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Agreed!! Just wish we had someone at HE1 in the business news promoting this right now. Golden opportunity to raise our profile! Unfortunately we got no one except a CEO whose only promotion is on LinkedIn (ie) for her own career. Not shareholders.

The board (James Smith, Nigel Friend, Graham Jacobs) mostly comes from an Oil & Gas background (Chevron, PanOcean, Orca). These are "Steady Hand" operators, not necessarily "M&A Aggressors." -- Who will support them with this are they truly on their own 'swimming with sharks'?

The 'Zero Debt' argument is a fallacy when it’s bought with 9.5 billion shares of retail dilution. We haven't funded a company; we've funded a 'dilution machine' that protects the Board's salaries while we take the capital risk.

As for 'Commercial Sharks'—where is the Tier-1 Farm-out? Where is the PR strategy to capitalize on the Qatar crisis? A shark hunts; it doesn't wait for the tide to go out. And the idea that Directors shouldn't buy shares because they might need to sell them later is nonsense. We aren't asking them to day-trade; we are asking them to invest. If they aren't willing to lock away £50k of their own cash alongside ours, they aren't 'aligned'—they’re just employees.

Qatar is Offline, Helium is $2,000, and our Board is Invisible. Time for a Commercial Heavyweight?

Fellow Shareholders,

The declaration of Force Majeure in Qatar and the closure of the Strait of Hormuz have created a once-in-a-generation 'Golden Ticket' for Helium One. With 30% of global supply severed and spot prices surging toward $2,000/mcf, HE1’s 9.2% concentration in Tanzania and active US production make us a National Security Asset.

However, we must ask if the current leadership is equipped to drive Maximum Value from this crisis. As a long-term holder, I am flagging several critical concerns regarding the Board's ability to capitalize on this moment:

1. The 'Skin in the Game' Deficit

Despite a float of over 9.3 billion shares, the collective holding of the CEO and CFO remains remarkably low. Directors failed to personally participate in the 0.5p 'emergency' raise, yet they continue to draw six-figure salaries while retail investors weather years of dilution. How can we expect a 'Founder's mindset' from a team with such negligible personal exposure?

2. The EBT 'Safety Net' Problem

The introduction of the Employee Benefit Trust (EBT) creates a disconnect between the Board and the market. While we risk our hard-earned capital, the Board’s 'upside' is protected by free-issued shares and performance options. This 'Agency Problem' suggests they are incentivized more as employees than as owners. We need a Board that buys in the market alongside us.

3. Stale Valuations and Under-Sold Potential

The recent analyst 'Fair Value' of 3.6p is based on OUTDATED DATA ($500/mcf). In a post-Qatar market, that math is irrelevant. Why is our Board silent while competitors are all over the financial press? The lack of a strong Commercial/PR voice is allowing the market to value us as a 'lifestyle explorer' rather than a Tier-1 producer. Technical geology updates are no substitute for Commercial Urgency.

4. The Need for a Commercial Heavyweight

We have the gas. We have the rig. We now have the global supply crisis. What we lack is a Board that knows how to negotiate a high-premium deal with a Major. We need 'Commercial Sharks' in the boardroom, not just geologists.

The 'Value Gap' between 0.70p and the real-world value of our asset is embarrassing. It is time the Board stops acting like passengers and starts acting like stewards of our capital.

I’d like to hear from other significant holders: Is it time we demanded a formal Commercial Audit or fresh blood in the boardroom to protect our remaining equity?

Unfortunately, with this CEO and Board we aren't going to get anything like that coming from them....

Thats fine - I will leave you guys alone - all the best.

1. The "First Gold Pour" RNS (Imminent)

The Status: The Board (Nick Tulloch, Andrew Scott, and Chris Gibbs) was on-site in Queensland in late January/February to oversee the "go" button.

The Impact: This is the ultimate "de-risking" event. Moving from "planning" to "pouring" fundamentally changes the company's valuation tier.

Expected News: An announcement of initial gold recovery from the Raglan wash plant.

2. Finalization of the Offtake Agreement

The Status: On February 3, 2026, ECR announced they had identified a proposed offtake partner and completed site-level due diligence on their refinery.

