Quantum Helium Ltd (AIM:QHE) reported higher first-half revenue and narrower losses as it advanced its US helium projects.
Revenue rose to $322,858 in the six months to 31 December 2025 from $64,542 a year earlier, supported by ongoing oil production at its Sagebrush wells. Oil production at Sagebrush generated US$259,744 of gross revenue during the period, helping fund exploration work.
Net losses narrowed to $1.6 million from $2.5 million.
Cash stood at $3.4 million at the period end.
The group said it is focused on its US portfolio, increasing its working interest in the Sagebrush project to 90% and completing a 3D seismic programme.
Independent reports validated more than 1 billion cubic feet of helium prospective resources across Sagebrush and Coyote Wash. Established as a standalone project, Coyote Wash is estimated to have prospective resources 0.97 billion cubic feet.
Post period end, the company secured Indian Mineral Development Agreement approvals for both Sagebrush and Coyote Wash and formal sign-off from the Bureau of Indian Affairs for approval for the assignment of the Sagebrush lease.
Executive chairman Carl Dumbrell flagged other strong momentum being built, including an irrevocable letter of credit approved by the BIA, 3D seismic interpretation confirming a large structure at Sagebrush believed to be helium-bearing, and approval of the Coyote Wash IMDA has been secured.
"The company is now fully prepared to commence the extended production test at Sagebrush-1, with all long-lead items secured. Upon confirmation of operatorship, which is expected in the near term, the company intends to move immediately into testing operations."
He added: "We believe the company is now exceptionally well positioned, and we expect the remainder of 2026 to be a significant and highly active period for Quantum as we move into testing, development and further value creation."