Member Info for Reserved

As MR said, they have smashed it out of the park!

They haven't finished yet: "A further updated JORC resource is anticipated in 1Q 2026, incorporating results from an additional 192 step-out holes, including new deposits at Iyan and Beehive."

It should be a busy few months on the news front.

Net Present Value (NPV10): US$1.087 Billion

SF 2530 link:

https://www.revisor.mn.gov/bills/94/2025/0/SF/2530/

I will be delighted if the US Senate is offering incentives.

I have received a Linked In notification: "Get updates when Blencowe Resources opens new roles."

The senate file 2530 applies to Minnesota, not the US Senate.

Gino - don't joke about measurement unit mix ups: NASA’s Mars Climate Orbiter was lost on 23/09/99 because of a unit-conversion error between imperial and metric measurements. Lockheed Martin produced thrust data in imperial units, but NASA’s navigation team at JPL assumed the numbers were in metric units.

Link:

https://wp-georgina-energy-2023.s3.eu-west-2.amazonaws.com/media/2024/08/Georgina-Energy-IPO-OAK-initiation-note31.pdf

For anyone interested in reading about lunar mining here is a link to the NASA website which provides a link to a technical article on the subject. As TAJ says, Minnesota will be a cheaper option.

https://ntrs.nasa.gov/citations/20210022801?utm_source=chatgpt.com

TAJ said that they suspected He3 may be present at Topaz, presumably because of the geology, which leads me to speculate that the design, and timing, of the process plant will take account of the He3 and He4 separation. Although TAJ said the focus was on the He4, I suspect they are underplaying the He3 component; the fact that Peter Barry was involved suggests the He3 is important.

Peter Barry did refer to methods of He3 and He4 separation; whilst it can be done, the question for me is can it be done economically at scale. I would be surprised if Chart are not working on this aspect.

Another point to consider is transportation: TAJ said that He4 could be shipped by rail, but they would use road transport for He3, presumably because of the smaller quantities involved.

Hopefully, the next 4 - 6 months will produce plenty of news about Topaz culminating in updated resource figures for He3 and He4.

Points noted:

• Webinar focus was to be on He3, but TAJ said PLSR are focussed on developing the He4 potential (to me, this was contradictory)

• Drilling programme will determine reservoir limits

• Aim is to find enough gas to go to initial production

• Michigan lease has similar geology to Topaz

• Samples from JS3 & 4 will be tested for He3

• He3 is thought to be evenly distributed through the reservoir

• The pressure in previously drilled wells will be monitored as new wells are drilled; this will help determine if there is a continuous reservoir rather than pockets of gas

• Drill location map is to be released shortly

• JS2 clean-up; this is being given further consideration

• Exploration wells may be used as production wells

• Production timeline depends on volume of gas

• Drilling will continue into Q1 2026

• The number of exploration wells will be determined by the results they obtain; if sufficient as is identified to go to production, this drilling programme could be stopped

• Warrants – there are approximately 4m outstanding

• Resource value will be updated when the drilling programme is completed

• Regulatory framework is not yet complete, but TAJ is confident it will be resolved before production can start

• Production plant design / build period confirmed as 12 – 18 months

• Topaz He3 concentration much higher than the values suggested for the moon

• TAJ wants to see PLSR as a producer

• Processing plant would be located near to production wells; TAJ said they want to avoid having a large gathering system

This must surely mean production is imminent.

Another brief update for tomorrows virtual site visit. Tho Co is certainly plugging Helium3.

https://www.investormeetcompany.com/updates/virtual-site-visit-introduction-and-qa/show

BB3 - an interesting find; thanks for that.

I'm not sure if the reference to Tanzania as a source of helium is correct. HE1 must have made miraculous progress that passed me by.

It will be interesting to see what TAJ has to say about the potential number of wells.

Hopefully, winter will soon arrive allowing access to the next drill sites.

I look forward to the passing of the legislation necessary for the extraction of He.

Link to presentation on 19/11/25.

https://www.investormeetcompany.com/meetings/mineral-resource-upgrade

Adam1986 - Apologies for the old link. I now realise it was an old email from IMC; it goes to show the importance of checking dates.

Adam1986 - I subscribe to Investor Meet Company and they provided the following link.

https://www.investormeetcompany.com/meetings/project-updates

Video from CMET with contributions from a variety of employees.

https://www.youtube.com/watch?v=HSVws6I5f9k

Plugging for the He3 potential before next weeks virtual site visit. I hope they are able to deliver; if they do deliver, PLSR could be a very profitable investment.

https://www.investormeetcompany.com/updates/introduction-to-the-virtual-site-visit-and-qa/show

Key points for me:

- securing dredging permission will increase available resource and reduce costs of extraction by 2/3.

- adequately financed to the end of Q1 26.

- new government seem to be supportive of industrial development

- need to secure one more mining licence to progress

- disappointed that FID delayed, even though GM stated that they can start construction as planned in Q1 26

- I don't want them to be distracted by other projects

- issues affecting Sheffield could have an adverse effect

- potential value continues to be attractive, tempered by potential delays.

OBW - After reading Charles Archer's latest article, "Starmer is finished", your reference to Angela Rayner could be insightful, perhaps not as Chancellor, but as PM.