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For those skimming the earlier RNS, here’s the bit that matters: this isn’t talk anymore, HE1 have executed the ESP contract with CNOOC’s CenerTech and civil works are already happening at ITW-1. That means Q4 ops aren’t “maybe”, they’re locked in.

The pump isn’t just a gadget, it’s the step that lets HE1 prove flow rates and gas composition properly, the key to reserves and future financing. Add in the OTCQB delist (saves cash, keeps focus on AIM), and it’s clear: Rukwa is moving forward on the ground, not just on paper.

Momentum building, clock ticking. ⏳

@Offler fair play, that’s a solid piece of homework 👍…. but truthfully most HE1 holders here are already well aware of the AIM risks, funding hurdles and infrastructure challenges. These are the reasons the SP sits where it does, not because they’ve been overlooked.

What matters now isn’t what’s been on the table since 1956, but what’s coming, the ESP results, booked reserves, and the funding partnerships that follow. That’s the inflection point.

So your research is a good recap, but for most investors here it’s a reminder rather than a revelation. The real test (and upside) lies in what HE1 deliver over the next phase. 🚀

Might just be a UT close rather than true trading, but one thing it does remind us of….. this can rise sharp and fast when it decides to.

The kind of move where if you blink, you’re just left chasing tails. 🐕💨🚀

Some on here think an ESP is just a water pump… that’s like calling a Ferrari just “a car.” 🚀

Old licences lapsed, OTCQB dropped (dead weight), but the focus is squarely on Q4 ESP ops at ITW-1, where the real value will be unlocked. 🔐

Cont….

@Offler you make fair points on the challenges, helium isn’t oil, and yes, infrastructure, storage and transport all matter. But CONTEXT is important. Exxon and other majors were never going to jump on Rukwa in 1956 or even in recent decades because HE1 hadn’t proven reserves until the Itumbula West-1 discovery last year. Only now, with the Mining Licence in hand and bookable reserves within reach, does the project even enter the sort of territory where majors or big funders show interest.

On the storage side, it’s worth noting the U.S. built massive underground reserves and pipelines because they were already the global leader. Tanzania’s opportunity is different, high-grade helium close to surface, suitable for modular facilities and off-take agreements, not Exxon-scale infrastructure.

You’re absolutely right, it’s still high risk. But that’s why AIM investors are here, the risk is priced in, and the upside, with constrained global supply and growing demand, can be transformational. Add to that HE1’s 50% stake in Colorado, now moving to production in December, and you’ve got a blend of long-term discovery potential with near-term cash flow visibility.

I’ll be interested to see your club’s research notes, pros and cons are always worth considering, however I can guarantee it won’t sway my bullishness on this one.

@Offler you ask why a major hasn’t picked up Rukwa since the 1950s. The reality is simple: for decades there wasn’t the technical data, proven flows, or infrastructure to justify a major’s involvement. Big players typically stick to helium as a by-product of huge gas projects, low cost, low risk. A standalone helium basin in rural Tanzania was always going to be left to smaller explorers to take the early risk.

That’s what HE1 has done, they’ve taken Rukwa from theory to proven flow, secured the Mining Licence, and lined up the next step with ESP testing. The company has been clear: financing at scale only comes once bookable reserves are in hand. That’s when conventional funding partners, offtakes, or even majors look in.

Yes, risk remains until reserves are booked, that’s AIM for you. But the prize is significant, and with both Rukwa moving forward and Colorado providing a production stake, HE1’s story is a very different one now than it was in 1956. 🚀

@Offler,

HE1 was the only party holding the exploration licence and carrying out the necessary appraisal work. In that sense, it wasn’t just about applying (“competition”), it was about having the groundwork, data, and permits in place to make a Mining Licence award feasible. Opportunity and execution go hand in hand, and HE1 checked both boxes.

It’s fine to crunch VWAPs and theoretical conversion floors, and yes, today that points to around 0.23p. Could it go lower if market sentiment buckles? Absolutely, no denying that. But here’s the reality: VWAP maths doesn’t tell you when CLN holders actually choose to convert, how much liquidity they drip-feed, or where natural buying steps in. In other words, it gives you a reference, not a destiny.

For shareholders, that means timing the exact bottom is a fool’s game. The smarter strategy is often to hold a core position for when the rerate comes, while keeping powder dry to average in if discounts appear. Because when Colorado production lands and Tanzania’s ML-backed resource moves toward monetisation, the upside could dwarf the pain of guessing half a tenth of a penny here or there.

Short-term maths sets the noise. The long-term fundamentals set the music. 🎶🚀

🔥Do your homework, crunch the numbers, but remember, timing the bottom is a fool’s game. Hold smart, stay dry, and watch the upside.🔥

Each blue tick isn’t the destination, but it’s a step closer, stay positive and ignore the negativity, the journey makes the destination sweeter. 🚀

@Louise82 Some of us have jobs, not just clock-watching my arrival like it’s the highlight of your shift. ⏰🤣

Now do us all a favour… get a life. 💥🎤

Not just Colorado steaming ahead for first helium in December, let’s not forget Rukwa now has its Mining Licence in hand and a proven 5.5% flow. HE1 isn’t just riding shotgun; it’s building a dual-track future. The rerate potential comes when both tracks converge.

Patience here could pay very, very big. 🧨

Blue Star moves the ball forward, first helium in Dec ‘25 on track, and HE1 holding 50% of that play isn’t small fry.

Sure, we might get another CLN conversion RNS in the mix (that’s the game right now), but every conversion clears the runway… and the rockets are being lined up. 🚀

Patience pays, production news like this is the reminder. 💪🏼

1 x HE1 RNS or 2?

Apologises Laura, that was meant for @Louise82.

@Louise82, how’s that “dead cert 0.28 today” looking now? Might want a refund on the fortune-telling lessons. 🔮🍷

@Laura2022, how’s that “dead cert 0.28 today” looking now? Might want a refund on the fortune-telling lessons. 🔮🍷

@Louise82, still waiting for Mystic Meg to text back? 🔮😂

@Louise82, Poundland wants its crystal ball back 🔮… it’s clearly cracked. 🤣

You can’t time the bottom, but you can time your conviction; mine hasn’t moved. 🧨

Warrie and Louise82 look like two people banging on the nightclub door swearing they’d never go in… while I’m inside calmly buying drinks. 🍸🚀

AIM is designed to shake the weak, not to reward them. 🚀🚀🚀