Member Info for Perchance

Onwards and upwards more like.

As of May 26th Inez well re entry had commenced - Inez will go into He production come what may - four wells online:

• Re-entry operations are live and Helix is rigged up and actively re-entering the Inez #1 wellbore.

• Production from the Souris River interval is the objective of the re-entry.

• If the Retrieval (defined below) is successful, the Company will evaluate an option to core the hydrogen-bearing interval at Inez #1 - a potentially high-value data opportunity given Helix's association with the Chimaera Fund and the United States Air Force, both of which have expressed interest in natural hydrogen data from the Montana Helium Fairway.

• If the Retrieval is unsuccessful, equipment will be left in place and the Company will proceed directly to re-perforation of the Souris River interval and production - a straightforward path to first gas from Inez #1."

Hydrogen interval may have been cored by now, samples taken and onto lab. Confirm commercial rates and

On reflection - perhaps all previous wells drilled on Rudyard area were part of the package - as presumably AS sold the gas/oil rights for the lease so his previous drilled wells are of no use to him.

"Company has acquired a 100% working interest in 5,600 acres in Hill County, Montana, ("Rudyard", or the "Rudyard Project") from Adam Standiford, a consultant to the Company for $250k in cash and shares. "

It may not be a big deal either way - as HEX have the rig now and can drill again where it suits them to gain the 20 well field coverage for full production.

Lufupa

The last permit/drill activity for Adam S Brainstorm company was July 2024.

https://bogapps.dnrc.mt.gov/dataminer/Production/ProductionByWell.aspx

He sold Rudyard to HEX confirmed June 20th 2024 :

"Company has acquired a 100% working interest in 5,600 acres in Hill County, Montana, ("Rudyard", or the "Rudyard Project") from Adam Standiford, a consultant to the Company for $250k in cash and shares. "

Since them Bo has added to the overall lease area by 43%, RNS March 6th:

"Since acquiring the original 5,564-acre Rudyard position announced on 20 June 2024, Helix has added approximately 2,363 acres through strategic acquisition (640 acres from Global Helium Corp.), targeted private mineral leasing (1,363 net acres), and now State auction (360 acres) - a 43% increase."

Adam appears fully aligned with HEX after supplying the lease and now the drill via Treasure state - if he doesnt fold in his remaining wells would be surprised as you outline - expect his already large shareholding to grow, perhaps waiting on the Hydrogen and now Argon to be proven as may expect a better deal from Bo - but as they can develop the wells also key.

If these wells offered to HEX , then drilling from their original Sawtooth formation at around 3400 ft to the Souris and Red River at c 5000-5200 ft quicker/cheaper, can do more for less funds.

Exciting times.

Cash is king, this rig gained for shares safeguards funds at this critical early developmental stage.

Hopefully Bo may confirm his revised drilling programme intentions, now that HEX have their own rig and revenue flowing at spot price, now over $1000 /mcf.

Https://www.treasurestatedrilling.com/

Bio for Adam S

Adam Standiford - Chief Executive Officer

"Adam grew up in the oil and gas industry, working in his father's E&P company in high school and throughout college. He went to work for a fortune 100 company as an Industrial Engineer before returning to Montana to purchase his father's company. He currently serves as President of Brainstorm Energy Inc. in North-Central Montana, producing and exploring for natural gas, oil, and helium. "

Brainstorm own a few wells in the Rudyard lease area -drilled for oil/nat gas from Sawtooth formation - not drilled deeper for Helium at Souris level.

https://bogapps.dnrc.mt.gov/dataminer/Production/ProductionByWell.aspx

search production, well production data

Then select operator - type in Brainstorm - brings up a list of wells

LA Anderson 1 for example,

in Rudyard field, Hill County

located Section 27 - - 34N-9E

Search for Hereford Resources (Helix operatiing name on the Montana BOGC website )

brings up their wells, for example

Darwin 1

Hill County

Also located Section 27 - 34N-9E

HE4, HE3, Argon 40, Hydrogen, oil

whats next?

Reduce full 20 well build out substantially!

