REG - Helium One Global Ld - Unaudited Interim Results
21/03/2025 07:00
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RNS Number : 5662B Helium One Global Ltd 21 March 2025
21 March 2025
HELIUM ONE GLOBAL LIMITED
("Helium One" or the "Company")
Unaudited Interim Results for the Six Months ended 31 December 2024
Helium One Global Limited (AIM:HE1), the primary helium explorer, is pleased
to announce its unaudited condensed and consolidated results for the six
months ended 31 December 2024, in addition to providing an update on progress
across the Company's projects in Tanzania and the USA.
Highlights
· Successful completion of the extended well test on Itumbula West-1
which successfully flowed up to 7.9% helium to surface.
· Submission of a comprehensive Mining License ("ML") application on
the southern Rukwa Helium Project to the Ministry of Minerals ("MoM").
· Purchase of a 50% legal and beneficial interest in ASX-listed Blue
Star Helium's Galactica-Pegasus project in Colorado, USA.
· Net cash balance at 31 December 2024 of $10,021,699
Post half year-end
· Commencement of the initial six well development drilling programme
at the Galactica-Pegasus helium project in Las Animas County, Colorado.
· On 28 February 2025, the Company received an offer letter for the
requested ML from the Mining Commission in Tanzania for the grant of an ML
for the southern Rukwa Helium Project.
· Jackson-4 development well at the Galactica Pegasus Project
spudded and operations ongoing.
James Smith, Chairman of Helium One commented:
"This has been a very exciting and significant period for the Company. In
Tanzania, we undertook a successful extended well test after our Phase II
drilling campaign, completed a feasibility study and subsequently submitted a
Mining Licence application, for which we have now received an offer letter
from the Mining Commission. We also successfully acquired a 50% interest in a
helium development project in Colorado USA.
We now have a portfolio containing two development opportunities in two
jurisdictions which diversifies the risk profile of the Company and provides
us with the opportunity, in Colorado, to realise near term revenue streams
which will support our future investment requirements across the portfolio.
We would like to thank all our shareholders as well as all our stakeholders
in Tanzania and elsewhere for their continued support and look forward to
the year ahead as we progress both of our exciting projects."
For further information please visit the Company's
website: www.helium-one.com (http://www.helium-one.com/)
Contact
Helium One Global Ltd +44 20 7920 3150
Lorna Blaisse, CEO
Graham Jacobs, Finance and Commercial Director
Panmure Liberum Limited (Nominated Adviser and Joint Broker) +44 20 3100 2000
Scott Mathieson
Nikhil Varghese
Zeus Capital Limited (Joint Broker) +44 20 3829 5000
Simon Johnson
Louisa Waddell
Tavistock (Financial PR) +44 20 7920 3150
Nick Elwes
Tara Vivian-Neal
Notes to Editors
Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting
licences across two distinct project areas, with the potential to become a
strategic player in resolving a supply-constrained helium market.
The Rukwa and Eyasi projects are located within rift basins on the margin of
the Tanzanian Craton in the north and southwest of the country. These assets
lie near surface seeps with helium concentrations ranging up to 10.4% helium
by volume. All Helium One's licences are held on a 100% equity basis.
The Company's flagship southern Rukwa Project is located within the
southern Rukwa Rift Basin covering 1,664km(2) in
south-west Tanzania. This project is considered to be entering an appraisal
stage following the success of the 2023/24 exploration drilling campaign,
which proved a helium discovery at Itumbula West-1 and, following an extended
well test, successfully flowed 5.5% helium continually to surface in Q3 2024.
Following the success of the extended well test, the Company has now flowed
significant quantities of helium to surface and has filed a Mining
Licence application with the Mining Commission of the Tanzanian Government.
Subsequent to the filing of the ML Application, the Company has now received
the offer of an ML for the southern Rukwa Helium Project.
The Company also owns a 50% working interest in the Galactica-Pegasus helium
development project in Las Animas County, Colorado, USA. This project is
operated by Blue Star Helium Ltd (ASX: BNL).
