Member Info for Queeg500

It's surprising to see that HEX has pulled back from highs around 47p to the low 30s, but it's always good to look at the bigger picture at play. They've achieved first helium production at Rudyard (becoming Montana's first helium producer), secured a three-month spot sales agreement with 100% take-or-pay from a major industrial gases group for output from the initial wells, and been selected by Renaissance Philanthropy’s Chimaera Fund for a partnership with the US Air Force on geologic hydrogen potential near Malmstrom AFB.

They've also published noble gas isotope results showing elevated Helium-3 (up to 855 ppb post-purification, one of the higher readings noted) across wells, with argon signatures that warrant further testing for depleted Argon-39 (potentially opening a rare underground argon opportunity). On the operational side, they've acquired Treasure State Drilling LLC and its rig for $600k in shares, which should help control costs and timelines for future drilling.

There's more news flow ahead, including updates on the Inez #1 well at Rudyard. Sure, there have been typical delays and operational hiccups (VSD, drill string issues, and that AGM that damaged shareholder trust, less news updates etc.), but I’m struggling to see major negative developments that justify this move beyond seller pressure and shaky hands in a small-cap stock. It's a shame we didn't get $ mcf spot rate, but I understand the confidentiality which probably didn't help the share price.

The current published reserves at Rudyard sit at ~355 million cubic feet (0.355 BCF) of recoverable helium which some may find relatively modest and off-putting at first glance. However, as a long-term holder, I'm excited by the significant upside Bo Sears has highlighted in interviews with the potential for 3-4 BCF across the Rudyard, referencing a historical 1977 US Bureau of Mines estimate of 2.6 BCF plus new drilling data. An upgrade of that magnitude I'd like to think would be transformative, but we'd probably end up negative.

As a long-term holder, I’m focused on the bigger picture here, scaling to more wells at Rudyard (potentially 20 wells) and advancing production / exploration at Ingomar Dome. This pullback feels overdone relative to the progress from IPO / explorer to revenue-generating producer in ~2 years. It’s a shame HEX doesn’t get the same hype as peers like Pulsar, despite being further ahead on actual production and de-risking. Either way, we all know the information above, it's just sometimes impatience fuels negativity, but it's good to view the bigger picture.