Helium One Global Ltd (AIM:HE1, FRA:9K3), the UK-listed helium company with projects in Tanzania and the United States, is viewed by Panmure Liberum as an attractive entry point to the supply-constrained helium market.
Underlying helium demand is forecast to roughly double by 2035, while the market remains structurally supply-constrained, highlighting the importance of new sources.
Supply is concentrated and geopolitically exposed, while the disruption at Qatar’s Ras Laffan LNG complex has removed more than a third of global helium supply and pushed prices sharply higher.
Helium One’s Tanzanian projects offer exposure to a new sovereign source of helium, while Panmure Liberum sees near-term value and free cash flow generation coming from its Galactica Pegasus project in Colorado.
The firm highlights helium’s role in semiconductor fabrication and medical imaging, with demand also supported by broader advanced technologies.
Panmure Liberum highlights development risks, including the need for further drilling and flow testing at Rukwa, while the company's projects remain at different stages of development.
The analysts see significant upside from Helium One’s projects, supported by structural supply constraints and rising demand, while identifying the Tanzanian farm-out and further project development as key catalysts.
They conclude that Helium One offers exposure to a structurally supply-constrained helium market, with long-term demand growth supporting the investment case and the company offering greater resource upside than its peers.
