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One small point I picked up from the interview was AC's comment about the 10,000 psi BOP. The HEX drilling plan for the Cink1 well specified 3,000 psi for the BOP. Hopefully, the relative performance requirements will reflect the potential of Mt Hussar.

In case anyone suggests the BOP specification for Mt Hussar is a reflection of rig availability, AC said in an earlier interview that they were looking at specifying a BOP rated at between 6,000 and 12,000 psi.

Progress rarely matches expectations; there are numerous recent examples:

HEX - Stability issues in the Mowry shale resulted in delays.

BRES - Delays to the preparation of the DFS and funding from the DFC.

CMET - Drilling delays.

GROC - Delayed announcement of Special Status Projects.

OBI - Late start to FDA trial.

PATIENCE!

Here is a video from Brian Tyler Cohen discussing the way the US is treating Greenland and how it could backfire on the US. Hopefully, GROC benefits as the EU moves to secure resources in Greenland rather than let the US establish itself. However, if the EU do not support Greenroc, the US may provide support through the Development Finance Corporation (DFC).

Blencowe Resources have received funding from the DFC for their DFS and their CEO has intimated that they are looking to the DFC as a potential cornerstone investor for the production phase.

https://www.youtube.com/watch?v=w8Td_WCgp74

Taken from 30/01/25 RNS:

"Vecta Oil and Gas Ltd, operator of the Vector Helium project in which Mosman has 20% WI, has signed a drilling contract with Desert Eagle Drilling LLC ("DED") to drill five wells. DED is the drilling arm of Desert Eagle Operating LLC which has successfully drilled and is producing helium at the Red Rock field wells in Las Animas County, Colorado."

Thanks to Ocelot on GROC BB for the following link re tariffs on Chinese graphite - up to 721%. Information dated 21/05/25:

https://www.globenewswire.com/news-release/2025/05/21/3086230/0/en/U-S-Department-of-Commerce-to-Place-Up-to-721-Tariffs-on-Chinese-Graphite.html

It has been posted.

https://www.londonstockexchange.com/news-article/HEX/flow-test-results-at-linda-1/17049045

Very positive.

I think the following is appropriate re the delay:

Bureaucracy, as defined by Max Weber, involves a structured hierarchy, written rules, and impersonality, which can lead to a focus on following procedures rather than achieving specific outcomes. While this structured approach can be efficient in certain contexts, it can also lead to delays, inflexibility, and a lack of innovation, as seen in criticisms of public bureaucracy.

For anyone interested in Charles Archer's view on GMET, here are his latest comments:

"Guardian Metal remains up 26% ytd, with investors cashing in warrants seemingly every day - the deadline to do so is coming up, and I know a few people reading this who have yet to exercise.

Let this be your friendly reminder :)

Warrants are pressuring the share price a little - though the regular cash injections are well worth it.

The big news was the doubling the footprint of co-flagship Tempiute through staking 29 new Bureau of Land Management claims, following the identification of new tungsten-rich skarn zones and previously overlooked porphyry-style mineralisation…

which could offer significant untapped resources.

The key consideration is the confirmed porphyry-style stockwork veining with molybdenite and secondary copper mineralisation, particularly in the southern quartz monzonite stock - which indicate potential for large-scale, high-tonnage polymetallic resources, expanding the project's scope beyond high-grade skarn mining.

Which would be cool.

Beyond this, multiple ‘truck-ready’ ore stockpiles are strewn across the site, offering a near-term production opportunity, ans positioning Tempiute as a potentially strategic domestic source of tungsten in the US.

Cornering the US domestic tungsten market? Yes please, that’s the dream - and a deal to make this happen is in all likelihood being worked on.

But the next big catalyst is going to be the grant funding. The US presentations are public knowledge - and suggested GMET would get its grant at the tail end of Q1. This has not happened, though is perhaps to be expected given the Trump chaos.

I’m willing to bet it comes this quarter though.

The Executive Orders amid US desperation to negotiate with China with its testicles in less of a critical minerals clamp is incentive enough.

However - a word on the grant funding. It may not be tens of millions initially. If you look at the way the funding has been unlocked at other projects, each company is given enough capital to prove up the next stage of development, and then is given more if it stands up to scratch.