Helium One is listed on the AIM segment of the London Stock Exchange with
the ticker of HE1 and on the OTCQB in the United States with the ticker
HLOGF.
Chairman's Statement
Operations
Following on the success of the Phase II drilling programme on our southern
Rukwa helium project in FY2024, and the announcement of a confirmed helium
discovery, the six-month period ended 31 December 2024 saw the completion of
the extended well test at Itumbula West-1 which successfully flowed up to 7.9%
helium to surface.
After extensive analysis of all of the data from the operations during the
year, the team submitted an application for a Mining Licence ("ML") on the
southern Rukwa Helium Project in September 2024. Subsequently, the Company
continued to engage with the Ministry of Minerals and the Mining Commission
in Tanzania whist awaiting the award of the ML and on 3 March 2025, the
Company then announced that it had received an offer letter for the ML from
the Mining Commission.
On 31 October 2024, the Company executed definitive agreements to acquire a
50% legal and beneficial interest in Blue Star's Galactica-Pegasus project
in Colorado, USA as well as a similar interest in the leases associated with
246 km(2) (61,000 gross acres) of acreage in the proven helium fairway of Las
Animas County, southern Colorado.
The full development programme for the Galactica project will require the
drilling and tie-back of 15 wells, as well as commissioning of the relevant
helium and CO(2) processing facilities. The initial programme will require the
drilling of six development wells, which commenced with the spud of the
Jackson-31 SENW 3054 development well in February 2025. Once the drilling and
development programme is complete, it is forecast that the sale of helium and
CO(2) from these initial wells will generate sufficient cash to fund the
drilling and tie-back of the remaining nine wells given the project's
desirable location.
The initial wells are expected to be on stream and producing by the end of H1
2025 and an independent third-party competent person's report indicates that
an average of approximately US$2 million per annum will accrue to the
Company over a period of five years. However, these estimates represent only
sales from the production of helium. The Company believes that the sale of
associated CO(2) into the local market could also increase this by up to 50%.
We are very pleased to have entered into this partnership with Blue Star,
enabling the Company to build an expanding global footprint in the helium
sector at such a pivotal time and this development opportunity enables the
Company to potentially secure near-term cash flow to aid with progressing our
Tanzanian asset. We now have a portfolio of two potential near term revenue
projects in our portfolio.
Financing
In August 2024, the Company raised gross proceeds of £6.4 million
(approximately US$8.2 million) through the issue of 590,000,000 new ordinary
shares at a price of 1.09 pence per share to fund the acquisition of the 50%
interest in the Galactica-Pegasus project.
Financials
For the six-month period ended 31 December 2024, the Group reported an
unaudited pre-tax loss of $1,927,896 (six months ended 31 December 2023,
unaudited $1,064,747). The Company continues to be well funded and as at 31
December 2024 the Company had cash balances totalling $10.02 million (31
December 2023 $8.74 million).
Outlook
Helium remains an irreplaceable technology commodity in a very dynamic market,
sensitive to demand supply and geopolitics. The Board believes Helium One has
a portfolio that has the potential to assist in helping meet the increasing
demand for helium. The year ahead promises to be another busy and very
significant period for the Company, as we look to progress our ML across the
southern Rukwa Helium Project in Tanzania and work towards first production,
and associated revenue in the USA.
I would like to take this opportunity to thank all our stakeholders for their
continued support and look forward to providing further updates in due course.
