Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has recapped what chair James Smith described as “a very exciting and significant” year, as the helium company reported its audited financial results for the year ending June 30.
Chief executive Lorna Blaisse, meanwhile, said it was a “transformational” year.
It comes as Helium One is advancing its helium discoveries in Tanzania, as well as expanding in America with its new venture in Colorado.
During the reporting period, Helium One completed its Phase II drilling campaign, which included the Tai-3 and Itumbula West-1 (ITW-1) wells in Tanzania, confirming significant helium discoveries.
The Extended Well Test (EWT) conducted at ITW-1 yielded helium concentrations of 5.5% from the fractured Basement and 5.2% from the faulted Karoo Group.
These results have been integrated into a feasibility study submitted with the Mining Licence (ML) application for the southern Rukwa Helium Project.
During the year, Helium One also expanded its portfolio through a joint venture with Blue Star Helium Ltd (ASX:BNL, OTC:BSNLF), acquiring a 50% stake in the Galactica-Pegasus helium and carbon dioxide project in Colorado, USA.
"This has been a transformational year for the company,” Blaisse said in a statement.
“We have carried out our second drilling campaign and made our first discovery in Tanzania, whilst also greatly increasing our knowledge and understanding of the region.
“In addition to this, we acquired our own rig which has provided us with considerable optionality and a potential revenue stream in the future.”
She added: “Our main focus in the year ahead, once we have received the Mining Licence for which we have applied, will be on advancing the southern Rukwa Helium Project towards development.
“While our recent acquisition in the US is also expected to progress significantly following the commencement of the drilling programme this quarter with wells and production coming on stream in H1 2025.”
“We believe that the year ahead promises to be another busy and highly significant time for the company as we look to further develop and build our portfolio."
James Smith, meanwhile, highlighted: “We now have a portfolio of two development opportunities in two jurisdictions which the board expect to progress in the coming year, with a view to delivering considerable news, upside, and revenues to the company.
“We would like to thank all our shareholders as well as all our stakeholders in Tanzania for their continued support and look forward to the year ahead and providing further updates on both of our exciting projects."