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So the view is that finalising the Songwe agreements around May 2 effectively “wraps the structure” — with the government’s 17% stake formalised and the legal framework in place, the asset becomes more clearly positioned for a potential farm-in or transaction.

In that context, James Smith stepping down could be interpreted by some as the end of the “engineering / build-out” phase and the beginning of a more transaction-focused phase.

If that’s the case, then the focus shifts to the new board composition — with Carver and Cope potentially playing a key role in how any future deal is structured and positioned.

The key question for shareholders is what that ultimately translates into in terms of value — whether the end outcome reflects a low-, mid-, or higher-range exit scenario, and how much risk is retained versus transferred to a partner.

Interested in how others see it.

Interesting Bluebay, lets say James Smith was the 'Husband' who built the house (Tanzania). Clive Carver is the 'Divorce Lawyer' hired to divide the assets. The 'Major Development' in the USA is the new life the Board wants to lead, and the Rukwa is the 'Asset' they are willing to sell to pay for it.

If this theory is correct, the May 2 signing of the State Participation Agreement isn't the beginning of a drill program - it’s the final 'Title Deed' needed to put the project on the auction block for a partner like CNOOC....

Institutional funds love a Chairman like Carver because he provides Liquidity. They get cheap shares in the raise, flip them for a tiny profit, and the PI is left holding the bag of a diluted share count. If Sarah Cope (who is on the Board of a company that just went into administration) and Carver are now the dominant voices, the "Industrial Vision" of James Smith has been replaced by "Capital Market Survival." Either the 'Geopolitical Miracle' (a CNOOC buyout or a massive Farm-in) happens in the next 90 days, or Carver will do what he does best: print more paper to keep the lights on and the 'lifestyle' going.

Director Sarah Cope is the common thread here. She has a deep history in City brokerage and has worked with Carver before.

From what I can see, Clive Carver’s background is much more AIM corporate finance and governance-focused, rather than directly leading large-scale farm-out negotiations with Tier-1 strategic partners.

That doesn’t mean he can’t add value — particularly around structuring and capital markets — but it does raise a fair question about whether the board has the right experience in place to execute a complex, high-value farm-out.

Given how critical that deal is to unlocking value in Tanzania, it would be reassuring to understand who is leading that process and what experience they bring to it.

James Smith’s departure is notable — he brought continuity from IPO and experience through key phases of the company’s development.

Clive Carver’s background is quite different, with a stronger focus on AIM corporate finance and governance rather than operational build-out.

Given this is an important role at a crucial time for HE1 — particularly with the farm-out process and funding strategy front and centre — it would be helpful for shareholders to have a bit more context around the change and what it signals in terms of direction.

Is this about strengthening deal execution and capital markets positioning, or does it reflect a broader shift in strategy?

Why did our Chairman with SHELL in his blood quit? Why did we get landed then with a man who chairs Caspian Sunrise?

If a deal with CNOOC or another major happens, Carver won't be looking for the "best long-term price for the next decade." He will be looking for a deal that is "Good Enough" to clear the decks, pay the bonuses, and let him move on to his next four chairmanships.

The shareholders predicting a September raise are simply following the money. The Board has spent years proving that they would rather dilute you at 0.6p than wait for a JV that might require them to give up control.

Every day that goes by without a 'Songwe Farm-in' announcement is a day closer to the next dilution. The only way to stop the September raise is for the Strait of Hormuz crisis to get so bad that a major partner signs a deal this summer to secure the Rukwa supply. If that doesn't happen, the board will simply hit the 'Print' button again.

The Board has effectively "pegged" the value of the company to the sub-penny level. Every time the price tries to breathe, they issue another billion shares to "The City" at 0.6p, which acts as a permanent ceiling for the Private Investors.....This ensures that the big brokers and funds stay "sweet" and keep supporting the Board, while the retail holders are the ones left holding the "diluted soup" of 10+ billion shares. BIGBEASTY's prediction of an August/September raise is mathematically sound. Unless a JV partner (the 'Farm-in' we've been waiting for) arrives with at least £10M-£15M in cash, the Board will have no choice but to print more shares at 0.5p or 0.6p.

