Member Info for thetriplestar

The capital structure and governance remain key issues for shareholders. Since listing, the company’s issued share capital has expanded dramatically — from under 1 billion shares at admission to well over 6 billion by mid-2025, and now reportedly around 9 billion shares in issue. That level of equity issuance has materially diluted long-term holders. While fundraising is part of building a resource company, it’s reasonable to question how dilution was weighed against alternative financing options and capital efficiency.

Board remuneration is also a matter of public record. For the year to 30 June 2025, total reported remuneration (including salary, bonus and share-based payments) included approximately:

• Sarah Cope – Head of Governance & Compliance / Executive Director: US$243,597

• Graham Jacobs – Finance & Commercial Director: US$674,021

• Lorna Blaisse – CEO: US$816,307

These figures come from audited annual disclosures and include share-based awards valued at grant date.

Service agreements for senior executives typically include notice periods and termination provisions, which means leadership changes can carry financial implications for the company. Shareholders are entitled to understand how remuneration structures, contractual terms, and incentive frameworks align with performance and long-term value creation.

Thanks bro - all the best with your SHORTS here with ECR - I can only see upside with all this

Hi COCO, while these concerns highlight the genuine operational "friction" of a junior miner, they don't quite account for the specific financial and technical de-risking ECR has already completed in 2026. First, the "funding gap" argument is directly countered by the £1.5 million institutional placing completed in January 2026, which Chairman Nick Tulloch explicitly stated provides the capital strength to accelerate production and exploration "significantly beyond the end of the year." This cash injection isn't just for G&A; it was specifically earmarked for the equipment and setup required at Blue Mountain, meaning they aren't waiting on Raglan's daily wash-plant results to fund the next stage. Regarding the "starting from zero" claim at Blue Mountain, the company has already completed extensive wash-plant trials at Lower Patterson with a staggering 91.7% recovery rate, successfully identifying the "mineable corridors" and confirming visible gold before the first permanent plant even arrives. Finally, the "hub and spoke" strategy isn't a "nonsense" doubling of equipment, but a proven model of shared infrastructure: because Raglan and Blue Mountain are close to one another, ECR is using the Raglan acquisition - which included a near-new 60tph plant and mobile fleet valued at nearly double its purchase price—as the mobile blueprint. The plant is modular by design; it can be optimised at Raglan and then moved or replicated at Blue Mountain once the "Phase 1" cash flow has further bolstered the balance sheet, all while being protected by A$76 million in tax losses that turn "dirt sorting" into high-margin profit.

The "Victoria Legacy" Bonus -

If the A$2M royalty from Au Gold Corp is converted into equity during a "gold rush" in Victoria, and ECR's other Victorian assets (Creswick/Tambo) find JV partners, the company effectively becomes a "Free-Carried" investment house. This adds a layer of "intangible value" that often causes micro-cap shares to spike vertically during a bull market.

COCO!! here are some facts -

The £1.5M Gap is Already Filled: Contrary to the concern that they "need to seek" £1.5M, ECR actually completed a £1.5 million institutional placing in January 2026. The Board explicitly stated in the January 8th RNS that these funds are sufficient to see the company through its planned activities "significantly beyond the end of 2026," specifically covering the equipment and setup for Blue Mountain.

They Aren't "Starting from Zero": The idea that they have "no idea where to start" at Blue Mountain is factually incorrect. In late 2025, ECR completed extensive wash-plant trials at the Lower Patterson prospect (Blue Mountain), achieving an average recovery of 0.35 g/bcm in real-world conditions. They have already identified the "mineable corridors" and confirmed visible coarse gold, meaning the "testing" phase is largely complete; they are now in the "mobilization" phase.

The "Raglan-to-BM" Bridge: While Raglan is smaller, its overheads are remarkably low. Broker notes from Allenby Capital (Feb 2026) estimate Raglan’s operating costs at just A$3,000 per day. At $5,000/oz gold, ECR only needs to produce 0.6 oz/day to break even on site. Anything above that—including the 938oz Phase 1 target—is surplus cash that, combined with the £1.5M in the bank, directly funds the Blue Mountain infrastructure.

