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For clearing the churn

What makes this genuinely bullish is not the leases themselves, but what they imply. Mendell is no longer behaving like a tiny speculative explorer chasing a single well outcome — it is now systematically assembling a scalable helium production district around proven production at Rost. By clustering new leases beside existing acreage, disposal infrastructure and purification facilities, management is effectively laying the groundwork for a multi-well hub-and-spoke operation with materially lower development costs per well. Combined with the £5m raise, institutional backing, the successful Rost production model, and the ongoing Rost Twin completion, the market is being shown a credible pathway from “interesting helium junior” to a potentially significant US helium producer. If Rost Twin performs commercially, these additional leases could suddenly become extremely valuable because investors will start valuing Fort Dodge as a repeatable field development rather than a one-off discovery.

The real SP “take off” moment for Mendell, in my opinion, comes when Rost 2 proves Rost 1 was not a one-off success. If Rost 2 delivers ~5% helium, materially stronger flow rates, successful dewatering and sustained production growth, then the market starts valuing Mendell as a scalable helium producer rather than a speculative explorer. Add in AIM admission, improved liquidity, Schneweis recompletion, additional wells and purification expansion, and the valuation framework potentially changes very quickly. The key shift is from “Can they find helium?” to “How quickly can they scale production?”

RKB actually makes a fair point here because the Share Talk article appears to have focused mainly on the rerating and chart move, whereas the real significance arguably sits in the operational acceleration now taking place behind the scenes.

The key positives, in my opinion, are not the “100p” headlines themselves, but the fact that Mendell now appears to be transitioning from a single producing well into a funded field development story.

The £5m raise at 4p was transformational because it removed a major funding overhang and gives the company the ability to:

* complete Rost 2

* move into Schneweis

* drill additional wells

* expand purification capacity

* accelerate Fort Dodge development

That is a very different proposition from the tiny illiquid microcap the market was looking at 6–12 months ago.

Rost 2 is also hugely important because it is effectively testing repeatability. If the larger 7-inch casing and improved dewatering approach materially improve flow rates while maintaining strong helium concentration, then the market starts viewing Rost 1 less as a one-off success and more as proof of a scalable operating model.

Schneweis is another major piece that many may be underestimating. Unlike pure exploration, this was previously a producing well with known water issues. If Mendell successfully restores meaningful production there, it further validates the company’s dewatering expertise and supports the wider development narrative.

The CPR resource estimates are also substantial for a company of this size:

* P90: 2.12 Bcf

* P50: 5.34 Bcf

* P10: 9.78 Bcf

Obviously those are prospective resources rather than proven reserves, but combined with actual production at Rost they create a much stronger investment case than many early-stage helium peers currently commanding much larger valuations.

I also think the market is beginning to appreciate the strategic significance of:

* multiple future wells

* additional acreage

* purification scaling

* potential self-funding growth

* possible future dividends

That combination moves the discussion away from:

“Will they find helium?”

toward:

“How quickly can they scale commercial production?”

And that is where reratings in small-cap resource stocks can become extremely powerful if execution continues to align with the operational plan.

That’s why the valuation still looks relatively low compared to some helium peers with no production at all.

My broad view would be something like this:

* 4–6p = market still uncertain / digesting placing / waiting for proof

* 6–10p = AIM rerate + constructive Rost 2 updates + improving liquidity

* 10–20p = Rost 2 clearly validates repeatability with strong sustained flow

* 20p+ = market starts believing multi-well scalable field development is real

* 50p+ = would likely require multiple successful producing wells, major revenue visibility, strong helium pricing and institutional rerating

* 100p territory = possible only if this evolves into a genuinely scalable helium platform with years of visible growth and substantial cash generation

The important thing for me is that:

the next rerate probably does NOT come from hype alone.

It comes from:

* repeatable flow

* sustained production

* multiple wells

* scaling infrastructure

* proving economics

That’s why Rost 2 is so important.

If Rost 2 comes in with:

* similar or better helium %

* materially improved flow

* steady production increases during dewatering

…then I think the market will start treating Rost 1 as proof of concept rather than a one-off success.

And that’s the moment where valuation frameworks can change very quickly in small-cap resource stocks.

Here’s what I think the market is finally starting to understand about Mendell Helium.

A year ago this was viewed as a tiny speculative AQSE helium stock with limited liquidity, very little market attention and a single producing well. Daily trading volumes were tiny and the company was largely ignored outside a small retail following. Fast forward to today and the situation has clearly changed. Volumes are now materially higher even before AIM admission, the company has successfully raised £5m, the market absorbed a huge amount of placing stock surprisingly well, and investors are beginning to reassess whether Mendell is actually evolving from a “single well story” into a scalable helium production platform.

