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The absence of a formal signing ceremony 12 months after the Mining Licence (ML) was "ratified" is a major red flag for investors who understand Tanzanian mining politics. In Tanzania, the award of a license and the execution of Regulatory Framework Agreements are two very different things.

An AGM like this is the "calm before the storm." The legalities are out of the way, the board has their mandate, and the shareholders have spoken. Usually, after a clean sweep at an AGM, the "headline risk" disappears, and the market starts focusing purely on the next operational update. All eyes are now back on Chris Gibbs and the Raglan test pits for that "Next Week" update.

If we hit that 10-ounce per run goal we discussed (generating roughly £400k in monthly revenue), the company would be generating its entire market cap in revenue in less than two years. The AGM results prove the shareholders see this math and are ready to back it.

Comparing HE1 to North American Helium (NAH) actually proves my point. NAH has drilled 100 wells and built a massive, contiguous land position because they have operational scale and a board focused on production, not just staying listed.

In contrast, HE1 has spent 18 months 'holding' a Mining Licence that is 1/75th the size of NAH’s, and instead of 100 wells, they’ve given us 10 billion shares of dilution. NAH is a driller; HE1 is a 'paper printer.' If our board were actually 'optimising' instead of just 'surviving,' we wouldn't be raising £4.5M at a 17.6% discount on the same day as production news.

NAH’s success shows what a competent, well-funded helium company looks like. HE1’s current trajectory shows a board that is diluting the equity into oblivion to fund a London office while the 'frontier discovery' sits idle waiting for a partner to actually do the work. I’m long for the helium, but we need a 'driller' board, not a 'salary' board.

The post is right: Colorado is a great technical milestone, but it’s financial peanuts. Filling a tube trailer at spot prices doesn't pay more than the annual Board Burn.

We just raised £4.5M at a 18% discount because the board knew the 'First Gas' hype was the only window they had before the cash ran out. A 'bankable' Mining License in Tanzania is useless if you don't have the cash to turn a drill, and right now, we are being diluted to 10 billion shares just to keep the lights on. We aren't transitioning to a producer; we are a 'Lifestyle Company' running out of runway while the assets sit idle.

A license is only "bankable" if a bank will actually lend against it; so far, the only people "lending" are retail investors at a 0.6p discount. My only remaining hope is a Farm-out agreement with a Tier-1 partner, but that's a gamble given the lack of alignment and drive from this board. They seem more focused on their own salaries than our shares.

You mention a 'starving market.' You’re right - with the March 2026 Qatar supply shock, helium is more valuable than ever. So why is HE1 selling its own shares at a 17.6% discount? If the market is starving and we have the food, we should be selling at a premium. Raising at 0.6p during a global crisis is the ultimate admission that this board has zero leverage.

The 'shovels' analogy falls apart when you realize the board isn't selling shovels to fund a gold mine—they’re selling our equity to fund their own office. If we were 'busy digging up a massive vein,' we wouldn't be pausing for 18 months in Tanzania while the CFO collects a $674k salary to watch the rig get cold-stacked.

The truth is, even with 'First Gas' in Colorado, the board just had to raise £4.5M at a 17.6% discount today. If the 'gold' was actually flowing, we wouldn't be begging for survival capital at 0.6p. A real miner doesn't dilute the mine into 10 billion pieces just to keep the lights on in the shed. We aren't digging; we're drifting, and the only ones getting 'paid' right now are the directors, regardless of whether a single gram of helium ever hits a customer.

Comparing this board to a motivated chef is bold, considering the '5-course meal' has been funded by a 10-billion-share dilution that has shrunk original holdings by nearly 70%.

Let’s address the 'logic' you mentioned:

The US 'Cash Flow' Myth: You claim Colorado is strengthening our hand, but we just raised £4.5M at a 17.6% discount on the same day as 'good' production news. If the US assets were truly generating enough cash to 'strengthen' us, we wouldn't be begging retail and institutions for survival capital at 0.6p. That isn't a transition to revenue; it’s a failure to manage a $4M annual burn.

The Static Explorer: It’s been 18 months since the ML application. Proving a discovery is great, but sitting on it while the share count explodes is the definition of 'static' for a shareholder’s value. A 'bankable asset' like an ML is only bankable if the board doesn't dilute the equity to zero before they find a partner.

