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Thanks @powerboat for the solid post — genuinely appreciate the calm breakdown. It’s easy for people to panic when Tanzania goes quiet, but as you said, NDAs and data rooms mean silence is actually normal at this stage.

One thing I’m personally intrigued by is the adjacent licence now guaranteed to Rift. That does add a layer of complexity when it comes to striking a farm‑out or JV deal. Any potential partner will absolutely be aware that:

Rift controls the block directly next to HE1’s mining licence

Rift’s acreage sits over the same basin system

Rift is actively positioning itself as a helium play

Rift’s licence was granted by the same ministry that approved HE1’s ML

So yes certainly partners will use that as a negotiation card. They’ll compare the two licences, the geological continuity, and the fact that Rift is a cheaper entry point. That doesn’t kill a deal, but it does give majors more leverage when negotiating terms with HE1.

On the flip side, it also creates a strategic opportunity so it’s not impossible. In fact, it’s a logical move if HE1 wants to dominate the basin and prevent a competitor from diluting their negotiating power by way of HE1 realistically buy into Rift!!! a scenario where HE1 earns 40–50% of Rift’s licence by providing: drilling equipment; operational expertise; geological support; data integration and shared infrastructure etc if they have all this!

If you just run this past an AI it comes up with , where is it getting that info from???? : Here’s a grounded, investor-level interpretation of what your document likely means for Helium One Global Limited (HE1) — based on recent RNS flow + confirmed news + your image (Shareholders Agreement).

🧠 First — what your document actually represents (in context)

From the RNS trail in 2025:

HE1 confirmed a full legal package was being finalised:

Shareholders Agreement ✅

Regulatory Framework Agreement

JV structure (Songwe Helium Ltd)

The JV structure:

83% HE1

17% Tanzania Government (free carry)

👉 Your image is almost certainly the final executed version of that exact Shareholders Agreement referenced in the RNS.

Watch out for that good news coming soon John!

HE1 is demonstrating clear progress and is not simply holding a licence without activity. In Tanzania (Rukwa), the company continues active work, including extended well testing, improved flow rates, and confirmed helium concentrations. This supports its position as a compliant and progressing operator.

A key strategic step is the planned farmout of the Rukwa project. The company has confirmed it will begin a formal process to bring in an industry partner. This would help fund development, add technical expertise, and accelerate progress toward commercialisation.

In the USA (Galactica project), HE1 has achieved first gas and is moving toward continuous operations. The company has also stated that initial helium sales have been agreed. While this represents an important milestone, it should be viewed as early-stage commercial activity rather than fully established, stable production or meaningful revenue at this stage.

HE1 is also planning to introduce CO₂ sales alongside helium, with liquefaction targeted for H1 2026. This provides a potential secondary revenue stream and could improve overall project economics.

In addition, the company has indicated that infill wells at Galactica are expected to increase production and provide further revenue opportunities, supporting a pathway to scaling operations over time.

Overall, HE1’s strategy demonstrates:

Active development in Tanzania rather than inactivity

A clear plan to secure a partner for Rukwa

Early-stage progress toward production in the USA

A developing pathway to future revenue (helium and CO₂)

In summary, HE1 is transitioning from an exploration-led company toward early-stage production, but it is not yet a fully established, revenue-generating producer. Continued execution — particularly securing a farmout partner and demonstrating sustained production — will be key.

Here’s a simple breakdown of where Helium One (HE1) stands in relation to the recent Tanzania mining licence crackdown.

HE1 is not one of the companies being targeted. The government action is focused on licence holders who have failed to start operations within the required timeframe, and HE1 does not fall into that category.

At present, HE1 is considered compliant because it has been actively progressing its project. The company has drilled wells, carried out flow testing, and demonstrated helium concentrations. It has also secured a Mining Licence, which indicates a more advanced stage of development and government approval.

However, while HE1 is currently in a safe position, it is not completely risk-free. The broader message from the Tanzanian government is that all licence holders are now expected to actively develop their assets and avoid delays.

This means HE1 is best described as “compliant but under expectation to deliver.” The company will need to continue making progress, particularly in moving toward development and production.