James Smith
Chairman
20 March 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 31 December 2024 Unaudited 6 months to 31 December 2023 Unaudited
$ $
Continuing operations
Revenue - -
Administration expenses 4 (1,971,822) (1,066,187)
Operating loss (1,971,822) (1,066,187)
Finance income 43,926 1,440
Loss for the period before taxation (1,927,896) (1,064,747)
Taxation - -
Loss for the period from continuing operations (attributable to the equity (1,927,896) (1,064,747)
holders of the parent)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 112,150 (314,379)
Total comprehensive loss for the period (attributable to the equity holders of (1,815,746) (1,379,126)
the parent)
Loss per share:
Basic and diluted earnings per share (cents) 5 (0.03)c (0.12)c
CONDENSED CONSOLIDATED BALANCE SHEET
As at As at As at
31 December 2024 Unaudited 30 June 2024 Audited 31 December 2023 Unaudited
$ $ $
Notes
ASSETS
Non-current assets
Intangible assets 7 39,192,682 31,729,689 32,385,522
Property, plant & equipment 3,037,838 2,966,713 2,378,097
Other receivables 1,524,136 1,083,797 2,082,010
Total non-current assets 43,754,656 35,780,199 36,845,629
Current assets
Inventories - - 345,967
Trade and other receivables 1,198,997 1,627,741 354,840
Cash and cash equivalents 10,021,699 11,647,723 8,744,705
Total current assets 11,220,696 13,275,464 9,445,512
Total assets 54,975,352 49,055,663 46,291,141
LIABILITIES
Current liabilities
Trade and other payables 371,807 1,584,566 4,494,986
Total liabilities 371,807 1,584,566 4,494,986
Net assets 54,603,545 47,471,097 41,796,155
EQUITY
Share premium 8 93,305,620 85,130,910 70,372,410
Other reserves 1,985,432 1,099,798 3,994,406
Retained earnings (40,687,507) (38,759,611) (32,570,661)
Total equity 54,603,545 47,471,097 41,796,155
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Note Share premium Other reserves Retained earnings Total equity
$ $ $ $
Balance as at 1 July 2023 54,468,236 4,242,482 (31,505,914) 27,204,804
Comprehensive income
Loss for the period - - (1,064,747) (1,064,747)
Currency translation differences - (314,379) - (314,379)
Total comprehensive loss for the period - (314,379) (1,064,747) (1,379,126)
Transactions with owners recognised directly in equity
Share based payments - 66,303 66,303
Shares issued for services 49,845 - - 49,846
Issue of shares 8,472,586 - - 8,472,586
Cost of share issue (448,150) - - (448,150)
Warrants and options exercised during the year 751,988 - - 751,988
Issue of shares 7,764,558 - - 7,764,557
Cost of share issue (686,653) - - (686,653)
Total transactions with owners 15,904,174 66,303 - 15,970,477
Balance as at 31 December 2023 (unaudited) 70,372,411 3,994,406 (32,570,661) 41,796,155
- - - -
Comprehensive income
Loss for the period - - (7,624,874) (7,624,874)
Currency translation differences - (2,008,204) - (2,008,204)
Total comprehensive income for the period - (2,008,204) (7,624,874) (9,633,078)
Transactions with owners recognised directly in equity
Adjustment in respect of prior year unrealised losses - (927,627) 927,627 -
Issue of ordinary shares 15,587,799 - - 15,587,799
Expiry of options during the period - (123,721) 123,721 -
Warrant options exercised during the period - (384,576) 384,576 -
Share based payments - 549,519 - 549,519
Cost of share issue (829,298) - (829,298)
Total transactions with owners 14,758,500 (886,405) 1,435,924 15,308,019
Balance as at 30 June 2024 (audited) 85,130,911 1,099,797 (38,759,611) 47,471,097
Comprehensive income
Loss for the period - - (1,927,896) (1,927,896)
Currency translation differences - 112,150 - 112,150
Total comprehensive loss for the period - 112,150 (1,927,896) (1,815,746)
Transactions with owners recognised directly in equity
Share based payments - 773,485 - 773,485
Shares issued for services 236,863 - - 236,863
Issue of shares 8,448,669 - - 8,448,669
Cost of share issue (510,822) - - (510,822)
Total transactions with owners 8,174,710 773,485 - 8,948,195
Balance as at 31 December 2024 (unaudited) 93,305,620 1,985,432 (40,687,507) 54,603,545
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months to 31 December 2024 Unaudited 6 months to 31 December 2023 Unaudited
Notes $ $
Cash flows from operating activities
Loss before taxation (1,927,896) (1,064,747)
Adjustments for:
Depreciation & amortisation 226,968 121,806
Shares issued for services 236,863 49,846
Share based payments 554,843 66,303
(Increase)/ decrease in trade and other receivables (11,595) 1,032,837
Decrease in inventories - 1,130,394
(Decrease)/ increase in trade and other payables (1,212,760) 1,637,829
Net cash (used in)/ generated from operating activities (1,914,935) 2,974,268
Cash flows from investing activities
Purchase of Plant & Equipment (298,092) (2,494,291)
Expenditure on intangible assets 7 (7,462,993) (16,876,007)
Net cash used in investing activities (7,761,085) (19,370,298)
Cash flows from financing activities
Proceeds from the issue of shares 8,448,669 16,989,131
Cost of share issue (510,822) (1,134,803)
Net cash generated from financing activities 7,937,847 15,854,328
