Noble Helium Ltd. · ASX:NHE
Noble Helium — Investor Presentation (April 2026)
41 slides from Noble Helium's investor presentation, Apr 2, 2026
Slide 1: Unlocking the potential of North Rukwa Helium
Investor Presentation Mr Dennis Donald April 2026 Executive Chairman Unlocking the potential of North Rukwa Helium ASX: NHE noblehelium.com.au
Slide 2: Disclaimer
Disclaimer 2 This presentation has been prepared by Noble Helium Limited (ACN 603 664 268) (Noble Helium or Company) and contains No reserves have been assigned in connection with the Company’s property interests to date, given their early stage of background information about Noble Helium’s current
Slide 3: A leadership team committed to transforming potential into results
3 A leadership team committed to transforming potential into results
Slide 4: Fully-engaged Board with vast industry experience and a strong track record of value creation
Fully-engaged Board with vast industry experience 4 and a strong track record of value creation Demonstrable success in delivering energy projects and growth on a global scale Dennis Donald – Executive Chairman Co-founded Warrego Energy Limited in 2019 where he served as CEO until its sale to Hancoc
Slide 5: International Advisory Board provides technical, commercial and operational insight and expertise
International Advisory Board provides technical, 5 commercial and operational insight and expertise Tier 1 project development experience in Africa; world thought leaders in helium and hydrogen Simon Potter - Chair Mr Simon Potter brings a distinguished career spanning senior executive roles at BP a
Slide 6: Investment case – critical resource, quality acreage, refreshed and focused leadership
Investment case – critical resource, quality acreage, 6 refreshed and focused leadership Helium North Rukwa Noble Helium • Critical resource for • The Rukwa Basin is the • New leadership team with The Rukwa Basin in technology development most credible Tier-1 helium significant technical and Tanzani
Slide 7: Corporate profile – Noble Helium (ASX: NHE)
Corporate profile – Noble Helium (ASX: NHE) 7 Noble Helium is building capacity to become a technical and operational leader in helium exploration, appraisal, development and production NHE Shareholders @ 23 March 2026 1 Extensive helium assets in Tanzania’s Rukwa Basin with largest acreage position
Slide 8: Reset, refocus, explore…discover
Reset, refocus, explore…discover 8 Noble Helium, driven by a new Board, has overcome recent challenges and is drill ready NSAI upgrades unrisked Founded in 2015 and Mbelele-1 & -2 drilled. Confirms Prospective Helium Volumes listed on the ASX in helium-rich system: up to 2.46% He concentration and g
Slide 9: Helium – a high demand critical resource with increasing supply constraints
9 Helium – a high demand critical resource with increasing supply constraints
Slide 10: Helium – a fundamental enabler of the tech economy
Helium – a fundamental enabler of the tech economy 10 Everyday Technologies Emerging & High-Growth Technologies Semiconductor Fibre Optic Cable Quantum Artificial Manufacturing Production Computing Intelligence Aerospace & Scientific Research Rocketry Data Storage and Nuclear Fusion Cooling Technolo
Slide 11: Global helium market USD growth forecasts yet to feel full impact of severe supply constraints
Global helium market USD growth forecasts yet to feel 11 full impact of severe supply constraints Regional Demand Split GLOBAL HELIUM MARKET US$ BILLION North America leads at 36.7% of global demand. Europe and Asia-Pacific are the next largest regions, with Asia-Pacific growing fastest on the back
Slide 12: Helium is more than 50 times the price of LNG
Helium is currently Revenue from 1,000 Mscf/day 12 more than 50 times Helium the price of LNG US$450,000 * As a gas, helium has similar exploration/ production costs per Mscf as traditional oil and gas. *Long term bulk helium price of US$450/Mscf (A$693 at 0.65 Methane conversion) ex Qatar Q4 2025 v
Slide 13: Global helium demand volumes to double by 2035
Global helium demand volumes to double by 2035 13 AI, quantum computing and data centres Country Production (Mm3) 2025 USA1 81 Qatar2 63 Russia3 18 11.4 Bcf in 2035 Algeria 11 Canada 6 Poland 3 Demand volume 18% 6.2 Bcf in 2024 China 3 virtually doubles Notes: 1. Largely consumed domestically. 2. Qa
Slide 14: Severe market constraints have materialised; global focus on developing new sources of supply
