RNS Number : 8151Y
Quantum Helium Limited
31 March 2026
31 March 2026
Quantum Helium Limited
("Quantum" or the "Company")
Half Year Results for the Six Months to 31 December 2025
Quantum Helium Limited (AIM: QHE), announces its Half Year results for the six months to 31 December 2025.
Summary
The Company's principal focus during the period was on advancing and de-risking its existing helium portfolio in the USA, including increasing its interest in the Sagebrush Project and delivering independent third-party validation of its resources. This resulted in (compared to same half year period in the 2025 Financial Year, "H125"):
·
Revenue: $322,858 (HY:24 $64,542)
·
Gross loss: $394,493(HY:24$18,955)
·
Net loss:$1,557,571(HY:24$2,537,131)
The Company's cash and cash equivalents as at 31 December 2025 was $3,398,391.
All amounts are in Australian Dollars
Operational Review
· Continued strategic repositioning to a helium-focused US portfolio
· Company rebranded to Quantum Helium Limited, reflecting its strategic focus on helium exploration and development
· Completion of high-resolution 3D seismic acquisition at the Sagebrush Project
· Increase in working interest at Sagebrush to 90%, enhancing exposure to project upside
· Independent Sproule ERCE resource reports validates over 1 BCF of 2U gross helium prospective resources across Sagebrush and Coyote Wash
· Coyote Wash established as a material standalone helium project with 0.97 BCF 2U gross helium prospective resource
· Ongoing oil production from Sagebrush wells, with approximately 5,500 barrels gross produced between July and December 2025, generating US$259,744 gross revenue to help support helium exploration and development
· Significant progress towards Sagebrush-1 extended production test, with all long-lead items secured
· Successful capital raise of approximately £2.17 million (before expenses), strongly supported by both institutional and retail investors
· Strengthened Board and management team aligned with next phase of growth
Post-Period End
· BIA approval received for the Coyote Wash IMDA, unlocking the pathway to drilling and testing
· Formal BIA approval of the Sagebrush lease assignment, a major regulatory milestone
· All documentation for Sagebrush operatorship confirmed in good standing, with final designation expected shortly
· High-resolution 3D seismic interpretation confirms a large, well-defined structure at Sagebrush
· Company now fully prepared to commence extended production test at Sagebrush-1 upon operatorship approval
· Executive team site visit to Colorado, advancing technical alignment and stakeholder engagement
· Directors increased shareholdings, demonstrating continued confidence in the Company's strategy and outlook
Carl Dumbrell, Executive Chairman of Quantum Helium, commented: "The six-month period to 31 December 2025 represents a transformational phase for Quantum Helium Limited. During this time, the Company repositioned its strategy, strengthened its Board and management team, and delivered a series of significant technical, operational and corporate milestones that have materially advanced our Colorado helium portfolio.
Key changes during the period included the formal the appointment of Howard McLaughlin as Chief Executive Officer in September 2025 alongside my transition to Executive Chairman and the appointment of Andrew Scott as Executive Director. These changes have strengthened both the technical and capital markets capabilities of the Company at a critical stage of its development.
Operationally, the Company made substantial progress across both Sagebrush and Coyote Wash. We completed a high-resolution 3D seismic acquisition programme at Sagebrush, increased our working interest to 90%, and received independent resource validation from Sproule ERCE across both projects. Notably, the Sproule report for Coyote Wash confirmed 2U gross helium prospective resources of 0.97 BCF, taking total independently verified helium resources across the portfolio to over 1 BCF.
In parallel, the Company progressed key regulatory milestones required to commence operations at Sagebrush, including completion of bonding requirements and continued engagement with the Bureau of Indian Affairs ("BIA"). We also successfully completed a capital raise during the period, ensuring the Company is well funded to advance its near-term objectives.
Post period end, the Company has continued to build strong momentum. The Irrevocable Letter of Credit has been approved by the BIA, 3D seismic interpretation has confirmed a large structure at Sagebrush we believe is helium-bearing, and approval of the Coyote Wash IMDA has been secured. Importantly, the Company has also received formal BIA approval for the assignment of the Sagebrush lease, representing a major regulatory milestone and clearing the way for the final step of operatorship designation.
The Company is now fully prepared to commence the extended production test at Sagebrush-1, with all long-lead items secured. Upon confirmation of operatorship, which is expected in the near term, the Company intends to move immediately into testing operations.
