REG - Helix Exploration - Annual Report and Full Year Results
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RNS Number : 1700Y Helix Exploration PLC 26 March 2026
26 March 2026
Helix Exploration PLC
("Helix Exploration" or "Helix" or the "Company")
Annual Report and Full Year Results
Helix Exploration, the helium exploration and development company with
near-term production assets within the Montana Helium Fairway, is pleased to
announce its audited Annual Report and Financial Statements for the year ended
30 September 2025 ("Annual Report") which have been sent to shareholders and
published on the Company's website at:
https://www.helixexploration.com/investors/company-documents/
(https://www.helixexploration.com/investors/company-documents/)
Highlights:
· Year of significant transformation, building on the Group's
successful IPO in 2024 and laying the foundations for the next stage of growth
· Commencement of production at Rudyard Project post period end,
marking a major milestone for the Company
· Rudyard exceeded expectations, with successful testing of Linda
#1, Weil #1 and Inez #1 confirming excellent reservoir quality, strong flow
rates and helium concentrations of up to 1.2%
· Scalability and upside demonstrated, with results supporting
multiple production wells, meaningful cash flow potential over the life of the
project, and further upside from ongoing evaluation at Inez and additional
planned wells
· Processing facility fully operational post year-end, featuring a
cost‑effective Xebec PSA plant, positioning Helix as one of the most
efficient helium production platforms in North America and establishing the
Company as the first helium producer in Montana
· Strong financial position, following a £4.5 million
institutional fundraise in June 2025 to bring the Group to production and a
further £2.2 million raised post period end in March 2026 to provide working
capital headroom while negotiating offtake agreements
Keith Spickelmier, Non-Executive Chairman, said:
"FY2025 has been a year of significant transformation for Helix. We have
delivered exceptional operational progress at Rudyard and, subsequent to the
period end, achieved the major milestone of first production. With a
high‑quality asset base, an efficient production platform and a strong
financial position, Helix is well‑placed for its next phase of growth."
The Directors of the Company are responsible for the release of this
announcement.
Enquiries
Enquiries
Helix Exploration
Bo Sears via Camarco
Keith Spickelmier info@helixexploration.com (mailto:info@helixexploration.com)
Cairn - Nominated Adviser
Liam Murray +44 (0)20 7213 0880
Ludovico Lazzaretti
James Western
Hannam & Partners - Broker
Neil Passmore +44 (0)20 7907 8502
Leif Powis
Camarco - Financial PR
Tilly Butcher +44 (0)20 3757 4980
Sam Morris helixexploration@camarco.co.uk (mailto:helixexploration@camarco.co.uk)
Notes to Editors
Helix Exploration is a helium exploration company focused on the exploration
and development of helium deposits within the 'Montana Helium Fairway'.
Founded by industry experts with extensive experience of helium systems in the
US, the Company listed in April 2024.
Helix is focused on production at its Rudyard Project in northern Montana,
taking advantage of existing infrastructure and low-cost processing. The
Company has four production wells targeting up to 236ft Helium / Nitrogen gas
in the Souris and Red River formations, flowing up to 3,800 Mcf/day at 1.2%
helium. Rudyard field can support multiple production wells and has potential
to generate net revenue of $115 - $220 million over a 12.5 year life of field.
Helix is committed to open and transparent communication with investors and
the wider market as the project progresses through development into
production.
"Our approach is simple: build scale efficiently, develop resources
strategically, and deliver near-term cash flow." CEO - Bo Sears
The Company's Admission Document, and other information required pursuant to
AIM Rule 26, is available on the Company's website
at https://www.helixexploration.com/ (https://www.helixexploration.com/) .
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
Chairman's Statement
I am pleased to present the annual financial results for Helix Exploration Plc
(the "Company" or "Helix Exploration Plc") for the year ended 30 September
2025. This year has been one of significant transformation and achievement for
Helix, laying the foundations for the next stage of growth.
Since assuming the position of Non-Executive Chairman earlier this year, I
have been deeply impressed by the progress made in such a short period.
Building on the foundations laid during our successful IPO in 2024, Helix has
advanced its strategy with remarkable speed and efficiency. This progress not
only underscores the quality of our assets but also highlights the capability,
commitment, and determination of the management team and our partners.
Operationally, the Rudyard Project has exceeded expectations during the year.
The successful testing of Linda #1, Weil #1 and Inez #1 this year has
confirmed exceptional reservoir quality, flow rates, and helium concentrations
of up to 1.2%. These results highlight the scalability of the Rudyard Field,
with the potential to support multiple production wells and generate
significant cash flow over the life of the project. Ongoing evaluation at Inez
and additional planned wells provide further upside to our resource base and
production capacity.