Toffers is essentially saying: "Every time this guy shows up, the retail investors get diluted while the Board uses 'technical milestones' to justify their own survival." - sounds very much business as usual at HE1 - Lorna and the Board likely chose Carver specifically because he operates this way... such a shame - at such crucial time I was hoping for a wow moment to have someone new on board key to the Helium space. The 'wow moment' required a Board that was willing to put their own roles at risk to save the share price. Instead, they’ve brought in a man whose CV is full of companies that 'swing to profit' on paper while their shareholders stay underwater for a decade. DYOR

Toffers mentions the "disaster at Caspian." - arelikely referring to the multi-year stagnation and the brutal sell-off of Caspian Sunrise's core shallow assets (the MJF structures) in July 2025.

The Deal: While the company fetched $88 million, the market saw it as a fire sale of the "crown jewels" to pay off debts and pivot into more speculative deep-well drilling.

The Reputation: Carver has been the Chairman of Caspian since 2006. In that 20-year span, shareholders have endured endless dilutive raises and operational delays. For a shareholder, a 20-year "interim" phase isn't an investment; it’s a hostage situation.

He isn't a 'Helium Man'; he's an 'AIM Man.' In a world where Directa Plus (where Sarah Cope is a Director) just went into administration, Carver has been hired to be the 'Safe Pair of Hands' that keeps the lights on

For once, it is China that is taking the immediate brunt of the supply chain shock. It produces barely 15pc of its own helium needs. All the rest comes from Qatar and Russia.

“Mainland Chinese fabs (foundries) could run out in a matter of weeks,” said the research group Trivium China. Air Liquide has already declared “force majeure” on its sales to China.

Qatar normally supplies a third of the world’s helium, a by-product of natural gas production at its giant North Field. Not a single shipment has moved through the Strait of Hormuz since the war began.

Some 200 cryogenic containers are stranded in the Gulf and are slowly heating up, causing gas to leak out through the pressure valves to avert a lethal explosion.

Vladimir Putin has compounded the shortage by imposing what amounts to a ban on helium exports outside the Eurasian Economic Union, purportedly to secure supply for Russia’s domestic economy and fibre-optic industry.

This endangers another 9pc until the end of 2027.

“Everybody is scrambling around trying to scoop up whatever they can find in the world,” said Phil Kornbluth, the founder of Kornbluth Helium and former head of gases at BOC.

There are no easy substitutes. Liquid helium is the coldest known substance on Earth, with a boiling point of -269°C.

It cannot be synthesised artificially – it comes from the radioactive decay of thorium and uranium – and is hard to store. China has strategic stockpiles of everything but not for this one vital input.

The Ambrose Evans-Pritchard report confirms that we have entered a period of "Helium Triage," where 40% of global supply has vanished and mainland Chinese fabs are reportedly down to week-to-week survival. With no strategic stockpiles to lean on, the "Deepest Pockets" in tech—the NVIDIAs and Googles of the world—are now forced to pay any price to protect their $20bn investments, effectively setting a massive new floor for spot prices that validates our $1,500+ analysis. This isn't just about party balloons anymore; it’s a global security crisis where car manufacturers and tech giants are competing for the same scarce molecules to avoid total factory shutdowns. Every major tech sovereign should be knocking on the door of the Rukwa Basin right now, but realizing that value requires "Market Savvy" leadership that understands we are holding a strategic asset in a war economy, not just a geological curiosity.

Evans-Pritchard confirms the world has lost 40% of its supply (31% from Qatar via Hormuz, 9% from Russia via Putin’s export ban). In any commodity market, a 5% supply drop causes a price spike. A 40% drop causes a systemic collapse. When 40% of the market vanishes, the 9.2% concentration in Tanzania isn't just "good geology"—it is one of the only viable lifelines for the West! WE SHOULD BE ABSOLUTELY KICKING IT!!

The helium market has shifted from a supply-chain hiccup to a global security crisis I really wish our team would do more to make this experience more enjoyable for us

I'm sure they can! Probably will ...