On behalf of the Board, I would like to thank our shareholders for their continued patience and support as we have worked through what has been a detailed but necessary regulatory process. We believe the Company is now exceptionally well positioned, and we expect the remainder of 2026 to be a significant and highly active period for Quantum as we move into testing, development and further value creation".
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service ('RIS'), this information is now in the public domain
Enquiries:
Quantum Helium Limited Carl Dumbrell Chairman
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
Brand Communications Alan Green Tel: +44 (0) 7976 431608
Joint Broker CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632
Updates on the Company's activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum's strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia
Operations Review
Sagebrush Project
The Sagebrush Project remained the Company's primary focus during the period.
A high-resolution 3D seismic acquisition programme was successfully completed, providing a step change in subsurface understanding and enabling improved structural definition across both helium and oil targets. This dataset forms the foundation for future drilling and development planning.
During the period, Quantum increased its working interest in Sagebrush from 82.5% to 90%, materially enhancing its exposure to future project upside.
The Company also progressed all key regulatory and operational preparations required for the extended production test at the Sagebrush-1 well, including completion of bonding requirements and ongoing engagement with the BIA and Tribal stakeholders.
In addition to its helium potential, the Sagebrush Project continues to generate oil production forming an important part of the Company's broader development strategy. Between June and December 2025, the Sagebrush wells produced approximately 5,500 barrels of oil (gross after 16.67% land royalties and certain deductions), with consistent monthly output and regular sales. This production provides a valuable source of revenue to help offset operational costs and support ongoing helium exploration and appraisal activities, reinforcing the Company's strategy of leveraging hydrocarbon production to advance its helium portfolio.
Coyote Wash Project
At Coyote Wash, the Company achieved a major milestone with the completion of the independent Sproule ERCE resource report.
The report confirmed 2U gross helium prospective resources of 0.97 BCF, establishing Coyote Wash as a significant helium project in its own right and increasing Quantum's total independently verified helium resources across its Colorado portfolio to over 1 BCF.
In addition to the helium potential, the report also highlighted prospective oil resources within the Ismay Formation, providing additional development optionality.
Corporate and Strategic Progress
In addition to advancing its core Colorado helium portfolio, the Company undertook a strategic rationalisation of its asset base during the period. This included the decision to exit the Vecta Project following disappointing drilling results, allowing the Company to limit further capital exposure and refocus on higher-impact opportunities.
Overall, the Company exited the period with two independently validated helium projects, a completed 3D seismic programme, and all major components in place to transition into the next phase of operations.
Post Period End
Since 31 December 2025, Quantum has continued to deliver strong operational and regulatory progress.
In January 2026, the Company received BIA approval of the Irrevocable Letter of Credit, representing a key prerequisite for advancing operations at Sagebrush.
Subsequently, interpretation of the Sagebrush 3D seismic dataset confirmed the presence of a large, well-defined helium-bearing structure within the Leadville Formation, significantly increasing confidence in the scale and integrity of the discovery and materially de-risking the planned extended production test.
In February 2026, the Company received confirmation that all documentation relating to the Sagebrush IMDA and operatorship process had been reviewed and approved, with the agreement progressing to final execution.
The Company also announced formal approval of the Coyote Wash IMDA, providing the regulatory framework required to advance drilling and development activities at the project.
Subsequently, in March 2026, the Company received formal approval from the BIA for the assignment of the Sagebrush lease to Quantum, representing a major regulatory milestone and clearing the way for the final step of operatorship designation.
With assignment now approved and all long-lead items secured, the Company is fully prepared to commence the extended production test at Sagebrush-1 following confirmation of operatorship, which is expected in the near term.
In addition, Directors demonstrated continued confidence in the Company through on-market share purchases in late December 2025 and early January 2026.
Board Update
The period saw significant strengthening of the Company's Board and leadership structure.
Andrew Scott was appointed as Executive Director, bringing extensive experience in capital markets, investor relations and corporate strategy across listed resource companies.
At the same time, Carl Dumbrell transitioned to the role of Executive Chairman, providing increased leadership and strategic oversight during a critical phase of the Company's development.
In September 2025, Howard McLaughlin was formally appointed as Chief Executive Officer, having already played a key role in advancing the Company's US operations. Howard brings over 45 years of oil and gas industry experience, including senior roles with major international operators.
The Board also continues to benefit from the experience of its Non-Executive Directors, including Nigel Harvey and Graham Duncan, who bring significant financial, governance and capital markets expertise.
