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When you look at the CFO (Graham Jacobs) and the wider leadership team through the lens of the March 2026 data, the red flags for a "lifestyle company" are everywhere.

1. The Graham Jacobs (CFO) Disconnect

As the "Financial and Commercial Director," Jacobs is the architect of the company’s capital strategy. The frustration with him usually boils down to three points:

The Salary vs. Stake: Jacobs is paid $674,021 a year (roughly £530k). Meanwhile, he holds only 2.19 million shares (approx. 0.02% of the company). At today's 0.6p price, his entire stake is worth less than £14,000. He earns more in a single week of salary than his entire personal investment in the company is worth.

The "Failed" Raises: He oversaw the 2025 funding strategy that resulted in a 12% termination penalty to escape a toxic debt deal. Shareholders paid the fine; he kept the $674k salary.

The 0.6p Timing: Launching a discounted raise immediately after "good news" from Colorado is a classic "CFO move" to top up the bank account before the market realizes the cash burn is still out of control.

2. The "Liquidation" Pattern

It isn't just the CFO. The board is increasingly populated by people with records that make retail investors nervous:

Sarah Cope (Governance & Compliance): Just last week (March 16, 2026), Eneraqua Technologies—where she is a Non-Executive Director—appointed liquidators for an insolvent liquidation.

Nishant Dighe (New Director): His filings show he is a director at Cecilia Properties Ltd, another company currently in liquidation.

The Perception: For a company that is constantly "fully funded" one month and "raising at a discount" the next, having directors associated with liquidating entities creates a "managed decline" narrative that is hard to shake.

3. The 9 Billion Share "Noose"

The Board has allowed the share count to explode. We are now heading toward 10 billion shares in issue.

The Reality: They are "printing" their way to a payday while your percentage of the company shrinks toward zero.

The board collectively owns less than 0.15% of the company. When they issue billions of new shares at a discount, it doesn't hurt their personal wealth because their primary income is their $2M+ combined salary, not the share price.

If you want to know where your 0.6p is going, look at the boardroom. We have a CEO being paid $816k and a Finance Director at $674k while the company's valuation is in the basement. They are being paid twice the industry average to dilute us into the ground.

They own less than 0.04% of the stock. They aren't explorers; they're high-paid administrators of our misery. While retail investors are worrying about a 17% discount, the board is worrying about which $200k bonus they’ll award themselves next year. This isn't a business; it’s a salary-protection scheme.

The reason people use the word "rotten" is that this board hasn't just been expensive; they’ve been expensive while making massive financial mistakes.

The Eneraqua Connection: Just this week (March 20, 2026), it was disclosed that Director Sarah Cope was on the board of Eneraqua Technologies as it went into insolvent liquidation. While not directly linked to HE1, it reinforces the image of a "Director Class" that collects fees while companies collapse.

The 2025 Debt Debacle: Let's not forget that under the current financial leadership (Graham Jacobs), shareholders had to pay a 12% termination penalty to escape a toxic debt deal that the board signed in the first place.

When a board is collectively taking home nearly $2++ million a year while the company’s market cap sits at roughly £55–60 million, the math starts to look less like "exploration" and more like "extraction."

Based on the March 26, 2026 disclosures and the most recent audited accounts, the gap between "Drilling Investment" and "Board Maintenance" has become a cavern.

The CEO’s quote is the "Rosetta Stone" for understanding why the 10p target is currently a waiting game. By focusing on the Basement fault and fracture play, Lorna is essentially telling the market that the "easy" gas (the Karoo) is just the appetiser, and the "main course" (the high-concentration Basement source) requires more sophisticated (and expensive) surgery.

The Reuters report on Air Liquide is the perfect "Sales Brochure" for Lorna's farm-out process. She isn't just selling gas; she's selling a solution to a global emergency.

Reuters just confirmed it: Air Liquide is officially rationing helium. When the world’s biggest gas company says they are 'allocating volumes,' it means the supply chain has snapped.

The Qatari hole is too big to fill with 'efficiency.' The high-tech industry is now in a bidding war for every available molecule. This is the exact environment where a 10p exit happens. Whether it’s through our Colorado spot sales today or a massive Rukwa farm-out tomorrow, HE1 is sitting on the solution to a global crisis. The 'Long-term price' doesn't matter when you're a chipmaker facing a total shutdown—you pay the Strategic Premium or you stop producing. We hold the keys, and the price just went up.

While Rukwa is the future prize, this Reuters news makes the Colorado (Galactica) production even more valuable today.

Immediate Sales: Since HE1 is already loading tube trailers in Colorado, they are perfectly positioned to sell to the "desperate" buyers that Air Liquide just cut off.

