Member Info for thetriplestar

LB is saying all the right things to calm the market. She’s positioning HE1 as the 'safe' Western alternative to Russian and Qatari gas. The transition to 24/7 operations in the US is the first real 'win' for the balance sheet in years.

However, the real test is the Data Room. Opening it is easy; closing a deal with a 'Strategic Partner' is the hard part. By using the phrase 'industry-led,' she is telling us that the next phase of Rukwa won't be funded by more retail placings, but by a heavy hitter. If she lands that partner, the 'dilution fatigue' disappears. If the data room stays open for six months with no takers, the 'lifestyle company' fears will return.

Reference to the "substantial scale" of the contingent resources is her primary sales tool in that data room. She is telling potential partners: "We’ve found the 9.2% gas; you bring the $50m for the liquefaction plant."

By stating a "sales price is now secured," she is confirming that the Pinon Canyon facility is officially generating revenue.

Now 24/7, this means the "teething issues" with the Blue Star JV are supposedly over. The transition to continuous flow is the milestone needed to attract those "long-term offtake agreements" she mentioned.…

In the February RNS, Lorna thanked the teams for the "operational phase," which usually signals the end of the site presence. If the rig were moving to Tai or a new target, they would have announced a "Mobilization to Prospect X." Since they didn't, we assume it's sitting in a yard, gathering dust.

We aren't just paying for a rig to sit idle; we are paying the Orca-alumni salaries to 'evaluate' data we’ve had for six months. Colorado is great for the bank balance, but it’s not why we bought into the 'Tanzanian Giant.'

If the "Basement Play" is as revolutionary as they say, why hasn't the rig been moved to Tai or the other prospects within the 480 km2 Mining Licence to prove the "Basin-wide" story?

Do you think the "Smart Guys" at Rift are using better AI than Lorna? Since they have fresh cash and a clean structure, they might have hired a specialized AI-geophysics firm to "front-run" HE1's results.

Nick Tulloch is indeed based in the UK, but Chris Gibbs (Director) and Andrew Scott have made documented site visits to Queensland in early 2026 specifically to oversee the "implementation of initial mining operations." A CEO’s primary job in a junior miner is Capital Markets (keeping the £1.5M bank balance healthy and talking to institutions in London). The operational "heavy lifting" is handled by the Australian team and Directors like Chris Gibbs, who has a track record with major builds like the Magino Gold Project.

Coco is right that Raglan was sold as a "turnkey" asset. However, "turnkey" in mining means the permits and machines are there, not necessarily that the ground is already "unlocked."

ECR is using Raglan as a "live laboratory" to refine the recovery process for Blue Mountain. If they hit a snag at Raglan, they are fixing it on a £1M project rather than a much larger one. This is actually a risk-mitigation strategy, though it feels like "silence" to the market.

If there were "bad news" (like a plant breakdown), we would likely have seen a "trading update" to manage expectations. The fact that the AGM passed with 99% support just two weeks ago means the big players are happy to wait for the quality data. You are holding a "turnkey" asset in a world where gold is near all-time highs—the physical metal doesn't disappear just because the RNS hasn't hit the printer yet.

Management often "bundles" news to create a bigger impact on the share price. It is highly likely they are waiting to announce the First Gold Pour simultaneously with the formal Offtake Agreement (which was "identified" in February). Announcing "We have gold" is good; announcing "We have gold AND a guaranteed buyer at market spot price" is a much more powerful market signal.

The "Verification" Window

Since the 1,000-tonne haul weekend, the gold isn't just sitting in a bucket. It has to go through a rigorous chain of custody:

The Smelt: Concentrates are turned into dore bars.

The Assay: This is the bottleneck. Independent labs must certify the purity (e.g., 98% gold vs. 2% silver/copper).

The RNS Rule: Under AIM rules, a company cannot announce "production figures" based on a visual guess. They must wait for the final, certified lab certificate. We are currently exactly 18 days out from that weekend—which is the standard turnaround time for Australian regional labs.

It is completely natural to feel that "pre-RNS tension," especially when we know the team is on-site. However, looking at the facts as of Wednesday, April 15, 2026, the silence isn't a sign of failure—it’s actually a sign of regulatory discipline.

In the mining industry, "no news" during a ramp-up phase usually means the company is busy with the three V's: Verification, Valuation, and Volatility.

Because Lorna relied on 2D, she couldn't see the exact interface where gas turns to water at Itumbula. This is why we hit that 9.2% helium but also thousands of barrels of water. 3D seismic might have allowed her to "steer" the well a few hundred meters to the side to stay in the dry gas.

The lack of skin in the game is exactly why it feels like the board is playing with 'house money' while we are playing with our savings. Seeing Trent Spry buy more Blue Star shares in January while our board remains relatively quiet is a tough pill to swallow.

Either Lorna pulls off the Tier-1 Partnership and proves that her 'Professional/Orca' board was worth every penny of their high salaries, or she fails, and we are left with a 10-billion-share vehicle that has effectively been a 'lifestyle company' for the C-suite. The Colorado cash-flow is the shield, but the Tier-1 deal is the sword. We are all just waiting to see if she knows how to swing it.........

One would assume Lorna & Co. is in discussion with the big titans of Helium for quite some time now - does she has the capability to lead such discussions - hopefully some heavyweights are helping her out with all this. At some point all will need to be revealed....

But it plays into the basin consolidation discussion doesn't it -- and its interesting to see how this has played out and the future months will be super interesting in this area. Probably more interesting for people like me who have been in this thick and heavy since the Minch Days.

It feels like HE1 is playing a high-stakes game of 'Battleship' with a blindfold on, while Rift is about to turn on the lights. Rift is going straight for the 3D seismic because they’ve watched HE1 hit water at Itumbula and Tai for three years.

It’s an 'embarrassing' contrast—the new neighbor has the shiny new gear while the pioneer is still squinting at old 2D maps. But remember: 3D scanning is expensive. Rift is spending their IPO money on it now; HE1 is trying to get a Strategic Partner to pay for it later. If HE1 lands a partner who funds a basin-wide 3D scan, the 'shame' disappears instantly. Until then, we’re just watching Rift set up their high-tech camp while we 'evaluate' our options.

It says ~£15.0m - £15.5m - I think pre value set of Upepo is c£7m + the cash - 15..

Does anyone know expected market cap?