Shows yet closer alignment with Adam Standiford , CEO/owner of Treasure State

https://www.treasurestatedrilling.com/

Thanks Barnsley, very interesting

Argon 40 if proven may add a potenital funding partner/backer to fast track its production, as at Cortez Colorado .

Faster ROI also - "Helix’s raw gas data shows a raw Argon concentration (~1,500 ppm) that is nearly three times richer than the raw baseline gas at Cortez (~600 ppm)"

The operating profit tables may also create interest in JV for the Helium field build out.

20 wells at $500 per Mcf and operating profit is $58m p.a

Assume $1200 per Mcf current spot price viable and the profit goes to $148m p.a

Each well was $1.3m to drill - some economies of scale could be assumed.

Four wells completed to date = 16 wells to drill for field coverage outlined = Circa $21m

Assume additional processing plant, liquification option and opex in period then full build out may be achieved for C $25m.

ROI rapid - with route to market established, during period when international supply offline from Qatar and Russia - even when their Helium sales returned to market , US clients for He would prefer a Continental US supply chain going forward as poses less risk of disruption.

Skippy, I know the contract for 3 months is in place, I was just commeting on the first tanker still being filled and so not sold yet - it matters not as will be in due course, just that confirm of that first booked sale will be well received.

SP is holding, perhaps reasonable given the unknowns:

- Trailer is filling with Helium - but not filled or sale booked as yet

- Inez unknown status for retrieval , testing for Hydrogen potential, Souris River interval perf and production

- Unknown drill programmme details

- He3 sepration potential yet to be confirmed

- Ingomar programme to be confirmed

However:

- Trailer will be filled in due course and sale booked - realised step change

- HEX re entered Inez last weekend - outcome either way may be expected soon on Hydrogen/HE prod from Souris

- Drill prog scale/programme may be dependant on outcome of Inez Hydrogen evaluation - partnering may bring investment/ability to expedite - either way organic drilling possible with high sales value achieved:

" The pricing is at prevailing spot market rates, and it is substantially higher than the price assumptions used in our pre-IPO model, a model that was itself built on conservative estimates. "

Once risks reduce, momentum.

The feasibility reports for Hydrogen/Helium 3 seperation/Argon may now drive the potential takaeover programme for Rudyard field - expalsin why vague on Helium well drills planned as this drives decisions.

Helium 4 will have attracted some Tier 1 interest , but Rudyard could be a US strategic asset if all realised- they already have USAF involvement - Federal buyout offer?

Https://www.edelgasgroup.com/helium-3-market-report

"Helium-3 trades at around $2,500 per litre, with a total market size of approximately $125 million annually. The report provides insights into the pricing structure, highlighting how Helium-3 commands prices over 140,000 times higher than Helium-4"

What are the odds of striking commercial natural Hydrogen at both of HEX sites?

Ingomar

"The Clink #1 well also encountered significantly elevated hydrogen within Cambrian strata. Several consistent hydrogen anomalies were recorded in drilling mud, with peak readings up to 103,000ppm (10.3%) hydrogen. "

"Flathead formation tested 55.2% hydrogen in gas sample isolated from drilling mud"

Rudyard

"Geological Indicators: As announced on 16 October 2025, the Company's deep well programme at Rudyard confirmed the presence of key geological indicators for hydrogen generation, encountered during active helium exploration. Helix is preparing additional coring and laboratory analysis to further characterise the resource."

"selected by Renaissance Philanthropy's Chimaera Fund to participate in the Air Force Geologic Hydrogen Energy Resilience Initiative"

Helium production revenue is established - will scale over time.

"The pricing is at prevailing spot market rates, and it is substantially higher than the price assumptions used in our pre-IPO model"

Securing Chimera funding from 30 applicants noted - plans advanced.

HEX Focus could well have switched to Hydrogen best positioning/partnering before the April 20th RNS.

Indicated by the potenital to core the Hydrogen interval found at Inez , RNS May 26th:

"The well carries an additional point of strategic interest. A hydrogen-bearing interval has been identified within the Inez #1 wellbore.... this has attracted interest.......The Company will evaluate an option to core the hydrogen-bearing interval at Inez #1 - a potentially high-value data opportunity given Helix's association with the Chimaera Fund and the United States Air Force, both of which have expressed interest in natural hydrogen data from the Montana Helium Fairway."