These changes have aligned the Company with a leadership team that combines strong technical capability with capital markets experience, positioning Quantum to execute its strategy and deliver growth.
Outlook
With key approvals nearing completion and the Company fully prepared for testing, Quantum is entering a highly active phase with multiple value-driving catalysts ahead.
· Commencement of the extended production test at Sagebrush-1, subject to final operatorship approval
· Delivery of initial flow and composition data, providing a key step towards commercial validation
· Continued technical work to refine drilling targets across Sagebrush and Coyote Wash
· Progression towards future drilling and development programmes across the portfolio
· Ongoing engagement with stakeholders and regulators to advance project approvals and timelines
· Focus on delivering value from a +1 BCF helium resource base in a strengthening helium market
Results
The loss for the Group for the six months to 31 December 2025 amounted to $1,557,571 (31 December 2024: $2,537,131).
On 17 October 2025, the Company announced it had raised £1.6675 million (before expenses) by way of a fundraising undertaken by SP Angel and CMC Markets through the issue of 7,411,111,110 new ordinary shares at a price of 0.0225 pence per share.
On 22 October 2025, the Company further announced that, from the retail offer, it had raised £500,000 (before expenses) by way of a fundraising undertaken by SP Angel and CMC Markets through the issue of 2,222,222,222 new ordinary shares at a price of 0.0225 pence per share.
The Company's cash and cash equivalent as at 31 December 2025 was $3,398,391.
Projects in the USA
A summary of the current oil and gas projects as at 28 March 2026:
US PROJECTS
Asset/ Project
Mosman Interest1
Location
Status
Coyote Wash Project
100%
Colorado
Exploration
Sagebrush Project
90%
Colorado
Producing
Matters subsequent to the reporting period
Subsequent to the end of the reporting period the Company announced the following material matters occurred:
· On 4 March 2026, the U.S. Bureau of Indian Affairs ("BIA") has formally approved the assignment of the Sagebrush lease to Quantum, where the Company holds a 90% working interest.
· On 25 February 2026, the company received confirmation from the U.S. Bureau of Indian Affairs ("BIA") that the Indian Mineral Development Agreement ("IMDA") relating to the Coyote Wash Project has been formally approved.
· There were no other material matters that occurred subsequent to 31 December 2025.
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For The Half Year Ended 31 December 2025
Notes
Consolidated 6 months to 31 December 2025
Consolidated 6 months to 31 December 2024
$
$
Revenue
322,858
64,542
Cost of sales
2
(717,351)
(45,587)
Gross profit/(loss)
(394,493)
18,955
Interestincome
13,658
58
Other income
136,772
10,000
Loss on sale of investments
-
(477,047)
Administrativeexpenses
(215,847)
(161,762)
Corporateexpenses
3
(598,360)
(584,411)
Directors' fees
(160,702)
(90,000)
Exploration expenses incurred, not capitalised
-
(112,104)
Finance costs
(971)
(5,066)
Share based payments expense
9
(180,000)
(81,486)
Amortisation expense
-
(110,297)
Depreciationexpense
(3,934)
-
Impairment expense
-
(1,066,176)
Gain/(loss) on foreign exchange
(153,695)
122,205
Loss before income tax expense from continuing operations
(1,557,571)
(2,537,131)
Income tax expense
-
-
Loss after income tax expense from continuing operations
(1,557,571)
(2,537,131)
Loss after income tax expense from discontinued operations
-
-
Net loss after income tax expense for the year
(1,557,571)
(2,537,131)
Othercomprehensiveprofit
Items that may be reclassified to profit or loss
-
Foreign currency gain/(loss)
(12,903)
278,774
Total comprehensive income attributable to members of the entity
(1,570,474)
(2,258,357)
The accompanying notes form part of these consolidated financial statements
All amounts are in Australian Dollars
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For The Half Year Ended 31 December 2025
Total comprehensive income for the year attributable to:
Notes
Consolidated 6 months to 31 December 2025
Consolidated 6 months to 31 December 2024
Continuing operations
(1,570,474)
(2,258,357)
Discontinued operations
-
-
(1,570,474)
(2,258,357)
Basic and diluted loss per share from continuing operations (cents per share)
(0.0047) cents
(0.015) cents
Basic and diluted loss per share from discontinued operations (cents per share)
(0.000) cents
(0.000) cents
Basic and diluted loss per share (cents per share)
