Member Info for Reserved

OBW - I think you might be referring to Rachel from accounts.

J4 674psi

https://www.londonstockexchange.com/news-article/PLSR/pressurised-gas-encounter-at-jetstream-4/17331442

Rpoodle - in my earlier post, I referenced an EWT; it should have been a pressure test. TAJ stated on 11/09/25 that the resource well programme and associated testing is fully funded; since that date further significant funds have been raised.

Rpoodle - I'm not sure why you think there may be insufficient funds for EWT @ J3 given the fund raising in August and recent warrant exercises, the last of which was on 06/11/25:

"ABC was issued 15,500,000 share purchase warrants with an exercise price of CAD$0.36 as part of a unit offering that closed on January 17, 2024. On November 5, 2025, they were exercised in their entirety bringing proceeds for the Company of CAD$5,580,000."

Candler - using a 20% uplift, following the release of the DFS, applied to a market cap of a potential $1bn NPV (taking account of the SPG plant) produces a mkt cap of $200m @ an exchange rate of 1.3 gives a mkt cap of £154m. Using a fully diluted share count of c500m, the SP will be approx 30p. I'm not sure where the 1000% comes from.

There will be a JORC update before the DFS so there is plenty of time for the SP to achieve a steady and strong rise. Perhaps not the best example at the moment, but look what EEE achieved in a short space of time.

Typical British doom and gloom. Change the narrative. If some funding is required, so be it. Focus on the revenue generation in 2026; c$12m excluding revenue from additional wells.

Pj70 - forgot to post the link

https://www.youtube.com/watch?v=0VzAbfToOfw&t=680s

Pj70 - the following link to BS's interview on 20/06/25 provides a view of the potential reserve @ Rudyard.

As at 20/06/25, the recoverable reserve was estimated to be 355mcf. However, in 1977 the US Bureau of Mines received an estimate advising the potential helium resource @ Rudyard could be 2.6bcf based on a Texaco well drilled in 1960. This could be the best case scenario I alluded to earlier, with the 355mcf being the worst case scenario.

Until a reserve update is provided, there is a clearly a range of potential values.

MR emphasises the importance of offtakers for the product; perhaps an increased first year output is indicating positive discussions with potential offtakers.

The potential of Ingomar is not included in the article; with Ingomar in the mix, the worst case scenario remains compelling, but the most likely and best case scenarios are very attractive from a LTH perspective.

3LB - possibly, but it will surely be better to establish an updated reserve for the South Dome, confirm the hydrogen potential (and H3 potential), followed by more clarity on the potential of Ingomar before considering a sale. For me, there are too many aspects that need proving to achieve the optimum value .

The US government shutdown is over, at least until 30/01/26, so permitting / sign off of relevant matters for Sagebrush and Coyote Wash can be progressed.

I don't understand why there is interest with the compressor's country of origin. I am sure it will arrive. The helium isn't going anywhere so the material impact on the SP in the long term should be irrelevant.

An update on the compressor delivery date would have been appreciated, but not critical given the overall rate of progress.

An interesting development:

"While our immediate focus is on coring this lower hydrogen interval, we will also be testing the upper Souris River for helium production. Together, these efforts advance our goal of unlocking two clean energy resources-helium and hydrogen-from the same subsurface system."

Ambitious thoughts on a quiet grey afternoon.

The perfect scenario for me is an NPV based on an updated JORC value of $700m plus an NPV for the SPG plant of $700m. Total NPV $1.4bn.

I have also wondered about the current position re financing by the DFC; has Mike had preliminary discussions? A quick decision re funding would improve the NPV multiplier from 20% to 40%, which would strengthen Mike's position in any buy out negotiations.

A very interesting few months ahead.

The news flow over the next few months should be regular and hopefully positive.

I estimate J4 will reach TD on or about 26th Nov. If an interim result is posted, per J3, there could be an RNS next week covering J4. The J3 testing results will hopefully be available in the next 2 weeks; t will be interesting to see if they test for He3.

Good result so far; approx 960psi pressure. Testing to start and Jetstream 4 spudded.

https://www.londonstockexchange.com/news-article/PLSR/appraisal-programme-completed-jetstream-3/17320485

As previously posted, GROC comparison:

Mine and concentrate production from PEA NPV8 after tax: $179m

Downstream processing facility PFS NPV8 after tax: $545m

It will be interesting to see what "Smashing it out of the park" means taking account of the above.

I would also add that the focus of the article is Canada and one of the contributors said “North America is soon to become a net importer of helium to support space exploration and chip manufacturing aspirations,”.

I'm confident that a secure domestic supply will be important in the US for the foreseeable future.

Tight spread. Buys showing as sells. I have just bought 5000 @ 41.45p.