One key point is the planned farmout of the Rukwa project. Bringing in a partner will likely be important not just financially, but also to demonstrate commitment to development and reduce regulatory risk.

In summary:

HE1 is safe for now and not part of the crackdown

The company is active and progressing, which meets current requirements

There is increasing pressure to move faster toward development

Securing a partner and maintaining momentum will be important going forward

The main takeaway is that HE1 is in a good position today, but must continue to show progress to stay aligned with the government’s expectations.

Right now what we really need is another RNS with the following as first a better positive move:

“First helium deliveries completed”

“Revenue generated from sales”

“Production rates of X mcf/day”

“Offtake agreement signed”

Putting it ALL Together - key points:

1) The company has officially crossed a line

Before today:

“Pre-revenue explorer/developer”

Now:

👉 Revenue-generating (early stage)

That’s a valuation-changing shift — in theory.

2) BUT they still needed cash urgently

Despite progress:

👉 They still had to raise at a discount

This tells you:

Cash flow is not yet meaningful

Business is not self-sustaining yet

3) Strategy is now very clear

Short-term:

Scale Galactica production

Generate real revenue

Medium-term:

Monetise CO₂ alongside helium

Secure offtake agreements

Long-term:

Farm out or develop Tanzania (Rukwa)

4) Mixed signal day (important)

This is why the market may be conflicted:

Positive Negative

First helium sales Discounted fundraise

6 wells online Dilution

24/7 operations Still cash burning

Near-term revenue Not yet profitable

📊 What This Means for Shareholders

🟢 Bull case (stronger now)

Company is finally commercial

Revenue has started

Macro helium shortage supports pricing

🔴 Bear case (still valid)

Dilution continues

Revenue not yet proven at scale

JV = only 50% economic benefit

Market may wait for sustained cash flow

⚖️ Bottom Line (Straight, no fluff)

👉 Today is operationally one of the most important days in HE1 history

BUT

👉 Financially, it shows the company is not out of the woods yet

🧩 The single most important takeaway

HE1 has moved from “potential story” → “early-stage producer”

but is still dependent on equity funding

📌 What to watch next (this is critical)

Confirmed helium sales volumes

Revenue numbers (not just “sales agreed”)

Stable production rates

CO₂ monetisation start

No further near-term dilution

Yes maybe it was earlier, currently looks up which page were you visiting/loading?

Fair question , wasn’t trying to omit anything deliberately, just summarising the main operational points in simple terms.- Please add anything left out

What's your take - Latest RNS show some genuinely interesting points:

• The ITW-1 well flowed at much higher rates than before — about 16,400 barrels per day equivalent during pump testing. In simple terms, this means the well can move fluids from underground much more easily than earlier tests suggested.

• Helium concentration averaged 5.4% and peaked at 9.2%. That’s considered very high. Many helium projects globally work with much lower percentages, so this is a strong technical positive.

• The well refilled pressure quickly after testing. This matters because it suggests the underground reservoir is well connected and could potentially support ongoing production rather than running dry quickly.

• They produced a lot of water during testing. This is normal at this stage, but the key will be separating and capturing the helium commercially later using processing equipment.

• The company specifically said these results will help support their farm-out discussions. That basically means they’re trying to bring in a bigger partner to fund development, which could reduce the need for future share dilution.

Overall, this seems like a technical success so the next big milestone will be whether they secure a partner and move toward actual helium sales.

What do others think — is this the kind of update that changes the long-term outlook, or just another step in a long process?

Accurity you saying free live prices are you referring to 15 minutes delay ? ie free live (often 15-min delayed) AIM share prices and index data

MCNol, I just want to add to the thanks already posted.

Your breakdowns have been incredibly well-structured, balanced and grounded in how the market actually works. No hype, no agenda , just calm, rational explanation when things were getting noisy or higher!

A lot of people (myself included) benefit from that kind of clarity and insight. On volatile days it’s easy for emotions to take over , either fear or over-excitement and your posts helped many - I am sure lot of us here topped up too!

That sort of contribution genuinely improves the quality of the board. It’s appreciated more than you probably realise.

Hopefully more constructive discussion next week - enjoy the weekend all.