(0.0047) cents
(0.015) cents
The accompanying notes form part of these consolidated financial statements
All amounts are in Australian Dollars
Consolidated Statement of Financial Position
As at 31 December 2025
Notes
Consolidated 31 December 2025
Consolidated 30 June 2025
$
$
Current Assets
Cash and cash equivalents
3,398,391
3,939,471
Trade and other receivables
4
1,473,627
153,768
Other assets
5
139,717
33,082
5,011,736
4,126,321
Total Current Assets
5,011,736
4,126,321
Non-Current Assets
Plant & Equipment
26,659
-
Oil and gas assets
6
2,435,737
961,832
Capitalisedoil andgas exploration
7
150,000
150,000
Total Non-Current Assets
2,522,396
1,111,832
Total Assets
7,534,132
5,238,153
Current Liabilities
Trade and other payables
8
298,810
876,607
Provisions
1,144
3,630
299,954
880,237
Total Current Liabilities
299,954
880,237
Non-Current Liabilities
Provisions
40,349
40,941
Total Non-Current Liabilities
40,349
40,941
Total Liabilities
340,304
921,178
Net Assets
7,193,828
4,316,975
Shareholders' Equity
Contributed equity
9
54,152,305
49,704,978
Reserves
10
1,334,850
1,347,754
Accumulated losses
(48,293,327)
(46,735,757)
Total Shareholders' Equity
7,193,828
4,316,975
The accompanying notes form part of these consolidated financial statements
All amounts are in Australian Dollars
Consolidated Statement of Changes in Equity
For the Half Year Ended 31 December 2025
Accumulated Losses
Contributed Equity
Other Contributed Equity
Reserves
Total
$
$
$
$
$
Balance at 1 July 2024
(36,418,049)
42,404,962
145,029
904,732
7,036,674
Comprehensive income
Loss for the period
(2,537,131)
-
-
-
(2,537,131)
Other comprehensive income for the period
-
-
-
278,774
278,774
Total comprehensive loss for the period
(2,537,131)
-
-
278,774
(2,258,357)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued
-
4,389,733
-
-
4,389,733
Cost of raising equity
-
(277,709)
-
-
(277,709)
Transfer other contributed equity into contributed equity
-
145,029
(145,029)
-
-
Warrants/options issued
-
-
-
184,587
184,587
Total transactions with owners and other transfers
-
4,257,053
(145,029)
184,587
4,296,611
Balance at 31 December 2024
(38,955,180)
46,662,015
-
1,368,093
9,074,928
Balance at 1 July 2025
(46,735,757)
49,704,978
-
1,347,754
4,316,975
Comprehensive income
Loss for the period
(1,557,571)
-
-
-
(1,557,571)
Other comprehensive income for the period
-
-
-
(12,903)
(12,903)
Total comprehensive loss for the period
(1,157,571)
-
-
(12,903)
(1,570,474)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued
-
4,767,411
-
-
4,767,411
Cost of raising equity
-
(320,083)
-
-
(320,083)
Transfer other contributed equity into contributed equity
-
-
-
Warrants/options issued
-
-
-
Total transactions with owners and other transfers
-
4,447,328
4,447,328
Balance at 31 December 2025
(48,293,328)
54,152,306
-
1,334,851
7,193,829
The accompanying notes form part of these consolidated financial statements. All amounts are in Australian Dollars
Consolidated Statement of Cash Flows
For the Half Year Ended 31 December 2025
Consolidated 6 months to 31 December 2025
Consolidated 6 months to 31 December 2024
$
$
Cash flows from operating activities
Receipts from customers
196,384
74,854
Other income
85,807
10,000
Payments to suppliers and employees
(2,092,396)
(1,148,990)
Interest paid
(971)
(5,065)
Net cash outflow from operating activities
(1,811,176)
(1,069,201)
Cash flows from investing activities
Proceeds from disposal of subsidiaries
-
755,385
Deposits paid
(237,758)
Payments for oil and gas assets
(1,397,798)
(457,084)
Payments for other assets
(30,593)
-
Payments for exploration and evaluation
-
(112,251)
Net cash inflow/(outflow) from investing activities
(1,666,149)
186,050
Cash flows from financing activities
Proceeds from shares issued
3,410,025
3,623,524
Payments for costs of capital
(320,083)
(174,606)
Net cash inflow from financial activities
3,089,942
3,448,918
Net increase/(decrease) in cash and cash equivalents
(387,383)
2,565,767
Effects of exchange rate changes on cash and cash equivalents
(153,695)
42,015
Cash and cash equivalents at the beginning of the period
3,939,470
873,365
Cash and cash equivalents at the end of the period
3,398,392
3,481,147
The accompanying notes form part of these consolidated financial statements. All amounts are in Australian Dollars
Condensed Notes to the Financial Statements
For the Half-Year Ended 31 December 2025
All amounts are Australian Dollars
1. Summary of Significant Accounting Policies
Statement of Compliance
The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report.
