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Bluebay, the 'Reserves before Plant' argument ignores how the modern helium market actually works. Look at the Galactica-Pegasus project in Colorado, where we are already filling tube trailers and generating revenue under spot-market arrangements while scaling up.

The purpose of the Strategic Farm-out we launched on Feb 16 is precisely to bring in a partner who values the 9.2% concentration and 16,400 bpd flow enough to fund the pilot stage. We aren't waiting for a library of certificates; we're moving toward commerciality in a market that is c30% undersupplied due to Qatar. Cash flow and partnerships happen where the gas is, and the gas is clearly at Rukwa...

Broomtree, this is actually how modern "Fast-Track" helium works. Companies like Blue Star Helium (HE1's partner in Colorado) and Helix Exploration are already using modular plants to generate early revenue while they continue to book reserves. It's called "Early Production Systems." HE1 literally has a 50% interest in a project (Galactica) that did exactly what you say is "daft"—they started plant operations in Feb 2026.

Bluebay, you say they didn’t prove a better ratio, but the Chairman (James Smith) explicitly stated the ESP flow rates "exceeded expectations." You don't start a "strategic farmout process" (as HE1 did on Feb 16) if a test failed.

The idea that we must wait for 'Bookable Reserves' before discussing a pilot plant is outdated. Look at the Galactica Project—production and plant integration are happening now to generate early cash flow. On AIM, waiting for 100% certainty is a recipe for missing the boat. We have 9.2% Helium and a Strategic Farmout underway because the industry giants (who have more data than we do) see the commercial value right now, regardless of the 'Contingent' label.

The confusion on the boards regarding "water pollution" comes from misunderstanding the objective of the February tests. CenerTech’s task was exploration, not production. Their role was to prove the helium existed and could flow at scale, which they did by achieving a six-fold increase in flow rates to 16,400 barrels per day and capturing a peak of 9.2% concentration. The high water content isn't a "failure"—it's a signature of the hydrothermal system that carries the helium from deep in the basement to the surface.

To move from "discovery" to "dollars," the next phase requires a Processing Plant, which is a separate engineering feat from drilling. Companies like Linde or Air Liquide specialize in modular Pressure Swing Adsorption (PSA) units designed specifically to strip helium from complex gas-water streams. These units are standard "plug-and-play" technology in the industry; they act like a massive filter that dries the gas and removes nitrogen, leaving behind the high-purity helium the market demands.

The "water issue" is simply an engineering hurdle that every "wet" helium project faces, and it's one that CenerTech’s parent company, CNOOC, manages daily on a much larger scale in their global oil and gas operations. The fact that the helium is at 9.2% makes the economics of building a separation plant incredibly attractive to a Farm-out partner. They aren't worried about the water; they're looking at the massive amount of helium it's carrying.

I reckon the WuXi bridge result is the real share-price driver. The NIDA work is helpful, but the market will likely view it as supporting science rather than a commercial catalyst.

For those trying to work out what the near-term catalysts are for Solvonis Therapeutics plc, there are two that really matter in the immediate term — both guided for Q1 2026.

First is the WuXi AppTec bridge data for SVN-002. This is the work being done to show that the Solvonis esketamine thin-film is bioequivalent to J&J’s Spravato. If that bridge is confirmed, it potentially unlocks the 505(b)(2) FDA pathway, which can bypass years of full clinical trials and opens a much faster route into a huge US market for alcohol use disorder. That kind of regulatory shortcut is exactly the sort of event that can trigger a rerating for a small biotech.

Second is the NIDA study results for SVN-015. What makes this important is that it’s being run and funded by the US government via National Institute on Drug Abuse. If their scientists validate the drug’s profile for stimulant addiction, it’s essentially non-dilutive scientific validation of the Solvonis discovery platform.

So in simple terms: one catalyst potentially opens a fast regulatory pathway, and the other provides independent validation from a US federal research body. Both were guided for Q1 2026, which makes the coming updates particularly interesting for holders.

I honestly reckon CenerTech is our best bet for the farm-out partner, and the reason is simple: they’re already there. They’ve spent hundreds of hours operating the ESP and de-risking the ITW-1 well on the ground in Rukwa, so they know the quality of our 9.2% concentration better than anyone. Why would a Major start from scratch when CenerTech already has the equipment, the data, and the teams in place? Moving from contractor to partner is the most logical step, and in this market, being 'on the ground' is everything. This has massive growth written all over it!

Did anyone else at the AGM pick up on that same lack of 'Alpha' energy from the top table?

We are sitting on a world-class 9.2% discovery in the middle of a global supply crunch—this should be their finest hour. Instead, the body language was purely defensive. It felt less like a leadership team ready to strike a Tier-1 deal and more like people just hoping to survive the Q&A.

If the Board doesn't look confident in their own success, how can they expect the City to be?

We are holding an asset that is benchmarking itself against a $2bn blockbuster. The "radio silence" is the sound of the board preparing the "Big Numbers" for those off-license agreements.

The £1.5M raise in January was done at 0.26p. The institutions who put that money in didn't do it for a 10% gain; they did it because they saw the A$7M revenue potential at Raglan + more. We are currently trading almost at the same price as the "Smart Money" entry point, but with much more of the risk already removed.

Q1 guided for data, not just updates. Data lock takes time. I’d rather wait 3 weeks for a verified 'Spravato bridge' than have a rushed update that doesn't move the needle. Holding for the binary event....

