Member Info for Perchance

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.