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@Offler, What exactly did I say that warrants this! Holding Bigbeasty’s hand, I see. Your insecurity is showing big time. I am not wrong in my investment until, as Crypt put it, the fat lady inhales helium and sings. Conviction holders back the story, not the daily SP swings.

Waffle on home, @W Offler

@dai2belts, the biggest market cap HE1 reached was around £100 million in early 2024 (approx x 4 todays MC), at the time of the Itumbula discovery. That peak reflected market excitement, not production. Production milestones, when realised, tend to drive a steeper, more sustainable rerate, as the value is supported by cash flow and tangible reserves rather than speculation.

@Bonzo73, with Itumbula’s ‘fully funded’ ESP potential, booked reserves, and Colorado’s near-term production, the catalysts for a rerate are real. Personally, looking at possible market caps rather than the SP, the upside is significant, hitting 1p would still only be a fraction of the potential value if the projects deliver. GL 💪🏼

Better 3,864 posts of belief than 75 of bleating, @BigBleaty. 🐑🚀

Baaaah, grazing the same patch of negativity 🐑 🍃

0.41p isn’t the destination, it’s just today’s stop on the journey. The projects haven’t changed, only the price tag has, and cheaper tickets don’t cancel the train.

Some stare at the cracks in the road, conviction holders keep their eyes on where it leads. Revenue from Colorado, reserves from Itumbula, and an ESP that could turn potential into booked assets, that’s the real story.

The bottom… Nobody knows.

The upside…. That’s why we’re here. 🚀

@Blubay, appreciate the sentiment. Conviction holders aren’t sitting from 0.9p to 0.3p “just in case”; they hold because they believe the company will ultimately be worth far more than either price. No one can guarantee where the bottom is, we may already be there, or maybe not, but being positioned before the rerate is what matters. And frankly, it makes no sense for everyone to sell out at once, because nobody knows the exact floor and the real upside only comes by being in when news breaks.

I can’t answer for all, but topping up has been my strategy from all levels below a penny. It’s not about catching the lowest tick, it’s about being in for when the story turns. In the end, conviction is about the destination, not the daily detours.

@dai2belts, no one can guarantee where the bottom is. If you’re 100% sure it’s going lower, are you shorting it? Thought not.

The reality is, the CLN creates short-term pressure but also funds the steps that could flip sentiment in an instant. That’s why liquidity exists, because plenty of people want in for the upside.

Whether the bottom is 0.40 or 0.35 won’t matter when the rerate comes. The only thing that matters is being in before it happens. Conviction holders know that, and that’s why they stay the course and top-up if they can.

@Blubay, while CLN investors are typically opportunistic and focused on short-term gains, the fact is that once they convert, they are effectively part of HE1’s investor base. Their financial outcome depends on the share price, so they won’t want to crash the market and will sell gradually to maintain liquidity.

In doing so, they see upside, even if primarily financial, and that still functions as a vote of confidence in the company’s progress. Yes, their horizon is shorter, but that’s what they want, and it aligns with other investors: milestones get funded, liquidity is maintained, and the upside could arrive sooner than many expect.

Sometimes, short-term mechanics create long-term opportunities, and this is exactly one of those cases.

Institutional investors converting their notes… Sure, technically it’s dilution, but let’s put it in perspective. These are professional, sophisticated investors committing significant capital because they see genuine upside in HE1. That’s not small money tinkering around; that’s big money signalling confidence in the story, the resource, and the path to production.

Think of it this way: dilution isn’t always a negative. Sometimes it’s validation in shares. These conversions are a reminder that those who know the markets best are backing the potential here, not running for the exits.

So yes, the SP may wobble in the short term, but when milestones land, this institutional conviction could amplify the rerate substantially. In other words, it’s not just cash flowing in, it’s a strong vote of confidence. And I, for one, like to view it through the rose-tinted glasses of opportunity rather than the gloom of temporary numbers.

“He who believes in the gas beneath his feet will fly above those who only see rocks.” PC 💪🏼

A lot of noise about CLN conversions, but the real story is underground, and in the near-term cash flows.

Here’s the factual picture:

• Itumbula West Discovery – CPR confirmed 295,797 Mscf (≈0.296 Bcf) 2C with upside to 1.35 Bcf (3C).

• ESP Potential – the upcoming Electrical Submersible Pump test could increase recoverable volumes and convert contingent resources into bookable reserves, improving commerciality.

• One well today, many planned – this is just the first well. The company plans multiple follow-ups across the licence, meaning the total resource could grow substantially.

