Annual results from Helix Exploration PLC (AIM:HEX) chart the major progress made in its first year as a public company, including a successful stock market listing, a key project acquisition and promising drilling results.
Last April, the Montana-focused group raised £7.5 million through an oversubscribed London initial public offering. Two months later, it acquired the Rudyard Project, securing 5,600 acres in a known helium-rich area.
Drilling began in August at Clink #1, which confirmed significant helium and hydrogen accumulations in the Ingomar Dome area.
Another well, Darwin #1, on Rudyard, uncovered commercial helium, strengthening Helix’s long-term production potential.
The company ended the year ended September 30 with £4.96 million in cash and raised an additional £5 million in January 2025 to push forward with its development plans.
Helix aims to begin helium production in 2025, targeting positive cash flow soon after.
CEO Bo Sears told investors: "Since our IPO in April 2024, Helix has made tremendous strides in executing our vision and delivering value to our shareholders.
"In just ten months, we have demonstrated our ability to overcome challenges, capitalize on opportunities, and establish ourselves as a leader in helium exploration.
"Montana offers incredible potential, its business-friendly environment, hardworking people, and commitment to innovation align perfectly with our mission. We are grateful to our vendors, engineers, and partners who help drive our success every day.
"As we move into 2025 and beyond, we are not slowing down. Helix Exploration is committed to pushing boundaries, seizing opportunities, and delivering results. We encourage our shareholders to stay tuned as there are exciting times ahead."
For the year, the company posted an operating loss of £2.17 million, reflecting its investment in the ground in Montana.