Blue Star Helium Limited · ASX:BNL
Blue Star Helium — Investor Presentation (October 2025)
25 slides from Blue Star Helium's investor presentation, Oct 21, 2025
Slide 1: America's Newest Helium Producer
Corporate Presentation | October 2025 AMERICA’S NEWEST HELIUM PRODUCER First helium production from Galactica set for Dec 2025 ASX: BNL OTC: BSNLF
Slide 2: Disclaimer and Important Information
DISCLAIMER AND IMPORTANT INFORMATION The material in this presentation has been prepared by Blue Star Helium Limited (ACN 009 This presentation may contain forward-looking statements that are subject to risk factors 230 835)("Company"). associated with a helium and CO2 exploration and production bus
Slide 3: Developing High Grade Helium and Natural CO2 for Critical Markets
DEVELOPING HIGH Experienced Board and management team Deep expertise in helium, CO2 and O&G exploration, development GRADE HELIUM AND and commercialisation with an operational edge in U.S. markets NATURAL CO2 FOR CRITICAL MARKETS High-quality asset base strategically located in the U.S. Projects loc
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT CLEAN CAPITAL STRUCTURE ALIGNED SHAREHOLDER BASE ASX Ticker BNL Board & Management 1.2 % OTC Ticker BSNLF Top 20 43.8 % Share price (ASX close, 15 October 2025) 0.7¢ As at 10 October 2025 Issued share capital 3,603 M Options 932 M EXPERIENCED BOARD AND MANAGEMENT Performance Right
Slide 5: Strategic Asset Portfolio in Colorado
STRATEGIC ASSET PORTFOLIO IN COLORADO Premium helium and CO2 assets located in the heart of the largest markets in the world • Our Las Animas acreage represents a high-quality, multi-commodity gas development opportunity to supply critical U.S domestic markets • Favourable geology with high concentr
Slide 6: Pressing American Demand for New Helium Supply
PRESSING AMERICAN DEMAND FOR NEW HELIUM SUPPLY Growing helium supply deficit amidst increasing global demand across several strategic industries Source: AKAP Energy Current and Projected Helium Demand Volume (Mmcf) 2.6 Bcf supply gap by 2030 Aerospace Fusion & Fission Energy Quantum Computing Artifi
Slide 7: Carbon Dioxide Uses
CARBON DIOXIDE USES Food & beverage A critical path component in several key industrial sectors Agriculture Waste-water treatment EV battery production MARKET STATUS E-fuel development • US carbon dioxide merchant demand is approximately 10.4 million tons per year • Annual demand growth projected be
Slide 8: A Defined Pathway to Long-Term Value
A DEFINED PATHWAY TO LONG-TERM VALUE Implementing a scaled development approach STAGE 1: GALACTICA DEVELOPMENT • Tie-in initial 5 wells from 7 existing development wells to Pinon Canyon plant • Commission and first production from plant set for December 2025 STAGE 2: GALACTICA/PEGASUS EXPANSION • Ex
Slide 9: Stage 1: Galactica Development
STAGE 1: GALACTICA DEVELOPMENT De-risked with validated proof of concept • Successful seven (7) development well drilling program completed in H1 2025 returned consistently high helium and CO2 concentrations and demonstrable flow • Pinon Canyon plant approved and secured via execution of long-term l
Slide 10: Stage 1: Galactica Development
STAGE 1: GALACTICA DEVELOPMENT Pinon Canyon Plant: Blue Star’s first helium & CO2 processing hub Initial well tie-ins and commercial production set for Dec 2025 • All permits in place and equipment selected for leased plant installation and tie-in of development wells via gas gathering system • Prod
Slide 11: Stage 2: Galactica/Pegasus Expansion
STAGE 2: GALACTICA/PEGASUS EXPANSION Ready, scalable expansion of commercial operations Galactica/Pegasus holds the potential to be a 30+ well development • Previous exploration success at Pegasus with the JXSN #2 discovery (3.0% He tested at 202 Mcfd) and offset well JXSN #4 returned up to 6% He an
Slide 12: Stage 3: CO2 Commercialisation