Mark, I appreciate that but while AIM is high-risk, that should demand higher accountability from leadership, not less. We shouldn't confuse 'market volatility' with 'commercial silence' when we are sitting on a 9.2% discovery during a global supply crisis. I'd rather spend my energy demanding maximum value for my investment than simply waiting on 'luck' to deliver a bit of profit.

The technicals are world-class, but the share price is lagging. One email is a complaint - one hundred is a mandate.

If you want to see the Board address the "Value Gap," move on a high-premium Farm-out, and finally show some "Skin in the Game," please take 2 minutes to send the letter I posted...

To: The Board of Directors, Helium One Global Ltd.

Cc: Tavistock (Financial PR), Panmure Liberum (NOMAD)

Date: March 8, 2026

Subject: Formal Shareholder Inquiry Regarding Strategic Commercial Alignment and Value Realisation

Dear Lorna, Graham, and the Board of Directors,

I am writing to you as a long-term shareholder to express both my congratulations on the recent technical milestones and my significant concern regarding the current market valuation and commercial communication strategy of Helium One.

While the February 16, 2026 RNS confirmed a world-class 9.2% helium concentration and successful ESP flow rates of 16,400 bpd, the market's response remains stagnant. As of today, we are in a global helium supply crisis following the QatarEnergy Force Majeure (March 4, 2026). This is a "Black Swan" event that has removed 30% of global supply. In this environment, HE1 is no longer just an explorer; we are a strategic national security asset for the West.

However, several factors are currently suppressing our "Maximum Value," and I am requesting the Board’s formal perspective on the following:

Closing the Value Gap: Current analyst "Fair Value" targets of 3.2p – 3.6p are based on outdated $500/mcf spot prices. With Qatar offline and the Strait of Hormuz contested, spot prices are surging toward $1,500-$2,000/mcf. When will the Board commission an updated CPR or independent valuation to reflect the 2026 reality?

Director Alignment (Skin in the Game): There is a growing concern among the retail majority (who hold ~65% of the register) regarding the lack of recent open-market purchases by Directors. While we understand the "Lock-out" periods, the absence of buying during previous windows suggests a lack of conviction that current prices represent a "bargain." Will the Board commit to personal market purchases to align themselves with the risk taken by retail holders?

The PR Vacuum: Competitors like Helix Exploration are effectively communicating the strategic advantage of "Primary Helium" to the global media. HE1’s communication remains overly technical and lacks a strong commercial narrative for institutional investors. What steps are being taken to increase the company’s commercial visibility on Tier-1 financial platforms (Bloomberg/CNBC) during this crisis?

Farm-out Urgency: The ESP testing has "de-risked" the Rukwa project. We expect a farm-out deal that reflects the scarcity of the asset—not a deal that results in further equity dilution. Can the Board confirm that non-dilutive financing is the primary focus of the current "Strategic Farmout Process"?

We have the gas, we have the rigs, and we have the world's highest concentrations. We now require the Commercial Leadership to ensure these technical wins translate into shareholder returns.

I look forward to your response and hope to see these points addressed in the upcoming Investor Meet Company (IMC) session.

Yours Sincerely,

LT Shareholder Group Member

The board can no longer hide behind "exploration risk." The world is literally begging for the gas they have found. If they don't secure a high-value deal in this environment, it's a total failure of leadership, not a failure of the asset.

A 9.2% discovery during a $1,000-2,000/mcf supply shock is a 'once-in-a-lifetime' hand—if this board can't play it, we need a team that can. Is anyone connected enough on this board to the Chairman so tell him to urgently get replacement team in to take us urgently to the next level – someone with charisma who would act purely in shareholders’ interest instead of their own? Unfortunately, no one above the Chairman who can force him out except us but with 9b stocks in place he has protected himself with a moat of safety from us. Lorna can still be Chief Geologist. Clearly good at that part.

You're comparing apples and oranges. Qatar's helium is a tiny 0.04% byproduct of their LNG. That’s exactly why the world is in a crisis right now—when their gas plants get hit by drones, 30% of the world’s helium vanishes. They are a 'hostage' to the gas market.

In Tanzania, we have Primary Helium. Yes, it’s coming up with 90°C fluids, but the ESP test on Feb 16 proved we can flow 16,400 bpd and hit 9.2% concentration at surface. That is 200x the concentration of Qatar. Dealing with water is a standard engineering cost; dealing with a war-torn supply chain in the Middle East is a strategic disaster. I'd rather have 'wet' helium in a peaceful Tanzania than 'dry' helium that’s stuck in a war zone.

A 9.2% discovery during a $1,000-2,000/mcf supply shock is a 'once-in-a-lifetime' hand—if this board can't play it, we need a team that can. Is anyone connected enough on this board to the Chairman so tell him to urgently get replacement team in to take us urgently to the next level – someone with charisma who would act purely in shareholders’ interest instead of their own? Unfortunately, no one above the Chairman who can force him out except us but with 9b stocks in place he has protected himself with a moat of safety from us. Lorna can still be Chief Geologist. Clearly good at that part.

On February 16, they dropped the 9.2% news. Since then, the share price has largely flatlined or drifted. A "Commercial Shark" would have used that 9.2% figure to dominate the headlines during the Qatar shutdown. Unfortunately we dont have that kinda leadership team in place. I wish we did!