The Impact: Finalizing this contract provides the "Clear Route to Market." It guarantees that every gram of gold Raglan produces is converted immediately into cash in the bank.

Expected News: Confirmation of a binding gold offtake agreement.

3. Blue Mountain Mining Lease (ML) Application Update

The Status: While Raglan (ML 3665) is already producing, the larger Blue Mountain project is currently undergoing the Environmental Impact Assessment (EIA) required for its own Mining Lease.

The Impact: Blue Mountain is estimated to be double the size of Raglan (targeting 500oz/year vs Raglan's 300oz/year). Any update on the EIA or ML progress signals the doubling of ECR's production capacity.

Expected News: Progress report on the Blue Mountain permitting process.

4. Lolworth District-Scale Assays

The Status: Drilling at Lolworth in late 2025 confirmed a gold-silver-antimony system. Follow-up outcrop mapping and sampling suggest the system is much larger than first thought.

The Impact: High-grade Antimony results (like the 32% previously seen at Bailieston) are a massive "kicker" given the 2026 strategic mineral prices.

Expected News: Detailed assay results from the 900 km2 Lolworth project.

Let’s look at what that price does to the value of a single tube trailer (approx. 170 mcf of refined helium):

Standard Price ($450/mcf): $76,500 per trailer.

Shortage Price ($2,000/mcf): $340,000 per trailer.

If the Pinon Canyon plant ramps up to its target capacity, those extra zeros start adding up very quickly.

What you are seeing right now is a convergence of three massive catalysts:

The Qatar Force Majeure: On March 4, 2026, QatarEnergy officially pulled the plug on 30% of global supply. Reports suggest it will be at least a month before a restart is even attempted.

The Spot Market Scramble: Major end-users (semiconductor fabs, MRI manufacturers, and space agencies) cannot simply turn off their machines. They must have helium. If the contract gas isn't coming from Qatar, they will pay almost any price to secure the few trailers available in the US.

HE1’s Perfect Entry: As confirmed by the H&P report and the March 5 RNS, Helium One is filling its first trailers in Colorado right now. Instead of selling at the "boring" long-term contract price of $450/mcf, they are entering a spot market where $2,000/mcf has been hit historically during less severe crises.

Coco are you reading the documents we are given and understand tax law in OZ? The argument that "no institution put in money" is factually dead. The January 7, 2026 RNS explicitly confirms a £1.5 million raise from "institutional and other investors"—a milestone that has completely recapitalized the company. Professional fund managers don’t back a 22% stake just to "flip" for pennies; they are backing the transition from an explorer to a producer, which is already physically underway at Raglan this month.

As for the tax losses, the "20-year" dismissal ignores the March 2025 Australian tax reform, which introduced the "Similar Business Test." This reform was specifically designed to allow a buyer to utilize historical losses even after an ownership change, as long as the underlying business remains similar. This makes ECR’s A$76 million tax shield a massive, liquidatable asset for any profitable mid-tier producer looking to offset their own tax bills.

The "pivot" narrative also fails when you look at the strategy:

The Hub & Spoke Model: By acquiring the A$1.9M-valued Raglan plant and fleet, ECR secured a turnkey production engine without the multi-million-pound CapEx.

The Revenue: The Phase 1 mine plan alone targets A$7 million in gold revenue, which is designed to cover group overheads and protect the £1.5M cash pile for the larger Blue Mountain expansion.

The "delusion" isn't in the math—it's in pretending ECR is still a cash-strapped exploration shell when it now holds £1.5M in cash, A1.9 Mine equipment, A76M in tax credits, and has zero debt.

This will help them HOLD

That $2,000/mcf figure is the "Holy Grail" of helium pricing, and it’s no longer just a theoretical dream. In the world of industrial gases, price isn't just about supply—it's about panic.

When a third of the world's supply (Qatar) goes offline simultaneously with a global shortage (Shortage 4.0), the "spot market" stops being a market and starts being an auction.

$2,000/mcf potential !! :-)

I have read the recent Hannam & Partners (H&P) report on Blue Star Helium, and the implications for Helium One are massive. This analysis confirms that the Galactica project in Colorado has officially transitioned from a development story into a production reality, with the plant now successfully filling tube trailers for the spot market. For us as HE1 shareholders, this is a critical de-risking event: our 50% stake in this project means we are now part of a revenue-generating operation that can help fund our global overheads without constantly returning to the market for more dilution.