Net decrease in cash and cash equivalents (5,082,649) (541,702)
Cash and cash equivalents at beginning of period 11,647,723 9,600,786
Exchange movement on cash 112,150 (314,379)
Cash and cash equivalents at end of period 10,021,699 8,744,705
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Helium One Global Limited (the 'Company') and its
subsidiaries (together the 'Group') is the exploration and development of
helium gas resources. The Company is incorporated and domiciled in the British
Virgin Islands. The address of its registered office is 171 Main Street, PO
Box 92, Road Town, Tortola, British Virgin Islands, VG110. The Company's
shares are listed on the AIM Market of the London Stock Exchange ('AIM'),
the Frankfurt Stock Exchange and the OTCQB exchange.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As an AIM
listed Company, the company is entitled to exemption from adopting IAS 34 and
this exemption has been taken to the effect that segment information is not
disclosed. The condensed consolidated interim financial statements should be
read in conjunction with the annual financial statements for the year
ended 30 June 2024. The interim consolidated financial statements have been
prepared in accordance International Financial Reporting Standards (IFRS) and
IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the
European Union applicable to companies under IFRS and in accordance with AIM
Rules, which have not differed from the previously EU-endorsed IFRS, and hence
the previously reported accounting policies still apply. The financial
statements are prepared on the historical cost basis or the fair value basis
where the fair valuing of relevant assets or liabilities has been applied. The
interim report has not been audited or reviewed by the Company's auditor.
Critical accounting estimates
The preparation of condensed consolidated interim financial statements in
conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and factors that are believed
to be reasonable under the circumstances, the results of which form the basis
of making judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Changes in accounting estimates may be necessary if there are changes in the
circumstances on which the estimate was based, or as a result of new
information or more experience. Such changes are recognised in the period in
which the estimate is revised. Significant items subject to such estimates are
set out in Note 4 of the Company's 2024 Annual Report and Financial
Statements. The nature and amounts of such estimates have not changed
significantly during the interim period.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2024 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.helium-one.com
(http://www.helium-one.com/) . (http://www.helium-one.com/) The key financial
risks are liquidity risk, credit risk, interest rate risk and fair value
estimation.
The Condensed interim financial statements were approved by the Board of
Directors on 20 March 2024.
3. Accounting Policies
The accounting policies adopted are consistent with those used in the
preparation of the Company's 2024 Annual Report and Financial Statements and
corresponding interim reporting period. There were no new or amended
accounting standards that required the Group to change its accounting
policies. The directors also considered the impact of standards issued but
not yet applied by the Group and do not consider that there will be a material
impact of transition on the financial statements.
Interest in Joint Arrangements
In October 2024, the Company concluded a Farm-in Agreement with Blue Star
Helium ("Blue Star") whereby The Company earns a 50% interest in a helium
development project ("the Galactica Project") in Colorado, USA in exchange
for paying US$1.5 million to Blue Star in consideration for past costs and
funding the drilling of six development wells (capped at US$450k per
well). Blue Star, through its local operating entity, will continue to act as
Operator of the Galactica Project.
This transaction will be recorded in the Company's Financial Statements as a
joint operation whereby the parties of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. When
the Group undertakes its activities under the above-referenced joint
operation, the Group does not act operator but recognises in relation to its
interest in a joint operation:
• Its assets, including its share of any assets held jointly
• Its liabilities, including its share of any liabilities incurred jointly
• Its revenue from the sale of its share of the output arising from the
joint operation
• Its share of the revenue from the sale of the output by the joint
operation
• Its expenses, including its share of any expenses incurred jointly
Costs incurred in connection with this transaction will be capitalised in
accordance with IFRS 6, "Exploration for and Evaluation of Mineral Resources,"
and will be amortised upon commencement of helium production which is expected
to commence during the first half of 2025.