Severe market constraints have materialised; global 14 focus on developing new sources of supply Tanzania has the potential to move into the Top 5 producers and exporters, globally Concentration risk materializes in real time US Federal Helium Reserve QatarEnergy halted production at Ras Laffan on M
Slide 15: A structural shift in global helium – why North Rukwa matters now
A structural shift in global helium –why North Rukwa 15 matters now The March 2026 Qatar crisis has removed ~25% of global helium supply for 3-5 years Supply crisis context NHE Positioning • Ras Laffan strikes took ~2.4 Bcf/year offline Primary Helium, not a • Immune to the co-production dependency
Slide 16: North Rukwa Project – targeting a top position in global helium supply
16 North Rukwa Project – targeting a top 5 position in global helium supply
Slide 17: The Rukwa Basin is the most credible Tier-1 helium exploration province in the world
17 The Rukwa Basin is the most credible Tier-1 helium exploration province in the world Noble Helium holds the dominant license position in the Basin Basin-Opening • Multi-well drilling campaign Program Q2 CY2026 225.5 • One successful well could validate the entire Rukwa Basin Bcf Unrisked Mean Pro
Slide 18: Phase One is to prove up and monetise North Rukwa's western margin helium resource
18 Phase One is to prove up and monetise North Rukwa’s western margin helium resource 01 W E 02 Western margin represents near- Eastern margin represents term monetisation opportunity. generational production opportunity. Relatively shallow, gas-phase helium plays at Significantly deeper, gas-phase
Slide 19: The multi-generational helium potential of North Rukwa's unique system will be realised via a multi-stage strategy
The multi-generational helium potential of North 19 Rukwa’s unique system will be realised via a multi-stage, risk-mitigated strategy. 01 02 03 04 05 Tanzania Appraise Install Grow Develop 18% Build Appraise and prove up Install small production Utilise cashflow to further Establish North Rukwa’s De
Slide 20: Our western margin drill campaign will test up to four gas phase helium targets
Our western margin drill campaign will test 20 up to four gas phase helium targets Mbelele-1A The Mbelele prospect At Kinambo, up to 4 was drilled during 2023 exploration wells will to appraise the shallow test two structures with gas accumulation multiple potential free identified at 88 m and gas t
Slide 21: Drilling targets have been pinpointed using our upgraded Rukwa Charge Model
21 Rukwa Charge Model Drilling targets have been pinpointed using our upgraded helium charge model. Mbelele Peer reviewed, comprehensive integrated technical analysis has delivered breakthrough advances in understanding North Rukwa’s helium charge system, allowing us to assess which areas have Kinam
Slide 22: Multiple positive gas-phase helium indicators at Kinambo prospect
Multiple positive 22 gas-phase helium indicators at Kinambo prospect. He-rich Seismic Amplitudes and AVO Class II Offshore flat-spot bubbles Kinambo C Kinambo B (430m) responses conformant to structure (430m) (GWC) are positive indicators for gas Soil sampling and gas bubbles at surface with well-ab
Slide 23: Multiple positive gas-phase helium indicators at Kinambo prospect
Multiple positive “Hole” in crest of Kinambo Gzz 23 Res 5km Gzz BA2.5 structure suggests trapped gas, gas-phase helium supported by independent review. indicators at Supports charge model. Kinambo prospect. Gas composition from drilling. He-rich Seismic Amplitudes and AVO Class II Kinambo K (1500m)
Slide 24: Significantly lower drilling costs and practical approach reflects experience of new Board and Management
Significantly lower drilling costs and practical 24 approach reflects experience of new Board and Management Overall costs are expected to be Noble Helium’s Chief Operating Officer, significantly below the Company’s Dermott O’Keefe and Country Manager, maiden 2-well drilling campaign at Joseph Uisso
Slide 25: Defining the future through critical resource development
25 Defining the future through critical resource development
Slide 26: Noble Helium provides first mover exposure to a rapidly growing market
Noble Helium 01 26 North Rukwa is an exciting helium play. provides first Multiple targets to be tested using a multi-stage, risk-based approach. mover exposure to a rapidly growing market 02 Western margin offers near-term monetisation opportunity. New drilling to appraise and prove up helium resou
