REG - Quantum Helium Ltd - Half-Year Results
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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 NOMAD and Joint Broker
Carl Dumbrell SP Angel Corporate Finance LLP
Chairman Stuart Gledhill / Richard Hail / Adam Cowl
+44 (0) 20 3470 0470
Brand Communications Joint Broker
Alan Green CMC Markets UK Plc
Tel: +44 (0) 7976 431608 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 Interest(1) 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 Consolidated
6 months to 6 months to
31 December 2025 31 December
2024
$ $
Revenue 322,858 64,542
Cost of sales 2 (717,351) (45,587)
Gross profit/(loss) (394,493) 18,955
Interest income 13,658 58
Other income 136,772 10,000
Loss on sale of investments - (477,047)
Administrative expenses (215,847) (161,762)
Corporate expenses 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)
Depreciation expense (3,934) -
Impairment expense - (1,066,176)
Gain/(loss) on foreign exchange (153,695) 122,205
Loss before income tax expense from continuing operations (2,537,131)
(1,557,571)
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)
Other comprehensive profit
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 Consolidated
6 months to 6 months to
31 December 2025 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 (0.000) cents (0.000) cents
share)
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 Consolidated
31 December 2025 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
Capitalised oil and gas 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 Contributed Equity Other Contributed Equity Reserves Total
Losses
$ $ $ $ $
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 Consolidated
6 months to 6 months to 31 December 2024
31 December 2025
$ $
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 Consolidated
6 months to 31 December 2025 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 Consolidated
Balance as at 31 December 2025 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 Consolidated
Balance as at 31 December 2025 Consolidated
$ Balance as at 30 June 2025
$
7 Capitalised Oil and Gas Expenditure
Cost brought forward 150,000 1,503,925
Impairment of oil and gas expenditure - (1,353,925)
Carrying value at end of the period 150,000 150,000
8 Trade and Other Payables
Trade creditors 199,612 156,611
Deposits received 34,504 -
Other creditors and accruals 64,694 719,996
298,810 876,607
9 Contributed Equity
Ordinary Shares:
Value of Ordinary Shares fully paid
Movement in Contributed Equity Number of shares Contributed Equity $
Balance as at 1 July 2024: 12,821,362,930 42,404,962
01/07/2024 Shares issued (ii) $0.00048 224,000,000 106,834
02/07/2024 Shares issued (ii) $0.00048 80,000,000 38,195
05/07/2024 Shares issued (ii) $0.00048 220,000,000 104,550
05/07/2024 Shares issued (ii) $0.00048 600,000,000 285,136
16/07/2024 Shares issued (ii) $0.00048 80,000,000 38,000
22/07/2024 Shares issued (ii) $0.00048 340,000,000 163,673
26/07/2024 Shares issued (ii) $0.00049 120,000,000 58,294
29/07/2024 Shares issued (iii) $0.00118 650,000,000 766,208
01/08/2024 Shares issued (ii) $0.00049 16,000,000 7,881
16/09/2024 Shares issued (ii) $0.00049 100,000,000 49,171
19/09/2024 Shares issued (i) $0.00068 4,242,857,144 2,887,420
05/12/2024 Shares issued (iv) $0.00069 42,857,144 29,400
22/5/2025 Shares issued (i) $0.00045 2,777,777,778 2,616,130
27/5/2025 Shares issued (i) $0.00045 666,666,666 629,148
Capital raising costs (480,023)
Balance as at 1 July 2025: 22,981,521,662 49,704,979
24/10/2025 Shares issued (i) $0.00046 7,411,111,110 3,405,950
27/10/2025 Shares issued (i) $0.00046 2,222,222,222 1,015,195
28/11/2025 Shares issued (v) $0.00048 365,703,702 180,000
28/11/2025 Shares issued (vi) $0.00048 24,691,359 12,008
28/11/2025 Shares issued (vi) $0.00049 313,480,000 154,259
Capital raising costs - (320,083)
Balance at the end of period 33,318,730,055 54,152,308
(i) Placements via capital raising as announced
(ii) Shares issued upon conversion of warrants
(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 Consolidated
Balance as at 31 December 2025 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 at the beginning of the period 1,074,991 904,732
Current movement in the period (12,904) 170,259
Foreign Currency Translation Reserve at the end of the period 1,062,087 1,074,991
Options Reserve
Options Reserve at the beginning of the period 272,763 -
Warrants/options issued - 272,763
Options Reserve at the 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 30 June 2025
Number of Warrants/Options 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.
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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