Helium One Global (LSE:HE1) — Annual General Meeting

0:00 Good morning, and welcome to the HELIUM ONE GLOBAL LTD Annual General Meeting Proceedings. Throughout this recorded meeting, attendees will be in listen only. Questions could be submitted via the Q and A tab situated on the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. I'd now like to hand you over to James Smith, Chair. Good morning, sir.

0:25 Thank you very much, Paul. Ladies and gentlemen, welcome to the annual general meeting of HELIUM ONE's AGM. It's now 09:00. I am James Smith. I'm chairman and nonexecutive chairman of the company, and I'll act as chairman for the purpose of this annual general meeting. I'd just like to introduce our full board here in attendance. Lorna, Graham and myself are here on the front desk, and other three members, Sarah, Nigel and Mission, are in the room, present with us. Also, the head of the table here is Nick, who will be guiding us through the q and a session. And we've got other advisers from Hill Dickinson and from Liberum Pamela Liberum present with us also.

1:12 The quorum necessary to constitute the AGM is present, and I hereby declare the meeting open. With everybody's permission, I propose that the notice for the AGM was received, and each of the proposed res resolutions is set out in the notice and taken as read. Prior to putting the formal resolutions to the meeting, I would just like to draw your attention to the proxies that I've received. I'm gonna run through all five proxy received votes for all of the resolutions. So resolution number one, four was 670,510,000 against 770,000.

2:05 Resolution number two, four, was 669,948,000 against 1,328,000. Resolution number three, six hundred and forty five million three hundred and seventy two thousand four and against 15,774,000. Resolution number four, six hundred and fifty four million nine hundred and sixty four thousand against 13,315,000.

2:52 Resolution number five, the final resolution for 648,202,000 against 21,336,000.

3:09 I will now go through each of the resolutions, and if the shareholder present in the room would like to state their name, if you have any questions at the time, any questions that you wish to ask. So for resolution number one, this is an ordinary resolution to receive and consider the accounts of the company for the financial period ended 06/30/2025. Together with the reports of the directors of the company and the auditor of the company on those accounts. Are there any questions in relation to this resolution?

3:51 There be no questions. I propose that we put the meet the vote to the meeting. The resolution set out as item number one in the notice convening this meeting as an ordinary resolution. For those in favor, please raise your hands.

4:11 Those against, I conclude that the motion is and resolution is passed. Resolution number two, the reappointment of PKF. Resolution number two is an ordinary resolution to reappoint PKF Littlejohn LLP as auditors of the company to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting and to authorize the board through the audit committee to fix its remuneration. Are there any questions in relation to this resolution?

4:49 There being no questions, I propose to put the vote to the meeting as set out in item two of the notice convening this meeting as an ordinary resolution. Those currently in favor, please raise your hands. Those against, I declare the resolution carried as ordinary resolution. Okay. Resolution number three, reelection of director. Resolution number three is a ordinary resolution to reelect as a director of the company Lorna Blaise, who retires by rotation in accordance with the company's articles of association. And being eligible, missus Blaise offers herself for reelection.

5:38 Are there any questions in relation to this resolution? There being no further questions or any questions, I now propose to put the vote to the meeting. Will all those kindly in favor raise their hands? All those against, I declare resolution number three as carried. Resolution number four, reelection of director. Resolution number four is an ordinary resolution to reelect as director of the company, mister Nishant Diggy, who retires by rotation in accordance with the company's articles of association. And being eligible, mister Diggy offers himself for reelection.

6:24 Are there any questions in relation to this resolution? There being no questions, will all those kindly in favor raise your hands? All those against, I declare resolution number four carried as an ordinary resolution. Resolution number five, this application of preemption rights. This is an ordinary resolution that directors be and hereby generally and unconditionally authorized to exercise all the powers of the company to allot up to 3,100,000,000 equity shares in the company, representing approximately onethree of the issued share capital for cash or for grant rights to subscribe for or to convert any securities into shares in the company as if article 3.2 of the company's articles of association did not apply.