Slide 27: Events & Catalysts
Events & 01 27 Rig contract awarded Q2 CY2026 Catalysts 02 North Rukwa drilling campaign Q2 CY2026 03 Well testing and results 04 Independent resource assessment 05 Offtake agreements and/or farm-in 06 Eastern margin exploration concepts and Western margin development plans
Slide 28: Equity Raising
28 Equity Raising
Slide 29: Equity raising offer summary
Equity raising offer summary 29 A$12.0 million non-underwritten two-tranche Institutional Placement of approximately 413.8 million fully paid ordinary shares (“New Shares”) (“Placement” or the “Offer”), comprising: Offer structure and size • “Tranche One” which raised approximately A$4.0 million wit
Slide 30: Indicative equity raising timeline
Indicative equity raising timeline 30 Key event Date Trading resumes Thursday 2 April 2026 Settlement of New Shares under Tranche One of the Placement Friday 10 April 2026 Allotment and trading of New Shares under Tranche One of the Placement Monday 13 April 2026 EGM Expected May Settlement of New S
Slide 31: Key risks
Key risks 31 Risk Description The future value of the Company will depend on its ability to find and develop helium resources that are economically recoverable within the Projects. The circumstances in which a discovered helium accumulation becomes or remains commercially viable depends on a number
Slide 32: Key risks (Cont'd)
Key risks (Cont’d) 32 Risk Description The Company’s helium exploration and development activities are dependent on the availability of drilling rigs and related equipment in the area of its Projects. The Company is now using rigs suitable for drilling water boreholes and the availability of such ri
Slide 33: Key risks (Cont'd)
Key risks (Cont’d) 33 Risk Description The licenses issued to the Company’s subsidiaries are prospecting licences. If these licenses result in a Mining Licence or Special Mining Licence as defined in the Tanzania Mining Act 2010 being granted then additional requirements will apply to the Company an
Slide 34: Key risks (Cont'd)
Key risks (Cont’d) 34 Risk Description The Helium Prospective Volumes of the North Rukwa Project have been certified by independent experts Netherland Sewell and Associates of Houston, Texas, USA (NSAI), using probabilistic analysis; these estimates have been prepared in accordance with the petroleu
Slide 35: Key risks (Cont'd)
Key risks (Cont’d) 35 Risk Description Mining and exploration tenements in Tanzania are subject to periodic renewal. The Company believes that it currently holds or has applied for all necessary licenses and permits to carry on the activities it is currently conducting under applicable laws and regu
Slide 36: Key risks (Cont'd)
Key risks (Cont’d) 36 Risk Description If the Company decides to develop into helium production in the future, the operations of the Company including exploration and processing may be affected by a range of factors. These include failure to achieve the predicted grade in exploration, processing, te
Slide 37: Key risks (Cont'd)
Key risks (Cont’d) 37 Risk Description The Company is party to a contractual dispute with a former drilling contractor in relation to the prior drilling campaign at North Rukwa. The dispute may result in legal proceedings, arbitration, Litigation / Contractual Dispute or a negotiated settlement. Any
Slide 38: International offer restrictions
International offer restrictions 38 Jurisdiction Description WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commi
Slide 39: International offer restrictions
International offer restrictions 39 Jurisdiction Description This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document
Slide 40: Appendix 1. Helium Resources
40 Appendix 1. Netherland, Sewell & Assoc Inc Prospective Helium Volume Ranges for Noble Helium Resources Helium North Rukwa prospecting licences. July 20251 1. Refer ASX Announcement, 28 July 2025, North Rukwa prospective helium resource upgraded”
Slide 41: Developing one of the world's most prolific helium systems.
Developing one of the world’s most prolific helium systems. T: +61 (0)8 9481 0389 To redesign E: info@noblehelium.com.au Registered Office Noble Helium Limited Level 8, London House 216 St Georges Terrace Perth Western Australia 6000 noblehelium.com.au