Audited Results for the year ended 30 June 2024

LONDON, UK / ACCESSWIRE / November 20, 2024

Helium One Global (AIM:HE1), the primary helium explorer in Tanzania, is pleased to announce the Company’s audited results for the year ended 30 June 2024.

The year 2024 has been a significant one for Helium One Global as they have reported some key achievements in their audited results. The Company acquired the Epiroc Predator 220 drilling rig and successfully mobilized it to the Rukwa site for their Phase II drilling campaign. This led to the commencement of the second drilling campaign in Q3 2023 and the completion of the Tai-3 well to a total depth of 1448m.

One of the major highlights of the year was the successful drilling and completion of all wireline logging and drill stem testing operations at Itumbula West-1 (ITW-1), which flowed a high concentration of helium and hydrogen to the surface. This discovery has provided the company with valuable data and has enhanced their understanding of the region and the follow-on prospects.

The audited results for the year show a total comprehensive loss of US$11,012,204, mainly due to current year impairments and exchange differences. However, the net assets of the company have increased compared to the previous year, with a cash position of US$11,647,723 as at 30 June 2024.

Post balance sheet events include the successful completion of the Extended Well Test at ITW-1, which demonstrated a sustained average of 5.5% helium from the fractured Basement and 5.2% helium to surface from the faulted Karoo Group. The Company also acquired a 50% interest in Blue Star Helium’s Galactica-Pegasus project in Colorado, USA, expanding their portfolio.

James Smith, Chairman of Helium One, expressed excitement over the Company’s achievements in the past year and looks forward to the response from the Tanzanian Ministry regarding their Mining Licence application.

Impact on Me

As a consumer, the discoveries and developments made by Helium One Global can potentially lead to a more stable helium supply in the market, affecting the availability and pricing of helium products that I may use or purchase.

Impact on the World

The advancements in helium exploration and production by Helium One Global have the potential to impact the global helium market, which is crucial for various industries such as healthcare, technology, and aerospace. A more reliable helium supply could have far-reaching implications on these sectors.

Conclusion

The audited results for the year ended 30 June 2024 reflect the progress and achievements made by Helium One Global in their exploration and production activities. With significant discoveries, acquisitions, and advancements, the company is poised for further growth and success in the helium industry.