The grant applied for was for Pilot Mountain’s FS only, as Tempiute is a recent acquisition - and the cost of delivering a study in Nevada, the home of mining and gambling, is relatively low.

Ergo, the grant might not be in the tens of millions. The plus side, however, is that GMET has been drilling for some time and there is already an outdated Scoping Study on the asset.

Spending the grant and getting the study completed should be quick - and then the next cash amount gets applied for and allocated - but much quicker.

It’s coming."

Lordloadsoflolly - I was alerted to the Renergen production by the following article.

https://www.engineeringnews.co.za/article/renergen-sells-first-commercial-liquid-helium-2025-03-14

As far as the dates are concerned, I was simply looking to highlight the potential effect of achieving production.

I believe the HEX SP will, without hiccoughs, slowly increase with the successful completion of each key milestone on the path to production; a major re-rate, in my opinion, will only occur when production is actually achieved.

I have previously posted a comparison with Renergen which produced their first helium in march this year. I believe it illustrates the potential increase in value after production has been achieved, so I note it below for anyone who missed it

"Renergen commenced Helium sales on 14/03/25 and the SP increased by 150% in the period 05/03/25 to 18/03/25. It has fallen back since 18/03/25; it is currently 87% up (as at 30/04/25) on the 05/03/25 price.

For me this demonstrates that a key driver for the SP is the actual production of He which requires an offtaker and a functioning process facility. There are other factors (increased reserve, plant on site, testing and commissioning etc) that should lift the price before the 'actual production lift'."

We must remember the drilling process can encounter problems. but there are technical solutions available to resolve the fines issue.

It was reassuring to hear that the search for additional licences is ongoing.

Agreed CJ.

An alternative perspective is that the green boxes are like wasps, unwelcome, but at least you know when they appear, summer is on the way.

The green boxes have now started appearing like spots on a grandchild with chicken pox.

For anyone interested in Charles Archer's views, here are his latest comments about Helix:

"Then consider Helix.

Three wells, $4 million per annum in revenue per well, $12 million a year from Rudyard and only a £20 million market capitalisation.

If non-US helium production gets tariffed, the stock will gain an immediate advantage. There’s also blue sky helium and hydrogen potential at Ingomar.

And even if tariffs aren’t implemented (semiconductor and related tariffs are being reviewed in May), the uncertainty means that US companies will likely pay a premium to secure US supply and future-proof Trump shenanigans."

Pulsar are looking to increase their acreage. In the 27/01/25 box set video, the following question was posed and answered:

QUESTION: "Is Pulsar actively working to secure more acreage or land for its operations? Yes, for Topaz, we are always looking there; the key thing is the state of Minnesota has allowed the leasing of state land for helium and other gas exploration and production so that is something they (Pulsar) are actively pursuing. "

In my opinion, TAJ adopts a methodical and thorough approach and will not be rushed into making announcements. I believe he is confident about their discovery so we will have to patient.

Thanks to 3LB on the HEX board for finding an article that includes reference to PLSR (posted on 18/02/25); it provides a very good overview of the Topaz project. Apologies if anyone has already posted the article.

https://www.innovationnewsnetwork.com/pulsar-helium-the-road-to-production/55558/

An interesting article for anyone not familiar with the importance of graphite to the military.

https://www.mining.com/graphites-war-fighting-capabilities/

Steady progress and re-assurance: "The Company remains on schedule with groundwork on plant footings to commence in late May and first helium production during summer 2025."

"YHEC Health Economic study suggests Steriwave technology could save UK hospitals c.£200 million savings (£2.38 saved for every £1 spent) from reducing surgical site infections in major surgeries.

It will be interesting to see if Steriwave becomes more widely adopted in the NHS.

In addition to the financial benefits, there are personal benefits for patients who avoid contracting SSI's.

I hope the NHS gets it act together and increases the use of Steriwave as a routine treatment.

"University Hospital Zurich (USZ) has initiated an independent clinical study evaluating Steriwave®."

Whilst positive news, I want to see all the trials converted into positive commercial results. A trading update should be forthcoming soon; let's hope it moves the SP in the right direction.