Thanks MCNol - yes great point on the Feb 2024 numbers — that week around the Itumbula discovery was on another level. Over 1.1bn shares on 5 Feb shows what this stock can do when the market gets a real catalyst.

Its looking great as it is however imagine ESP results landing with a JV in the mix as well.

If ESP confirms strong flow and add to the mix a JV: JV partner comes in bringing funding and credibility, that’s not just trading hype — that’s de-risking the project. You’d likely see:

• Big spike in volume on announcement

• Strong gap up on open

• More sustained buying rather than just a one-day churn

A JV changes the narrative from “exploration story” to “commercial pathway”. That’s when sentiment can shift more structurally.

Food for thought indeed.

Thanks for a very informative insight, though out these sessions, not seen this kind for a while thank MCNol , tomorrow would be very interesting day too :)

Spread is consistently:

0.48 – 0.50

Most trades cluster between:

0.4833 – 0.4925

Thanks @MCNol - I wonder if HSBC Bank plc, out of this list, is different to others ie it might be a Direct Institutional Shareholder (On 21 Dec 2023, HSBC Bank plc (part of HSBC Holdings plc) reported holding 5.090% of voting rights in Helium One. This triggered a TR‑1 filing with the FCA and was published via RNS. This is official, legally required evidence that HSBC was a direct holder at that time.)

Our more learned players , and we have a few, could confirm, comment or expand : Major Shareholders of Helium One (FY2025)

Based on the Helium One FY2025 Annual Report (as of 17 October 2025), the largest shareholders and their approximate holdings are:

Shareholder Shares Held % of Issued Shares

Hargreaves Lansdown 2,143,380,308 ~23%

Interactive Investor 1,331,013,336 ~14%

Halifax Share Dealing 695,223,187 ~7%

AJ Bell Securities 576,764,791 ~6%

Barclays Wealth 364,415,962 ~4%

Trading 212 363,630,805 ~4%

IG Markets 361,184,330 ~4%

Helium One Employee Trust 296,138,418 ~3%

Total of these major holders: roughly 44–45% of the company (assuming ~9.32 billion shares outstanding).

⚠ Note: Percentages may vary slightly across different sources depending on the reporting date and how nominee accounts or registered holdings are calculated.

Source: Helium One Global Ltd, Annual Report 2025, Investor Relations

Every time I try to buy HE1, my app acts like it needs a helium top-up of its own, just sits there floating and spinning for 30 seconds before drifting back to the “Place Order” screen I wonder why!

Sure so what do we have!

revious RNS:

Strategic roadmap

Engineering phase

Planned production

New RNS:

Execution milestone

Integrated plant operations imminent

Spot sales initiated

Infrastructure expanding

The tone has shifted from planning language to operational language.

That is meaningful.

2026 prospects - Overview so far - Operationally, the company spent much of the period advancing its flagship Southern Rukwa project in Tanzania from discovery toward appraisal. Extended testing at the Itumbula West 1 well had previously demonstrated sustained helium concentrations averaging 5.5 percent with peaks of 7.6 percent, results that remained central to the investment case throughout the year. A key regulatory milestone came with the award of a 480 square kilometre Mining Licence in July 2025, materially strengthening the pathway toward development. Despite this progress, the market remained cautious, weighing technical advances against ongoing capital requirements.

Alongside Tanzania, Helium One also progressed its US exposure through a 50 percent working interest in the Galactica Pegasus project in Colorado. Updates during the second half of the year confirmed continued development work, culminating in a late-2025 announcement that the production facility had reached substantial completion. This project has increasingly been viewed as a nearer-dated validation point due to its regulatory setting and shorter path to first gas. Even so, the share price response suggested investors were waiting for delivery rather than guidance.

Looking ahead into 2026, the focus for retail investors is likely to narrow around execution rather than exploration potential. In Tanzania, further flow testing and development clarity at Southern Rukwa will matter more than additional discovery headlines, particularly if results support repeatable production metrics. In the US, the transition from construction to first gas at Galactica Pegasus represents a tangible catalyst that could begin to change how the company is valued if timelines are met. The opportunity lies in Helium One converting technical success into operational momentum, while the risk remains that delays or funding pressure continue to weigh on sentiment despite the strategic importance of helium in global supply chains. source : Share Talk