Helix Exploration - Interim Results
20/06/2025 07:00
RNS Number : 6509N
Helix Exploration PLC
20 June 2025
Helix Exploration PLC
("Helix Exploration" or "Helix" or the "Company")
Half-year Report
Helix Exploration, the helium exploration and development company focused on helium deposits within the 'Montana Helium Fairway', announces its unaudited interim results for the six month period ended 31 March 2025.
Chairman's statement
I am pleased to present the consolidated financial results for the six months ended 31 March 2025. The period under review has marked an important chapter in Helix Exploration's journey towards becoming a leading helium producer in North America.
Operations in Rudyard commenced within this period with the drilling of Darwin #1 in November 2024. Results from Darwin #1 exceeded Company expectations with raw gas flow rates of 2,750Mcf/day at 1.1% helium demonstrating potential for the Rudyard field to produce $4 million per well per year in pre-tax revenue.
With a commercial discovery proven, the Company accelerated development with the acquisition of a Xebec PSA processing plant, capable of producing up to 50,000Mcf helium a year, for only $500,000. A revised reserve resource statement increased the project helium resource by >30% and enabled the publication of an economic assessment demonstrating Net Revenue of $115 - $220 million over a 12.5 year life of mine.
Strengthened by an oversubscribed £5m fundraise in January 2025, the Company has been able to continue rapid development at Rudyard. In mid-March 2025, the Company acquired the Weil #1 well for $300k saving approximately $1 million in drilling cost. Further to this, at the end of the period Helix commenced drilling at Linda #1, completing and testing our third production well with flow rates of 3,850Mcf/day at 1.2% helium.
Subsequent to the period, Helix secured finance for a 4th and 5th production well from a £4.5m raise with cornerstone investment from an institutional family office with >£1Bn of assets. With a strong cash position, long term supportive shareholders, and near-term production, the Company is in a strong position to fulfil its strategic aim of becoming a disruptive new supplier of helium to the U.S. market.
The Helium market
The global helium market continues to experience robust demand growth, driven by critical applications in healthcare, semiconductors, and aerospace. With supply constraints persisting due to geopolitical challenges, the need for reliable, North American-based helium sources is as prevalent as ever. Helix is strategically positioned to meet this demand, offering a secure and scalable supply solution at critical time. This demand will only increase as technology advances, as Artificial Intelligence ("AI"), uses a substantial amount of helium.
Importantly, as a U.S.-based producer with access to existing, domestic infrastructure and near-term offtake potential, Helix is protected from many of the geopolitical and trade-related risks that impact other international players. We believe this will be a defining advantage in an increasingly security conscious global market.
Operations and Outlook
We have had a busy and exciting few months, recently announcing our dual listing on OTCQB Venture Market in the U.S, enhancing our visibility and accessibility to U.S. investors and providing a broader platform for engagement and liquidity. By enabling U.S. investors to trade during local market hours, we are also expanding our shareholder base at an important time in our growth as we transition from explorer to producer.
Drilling of our 4th and 5th production wells will commence imminently with potential to increase pre-tax cashflow to $20 million per year. We continue to be in commercial discussions around offtake opportunities, supporting our goal of delivering domestically produced helium directly to U.S. end users and mid-tier distributors. We have completed manufacturing of a membrane unit which is currently enroute from Germany, coupled with our existing PSA processing unit, secured last year for less than 10% of new-build cost, we have a clear path to early monetisation, healthy cash flow and scalable growth.
Since our IPO just over twelve months ago, Helix has made remarkable progress in executing our strategic vision and delivering value to our shareholders. This momentum reflects not only the quality of our assets but also the dedication and expertise of our management team. Our approach is simple: build scale efficiently, develop resources strategically, and deliver near-term cash flow. With first production approaching and a strengthened platform for continued growth, Helix is well-positioned to become a strategic new supplier of helium to the U.S. market.
David Minchin
Chairman
The Directors of the Company are responsible for the release of this announcement.