Basis of preparation
The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts presented in Australian dollars, unless otherwise noted.
The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group's 2025 annual financial report for the financial year ended 30 June 2025, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards (IFRS).
Going Concern
The condensed consolidated financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and the discharge of liabilities in the normal course of business.
In arriving at this position, the Directors have had regard to the fact that the Group has, or in the Directors' opinion will have access to, sufficient cash to fund administrative and other committed expenditure for a period of not less than 12 months from the date of this report.
In forming this view the directors have taken into consideration the following:
• The ability of the Group to obtain funding through various sources, including equity raised which are currently being investigated by management;
• The Group has the capacity, if necessary, to reduce its operating cost structure in order to minimize its working capital requirements; and
• The Directors have reasonable expectations that they will be able to raise additional funding needed for the Group to continue to execute against its milestones in the medium term.
Should the Company or the Group not be able to achieve the matters set out above, there is a significant uncertainty related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern, and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.
Exploration and Evaluation Costs
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are carried forward in respect of an area for which the rights to tenure are current and that has not at reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or relating to, the area of interest are continuing.
Impairment of Exploration and Evaluation Assets
The ultimate recoupment of the value of exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets.
Impairment tests are carried out when there are indicators of impairment in order to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts. If, after having capitalised the expenditure under the policy, a judgement is made that the recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to profit and loss.
The key areas of judgement and estimation include:
·
Recent exploration and evaluation results and resource estimates;
·
Environmental issues that may impact on the underlying tenements; and
·
Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities.
Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Group's activities as described below. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.
Revenue from joint operations is recognised based on the Group's share of the sale by the joint operation.
Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument.
Oil and Gas assets
The cost of oil and gas producing assets and capitalised expenditure on oil and gas assets under development are accounted for separately and are stated at cost less accumulated amortisation and impairment losses. Costs include expenditure that is directly attributable to the acquisition or construction of the item as well as past exploration and evaluation costs.
When an oil and gas asset commences production, costs carried forward are amortised over the expected life of the economically recoverable reserves. Changes in factors such as estimates of economically recoverable reserves that affect amortisation calculations do not give rise to prior financial period adjustments and are dealt with on a prospective basis.
Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance.
New standards and interpretations
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Consolidated 6 months to 31 December 2025
Consolidated 6 months to 31 December 2024
$
$
2 Cost of sales
Cost of sales
1,275
2,984
Workover costs
401,111
-
Lease operating expenses
314,966
42,603
717,352
45,587
3 Corporate Costs
Accounting, Company Secretary and Audit fees
125,079
117,303
Consulting fees - board
174,891
172,000
Consulting fees - other
98,514
37,030
NOMAD and broker expenses
99,607
72,756
Legal and compliance fees
100,269
185,322
598,360
584,411
Consolidated Balance as at 31 December 2025
Consolidated Balance as at 30 June 2025
$
$
4 Trade and Other Receivables
Current
Joint interest billing receivables
180,620
27,844
Deposits
237,758
56,113
Accrued revenue
38,929
65,231
Other receivables
1,016,320
4,580
1,473,627
153,768
5 Other Assets
Prepayments
137,178
30,543
Incorporation costs
2,539
2,539
139,717
33,082
6 Oil and Gas Assets
Cost brought forward
961,832
3,685,367
Acquisition of oil and gas assets during the period
127,896
2,175,287
Capitalised expenses during the period (Coyote Wash and Sagebrush)
1,269,902
-
Amortisation for the period
-
(225,260)
Impairment of oil and gas assets1
-
(4,767,026)
Impact of Foreign Exchange on amortisation/impairment
(13,893)
51,828
Impact of Foreign Exchange on opening balances
-
41,636
Carrying value at the end of the period
2,345,737
961,832
The Board has carried out an impairment assessment of the Oil and Gas Assets and have concluded that no impairment is required.
