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It’s interesting you think the 'trip to the bank' isn't simple, considering the Activities Report today literally shows a photo of the first tube trailer being filled with saleable gas...

Suggesting the 50/50 JV was a 'bailout' ignores that HE1 bought in to transform themselves from an explorer into a producer. It worked.

As for the 'overhang,' it's a temporary mechanical issue. The market doesn't care about a 0.005 raise once the bank statements start showing $100k per tanker. I'd rather bet on the gas already in the tube than the 'programmed' pessimism of someone waiting for a perfect chart...

@Ben_sipp still shaking that tree I see...

The idea that HE1 would 'spare' liquidity for BNL is a fundamental misunderstanding of how a 50/50 JV works. HE1 isn't a bank. If BNL couldn't meet their costs, HE1 would simply take more of the asset—it’s called a 'dilution event,' and it would be a massive win for HE1 shareholders, not a burden.

As for the A$0.005 'ceiling,' that logic expires on Monday when the shares are allotted. BNL’s Activities Report today confirms first production was achieved in December and they are filling tankers now.

I’ll take the company that is actually producing helium over the 'shortfall' chart-watchers any day. First sales RNS is the only metric that matters now—and that’s a win for both companies...

@Bens_sipp posted at 0821 yesterday...

'Expect the bnl share price not to move up untill this offer passes or is take up by someone. Bnl first sales are now more important than they needed to be previously. Maybe they may look to he1 for further help in liquidity (if he1 can spare anything)?'

The BNL report basically says: "The engine is running, we’ve filled the first tank, and now we just need to drive it to the bank." It dismisses the "liquidity crisis" rumour's by showing that production is already underway. While BNL has a shortfall to manage in Australia, the operational asset (which HE1 owns half of) is healthy and producing gas...

It’s a bit of a stretch to suggest HE1 would bail out BNL's liquidity. HE1 isn't a charity; they are a 50% partner. If BNL can't pay their way, the standard industry move is a 'dilution of interest'—meaning HE1 would end up owning more of the Colorado project for less...

BNL’s shortfall isn't an HE1 problem; it’s a BNL shareholder problem. In fact, if BNL is 'stagnant' because of the raise, it just makes HE1 the cleaner play for the Colorado first-sales news...

I’d rather be in the company that has £8m+ in the bank for Tanzania, than the one still trying to place its shortfall...

The CEO and Board members participated with their own money, which is always a signal that the people closest to the drill bit believe in the asset....

Not quite the case Gogs,

PI like you @gogsthelogs often get nervous when a partner raises money, but for the Colorado "Snowball" to work, BNL needs to stay solvent and operational...

BNL is the "Operator" in Colorado. Their successful (if partial) raise ensures that the Pinon Canyon Plant stays powered and the technicians stay on site to fill those HE1 tankers...

Because HE1 is not the one issuing the shares, your HE1 holding remains exactly the same. You get the benefit of a "funded partner" without having to pay for it via dilution...

Now that BNL has cleared this financial hurdle, both companies can stop talking about "offers" and start talking about the First Sales RNS, which is due any day now...

Here is the outlook for next week across our two main fronts...

1. Tanzania: The "First Gas" Signal

Following the January 19 RNS confirming the ESP was "Running in Hole," we are now in the critical 7-day window where de-watering begins...

We should see an early-week RNS confirming "Successful Commissioning" or "First Gas to Surface."

Look for "Sustained air-corrected helium." If they use this phrase, it means the sample quality is high and hasn't been diluted by the pumping process...

2. Colorado: The "Bank Deposit" Moment

The January 20 RNS confirmed that technical teams are on-site at the Pinon Canyon Plant and the first tube trailer is currently being filled...

We can hope for a high-conviction RNS announcing "First Commercial Sale" or "Tanker Dispatch."

Based on the Panmure Liberum estimates, each trailer represents $59,500 – $102,000 in gross value. Confirming the first departure turns HE1 into a revenue-generating company...

Look for the "phased off take" schedule—essentially, how many trailers per week can we expect throughout February?

Next week is about Execution. The "story" is told; now we can expect to see the tankers moving and the pump humming...

I covered this on the 20th, look at my history for the content...

I do...sorry its early

As a Helium One investor, BNL's share offer is actually a positive indicator, though it often confuses retail investors who see "more shares" as a bad thing...

It proves that our project partner (BNL) is well-capitalised. If BNL didn't have the cash, the Colorado project would stall, hurting HE1's "Snowball" revenue...

The fact that BNL successfully moved forward with this offer in early January suggests there is strong institutional appetite for helium assets right now...

It is important to note that Helium One has NOT issued a new share offer in 2026. HE1 is currently using the cash from their August 2024 raise and the new Colorado revenue to fund their operations...

They don't have a specific legal "tick-box" for a function test, but they do have a legal obligation to ensure the market isn't "misled" by silence. Given how much weight the market is putting on the Tanzanian ESP, we can expect the company to voluntarily RNS the "successful commissioning"...

(Expected Any Moment)...The 48-Hour "Function Test...

