeing with the 4.2 MMscfd raw gas throughput target. Whether you call it 'amine capacity' or 'plant intake,' the commercial result remains the same: the facility is engineered to process over 4 million cubic feet of raw gas daily to produce Grade-A Helium and 37,000 tons of CO2 per annum...

Perhaps less time on the 'homework' and more time on the Process Flow Diagram (PFD) would help. While you’re debating nomenclature, the first 170,000 scf tube trailer is already on-site receiving saleable gas. The market is trading the revenue, not your terminology....

@Blubay

Demanding 'projected maximal flows' is a quaint exercise in seeking stale data that has already been superseded by real-world commissioning. While you’re waiting for a prompt, the Pinon Canyon facility is busy utilising its 4.2 MMscfd nameplate capacity to fill a 170,000 scf tube trailer (as confirmed on-site Jan 20) with actual, saleable Grade-A Helium.

Focusing on individual well 'projections' like Jackson-29 (550 Mcfd) or State-16 (441 Mcfd) is a retail-level distraction; the Joint Venture doesn't mobilise high-pressure logistical assets based on a spreadsheet, they do it based on metered throughput. (I know as a book keeper this will be upsetting to you).

We’ve moved past the theoretical 'if' and into the commercial 'is'—if the market shared your confusion, the 0.46p ask wouldn't be under such aggressive pressure right now. But by all means, keep your reticence ; the rest of us will stick to the revenue...

Oh Blubay, you are asking for the blueprints of a car that is already driving down the road. Your demand for "inside information" has already been superseded by regulatory milestones....

However to answer your question the Pinon Canyon facility was engineered with a nameplate processing capacity of 4.2 MMscfd of raw gas, designed specifically to capture dual revenue streams of Grade-A Helium (99.99%+) and high-purity CO2....

For those who do not have access to it currently here is what I am seeing...

The current Level 2 topography for HE1 exhibits a classic institutional absorption pattern, characterised by a significant supply-side vacuum above the 0.46p resistance level and a fortified Bid-side wall currently consolidating at 0.455p...

As of 11:15 AM GMT, the Order Book reveals that the previous 0.46p "Ask" wall has been effectively neutralised, with Market Makers (MMs) such as Winterflood and Panmure Liberum now shifting their primary offer quotes toward 0.47p to manage high-velocity buy-side interest...

This upward migration of the Volume Weighted Average Price (VWAP), supported by a mid-morning surge to 16.4 million shares, indicates that liquidity is being pulled from the secondary market as participants front-run the anticipated completion of the Rukwa production test.

From a technical perspective, the tightening of the spread to 0.01p (approximately 2.17%) amidst significant Ordinary (O) prints suggests a demand-driven "squeeze," where any retail "weak-hand" selling is being immediately absorbed by larger, high-conviction entities ahead of the next regulatory news cycle...

I am not sure what is more interesting, watching Level 2 or the Winter Olympics today?

@Blubay your he argument that it is 'impossible to know' the production rate relies on a fundamental misunderstanding of midstream commercial protocols...

Under the short-term off take agreements cited in the January 20th RNS, the Joint Venture (BNL/HE1) would not mobilise a high-pressure logistical asset like a 170,000 scf tube trailer unless the plant had already achieved a stabilised Grade-A (99.99%+) purity and a predictable throughput...

In industrial gas production, the presence of a trailer on-site is the ultimate proxy for commercial viability. A plant doesn't 'sit idle' at half capacity waiting for a full count of wells; it operates at a break-even compression threshold...

Even with 3 of 7 wells tied in, the focus has shifted from 'flow potential' to revenue capture. By tying in the Jackson-29 and 31 wells, the plant is already processing gas that is being valued at $600–$1,000/mcf in the current US domestic market...

To focus on the 'unknown' exact rate is to miss the forest for the trees: Helium One has successfully pivoted from a 100% explorer to a revenue-generating participant in the Colorado market. The market recognises this, which is why the 0.44p bid support remains impenetrable despite the 'no-news' noise. We aren't waiting to see if it works; we are watching it scale...

The "refinement" mentioned in the latest activities report refers to the Pressure-Swing Adsorption (PSA) units. These are not "waiting" for more wells; they are being calibrated to the specific gas chemistry of the first three wells to ensure every molecule of helium loaded into that trailer is saleable. This isn't a delay; it is the monetisation of the asset...

We don't need a flow meter in an RNS to see that the cash register is open. The trailer is the evidence....