7:21 Are there any questions to this resolution? There being no questions, I propose to put a vote to the meeting. All those kindly in favor, please raise your hands. All those against, I declare resolution six carried by the requisite majority. So there being no further business, that concludes the formal aspects of the meeting. And on behalf of my colleagues and myself, I'd like to thank everybody for that formal aspect of the meeting. I'm now before handing over to Lorna, before we go into corporate presentation, I'd just like to make a few comments. Firstly, on behalf of HELIUM ONE, I'd just like to extend my sincere condolences to the Jackson family who we work very closely with in Colorado with the passing of Everett Jackson.

8:18 It's been a privilege for the company to have worked with Blue Star on Jackson the Jackson family's land in Colorado, and we've remained very grateful for their continued support in the development of the Galapaglia project. And our thoughts are with the Jackson family during this difficult time.

8:40 So secondly, I'd like to take a moment just to reflect on how far the company has come in the last couple of years. Two years ago, almost to the day, HELIUM ONE was in a very challenging place. After drilling three wells on the Thai prospect, we concluded that the geology of the Rookwood Basin could not deliver conventional gas accumulations. However, those wells also provided some critical insight, and they demonstrated clearly that helium was present in significant quantities within an unconventional setting within water. At that point, those two years ago, the board faced a pretty difficult strategic decision.

9:27 The rig had suffered a major failure, and we, at that time, required to decide how best to act in the best interests of shareholders. And although equity markets were extremely weak at the time, the board elected to pursue a fundraise enabling us to repair the rig and to continue with an unconventional exploration program. And it was that decision two years ago that proved pivotal for the future of this company. We subsequently drilled Itambula in a more optimal location to explore for this unconventional helium accumulation and this made the discovery at Itambula. And under Lorna's leadership, we executed extended well tests, submitted a mining license, ultimately secured the largest mining license in Tanzania, and now we're progressing that asset towards development through our ongoing ESP program and production test that Lorna will expand on in a moment.

10:34 In parallel with that, we farmed into the Galactica project in Colorado. We've drilled six successful development wells, and the first three of those wells are now being tied in and are expected to come online imminently, providing us with first production and revenue generation, first for this company. So from what was an undeniably a difficult moment two years ago, the company has delivered transformational progress. I'd like to say thanks to the whole team for the technical strength, commitment, and discipline that we positioned HELIUM ONE on the cusp of some really highly exciting

11:18 period for the the company and creation of shareholder value within this unique portfolio. I'd like to express my appreciation to Lorna and to the rest of the team for their hard and determined work in a very for leading us through a very significant period in the last couple of years. And with that, I'll hand over to Lorna to make a corporate presentation to give us an update on where we are with a number of those projects. Thanks, James. Good morning, everybody, to those of you in the room and also to those of you who have given up their time this morning to join online. I would just take you through our corporate presentation, giving you an update of where we are on both of our assets and both projects across across the globe in Tanzania and also now in The US.

12:15 As James has just alluded to, this is a a really exciting time for HELIUM ONE. We are on the cusp of our first production with first gasping imminent out of the Galactica project in The US with Blue Star being the operator there. So it's a really, really exciting period and delighted to be sort of sharing that news and and that story with with all of our shareholders going forward over the the coming the coming days and weeks. Over the past twelve months, we have seen significant progress across both of our projects. As James alluded to, the sort of first foremost of those was the successful award of the first helium mining license in Tanzania for the Southern Rukwa project. That was off the back of our successful discovery at Itambula West.

13:05 And then a huge amount of effort that went into compiling a very detailed and comprehensive feasibility study for a project, which is very unique. The helium is is present. However, it is associated with with water. So the teams worked incredibly hard to package up that feasibility study and and submit our application for a mining license, was successfully awarded earlier this year. In addition to that, we've continued our strong relationship with the the government of Tanzania, and we have successfully negotiated a 17% government carry as part of the regulatory framework agreement. We've also recently commenced our ESP operations on that project.