Infrastructure Synergy: ECR isn't buying a whole new world for Blue Mountain. The Raglan acquisition included a 60tph plant, a mobile fleet, and a camp. Because the projects are close to each other, the company is using a "hub and spoke" model, sharing equipment and staff to keep G&A costs down.

A 'Major' doesn't just want one well; they want a global helium vertical. Helium One offers the world's best discovery in Africa and active production in the US. If Lorna is at the table with Total, it explains the silence - and it explains why 0.65p is a massive undervaluation. The Majors are coming for the molecules!

TotalEnergies is a major partner in Qatar’s North Field (the source of the current supply shock).

The Hedge: With the Qatar shutdown being called "indefinite" as of March 19, TotalEnergies is currently losing millions in helium revenue.

The Solution: Acquiring a stake in Helium One (both Tanzania and USA) allows them to "hedge" their Qatar risk with stable, non-Middle Eastern supply. It turns a crisis into a long-term strategic advantage.

Your point about the USA is critical. TotalEnergies has spent the last 24 months aggressively expanding their US footprint.

The Google Deal (Feb 2026): They just signed their largest-ever US renewable deal (1 GW) to power Google’s data centers.

The Colorado Connection: TotalEnergies has a stated goal of becoming a "Top 5" energy player in the US. Taking a stake in the Galactica-Pegasus project in Colorado would give them immediate helium production to supply the very tech giants (like Google and SpaceX) they are already partnering with for energy.

TotalEnergies isn't just a player in Tanzania; they are currently the dominant force in the region’s energy future.

The EACOP Anchor: TotalEnergies is the operator of the East African Crude Oil Pipeline (EACOP), which connects Uganda to the Port of Tanga in Tanzania.

The Strategic Fit: They already have the boots on the ground, the government relationships in Dar es Salaam, and the logistical infrastructure. Adding a world-class 9.2% helium discovery at Rukwa to their East African portfolio would be a "bolt-on" victory that perfectly aligns with their 2026 multi-energy strategy.

AG1989 - >> Spot on. In the December 2025 RNS, the board explicitly described Raglan as the 'stepping stone' to Blue Mountain. Because the project is 'turnkey' with its own 60tph plant, gold room, and mobile fleet, the team is building the operational blueprint at Raglan to be scaled up and repeated at the much larger Blue Mountain site. As you said, once that revenue starts flowing—boosted by those A$76M tax losses—the goal is a self-funding, multi-front production engine that significantly limits future dilution.

The 60tph wash plant at Raglan is a "turnkey" asset, meaning it’s designed for mobility within alluvial systems. ECR has explicitly stated that Raglan is the "stepping stone" to the much larger Blue Mountain project for three key reasons:

Operational Synergy: Raglan and Blue Mountain are strategically located near each other in Central Queensland. This allows ECR to share the same experienced operating team, mobile fleet (loaders/dump trucks), and technical know-how across both sites.

A Repeatable Model: Management’s plan is to establish a "scalable, repeatable production model" at Raglan. Once the team has "dialed in" the recovery rates and sorted the logistics, they can replicate that exact setup at Blue Mountain.

Self-Funding Growth: The "funded from within" goal is precisely the vision. Revenue generated from Raglan’s gold—protected by A$76 million in tax losses—is intended to fund the expansion into Blue Mountain. This reduces the need for future dilutive share placings because the "dirt" is paying for the next plant.

Yep - totally agree -

The reason for this massive disconnect isn't a lack of value; it's a "Liquidity and Trust" gap. The market is currently pricing Helium One as a "Junior Explorer" subject to the whims of the AIM casino, while analysts are pricing it as a "Near-Term Producer." To bridge that gap to 3p, the market needs to see the First Revenue from the Colorado trailers (confirmed March 5) hit the quarterly balance sheet. Investors have been burned by "projections" for years; they are now waiting for the cold, hard cash to prove the £6.1M war chest is growing, not shrinking.