Bo previously stated if Hydrogen was a commercial find - "the word is ours"

Worth his focus time perhaps.

On balance - LufupaLion view on AGM resonates the most.

Bo has background discissions with Tier 1, funding parties, Chimera, Hydrogen expects and investors, HE3 potential for seperation - aswell as couterparty ongoing sales logistics, Rudyard and Ingomar acreage/lease maximisation and ongoing HEX field operational needs - all takes time - I trust Bo to priortise - Archer does also.

If AGM pro forma response was not that polished - so be it - gives more confidence that the more important calls on HEX finite time to advance the company are being prioritised - for strategic gain.

"Bringing all under one roof" reference could mean

Adam Standiford wells on Rudyard area he retains that were drilled for nat gas, but not Helium previously.

Would explain Bo retiscence on future drilling if this deal going through - whether by partnering, share issue to AS or full sale - Adam is already aligned with HEX, would make sense to fully do so with all his relevant assets, for both parties.

He also runs the drilling company used to date - if fully aligned then costs reduce substantially.

JV otherwise with Tier 1 - has to be a consideration as mentioned, however cant see Bo relinquishing control at such an early developmental stage of build out - he holds all the cards it seems, sitting on a replenishing strategic resource, competition for partnering likely - HEX have been in discussions with multiple Tier 1, current focus must be for securing the optimum terms for HEX - to PI benefit in time.

HEX will hopefully develop an updated presentation in due course, but data still of value:

https://wp-helixexploration-2025.s3.eu-west-2.amazonaws.com/media/2025/04/Helix-Exploration-Investor-Deck-April-25-FINAL.pdf

page 8 - " 3 production wells generate $1 million per month in pre tax revenue"

RNS May 20th confirmed achieved rates:

"First revenue-generating helium sales arrangement secured....Pricing reflects current prevailing spot market rates and significantly exceeds the Company's pre-IPO model assumptions"

current spot price for Helium position as of end of March 2026:

https://j2sourcing.com/2026-helium-crisis-semiconductor-supply-chain/

"US strategic reserves being tapped; spot prices doubled within 72 hours. No substitute for semiconductor-grade helium."

"33% of global helium supply offine since Feb 2026"

Potential that HEX are selling at circa double their IPO revenue estimates in line with prevailing spot rates.

If so - revenue from 3 wells > $2m pre tax per month

Drilling costs were $1.3m per well (slide 9 HEX deck)

Possible to pay for new wells through this revenue, as was their stated plan.

Could be rapid development - buyer will take all they produce, supply trailers, paying spot price that is likley to objectively go higher given the current Geopolitical situation.

Renewing Hydrogen resource

Nov 2025:

"The rock exhibits a composition and geochemical balance consistent with systems known to generate hydrogen through natural alteration processes that can remain active over long geological timescales. To my knowledge, no better rock has been encountered in the United States for geological hydrogen exploration. We believe these core samples will be the first ever taken from an ultramafic zone at this depth in the U.S"

Jan 12th

·" Hydrogen opportunity - Helix continues discussions with several interested Tier 1 parties regarding the hydrogen potential of the Rudyard Field. The Company believes the project exhibits the key elements required for natural hydrogen prospectivity, including ultramafic lithologies and a notably elevated helium 3 to helium 4 isotope ratio. "

April 20th - selected from 30 applicants:

"Helix...has been selected by Renaissance Philanthropy's Chimaera Fund to participate in the Air Force Geologic Hydrogen Energy Resilience Initiative....

Strategic Validation: The partnership validates the strategic value of the Company's geological assets beyond helium, demonstrating direct applicability to national energy security priorities....The results of the programme will inform a techno-economic assessment of geologic hydrogen potential near targeted installations."

Helium production development the focus, Hydrogen potential may have changed the Tier 1 group makeup - Rudyard all one asset , albeit with different timelines for development of He and H - Bo seeking the optimum deal.