That distinction is absolutely key.

Rost 1 already demonstrated something many helium explorers never achieve:

* actual production

* meaningful helium concentration at 5.1%

* functioning dewatering

* real-world operating data

Now Rost 2 becomes the inflection point. If Rost 2 behaves like Rost 1 — or better still exceeds it due to the larger 7-inch casing and improved water handling — then the market no longer sees an isolated success. It starts seeing repeatability. And repeatability is where valuation frameworks change dramatically in resource markets.

What also stands out is that the company is no longer talking like an explorer. The presentation language has shifted toward field development:

* multiple future wells

* additional leased acreage

* second purification plant

* disposal infrastructure

* scalable operations

* seven producing wells targeted this calendar year

That is a completely different narrative to “hope we find helium”.

The £5m raise is also more important than many appreciate. Before this, there was always the concern that Mendell would struggle to fund growth. Now the company is funded for the next phase:

* Rost Twin completion

* Schneweis recompletion

* additional development wells

* infrastructure expansion

* purification scaling

That changes investor psychology from:

“Can they survive?”

to:

“How fast can they scale?”

And then there is Schneweis, which I think many are underestimating. Schneweis is not really an exploration gamble. It previously flowed over 300 Mcf/day before water issues shut it in. If Mendell successfully reactivates that well through its dewatering approach, it strongly supports the idea that the company’s operating model can be repeated beyond Rost. That is strategically huge because it moves the story away from a single asset and toward a repeatable process.

Another subtle but important point is the CPR. Most helium CPRs are written before any real production exists. Mendell is in an unusual position because the CPR sits alongside actual production evidence from Rost. That means the market may increasingly view the CPR as conservative rather than speculative, particularly if Rost 2 validates the wider field model.

Of course there are st

Skid I imagine you lost a few bob here? I did.

Considering 125m placing shares have just hit the market, today’s price action actually looks very constructive to me. We’ve clearly seen some expected churn and balancing trades, but importantly the bid has held well above the 4p placing price and buyers continue stepping in around 5–5.4p. If this raise was weak, you’d expect a collapse back toward placing levels — instead the market appears to be absorbing stock surprisingly well. That suggests stronger hands may already be positioning for the AIM admission, warrant acceleration mechanics above 6p, and the upcoming Rost 2 production news flow. In my view the market is starting to look through the dilution and focus on what matters next: repeatable production growth and field scale potential.

Mind boggingly good M

Very strong buy

Best thing since sliced bread etc etc

As expected

There is a rise here but not yet

Get ready guys

The rise has begun

IG emailed me

Me too

Fart in a spacesuit

UN, I get it mate but for big gains I don’t think you’ll get faster than this tbh

This slide is the real story in my opinion.

Mendell are no longer presenting themselves as a speculative helium explorer — they’re presenting a field development plan.

Key points:

* Rost already producing at 5.1% helium

* Additional acreage already leased for more wells

* US investors co-funding development

* Targeting 7 producing wells this calendar year

* CPR pointing to potentially very large Fort Dodge resource potential

That’s a completely different narrative from “hope we find helium”.

15:30

.!!

Adam

today at 14:25

• • •

EXECUTIVE SUMMARY

Helium production in Kansas

INVESTMENT HIGHLIGHTS

HIGH COMPOSITION HELIUM

LAND LEASED FOR ADDITIONAL WELLS

LOCAL INVESTOR SUPPORT

FIELD DEVELOPMENT PLAN

FOR FORT DODGE

Rost 1-26 well in Fort Dodge, with 5.1% helium, has periodically produced since Q4 2025 with purification facilities being finalised

Mendell Helium has leased sufficient acreage in Fort Dodge to drill a further five wells that are prospectively similar to Rost

Commitment from US high net worth investors to co-fund twin well to Rost and

thereafter support future wells

Near term development of this helium-rich location estimated in the CPR to contain

prospective helium resources of 2.12 - 9.78 Bcf

ADDITIONAL UPSIDE

Targeting seven producing wells this calendar year - cash generative operations with plan for dividend in y/e 31 March 2027

Agreement with Ritchie Exploration to recomplete a nearby shut-in well that demonstrated over 300 Mcf/day production before flooding

Can't work it out mate, but snapshot attached

The really important shift here is:

Rost now looks like proof of concept, with Rost Twin and future wells aimed at scaling the model.

U should get together with BB and buy nick out lol

Bodes well add if you can if not enjoy the ride .