Importantly, after period end, Helix has achieved a major milestone with the
commencement of production at Rudyard. Our processing facility, featuring a
cost-effective Xebec PSA plant, is now fully operational and represents one of
the most efficient helium production platforms in North America. With
production wells online delivering high-grade helium from the Souris and Red
River formations, Helix is proud to be the first helium producer in Montana.
Financially, Helix remains in a strong position to execute its growth
strategy. The Group raised £4.5 million in June 2025 through an institutional
fundraise to bring the Group to production, and a further £2.2 million in
March 2026 to allow for suitable working capital headroom whilst we negotiate
offtake agreements. This financial strength allows us to maintain a
disciplined approach, focusing on projects with clear economic merits and the
potential to deliver long-term value. We remain vigilant in our financial
management, recognizing the need for on-going discipline as we scale
operations.
This year, we also broadened our market presence with a listing on the OTCQB
in the US. This move reflects our commitment to increasing visibility and
accessibility for American investors and supports our long-term ambition to
become a leading supplier of strategic helium resources.
As we reflect on a year of operational success and strategic progress, I want
to extend my sincere thanks to the Board, our CEO, and our consultants for
their dedication and support during what has been an exceptionally busy period
for the company. I also wish to acknowledge the authorities in Montana for
their continued cooperation, which has been instrumental in enabling us to
accelerate operations and establish Helix as an emerging leader in helium
production.
Looking ahead, with production now underway post period end, a robust
financial platform, and clear strategic priorities, I am confident that Helix
is well-positioned to deliver sustainable growth and create significant value
for all stakeholders in the years ahead.
Keith Spickelmier
Non-Executive Chairman
CEO Statement
This has been a defining year for Helix Exploration. While the period closed
on 30 September 2025, the months immediately following have confirmed our
transition from explorer to becoming a leading helium producer in North
America. First production from Rudyard, made post-period end, is the
culmination of technical execution and the determined work of our team.
As a company, we have made substantial progress over the course of the year.
Early in 2025, we drilled and tested Linda #1 and Weil #1, both confirming
strong helium concentrations and robust reservoir quality. The addition of
Inez #1 mid-year expanded our proven base and demonstrated the southern dome's
potential, further validating the field's commercial potential. By late
summer, Dawin #1 was drilled, adding confidence in the northern dome and
materially de-risking our development plan. These technical successes were
made possible by a supportive capital structure, following our successful
fundraise of £4.5m in June 2025, which ensured we could maintain momentum and
be ready to go into production. In parallel, we completed the construction of
the Xebec PSA pressure swing adsorption processing facility, an efficient,
flexible and ready-to-deploy helium extraction plant, delivered on time and on
budget.
As a result of this, Helix is now the first helium producer in Montana, and we
are also in advanced negotiations to expand our offtake portfolio, which will
underpin our revenue base and support further field development. With every
new well we are broadening our knowledge of the field, expanding resources,
and reinforcing Rudyard as a cornerstone helium project.
The strategic importance of domestic helium production has never been more
apparent. The ongoing conflict in the Middle East and Iran's effective closure
of the Strait of Hormuz since early March 2026 has removed approximately
one-third of global helium supply from the market. Iranian drone strikes on
Qatar's Ras Laffan industrial complex - the world's largest helium production
facility - forced QatarEnergy to halt operations entirely, while the Strait
blockade has severed the primary export corridor through which Qatari helium
reaches global buyers. Spot prices have doubled in a matter of weeks, and
industry analysts have characterised this as "Helium Shortage 5.0" - the fifth
major supply crisis in two decades. With global production concentrated among
just three suppliers - the United States, Qatar, and Russia - the structural
vulnerability of the helium supply chain is once again fully exposed. Helix's
position as a domestic North American producer, with no dependence on Gulf
shipping routes or geopolitically exposed infrastructure, is a material and
strategic advantage. We are in active dialogue with customers seeking
reliable, secure supply, and we expect this environment to be constructive for
both pricing and offtake negotiations in the near term.
Our ongoing focus is simple and disciplined: scale production efficiently,
enhance operational reliability, and deliver near-term cash flow while
preserving our cost advantage. We are also actively evaluating the hydrogen
potential within our acreage, a longer-term opportunity we will pursue
methodically, applying the same geological and technical rigor that has driven
our helium success.
I want to thank our shareholders for their continued support, our employees
for their dedication, and our partners and Montana neighbours for their
collaboration. The step from discovery to production is never linear, but our
commitment and belief in Helix's long-term vision have carried us forward.
Looking ahead to 2026, Helix stands as a revenue-generating and operationally
proven helium producer. Our ambition is clear: to responsibly unlock strategic
resources essential for tomorrow's industries, while delivering sustainable
value to our stakeholders.