Once the pump is at the correct depth (approx. 1,100 meters), the team must conduct a "Function Test" to ensure the surface Variable Speed Drive (VSD) is communicating with the downhole motor...

This typically takes 24–48 hours after installation...

We might see a short "operations update" RNS as early as tomorrow (Friday) or Monday morning confirming that the pump is "commissioned and activated."

@Catmangi Your math is stuck in 2024. A £3m burn on a £10m+ cash pile gives them a 3-year runway even if they didn't sell a single molecule of gas....

But they are selling. At £60k–£80k a trailer, they hit cash-flow neutral much faster than you think. More importantly, you're treating Colorado as a survival tool, when the brokers see it as a self-funding engine for the 3.7p Tanzania jackpot...

I'll take the 800% upside over your spreadsheet errors any day."

and it is Their (not 'there'). Attention to detail may not be your forte?

I think you should look to your own behaviour Zoffy.. Not all people who post here are disingenuous or have a malign motive. Some of us actually invest and believe in this company...

The Colorado "Snowball" strategy transforms the US project into a high-speed "cash machine" that generates the liquidity needed to fund the massive, high-impact appraisal in Tanzania without further diluting shareholders.

While Tanzanian exploration involves deep, multi-million pound wells in a frontier environment, the Colorado wells are shallow (approx. 365m), cost only about $450,000 to drill, and can be tied into the Pinon Canyon plant in just weeks...

With current helium trailers valued at between $59,500 and $102,000 each, the revenue from the first six wells is designed to create a self-funding loop that pays for the drilling of the remaining nine wells in the US program...

This steady monthly cash flow provides a vital safety net, covering the company’s corporate overhead and daily operational costs, thereby allowing Helium One to preserve its £10m+ cash reserves exclusively for the technical "heavy lifting" required for the ESP test and future production plant in the Rukwa Basin...

Colorado is the bank, providing the stable floor and the working capital. Tanzania is the jackpot, providing the world-class resource that could drive the stock toward the 3.7p broker target...

I posted this yesterday with the comment 'nice image of plant...'

Both Renergen and HE1 use modular, skid-mounted plants.

The photo I commented on as 'nice image of plant' shows the physical reality of a primary helium hub....The slower members of the chat board missed the point...

Nice image of plant...

https://energycapitalpower.com/helium-one-starts-esp-testing-at-tanzanias-rukwa-helium-project/

Here are a few direct quotes...

"We reiterate our Buy recommendation and Price Target of 3.7p. Despite the recent share price volatility, the underlying asset value and the move toward a self-funding model in the US justify a significantly higher valuation than the current market cap implies."

"Operational focus has now shifted to stabilising production throughput at the Pinon Canyon Plant. With the first helium tube trailer onsite for filling, HE1 is positioned for imminent first revenue, representing an estimated gross value of US$59,500 to US$102,000 per trailer."

"The commencement of ESP testing at ITW-1 is a crucial technical milestone. By utilising artificial lift to evaluate the fractured Basement and Karoo intervals, the company is moving toward quantifying the commercial potential of what remains a world-class helium discovery."

Panmure Liberum, acting as Helium One’s Nominated Adviser (Nomad) and Joint Broker, has just issued a research note following the dual updates from Tanzania and Colorado...

The core of the note is a strong "Reiteration of Confidence," focusing on the company’s transition from an explorer to a revenue-generating producer.

Panmure Liberum has historically maintained a price target of 3.7p... and has re-iterated it today!

this represents a potential upside of over 700%.

PMUR broker views the current valuation as significantly detached from the asset value, especially now that the "mechanical risk" of the ESP in Tanzania and the "commissioning risk" in Colorado have been addressed...

PMUR Focus on "Commercial Validation" (Colorado)

The note highlights the significance of the first helium tube trailer being on-site at Pinon Canyon.

They emphasise that the estimated gross value of $59,500 to $102,000 per trailer transforms the company's balance sheet...

For Panmure, this isn't just about the money; it’s proof that HE1 can successfully navigate the US regulatory and midstream environment to get gas to market...

PMUR mention De-Risking the "Basement" (Tanzania)

Regarding the ESP test at Itumbula West-1, Panmure’s analysts view this as the "ultimate value unlock."

They praise the "systematic approach" the company has taken with the CenerTech equipment...

PMUR previously described the 5.5% helium flow as a "big step forward"; this new note suggests that the ESP results could be the final data point needed to move the project toward a Mining Scheme and a full-scale production plant...

The note suggests that the first half of 2026 will be defined by "Rapid Scaling."

Infill Drilling, PMUR expect the "Colorado Snowball" to begin immediately, with revenue from current sales funding the next 9 wells....

PMUR hint that a successful 3-week ESP test will lead to an updated Competent Person’s Report (CPR), which is often the catalyst for institutional "Buy" ratings from other banks....

Panmure's note provides the "Institutional Stamp of Approval" that the market was looking for today. It confirms that the broker sees the current 0.46p price as a massive undervaluation based on the milestones achieved this week....