The Motivation Gap: You say they are 'motivated,' yet the CFO earns $674,000 a year in cash while owning a stake worth less than £14,000. He makes his entire 'skin in the game' back in salary every two weeks. When the Board's primary income is their salary—not the share price—their motivation is to keep the company (and their payroll) alive, not to reach 10p.

I’m long for the helium discovery, but let's not pretend a 10-billion-share cap table and a 17% discount is a strategic masterpiece. It’s a rescue mission for a board that can't fund its own overhead.

Yes I’m surprised we haven’t leased it out while not using it. Would be a nice earner on the side. Reducing need to raise money at huge dilutions constantly. But our BOD aren’t motivated for shareholders unfortunately.

The Predator 600 rig (the one that did the Itumbula discovery) is no longer "hot."

• Status: It is currently Cold Stacked (or released).

• The Difference: A "hot stacked" rig is ready to drill in days. A "cold stacked" rig means the crew has been sent home, the contracts are paused, and it would take months and millions of dollars to mobilize it again.

• The Strategy: The board has explicitly stated they won't drill again in Tanzania until a Farm-out partner is signed. They are not keeping the rig "ready"; they are keeping the company "alive" until someone else pays for the rig.

Since the ML application, HE1 has raised well over £15 million (including the July 2025 and March 2026 raises).

If they hit that 10-ounce mark consistently (say, 3 times a week), the math for a small company like ECR becomes explosive:

• Weekly Revenue: ~A$193,920 (£100,320)

• Monthly Revenue: ~A$775,680 (£401,280)

• Annual Run Rate: ~A$9.3 Million (£4.8 Million)

For a company currently valued around £8M–£9M, an annual revenue of nearly £5M from just one of their multiple projects is massive. Because of the A$76M tax shield, a huge chunk of that A$9.3M goes directly toward funding the Blue Mountain expansion and Lolworth drilling without needing to ask shareholders for another penny.

It is a substantial amount of money. If ECR is pulling in 10 ounces every couple of days, they aren't just "mining"—they are printing cash at a rate that fundamentally changes the company's valuation.

This isn't an investment in helium; it's a subscription to a boardroom that refuses to take a pay cut while we watch our holdings get diluted to oblivion. It’s time for the 'Longs' to stop being the ATM and start demanding a new crew.

The Armchair Trader says this is to 'keep drills turning,' but has anyone actually checked the RNS? In Colorado, Stage One is finished—they're just trying to get the plant to run 24/7. In Tanzania, the rig is gone and they’re waiting for a partner.

There are zero drills turning right now. This £4.5M isn't for exploration; it’s a 'Salary Top-up' to keep the board in their seats while they wait for someone else to actually fund the next phase. Don't let the headlines fool you—we're paying for administration, not operation.

Anyone know from looking at that roughly how much that amount of gold is worth?

Well I am saying that by discounting the raise, they effectively killed the 'First Gas' momentum and handed an instant profit to institutions at our expense.

That 17.6% discount is the "smoking gun" that suggests the board was either desperate for a quick fix or prioritizing their institutional mates over the retail base.

When a company releases news as strong as "24/7 Production in Colorado," the textbook move is to let the market digest the news, let the share price climb on the buy pressure, and then do a raise at a much higher level—or even at a premium.

‘Keeping it together’ is easy when shareholders provide the glue through constant dilution to 10 billion shares. The assets are indeed the draw, which is exactly why we need a Farm-out partner to step in and manage them properly before this board dilutes us all to oblivion! I’m long for the helium, but I’m done funding a boardroom that owns less than 0.1% of the company while I take 100% of the risk.

Actually, you’ve got it backwards. I am long on HE1, which is exactly why I’m so vocal. Being a long-term holder doesn't mean I have to be a cheerleader for a board that dilutes at 0.6p while taking home millions in cash salaries.

I’m waiting for the farm-out partner because I believe in the Tanzanian asset, not the current management. I want a partner with the deep pockets and technical expertise to actually take Rukwa to production—and ideally, a partner that insists on a clean sweep of the Board and CFO to ensure our capital goes into the ground, not into boardroom bonuses.

Criticizing a 'Lifestyle Board' isn't a vendetta; it's due diligence. If you think holding management accountable is 'shorting,' you're confusing loyalty to a company with loyalty to the people currently cashing its checks. I'm here for the helium; they're here for the salary. I'd like to see that change pronto.