Bo Sears
Chief Executive Officer
Consolidated Statement of Profit or Loss and Other Comprehensive Income For
the Year Ended 30 September 2025
Audited Audited
Year ended 30 September 2025
Period ended 30 September 2024
Note £'000 £'000
Continuing Operations
Revenue from continuing operations - -
Costs associated with listing - (428)
Administrative expenses 4 (1,281) (664)
Foreign exchange gain / (loss) (329) (186)
Share based payments 20 (39) (887)
Operating loss before impairment (1,649) (2,165)
Impairment charges (208) -
Total operating loss (1,857) (2,165)
Finance expense (7) -
(7) -
Loss before taxation (1,864) (2,165)
Taxation on loss or ordinary activities 7 - -
Loss for the period from continuing operations (1,864) (2,165)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 8 32 (7)
Total comprehensive loss for the period attributable to shareholders from (1,832) (2,172)
continuing operations
Basic & dilutive earnings per share - pence 9 (1.21) (3.30)
Consolidated Statement Of Financial Position as at 30 September 2025
Audited Audited
As at 30 September
As at 30 September
2025
2024
Note £'000 £'000
NON-CURRENT ASSETS
Intangibles 10 9,819 4,087
Property, plant and equipment 11 3,687 -
TOTAL NON-CURRENT ASSETS 13,506 4,087
CURRENT ASSETS
Cash and cash equivalents 14 2,734 4,960
Trade and other receivables 15 537 103
TOTAL CURRENT ASSETS 3,271 5,063
TOTAL ASSETS 16,777 9,150
NON-CURRENT LIABILITIES
Provisions 16 301 -
TOTAL NON-CURRENT LIABILITIES 301 -
CURRENT LIABILITIES
Trade and other payables 17 637 465
TOTAL CURRENT LIABILITIES 637 465
TOTAL LIABILITIES 938 465
NET ASSETS 15,839 8,685
EQUITY
Share capital 18 1,863 1,236
Share premium 18 17,054 8,734
Share based payments reserve 20 926 887
Foreign exchange reserve 25 (7)
Retained earnings (4,029) (2,165)
TOTAL EQUITY 15,839 8,685
Consolidated Statement of Changes in Equity as at 30 September 2025
Share capital Share premium Share based payments reserve Foreign exchange reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000
Loss for period - - - - (2,165) (2,165)
Other comprehensive income - - - (7) - (7)
Total comprehensive loss for period - - - (7) (2,165) (2,172)
Transactions with owners in own capacity
Shares issued on incorporation 55 - - - - 55
Ordinary Shares issued in the year 1,179 9,806 - - - 10,985
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 1,236 8,734 887 - - 10,857
Balance at 30 September 2024 1,236 8,734 887 (7) (2,165) 8,685
Loss for the year - - - - (1,864) (1,864)
Other comprehensive income - - - 32 - 32
Total comprehensive loss for the year - - - 32 (1,864) (1,832)
Transactions with owners in own capacity
Ordinary Shares issued in the year 615 8,895 - - - 9,510
Exercise of warrants 12 110 - - - 122
Share issue costs - (685) - - - (685)
Employee options issued - - 208 - - 208
Employee options cancelled - - (169) - - (169)
Transactions with owners in own capacity 627 8,321 39 - - 8,986
Balance at 30 September 2025 1,863 17,054 926 25 (4,029) 15,839
Consolidated Statement of Cashflows For the Year Ended 30 September 2025
Year ended Period ended
30 September 2025
30 September 2024
Note £'000 £'000
Cash flow from operating activities
Loss for the financial year (1,864) (2,165)
Adjustments for:
Share based payments 20 208 887
Settlement of fees through issue of equity 18 10 432
Foreign exchange movements 42 83
Impairment charges 208 -
Options cancelled in the year 20 (169) -
Changes in working capital:
(Increase) in trade and other receivables 15 (433) (103)
Increase in trade and other payables 17 173 465
Net cash outflow from operating activities (1,825) (401)
Cash flows from investing activities
Purchase of property, plant and equipment 11 (3,687) -
Investment in intangible assets (exploration assets) 10 (5,645) (1,933)
Net cash flow from investing activities (9,332) (1,933)
Cash flows from financing activities
Proceeds from Issue of Shares 18 9,500 8,383
Proceeds from exercise of warrants 122 -
Share Issue Costs 18 (685) (262)
Capitalised indirect share issue costs - (755)
Net cash flow from financing activities 8,937 7,366
Net (decrease)/increase in cash and cash equivalents (2,220) 5,032
Cash and cash equivalents at beginning of the year 4,960 -
Foreign exchange effect on cash balance (6) (72)
Cash and cash equivalents at end of the year 14 2,734 4,960
Notes:
1. General Information
Helix Exploration Plc ("the Company") was incorporated on 23 September 2023 in
England and Wales with Registered Number 15160134 under the Companies Act
2006.
The address of its registered office and principal place of business is
Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom.