Enquiries
Helix Exploration
| Bo Sears | via Camarco |
| David Minchin | info@helixexploration.com |
| Liam Murray | +44 (0)20 7213 0880 |
| Ludovico Lazzaretti | |
| James Western |
| Chris Kipling | +44 (0)20 7100 5100 |
| Oliver Stansfield | |
| Jonathan Evans |
| Neil Passmore | +44 (0)20 7907 8502 |
| Leif Powis | |
| Emily Hall | +44 (0)20 3757 4980 |
| Tilly Butcher Billy Clegg | helixexploration@camarco.co.uk |
Unaudited Period ended 31 March 2025 | Unaudited Period ended 31 March 2024 | ||
| Note | £'000 | £'000 | |
| Continuing Operations | |||
| Revenue from continuing operations | - | - | |
| Costs associated with listing | - | (538) | |
| Administrative expenses | (517) | (175) | |
| Operating loss | (517) | (713) | |
| Loss before taxation | (517) | (713) | |
| Taxation on loss or ordinary activities | - | - | |
| Loss for the period from continuing operations | (517) | (713) | |
| Items that may be reclassified to profit or loss | 15 | - | |
| Total comprehensive loss for the period attributable to shareholders from continuing operations | (502) | (713) | |
| Basic & dilutive earnings per share - pence | 6 | (3.84) | (4.66) |
Unaudited As at 31 March 2025 | Unaudited As at 31 March 2024 | Audited As at 30 September 2024 | ||
| Note | £'000 | £'000 | £'000 | |
| NON - CURRENT ASSETS | ||||
| Intangible asset | 7 | 8,980 | - | 4,087 |
| Property, plant and equipment | 8 | 467 | - | - |
| TOTAL NON - CURRENT ASSETS | 9,447 | - | 4,087 | |
| CURRENT ASSETS | ||||
| Cash and cash equivalents | 3,333 | 340 | 4,960 | |
| Trade and other receivables | 106 | 106 | 103 | |
| TOTAL CURRENT ASSETS | 3,439 | 446 | 5,063 | |
| TOTAL ASSETS | 12,886 | 446 | 9,150 | |
| CURRENT LIABILITIES | ||||
| Trade and other payables | 102 | 243 | 465 | |
| TOTAL CURRENT LIABILITIES | 102 | 243 | 465 | |
| TOTAL LIABILITIES | 102 | 243 | 465 | |
| NET ASSETS | 12,784 | 203 | 8,685 | |
| EQUITY | ||||
| Share capital | 9 | 1,570 | 227 | 1,236 |
| Share premium | 9 | 12,976 | 689 | 8,734 |
| Share based payments reserve | 10 | 912 | - | 887 |
| Foreign exchange reserve | 8 | - | (7) | |
| Retained earnings | (2,682) | (713) | (2,165) | |
| TOTAL EQUITY | 12,784 | 203 | 8,685 |
Share capital | Share premium | Share based payments reserve | Foreign exchange reserve | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Loss for the period | - | - | - | - | (713) | (713) |
| Total comprehensive loss for period | - | - | - | - | (713) | (713) |
| Transactions with owners in own capacity | ||||||
| Ordinary Shares issued in the period | 227 | 689 | - | - | - | 916 |
| Transactions with owners in own capacity | 227 | 689 | - | - | - | 916 |
| Balance as at 31 March 2024 | 227 | 689 | - | - | (713) | 203 |
| Loss for period | - | - | - | - | (1,452) | (1,452) |
| Other comprehensive income | - | - | - | (7) | - | (7) |
| Total comprehensive loss for period | - | - | - | (7) | (1,452) | (1,459) |
| Transactions with owners in own capacity | ||||||
| Ordinary Shares issued in the year | 1,007 | 9,117 | - | - | - | 10,124 |
| Exercise of warrants | 2 | 20 | - | - | - | 22 |
| Share issue costs | - | (1,092) | - | - | - | (1,092) |
| Advisor warrants issued | - | - | 254 | - | - | 254 |
| Employee options issued | - | - | 633 | - | - | 633 |
| Transactions with owners in own capacity | 1,009 | 8,045 | 887 | - | - | 9,941 |
| Balance as at 30 September 2024 | 1,236 | 8,734 | 887 | (7) | (2,165) | 8,685 |
| Loss for period | - | - | - | - | (517) | (517) |
| Other comprehensive income | - | - | - | 15 | - | 15 |
| Total comprehensive loss for period | - | - | - | 15 | (517) | (502) |
| Transactions with owners in own capacity | ||||||
| Ordinary Shares issued in the year | 334 | 4,676 | - | - | - | 5,010 |
| Share issue costs | - | (434) | - | - | - | (434) |
| Employee options issued | - | - | 25 | - | - | 25 |
| Transactions with owners in own capacity | 334 | 4,242 | 25 | - | - | 4,601 |
| Balance as at 31 March 2025 | 1,570 | 12,976 | 912 | 8 | (2,682) | 12,784 |
Unaudited Period ended 31 March 2025 | Unaudited Period ended 31 March 2024 | ||
| Note | £'000 | £'000 | |
| Cash flow from operating activities | |||