What makes this timing incredible is the geopolitical backdrop highlighted by H&P. With QatarEnergy declaring force majeure and taking a third of the world’s helium supply offline due to the ongoing Iranian conflict, the global market is facing a severe supply shock. Spot prices are expected to skyrocket—potentially repeating the $2,000/mcf highs we’ve seen in previous shortages—exactly as our Colorado trailers are being filled. This report makes it clear that while the market is currently distracted by the share count, the fundamental value of our US production and the 138 Bcf Tanzanian discovery is being grossly overlooked.

They see the heavy "FORG" (off-book) volume and realize a "Whale" is hunting. They quickly jump their prices to 0.80p to protect themselves. They are essentially saying, "If you want more of our stock, the price just went up." It’s a sign that the supply of cheap shares is gone.... are we sniffing a Helium Leak?

When the MMs start hitting 0.80p in the middle of a Friday, they are usually preparing for a "Gap Up" on Monday morning. Someone knows the farm-out talks are heating up!!!

This isn't just a random spike. The market is finally digesting two major catalyst events:

Colorado Cash Flow: Yesterday's update (March 5) confirmed the plant is filling trailers with refined helium. The market now sees revenue, not just "prospective" dreams.

The Qatar Supply Shock: Today (March 6), reports of Force Majeure in Qatar are circulating. With Qatari supply offline, domestic and Tanzanian helium suddenly became 50% more valuable to global players.

The real issue now is the shift in mindset the company needs to make. Moving from a small-scale explorer to something capable of delivering a multi-billion-dollar resource requires a completely different commercial skill set. Proving helium is in the ground (the 9.2% discovery) is the explorer phase. Proving it is bankable and commercially monetizable is the next phase. That means negotiating farm-outs with global industrial gas majors such as Linde plc, Air Products and Chemicals or even sovereign-backed operators like ADNOC. Those negotiations are about strategic deal structures, offtake agreements, project finance and securing large upfront payments while retaining long-term upside. It’s a very different world from running exploration campaigns or managing the next placing. A heavyweight commercial leadership team would be focused on structuring aggressive farm-out terms, aligning institutional investors (potentially even through a share consolidation to attract funds that can’t touch sub-1p AIM stocks), and locking in long-term take-or-pay offtake agreements with semiconductor and aerospace buyers to underpin project financing. That’s the difference between proving helium exists and turning it into a globally bankable asset.

Expect a "blackout" on news regarding specific partners. The board will likely only break cover once a legal agreement is signed. Use the FORG volume as your early-warning system.

The only time they would disclose "talks" before a final agreement is if the information leaks.

Untoward Price Movement: If the share price suddenly spikes 40% on no news, or if a rumor appears in the press, the London Stock Exchange may force a "Holding Announcement."

The Statement: They would release a short RNS saying, "The Company notes the recent share price movement and confirms it is in early-stage discussions regarding a potential farm-out. There is no certainty a deal will be reached."

Oh Coco! You finally got up had a bowl of cocobeans and a shave and now thinking Ma & Pop! Comparing the current management to the "Octa Group" era is a complete false equivalency that ignores the actual RNS filings from the last 90 days. The "multiple parties in the data room" from years ago has nothing to do with the fact that institutional investors—not just retail—put £1.5 million into the company in January 2026 at 0.26p. Institutions don't "trust in Nick"; they trust in the A$76 million tax shield and the A$1.9 million replacement value of the Raglan assets, which provide a hard-asset floor that didn't exist two years ago. Your claim that tax losses "clearly couldn't be sold" is technically incorrect in a takeover scenario; while they aren't "cash in a box," they are a deferred tax asset that allows an acquirer to keep 30% more of their Australian profits, making ECR a massive strategic target for any profitable mid-tier producer. Far from "forgetting promises," the board is currently on-site in Queensland overseeing the transition to production that was promised for Q1 2026. If you want to talk "realism," look at the March 5th Annual Report: Net assets of £5.16M against a market cap of ~£9M means you’re essentially getting the Lolworth district and the Blue Mountain gold for a fraction of their discovery cost.