Quantum Helium Ltd (AIM:QHE), the AIM-listed energy company, has set out the progress made over the past year as shareholders prepare to vote on a proposed share consolidation at an extraordinary general meeting on 1 July.
The company is asking investors to back the consolidation, which it says will improve its market positioning and support a potential over-the-counter listing in the United States.
It reported increasing interest from North American investors, reflecting both the location of its assets and growing recognition of helium as a strategically important commodity.
Any US listing would remain subject to regulatory approvals.
The meeting caps a year in which the company transformed from a diversified oil and gas business into a focused helium and energy company, centred on two projects in Colorado, Sagebrush and Coyote Wash.
It rebranded to Quantum Helium, divested non-core assets and increased its working interest in the flagship Sagebrush project to 90%, while retaining full ownership of Coyote Wash.
Independent assessments by Sproule confirmed more than 1 billion cubic feet of gross prospective helium resources across the two projects, which the company describes as one of the largest independently assessed helium positions on the London market.
An extended production test at Sagebrush-1 confirmed helium-bearing gas at concentrations of 2.5%, well above typical commercial thresholds, alongside reservoir connectivity.
The test also identified commercial oil production from the Leadville Formation, an outcome the company called unexpected but highly encouraging, with the potential to provide future cash flow to support further development.
The oil was not included in earlier resource assessments and will be incorporated into a planned update from Sproule.
Existing oil production at Sagebrush generated gross revenue of about $617,000 during 2025, with a further $108,000 in the first quarter of 2026.
With output unhedged, the company continues to benefit from stronger oil prices.
During the year, it also secured operatorship approval from the Bureau of Indian Affairs and completed a £5 million institutional fundraise.
Chief executive Howard McLaughlin said the test had exceeded expectations, while executive chairman Carl Dumbrell said the company entered the second half of 2026 in a significantly stronger position than at any point in its recent history.