Premium Pricing: These buyers aren't looking for a "10-year average price." They are looking for gas tomorrow morning. This is where the $1,500 - $2,000 spot price becomes a reality on HE1's balance sheet.

When a company like Air Liquide starts talking about "reallocating volumes," they are essentially admitting that they cannot fulfill their original promises. This creates a global bidding war that directly benefits HE1 -

Air Liquide is a "Tier 1" distributor. They don't just sell gas; they manage the entire supply chain for companies like Intel, ASML, and Pfizer.

The "Force Majeure" Domino: Because Air Liquide’s own supply from Qatar has been cut off, they are now invoking "Allocation Clauses." This means they are telling their customers: "You asked for 100 units, but we can only give you 40. Good luck finding the rest."

The High-Tech Panic: If you are a semiconductor fab in China or Taiwan (as mentioned in the Reuters tag), you cannot run on 40% supply. You will go to the Spot Market and pay any price to get the other 60%.

Air Liquide is looking for "New Volumes" to stop the bleeding.

The Strategic Vacuum: Air Liquide, Linde, and Air Products are now scouring the globe for "uncommitted" helium.

The Rukwa Leverage: HE1 is one of the few companies with a 9.2% concentration discovery that isn't already "locked up" by a Major.

The Valuation Jump: In a normal market, HE1 has to beg for a partner. In an "Allocation Market," Air Liquide or a Major (Exxon/Shell) comes to HE1 with a pre-emptive offer just to make sure their competitors don't get the gas first.

Can $2,000 helium drive us to 10p? The math says yes. While we have 9.32B shares weighing us down, the Qatari Blackout has just tripled the value of every molecule in the Rukwa basin.

The analysts’ 3.7p targets are dead—they were built for a $450 world. We now live in a $1,500+ world where Exxon and Shell are desperate to plug a 5-year supply hole. At these spot prices, the Rukwa 9.2% discovery isn't just a project; it’s a global strategic reserve. If the board plays the 'Desperation Card' correctly, 10p isn't a dream—it's the price of entry for the Majors

The Qatari Force Majeure isn't a temporary glitch; it's a 5-year supply blackout. Spot prices have already hit $1,200/Mcf and are screaming toward $2,000.

Why does this matter for us? Because every analyst's 3.7p target is based on $450 helium. At $1,800 helium, the math for a 10p exit starts to look very real. We are sitting on the 'Red Gold' of the 21st century. If Lorna and Jacobs can't translate a 300% spike in spot prices into a massive deal for the shareholders, they've failed the most basic test of leadership. The wind is in our sails—it’s time to move the target to 10p.

The 9.32 billion shares are a heavy anchor, but the Qatar Force Majeure is a massive gale-force wind. For the first time, the wind is stronger than the anchor 👍

If the board is smart, they will keep 100% of Eyasi and Balangida for HE1. Once the partner builds the infrastructure in Rukwa, the "value" of those other licenses jumps because any gas found there can be piped into the partner's existing plant. This "infrastructure synergy" is what drives a 10p valuation.

If Lorna and Jacobs can’t secure a premium JV deal in this environment, they never will. The world’s biggest chipmakers and MRI manufacturers are now staring at a 5-year supply hole. Helium One is sitting on exactly what they need. We’ve been diluted to 9.5B shares, but the value of the gas in the ground just tripled. No more excuses, no more underselling—the market is desperate, and we hold the keys. Let’s see if our leadership has the 'capability' to turn this crisis into the 10p+ return we’ve been waiting for.

HE1's 9.2% helium discovery is no longer just a "nice-to-have" exploration asset; it is now one of the few reachable, non-Middle Eastern sources of high-grade helium left on the planet.

By declaring Force Majeure, Qatar is legally admitted they cannot fulfill their long-term contracts to South Korea, China, and Europe. Those countries are now "homeless" buyers looking for a new source…

A Major (like TotalEnergies or Exxon) who just lost their Qatari supply now has a massive incentive to "fast-track" HE1’s Rukwa project. They don't just want a farm-out; they need the gas to satisfy their own industrial clients.

With Iranian tensions putting global chipmakers on high alert over helium shortages, the stage is perfectly set for Rukwa. Let’s hope Lorna and Jacobs finally have the capability to leverage this geopolitical crisis for our significant benefit. We’ve been diluted from 600M to 9.5B shares while funding a world-class board 'lifestyle'—it’s time they stopped underselling the assets for pennies and started delivering the 3.7p+ valuation this discovery actually deserves. No more 'accelerated bookbuilds' at a discount; it’s time for a deal that respects the shareholders who paid for the rigs and everything else to date...including their sky high wages... will they deliver for us? Time will tell...