• Value of the find – even at a conservative $400 per Mcf, 0.296 Bcf is ~$118m; at $500/Mcf, ~$148m. ESP upside and additional wells could multiply that.

• Mining Licence secured – 480 km² at Rukwa, derisking development.

• Colorado production near-term – Galactica-Pegasus tie-in for Q4 adds dual-continent cash flow.

• Funding runway – CLN ensures ESP testing and future development without rushed dilution.

Market noise focuses on shares in issue, but the real rerate comes from proving commercial flow and expanding the resource. 0.296 Bcf from one well is just the start, the story is unfolding. Multiple wells, ESP, and Colorado production mean Helium One has multiple rockets ready to liftoff. 📈🧨

Ignore the negative posters, we’ll see them at the rerate. Many have arrived for a cheaper entry. They want in but pretend they don’t.

Broomtree is still finishing off W Offlers sentences…. they should get a room. All this undercover flirting between them and the need for attention on these boards is borderline creepy.

“Man who whisper doom daily, wake alone and sad”

PC

“Man who sell at dip, later lick finger and taste regret.”

PC

“The impatient man counts every falling leaf as loss. The wise man waits for spring, knowing the tree was never dying.”

Completely made up, but very relevant, proverb 🍃📈

@deep100, CLNs aren’t anyone’s favourite, but let’s be clear: they are finance, and they secure the cash runway through ESP at Itumbula. Without that, the company would be raising at a much lower price or stalling the project altogether. That’s not “no faith,” that’s pragmatism.

A JV before proving sustainable flow rates would have been on poor terms, essentially giving away the crown jewels at a discount. Much smarter to de-risk with ESP first, then negotiate from a position of strength with a Mining Licence and CPR in hand.

The “no progress since September” line ignores reality, the ML was awarded in July, Sproule certified ~300 Bcf of 2C helium in June, and Galactica is now moving into production in Q4. That’s quite a bit of progress in less than a year.

Management criticism is fair game, but let’s judge them on outcomes. If the ESP delivers sustained flow, JV interest won’t be a problem, and the same financiers you say have “no faith” will be queuing up. 🔥🚀

@broomtree, consistency is only a flaw if you’re consistently wrong. Time will tell who that applies to.

You call it “free fall,” I call it structured funding to unlock some Bcf of helium under licence, one of the rarest resources on earth. Market cap isn’t about the share count, it’s about the value created. Shares in issue don’t change that equation, let that sink in.

Blaming individuals on a chat board for your insecurities isn’t investing, it’s bed-wetting commentary. Some of us choose to focus on the asset, the licence, and the ESP that could make this a genuine rerate story.

When the helium flows, nobody will remember who whined on LSE, but they will remember who held their nerve.

I get why some are concerned, this is the second CLN conversion in around 10 days, and the drip-feed of dilution always dents sentiment. But let’s keep it in perspective. This structure was voted through for a reason: it provides Helium One with a £10m runway, staged rather than in one hit, to take us through the crucial ESP testing at Itumbula and on towards commercial steps. Without it, the company could likely be raising at far lower levels.

Yes, there’s short-term pressure, traders will trade the churn, but the real catalyst remains the ESP. Sproule’s CPR confirmed nearly 300 Bcf of 2C helium resources, and the Mining Licence covering Itumbula is already in place. If sustainable flow is demonstrated, today’s dilution will be a footnote compared to the rerate potential.

My approach…. I’ll ride it out, hold, and add on weakness when it feels right. I’d rather back a company with cash in the bank, a mining licence secured, and a world-class resource to prove up, than one constantly scrambling for funding.

The market is focused on the CLN noise, but the real story is about to be written underground.

@dai, serious question for openness… do you see the upside potential here, or is your focus only on the near-term mechanics?

@dai, of course it’s not charity, that’s why the CLN comes with a 12% repayment guarantee. Remember, there are three investors; we don’t know who they are, their individual risk appetites, or who recently converted. Timing and appetite are all unknowns. That said, with imminent catalysts like ESP testing, bookable reserves, and Colorado revenue, the upside potential for HE1 remains very real. Patience and perspective are key.

The key is the strengthened financial position and upcoming ESP progress and Colorado production; that underpin real upside potential beyond the CLN mechanics.

It’s important to note that the remaining £9m of the CLN is not guaranteed to convert. Timing and share price will influence any future conversions. That said, this structure doesn’t cap upside, once the ESP results and bookable reserves start coming through, the market could re-rate HE1 significantly. Patience remains key; the long-term potential here is far bigger than the short-term CLN noise suggests. 📈🚀