Helium One Global, the primary helium explorer, has announced its unaudited condensed and consolidated results for the six months ended 31 December 2024, in addition to providing an update on progress across the Company's projects in Tanzania and the USA.
Highlights
- Successful completion of the extended well test on Itumbula West-1 which successfully flowed up to 7.9% helium to surface.
- Submission of a comprehensive Mining License ("ML") application on the southern Rukwa Helium Project to the Ministry of Minerals ("MoM").
- Purchase of a 50% legal and beneficial interest in ASX-listed Blue Star Helium's Galactica-Pegasus project in Colorado, USA.
- Net cash balance at 31 December 2024 of $10,021,699
Post half year-end
- Commencement of the initial six well development drilling programme at the Galactica-Pegasus helium project in Las Animas County, Colorado.
- On 28 February 2025, the Company received an offer letter for the requested ML from the Mining Commission in Tanzania for the grant of an ML for the southern Rukwa Helium Project.
- Jackson-4 development well at the Galactica Pegasus Project spudded and operations ongoing.
James Smith, Chairman of Helium One commented:
'This has been a very exciting and significant period for the Company. In Tanzania, we undertook a successful extended well test after our Phase II drilling campaign, completed a feasibility study and subsequently submitted a Mining Licence application, for which we have now received an offer letter from the Mining Commission. We also successfully acquired a 50% interest in a helium development project in Colorado USA.
We now have a portfolio containing two development opportunities in two jurisdictions which diversifies the risk profile of the Company and provides us with the opportunity, in Colorado, to realise near term revenue streams which will support our future investment requirements across the portfolio.
We would like to thank all our shareholders as well as all our stakeholders in Tanzania and elsewhere for their continued support and look forward to the year ahead as we progress both of our exciting projects.'
Source: Helium One Global