Furthermore, we are currently navigating a "Geopolitical Blackout." While the Qatar supply crisis has pushed helium spot prices toward $1,000/Mcf, the AIM market is currently "Risk-Off" due to broader Middle East tensions. This suppresses small-cap valuations across the board, regardless of individual success. However, the Feb 16 Farm-out launch is the ultimate catalyst. Analysts' 3p+ targets assume a Tier-1 partner takes on the Rukwa CAPEX. Once that "Binding Term Sheet" hits the RNS, the 9 billion share weight becomes a secondary concern to the multibillion-dollar asset value. The "Grey Hair" phase of AIM investing usually ends abruptly when the "Discovery" story finally meets the "Commercial" reality.

Feels like momentum is quietly building again here. ECR now has multiple value drivers working at the same time — royalty upside that could deliver meaningful non-dilutive cash if milestones are hit, the shift from explorer to producer with Raglan moving through early operations, and continued portfolio expansion adding longer-term optionality.

This is no longer a one-asset exploration story. It’s a business stacking revenue potential, asset value and strategic upside in parallel — exactly what you want to see at this stage. If execution continues, the gap between market value and underlying asset progress won’t stay this wide forever.

We are seeing "Inelastic Demand" in real-time. Tech companies must have helium to function; they will pay almost any price to get it. This puts the seller (HE1) in total control.

Helium One is sitting on a 9.2% concentration goldmine in Tanzania and is actively filling trailers in Colorado (Mar 5 RNS). We are producing exactly what the world is running out of, at the highest prices in history. The 'Blackout' silence from Lorna isn't a weakness --> it’s the sound of a Board that knows they are holding the only winning hand in a global crisis.

The Qatar shutdown is now being called 'indefinite' by major analysts, and 30% of global supply is gone.

The situation in the helium market has escalated significantly in the last 24 hours. As of Thursday, March 19, 2026, we are officially in a "Global Supply Shock" as the impact of the Qatar shutdown begins to hit industrial end-users.

Here is the fact-checked update on helium pricing and supply:

1. Spot Price: The $1,000 Milestone

Data from Discovery Alert and Kornbluth Helium Consulting (as of Mar 19) indicates that the market has decoupled from standard contract pricing:

Current Spot Price: $1,000 – $1,200 per Mcf. For context, prices were hovering around $750/Mcf before the crisis.

The "Premium" Gap: Spot prices are now 100%+ higher than long-term contract rates ($500–$600/Mcf).

Regional Spikes: In the Asia-Pacific region (specifically Singapore and South Korea), premiums are even higher as semiconductor giants like Samsung and SK Hynix scramble to secure any available molecules to prevent production halts.

2. The "Indefinite" Qatar Outage

The news from Ras Laffan today is concerning for global supply but a massive "valuation driver" for projects in stable regions:

Force Majeure Sustained: QatarEnergy has confirmed production will not resume until the regional conflict "completely ends." Analysts at Carbon Pulse (Mar 18) now expect the outage to last at least 3 to 6 months.

33% Global Deficit: With one-third of the world’s supply gone and the Strait of Hormuz effectively closed to Western shipping, the "Helium Shortage 5.0" is being called the most severe in history.

3. Impact on Helium One

This macro environment turns Helium One from a "Junior Explorer" into a "Strategic Asset":

The Colorado Advantage: HE1 is filling trailers in Colorado today. Because they have uncommitted supply, they can sell these trailers directly into the $1,000/Mcf spot market. This is the ultimate "cash cow" scenario.

Farm-out Leverage: Every day the Qatar outage continues, the 9.2% discovery at Rukwa becomes more valuable to "Tier-1" partners who are currently seeing their own supply chains collapse.

The "Reinvestment" argument is a bear-raid tactic. In reality, once a plant is built (which it is), the "Operating Margin" on helium is one of the highest in the commodity world. The surplus is inevitable.

There’s a rumor that 'reinvesting' in Colorado means there’s no spare cash for the rest of the company. Let’s look at the actual RNS math:

One trailer at today’s $1,000 spot price is worth $170k. HE1 gets half. If the plant ramps to 3 trailers a week, HE1 pulls in ~$1M per month. Even if they drill a new well every single month ($225k share), they are still netting $775,000 in surplus cash. That’s almost $10M a year in 'spare' cash—more than double the entire company's annual overhead. Colorado isn't just a project; it's a self-funding engine that makes a dilutive raise in Tanzania completely unnecessary.