Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) audited results for the twelve months to 30 June, released today, highlighted progress across its Tanzania and US assets, with chair James Smith calling it a "significant and successful year".
In the period, the exploration company confirmed a helium discovery at the southern Rukwa project following an extended well test at the ITW-1 well, which recorded sustained helium concentrations above 5%. The project advanced to the development stage after the formal award of a mining licence.
Smith highlighted that the company has further proved up the southern Rukwa project in the year as well as diversify its portfolio into the United States."
He added that work programmes in the year ahead are expected to deliver material operational progress.
Helium One expanded its portfolio through the acquisition of a 50% interest in the Galactica-Pegasus helium and CO₂ project in Colorado.
As chief executive, Lorna Blaisse said: "We have proved up the potential that we have always believed is inherent in our southern Rukwa Project through the EWT … This is a very exciting time for Helium One.
"We have significant work programmes planned across both our projects, which we expect to advance considerably in the year ahead and deliver first revenues to the company."
The pre-revenue group reported a comprehensive loss of US$5.5 million for the year, and ended the period with US$3.15 million of cash.