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By staying silent, HE1 is allowing the share price to settle at 0.6p, which effectively tells any potential partner that the company is distressed. A 'Market Savvy' CEO would know that a well-timed RNS about 'Formalising Strategic Discussions' would protect the share price and, by extension, the LTHs.

Wouldnt they RNS the appointment of a formal advisor on the farm out?

They may not have appointed a formal advisor (e.g., a tier-1 bank) to handle the farm-out yet - (ie) step 1!

If the Board were following the 6-month window it would look like a staircase, not a black hole:

Month 1: Appointment of a formal advisor (e.g., a tier-1 bank) to handle the farm-out.

Month 2: Opening of the Virtual Data Room (VDR).

Month 3: Site visits and technical Q&A.

Month 4: Non-binding expressions of interest (EOIs).

Month 5-6: Final negotiations and signing.

The HE1 problem: We are effectively in "Month 3" since the February pump test, and the market has heard zero about the appointment of advisors or the opening of a data room. This is why it feels like "nothing is happening"—the Board isn't even signalling that they've started the "normal" clock.

The argument that '3 to 6 months is normal' is the ultimate 'Lifestyle CEO' excuse. It treats HE1 like a sleepy exploration play from 2018, not a strategic asset in the middle of a 2026 global supply collapse.

We are now over two months on from the ESP testing at Itumbula (mid-February), and there has been very limited tangible update since.

Back in February, management indicated that farm-out discussions were “imminent”. As we move further into Q2, there has still been no confirmation of heads of terms, shortlisted partners, or clear transaction progress.

In junior exploration, periods of silence can mean many things — including ongoing negotiations — but from a shareholder perspective it naturally raises questions about process visibility and momentum.

Given the importance of securing a partner to progress development, clearer interim updates on engagement status would help maintain confidence while the farm-out process runs its course.

The next update will therefore be key in understanding whether discussions are progressing as expected or have become more complex than initially signalled.

While the Board has successfully pivoted the company from a "paper dream" to a revenue-generating entity with 24/7 production in Colorado, the cost of that progress has been an unprecedented dilution that now leaves over 10 billion shares in issue. Acknowledging operational growth is fair, but one cannot ignore that the April 16th nil-cost awards essentially "reset" the game for management while LTHs remain trapped in a near-total wipeout. At the current 0.6p floor, management’s new awards offer a 300% gain on a recovery to 2p, whereas the same move leaves long-term investors who funded the journey with a permanent capital loss. Ultimately, the "miracle" farm-out is no longer a luxury; it is the only remaining bridge between management's successful "lifestyle" pivot and the shareholders' need for a genuine return on investment.

On April 16, the Board issued new share awards under the Long Term Incentive Plan.

The Problem: Doing this while the share price is languishing at 0.61p—after a massive "wipeout" for those who bought in the 2p-8p+ range—feels like management is rewarding themselves for a "job well done" while the shareholders are still underwater.

The Perception: To an LTH, it looks like the Board is looking out for their own "lifestyle" exit while the retail investors are left holding the bag for the £3.5M March raise and the retail WRAP.

I understand that frustration completely. When we have funded the journey through multiple raises and seen the share price drift while management awards themselves LTIPs (as they did on April 16, 2026), "Nothing happening" feels like a generous description. It feels like a betrayal of stewardship. Since it is now late April 2026, the contrast between the geology and the leadership has never been sharper.

The "Sunday Roast" confirmed that the board is playing for the $1B+ Exit, not a 20% bounce on AIM.

Coco, the Directors consider that ECR will rapidly evolve into a multi-asset gold company with 10 projects across four Australian states, combining nearer-term production opportunities with significant exploration upside. Careful with your ECR shorts this year...

Note FOLLOW-ON PRODUCTION Coco - The Board remains confident that the mining lease application can be concluded this year, positioning Blue Mountain as a significant follow-on production asset alongside Raglan.

This gives me confidence all going well - no way its a duster if they say this today in RNS -> The Board continues to view Raglan as a key production asset, with the potential to generate sufficient cashflow to support both corporate overheads and the development of Blue Mountain.

Ok phew thanks for that - probably an issue with my end then

The fact that they’ve blocked it in the SIPP but kept it in the ISA tells me this is a Settlement/Domicile technicality. It could mean the company is "Americanising" its structure? Anyone have thoughts on this?

Yeah but it was ok to buy in SIPP before - something must have changed in the DNA of the Solvonis shares themselves that is making the pension gatekeepers nervous? a "U.S. Domicile" Swap on the cards?

Anyone have same issue?

Blubay I totally agree - lets hope Blue Star going for it - we have paid for it to happen ---- meanwhile the Board is managing HE1 like a private research project, not a publicly traded company. In a 'War Economy' for helium, where the Bloomberg report says lobbyists are literally begging for supply, the silence from Tanzania is deafening. Rift’s 10p listing is the ultimate proof of your point. Rift doesn't have the ITW-1 flow data yet, but they have the Market Savvy to sell the vision. HE1 has the data, but the leadership is acting like a 'Lifestyle Company' that doesn't feel the need to explain itself to its owners.

The irony of HE1 right now is that their 'side hustle' in Colorado is becoming their primary source of credibility. While the Board waits for a 'miracle' in Tanzania, Blue Star is doing the heavy lifting to prove that HE1 can actually generate revenue.

We can assume the Board is using the 'Colorado Success' as a shield. They point to the tube trailers in the US to distract shareholders from the fact that the Tanzanian rig hasn't turned a bit in months. They are effectively subsidising their Tanzanian silence with American gas.

That obviously means we’re not capturing the full end-market pricing, but it also highlights how important the processing and offtake stage is in realising value.

Ultimately, what matters now is whether upcoming revenues and the farm-out reduce the need for further equity dilution, and whether the real upside is effectively now concentrated in Rukwa’s development pathway rather than anything already realised.