Consolidated Balance as at 31 December 2025 $
Consolidated Consolidated Balance as at 30 June 2025 $
Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (iii) Shares issued (ii) Shares issued (ii) Shares issued (i) Shares issued (iv) Shares issued (i) Shares issued (i)
(iii) Shares issued in lieu of cash for acquisition of oil and gas assets
(iv) Shares issued to Directors as part of placement
(v) Shares issued to Directors as per AGM notice Nov 25
(vi) Shares issued to Consultants in lieu of cash payment for services rendered
During the period, shareholders approved the issue of new shares to Directors and Persons Discharging Managerial Responsibilities ("PDMRs") under Resolutions 5 to 10 of the Notice of Annual General Meeting ("AGM"), which was passed at the Company's AGM held on 10 November 2025. Each PDMR received 60,950,617 shares valued at $30,000, with the total shares being issued of 365,703,702 valued at $180,000.
The number of shares to be issued under these arrangements has been determined based on the five-day volume weighted average price ("VWAP") of 0.0243 pence per share, being the VWAP for Quantum shares on AIM for the five trading days immediately prior to the AGM.
The company also issued new ordinary shares to two consultants at an issue price of 0.0243 pence per share, in lieu of cash payments for services rendered (to converse cash reserves):
- Vecta Oil and Gas Ltd - 313,480,000 shares
- Brand UK Limited - 24,691,359 shares.
The number of shares to be issued under the above arrangements has been determined based on the five-day volume weighted average price ("VWAP") of 0.0243 pence per share, being the VWAP for Quantum shares on AIM for the five trading days immediately prior to the AGM on 10 November 2025.
Consolidated Balance as at 31 December 2025
Consolidated Balance as at 30 June 2025
$
$
10 Reserves
Foreign currency translation reserve
1,062,087
1,074,991
Warrants reserve
272,763
272,763
1,334,850
1,347,754
Foreign Currency Translation Reserve
Foreign Currency Translation Reserve atthe beginning of the period
1,074,991
904,732
Current movement in the period
(12,904)
170,259
Foreign Currency Translation Reserve atthe end of the period
1,062,087
1,074,991
Options Reserve
Options Reserve atthe beginning of the period
272,763
-
Warrants/options issued
-
272,763
Options Reserve atthe end of the period
272,763
272,763
11 Segment Information
The Group has identified its operating segments based on the internal reports that are reviewed and used by the board to make decisions about resources to be allocated to the segments and assess their performance. Operating segments are identified by the board based on the Oil and Gas projects in Australia the United States. Discrete financial information about each project is reported to the board on a regular basis. The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate. The Group has two reportable segments based on the geographical areas of the mineral resource and exploration activities in Australia, the United States. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.
(i) Segment performance
United States $
Australia $
Total $
Period ended 31 December 2025
Revenue
Revenue
322,858
-
322,858
Other income
136,657
13,774
150,431
Segment revenue
322,858
29,696
473,289
Segment Result
Allocated
- Corporate costs
(218,031)
(380,329)
(598,360)
- Administrative costs
(58,736)
(157,110)
(215,846)
- Lease operating expenses
(314,966)
-
(314,966)
- Cost of sales
(402,386)
-
(402,386)
Segment net profit/(loss) before tax
(534,604)
(523,665)
(1,058,269)
Reconciliation of segment result to net loss before tax
Amounts not included in segment result but reviewed by the Board
-Evaluation expenses incurred not capitalised
-Amortisation
-Impairment
-Loss on sale of investments
Unallocated items
- Employee benefits expense
(340,703)
- Finance costs
(971)
- Depreciation
(3,934)
- Gain on foreign exchange
(153,694)
Net Loss before tax from continuing operations
(1,557,57)
(i) Segment performance
United States $
Australia $
Total $
Period ended 31 December 2024
Revenue
Revenue
64,542
-
64,542
Other income
-
10,058
10,058
Segment revenue
64,542
10,058
74,600
Segment Result
Allocated
- Corporate costs
(120,473)
(463,938)
(584,411)
- Administrative costs
(105,263)
(56,499)
(161,762)
- Lease operating expenses
(42,603)
-
(42,603)
- Cost of sales
(2,984)
-
(2,984)
Segment net profit/(loss) before tax
(206,781)
(510,379)
(717,160)
Reconciliation of segment result to net loss before tax