The principal activity of the Company and its subsidiaries collectively
referred to as "the Group" is the development and exploitation of small-scale
gas leases which are held via its 100 per cent. interest in Hereford
Resources, LLC ("Hereford") in the United States of America state of Montana.
The acquisition of Hereford was completed alongside the admission to AIM on 9
April 2024. Subsequent to year end the Group has transitioned from an
exploration company to a producer as the Rudyard project commenced first
production in February 2026.
The Group financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards
(IFRS), International standards and Interpretations (collectively IFRSs)
issued by the International Accounting Standards Boards (IASB) and with those
parts of the Companies Act 2006 applicable to those companies reporting under
IFRS.
2. Accounting policies
The principal accounting policies applied in preparation of these financial
statements are set out below. These policies have been consistently applied
unless otherwise stated.
2.1 Basis of preparation
The consolidated financial statements ("financial statements") for the year
ended 30 September 2025 have been prepared by Helix Exploration Plc in
accordance with UK-adopted International Accounting Standards ("IAS UK"). The
financial statements have also been prepared under the historical cost
convention, as modified by the revaluation of financial assets at fair value
through profit or loss.
The functional currency for each entity in the Group is determined as the
currency of the primary economic environment in which it operates. The
functional currency of the Company is Pounds Sterling (£).
The functional currency of its subsidiary is the United States Dollar ($). For
all subsidiaries these are the currencies that mainly influence labour,
material and other costs of providing services.
The Group has chosen to present its consolidated financial statements in
Pounds Sterling (£), as this is the currency in which finance has been
raised. Foreign operations are included in accordance with the policies set
out at Note 2.6.
The accounting year for the Group covers the year beginning 1(st) October 2024
to 30 September 2025. The financial statements are presented in Pounds
Sterling and rounded to the nearest thousand (£'000).
Basis of measurement
The financial statements have been prepared on a historical cost basis, except
for the following items (refer to individual accounting policies for details):
- Financial instruments - fair value through profit or loss
- Financial instruments - fair value through other comprehensive
income
- Cash settled share-based payment liabilities
2.2 Going concern
The Directors have prepared financial forecasts to estimate the likely cash
requirements of the Group over the 12 months from sign off of the annual
report. Given its stage of development in preparing these financial forecasts,
the Directors have made certain assumptions with regards to the timing and
amount of future expenditure over which they have control. The Directors have
considered the sensitivity of the financial forecasts to changes in key
assumptions, including, among others, exchange rate fluctuations and
unforeseen circumstances relating to exploration and operating activities.
Over the past year the Group has seen a significant change in its business
model as it has transitioned towards becoming a producing entity. The Group
fully intends to be revenue generative in the coming year and at the sign off
of this report has engaged off takers to enter into agreements that will
generate revenue for the Group.
At this moment there is not a readily accessible spot market for Helium and
consequently there is not a widely agreed price for Helium. The Helium market
is also directly affected by geo-political factors with a significant portion
of global supply originating from areas that are subject to political unrest.
As a result, there are a number of factors for the Directors to consider when
entering long term contracts. Mainly that there could be a large opportunity
cost of entering long term contracts at lower prices whilst there is potential
for global conflict that could lead to drastic price increases. Ultimately the
Directors are looking to maximise shareholder value and returns in the
timeliest fashion without jeopardising the long value of the Group and will
manage the liquidity of the Group accordingly.
After taking all the factors mentioned above into consideration the Directors
are confident that the financial statements be prepared on a going concern
basis supporting the fact that the Group has adequate resources to continue as
a going concern for at least twelve months from the approval of these
financial statements.
3. Earnings per share
The calculation of the basic and diluted earnings per share is calculated by
dividing the profit or loss for the year by the weighted average number of
ordinary shares in issue during the year:
Year ended Period ended
30 September 2025
30 September 2024
Loss attributable to shareholders of Helix Exploration Plc - £'000 (1,864) (2,165)
Weighted number of ordinary shares in issue 154,540,910 65,669,651
Basic & dilutive EPS from continuing operations - (pence) (1.21) (3.30)
As the Group is in a loss-making position there is no difference between the
diluted loss per share and the basic loss per share presented. Share options
and warrants could potentially dilute basic earnings per share in the future
but were not included in the calculation of diluted earnings per share as they
are anti-dilutive for the year presented.
4. Events subsequent to year end
Exercise of warrants
On 26 January 2026, 250,000, £0.10 warrants were exercised in the Company
resulting in the issue of 250,000 new ordinary shares.
Equity fundraise and placing
On 3 March 2026, Helix completed an equity fundraise raising gross proceeds of
£2.2 million through the issue of 8,860,000 ordinary shares at a placing
price of £0.25.
Exercise of warrants
On 17 March 2026, 75,000, £0.10 warrants were exercised in the Company
resulting in the issue of 75,000 new ordinary shares.
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