Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) chair James Smith hailed “a very exciting and significant period for the company”, as the AIM-quoted firm reported interim results.
“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,” Smith said.
During the half year, which ended 31 December, Helium One completed an extended well test at its Itumbula West-1 well in Tanzania and successfully flowed helium to the surface.
A mining licence application for the southern Rukwa Project was submitted to the Ministry of Minerals and, post period-end, the company received an offer letter from the Mining Commission.
In the reporting period, Helium One also acquired a 50% interest in the Galactica-Pegasus helium project, in Colorado. Development drilling at the project began in February 2025. Initial production is expected by the end of the year.
Helium One ended December with $10.02 million of cash.
In terms of results, the pre-revenue company reported a $1.93 million loss for the period.