| Loss for the financial period | (517) | (713) | |
| Adjustments for: | |||
| Share based payments | 10 | 25 | - |
| Settlement of shares through equity | 10 | 120 | |
| Foreign exchange movements | (95) | - | |
| Cash generated from operations | (577) | (593) | |
| (Increase) in trade and other receivables | (2) | (106) | |
| Increase/ (decrease) in trade and other payables | (379) | 243 | |
| Net cashflow from operating activities | (958) | (456) | |
| Cash flows from investing activities | |||
| Investment in intangible assets (exploration assets) | 7 | (4,793) | - |
| Investment in property, plant and equipment | 8 | (467) | - |
| Net cashflow from investing activities | (5,260) | - | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 5,000 | 796 | |
| Share issue costs | (434) | - | |
| Net cash flow from financing activities | 4,566 | 796 | |
| Net increase in cash and cash equivalents | (1,652) | 340 | |
| Cash and cash equivalents at beginning of the period | 4,960 | - | |
| Foreign exchange effect on cash balance | 25 | - | |
| Cash and cash equivalents at end of the period | 3,333 | 340 |
| Period ended 31 March 2025 | Period ended 31 March 2024 | |
| Loss attributable to shareholders of Group - £'000 | (517) | (713) |
| Weighted number of ordinary shares in issue | 134,764,505 | 15,288,211 |
| Basic & dilutive earnings per share from continuing operations - pence | (3.84) | (4.66) |
| £'000s | |
| Opening balance - incorporation | - |
| Balance - 31 March 2024 | - |
| Additions: | |
| Acquisition of Hereford Resources, LLC | 1,612 |
| Lease acquired as a result of acquisition | 413 |
| Additions | 2,195 |
| Foreign exchange movements | (133) |
| As at 30 September 2024 | 4,087 |
| Additions: | |
| Additions | 4,793 |
| Foreign exchange movements | 100 |
| As at 31 March 2025 | 8,980 |
| PSA Plant £'000 | Total £'000 | |||
| Cost | ||||
| Opening balance | - | - | ||
| Additions in the year | 467 | 467 | ||
| At 31 March 2025 | 467 | 467 | ||
| Depreciation | ||||
| Opening balance | - | - | ||
| Charge for the year | - | - | ||
| At 31 March 2025 | - | - | ||
| Net book value | ||||
| At 31 March 2024 | - | - | ||
| At 30 September 2024 | - | - | ||
| At 31 March 2025 | 467 | 467 | ||
| Ordinary Shares | Share Capital | Share Premium | Total | |
| # | £'000 | £'000 | £'000 | |
| Share capital issued on incorporation1 | 5,500,000 | 55 | - | 55 |
| Issue of ordinary shares (seed round)2 | 17,220,000 | 172 | 689 | 861 |
| At 31 March 2024 | 22,720,000 | 227 | 689 | 916 |
| Issue of shares on IPO3 | 99,520,000 | 996 | 8,956 | 9,952 |
| Issue of share capital on acquisition of Rudyard leases4 | 600,000 | 6 | 54 | 60 |
| Issue of share capital on acquisition of Rudyard leases5 | 510,000 | 5 | 107 | 112 |
| Exercise of warrants6 | 220,000 | 2 | 20 | 22 |
| Share issue costs7 | - | - | (337) | (337) |
| Share issue costs8 | - | - | (755) | (755) |
| At 30 September 2024 | 123,570,000 | 1,236 | 8,734 | 9,970 |
| Issue of ordinary shares9 | 33,400,000 | 334 | 4,676 | 5,010 |
| Share issue costs 10 | - | - | (434) | (434) |
| At 31 March 2025 | 156,970,000 | 1,570 | 12,976 | 14,546 |
| Group £'000 | Company £'000 | |
| As at 23 September 2023 | - | - |
| - | - | |
| As at 31 March 2024 | - | - |
| Advisor warrants issued | 254 | 254 |
| Employee options issued | 633 | 633 |
| As at 30 September 2024 | 887 | 887 |
| Employee options release1 | 25 | 25 |
| As at 31 March 2025 | 912 | 912 |
| Salary (UK) £'000 | Salary (US) £'000 | Shares £'000 | Total £'000 | |
| David James Minchin | 80 | - | - | 80 |
| Bo Moore SearsJr | 12 | 68 | - | 80 |
| Ryan Paul Neates | 18 | - | - | 18 |
| Keith Spickelmier | 12 | - | - | 12 |
| Gregg Peters | 12 | - | - | 12 |
| 134 | 68 | - | 202 |
| Director | # | Grant date | Exercise Price (£) | Time to maturity |
| Bo Sears | 2,500,000 | 05/04/25 | 0.15 | 5 years |
| Ryan Neates | 1,500,000 | 05/04/25 | 0.15 | 5 years |
| Gregg Peters | 2,000,000 | 05/04/25 | 0.15 | 5 years |
| Keith Spickelmier | 2,000,000 | 05/04/25 | 0.15 | 5 years |
| Consultant | 1,000,000 | 05/04/25 | 0.15 | 5 years |
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