4. Expenses by nature breakdown
Notes 6 months to 31 December 2023 Unaudited 6 months to 31 December 2022 Unaudited
$ $
Depreciation 226,968 121,806
Wages and salaries (including Directors' fees) 257,733 234,968
Professional & Consulting fees 462,438 395,960
Insurance 50,993 100,356
Office expenses 93,340 67,094
Share option expense 773,485 66,303
Travel and subsistence expenses 19,041 8,571
Foreign currency loss / (profit) 60,673 (107,747)
Other (income)/ expenses 27,150 178,876
1,971,822 1,066,187
5. Loss per share
The calculation for earnings per share (basic and diluted) is based on the
consolidated loss attributable to the equity shareholders of the Company is as
follows:
6 months to 31 December 2024 Unaudited 6 months to 31 December 2023 Unaudited
$ $
Loss attributable to equity shareholders (1,927,896) (1,064,747)
Weighted average number of Ordinary Shares 5,420,713,539 925,281,778
Loss per Ordinary Share ($/cents) (0.03) (0.12)
Earnings and diluted loss per share have been calculated by dividing the loss
attributable to equity holders of the company after taxation by the weighted
average number of shares in issue during the year. Diluted share loss per
share has not been calculated as the options, warrants and loan notes have no
dilutive effect given the loss arising in the period.
6. Dividends
No dividend has been declared or paid by the Company during the six months
ended 31 December 2024 (2023: $nil).
7. Intangible assets
Exploration & Evaluation at Cost and Net Book Value $
Balance as at 1 July 2023 15,509,515
Additions to exploration assets 16,277,827
Capitalised Directors' fees and employee wages 605,329
Capitalised other expenses (7,149)
As at 31 December 2023 (Unaudited) 32,385,522
Additions to exploration assets 4,653,632
Capitalised Directors' fees and employee wages (159,168)
Capitalised other expenses 571,525
Additions - equity settled 49,846
Exchange rate variances -
Total additions 5,115,835
Impairments (5,771,668)
As at 30 June 2024 (Audited) 31,729,689
Additions to exploration assets 6,452,543
Capitalised Directors' fees and employee wages 444,229
Capitalised other expenses 329,358
Additions - equity settled 236,863
Exchange rate variances 3,344,476
As at 31 December 2024 (Unaudited) 39,192,682
Intangible assets comprise exploration and evaluation costs which arise from
both acquired and internally generated assets.
Following the assessment in accordance IFRS 6 at year end, impairments of
$5,771,668 incurred in the financial year end 30 June 2023, the Directors
reached a decision to impair all costs associated with the Eyasi and Balangida
areas. This reflects that the Group's focus us currently on the southern Rukwa
Helium Project area which, subsequently to the date of this interim report,
the offer of the Mining License has been received.
8. Share premium
Number of shares Ordinary shares Total
$ $
As at 31 December 2023 3,402,377,430 73,609,171 73,609,171
Share Issue costs - (3,236,761) (3,236,761)
3,402,377,430 70,372,411 70,372,411
Issue of new shares 1,913,333,333 15,587,798 15,587,798
Share issue costs - (829,298) (829,298)
As at 30 June 2024 5,315,710,763 89,196,969 89,196,969
Share Issue costs - (4,066,059) (4,066,059)
5,315,710,763 85,130,910 85,130,910
Issue of new shares - 30 August 2024 590,000,000 8,448,669 8,448,669
Share issue costs - (510,822) (510,822)
Issue of new shares - 10 December 2024 15,716,133 236,863 236,863
Share issue costs - - -
As at 31 December 2024 5,921,426,896 97,882,501 97,882,501
Share Issue costs - (4,576,881) (4,576,881)
5,921,426,896 93,305,620 93,305,620
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