Amounts not included in segment result but reviewed by the Board
-Evaluation expenses incurred not capitalised
(93,804)
(18,300)
(112,104)
-Amortisation
(110,297)
-
(110,297)
-Impairment
(1,066,176)
-
(1,066,176)
Unallocated items
(477,047)
(477,047)
- Employee benefits expense
- Finance costs
(171,486)
- Depreciation
(5,066)
- Loss on foreign exchange
122,205
Net Loss before tax from continuing operations
(2,537,131)
(ii) Segment assets
United States $
Australia $
Total $
As at 31 December 2025
Segment assets as at 1 July 2025
1,253,351
3,984,804
5,238,152
Segment asset balances at end of period
- Exploration and evaluation
-
2,503,943
2,503,943
- Capitalised Oil and Gas
2,348,155
-
2,348,155
- Less: Amortisation/Depreciation
(2,418)
(2,418)
- Less: Impairment
(2,353,943)
(2,353,943)
2,348,155
147,582
2,495,737
Reconciliation of segment assets to total assets:
Other assets
545,599
4,492,796
5,038,395
Total assets from continuing operations
2,893,754
4,640,378
7,534,132
United States $
Australia $
Total $
As at 30 June 2025
Segment assets as at 1 July 2024
6,231,429
2,331,631
8,563,060
Segment asset balances at end of period
- Assets held for sale
-
-
-
- Exploration and evaluation
-
2,503,943
2,503,943
- Capitalised oil and gas assets
8,382,043
-
8,382,043
- Less: Amortisation
(832,869)
-
(832,869)
- Less: Impairment
(6,587,341)
(2,353,943)
(8,941,284)
961,832
150,000
1,111,832
Reconciliation of segment assets to total assets:
Other assets
291,518
3,834,801
4,126,320
Total assets from continuing operations
1,253,351
3,984,801
5,238,152
(iii) Segment liabilities
United States $
Australia $
Total $
As at 31 December 2025
Segment liabilities as at 1 July 2025
705,283
215,894
921,178
Segment liability increase/(decrease) for the period
(516,638)
(64,235)
(580,873)
188,645
151,659
340,304
Reconciliation of segment liabilities to total liabilities:
Other liabilities
-
-
-
Total liabilities from continuing operations
188,645
151,659
340,304
As at 30 June 2025
Segment liabilities as at 1 July 2024
1,091,441
434,945
1,526,386
Segment liability increase/(decrease) for the period
(386,158)
(219,051)
(605,208)
705,283
215,894
921,178
Reconciliation of segment liabilities to total liabilities:
Other liabilities
-
-
-
Total liabilities from continuing operations
705,283
215,894
921,178
12 Expenditure Commitments (a) Exploration The Company had no expenditure commitments as at 31 December 2025 (2024 - $Nil).
(b) Capital Commitments The Company had no capital commitments at 31 December 2025 (2024 - $Nil).
13 Warrants/Options A summary of the movements of all company warrant/option issues to 31 December 2025 is as follows:
Company Warrants/Options
31 December 2025 Number of Warrants/Options
30 June 2025 Number of Warrants/Options
Outstanding at the beginning of the period
1,371,048,168
3,043,157,894
Expired
(508,561,428)
(571,427,571)
Exercised
-
(1,780,000,000)
Granted
-
679,328,845
Outstanding at the end of the period
862,486,740
1,371,048,168
Exercisable at the end of the period
862,486,740
1,371,048,168
14 Subsequent Events Subsequent to the end of the reporting period the Company announced the following material matters occurred: · Continued strong operational and regulatory progress post period end · BIA approval of Irrevocable Letter of Credit received in January 2026, a key prerequisite for advancing Sagebrush operations · Interpretation of Sagebrush 3D seismic confirms a large, well-defined helium-bearing structure within the Leadville Formation, materially de-risking the extended production test · Confirmation received that all Sagebrush IMDA and operatorship documentation has been reviewed and approved, progressing to final execution · Formal approval of the Coyote Wash IMDA, enabling advancement towards drilling and development · BIA approval of the Sagebrush lease assignment received in March 2026, a major regulatory milestone · Company now fully prepared to commence extended production test at Sagebrush-1, subject to final operatorship designation · Directors demonstrated confidence through on-market share purchases in late December 2025 and early January 2026 · Cinnabar Project reviewed and subsequently written off as a non-core asset, allowing focus on high-potential helium projects at Sagebrush and Coyote Wash There were no other material matters that occurred subsequent to 31 December 2025.
15 Dividends No dividends have been paid or proposed during the half year ended 31 December 2025.
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