STAGE 3: CO2 COMMERCIALISATION High-grade, natural CO₂ product opportunity for premium markets Realisation of Galactica/Pegasus CO2 commercialisation potential • Blue Star continues to advance CO2 purification solutions for incorporation into processing plant design at Galactica/Pegasus • Potential
Slide 13: Stage 4: Acreage-Wide Expansion
STAGE 4: ACREAGE-WIDE EXPANSION Rapidly grow well inventory across Blue Star’s broader existing acreage in Las Animas • Large, existing resource portfolio in proven plays BLUE STAR LAS ANIMAS LEASEHOLD across broader Las Animas acreage (Galactica / 300,000 Gross Acres Pegasus represents only 68,000
Slide 14: Building a Premium Domestic U.S. Helium and CO2 Supplier
BUILDING A PREMIUM DOMESTIC U.S. HELIUM AND CO2 SUPPLIER Stage 4 Supported by JV Partner ACREAGE-WIDE Helium One Global EXPANSION O N T I Stage 3 E RA CO2 COMMERCIALISATION G EN FLOW S H L CA Stage 2 TA Stage 1 GALACTICA/PEGASUS N D TO 4 GALACTICA EXPANSION C TI ON A O DU O PR DEVELOPMENT Ma nd C 2
Slide 15: Appendices
APPENDICES BLUE STAR
Slide 16: Helium Recovery Unit (HRU)
HELIUM RECOVERY UNIT (HRU) Cimmaron Midstream Solution Photos taken during site visit to Boger Tx Cimarron Midstream yard in September 2025 16
Slide 17: Marketing Strategy
MARKETING STRATEGY Ongoing offtake discussions across the value chain • Develop geographically diverse HELIUM REFINING AND SUPPLY CHAIN portfolio of high-quality projects • Develop operating partners across the entire supply chain: – Strategic partners to leverage geographic supply flexibility – Dis
Slide 18: The Galactica Helium & CO2 Development
THE GALACTICA HELIUM & CO2 DEVELOPMENT Plan of development schematic 18
Slide 19: Helium Uses
USES HELIUM Healthcare Electronics A modern technology enabler with a structural supply deficit Aerospace Research High-tech MARKET STATUS manufacturing • Existing helium production is declining at around 2-3% per annum compared to demand growth at CAGR 6% to 8.7 Bcf in 2030 (from 6.1 Bcf in 2023) •
Slide 20: Current Helium Uses
CURRENT HELIUM USES Helium is a modern technology enabler AEROSPACE/AIRCRAFT HEALTHCARE ELECTRONICS/SEMICONDUCTORS Space flight Heliox breathing mixtures Fibre optics NASA (and private space organisations) uses helium as an Helium in breathing mixtures assists with breathing and Used in the manufact
Slide 21: Pressing American Demand for New Helium Supply
PRESSING AMERICAN DEMAND FOR NEW HELIUM SUPPLY Current North American supply levels are not sufficient to cover growing helium requirements in key industries GROWING SUPPLY Aerospace DEFICIT AMIDST INCREASING Fusion & Fission Energy GLOBAL DEMAND ACROSS SEVERAL STRATEGIC Quantum Computing INDUSTRIES
Slide 22: Mineral Rights in the United States
MINERAL RIGHTS IN THE UNITED STATES 1. The system of mineral ownership and development in the USA is 5. If an owner of a mineral estate, whether severed or intact with the 9. The identity of the mineral ownership in respect of any tract may not be substantially different to the system in Australia.
Slide 23: Glossary and Units
GLOSSARY AND UNITS Term Description In a probabilistic resource distribution, 1U (P90), 2U (P50), 3U (P10) estimates represent the 90% probability, 50% probability and 10% probability respectively that the quantity 1U (P90), 2U (P50) and 3U (P10) recovered will equal or exceed the estimate assuming
Slide 24: Risk Factors
RISK FACTORS The exploration for, and development of, natural resources is a highly speculative activity which authorities, as well as private land owners. There can be no assurance that Blue Star will be able Helium and/or carbon dioxide resource and reserve estimates may require revisions and/or i
Slide 25: Contact Us
CONTACT US Trent Spry Managing Director & CEO info@bluestarhelium.com For further information visit: www.bluestarhelium.com ASX: BNL OTC: BSNLF
Blue Star Helium — Investor Presentation (October 2025) on 6ix