13:50 That is the requirement to use an electric submersible pump downhole, which will increase our flow rates and enable us to, in turn, achieve higher flow rates and bring that helium to surface in in higher quantities. And in in turn, that will then enable us to move up the resource chain from contingent resources to bookable helium reserves, which in in time will open up new avenues in terms of project funding. So very, very exciting period in Southern Rukwa, and we're very grateful to the government of Tanzania and also the local communities there for their continued support on this flagship project. In The US, we've successfully completed the six well development program earlier this year operated by Bluestar, and we've seen the wells there flowing up to 3% of helium and 70% of c o two.

14:46 So this is a combined revenue project of both helium and c o two with the helium aspect coming on stream imminently. And as James alluded to, you know, a huge milestone for for both of companies, but obviously for HELIUM ONE being poised on that imminent cusp of production and subsequent revenue generation. So as always, it is never a quiet period for us. I think the last twelve months mirror almost the previous twelve months as well. However, this time having dual operations across two continents has certainly pushed and challenged the the small team that we that we do have. However, you know, I'm pleased to announce and sit here today that that both of those assets are moving in the right direction.

15:36 You can see on this slide the timeline of of progress. You know, there is rarely a quiet period. You can see the dates at the top of that timeline for Tanzania illustrating where we were offered the mining license. We then accepted that mining license. We moved very quickly into negotiations around the regulatory framework. We also completed an independent CPR, which shareholders recognize adds a huge amount of value to a project like this and really is having sort of drawing that line in the sand of of what we we have potentially in in the potential in the ground and ultimately can monetize longer term. In the latter half of of this year, we've commenced civils work ahead of the ESP operations. We've got equipment coming in globally.

16:23 Nothing is ever on on the doorstep in Tanzania. We do have to mobilize in equipment internationally, which, you know, unfortunately does take time, but that is something we, you know, we we pride ourselves on on always moving forward and and and mitigate appropriately. And obviously, we will be commencing we've just commenced the logging of the downhole section in open hole, and then we'll be moving very swiftly onto the ESP operations early in the New Year. And looking forward into next year, we'll continue that work at Hainan Bula West 1. We'll be looking forward to executing the regulatory framework agreement with the government of Tanzania. In turn, that will encompass a formal signing ceremony, and we'll be looking longer term into what the the future development of Southern Brook will will be like to pave the way to that important first gas.

17:13 In parallel, on the bottom timeline, you can see the milestones achieved in the Galactica project over in Southeast Colorado of The US the six the successful drilling of the six development wells, the permitting approvals for the Galactica plant, the completion of the gathering lines, the burying the digging of those trenches, the burying of them, the restoration of them, the lease agreements for the processing equipment, the installation of all the production facilities. I'm sure all of you have seen the news flow this morning as well from Blue Star that that we have mirrored. And the plant is gathering at pace, and we are on the cusp of seeing that first gas. Incredibly incredibly exciting time, and we're we're very grateful to be working alongside Blue Star and and their teams that they have out in the field who are are really working exceptionally hard to to achieve this milestone in in in the coming days and weeks.

18:12 And so looking forward from The US asset into next year, we'll see cash flow out of that project, which is obviously a company first to be able to sort of draw that line in the sand and move along from an exploration company to a production company is a huge milestone. We'll be seeing further development of the Galactica field and into the adjacent Pegasus field. And we will, of course, remain open to wider opportunities should they arise. The next two slides just show the sort of snapshot of both of those assets. Both basins here across across a sort of global portfolio of helium projects demonstrate significant percentages of helium. In Tanzania, we we don't have the association of of c o two.

19:02 It's it's associated with nitrogen and water. In The US, we have the association with c o two, which, as I've mentioned, we will be monetizing, but no no hydrocarbons associated with that project. So two very, very different helium projects, but both have and demonstrate and and prove huge potential to to the company. This slide shows where those three projects sit in relation to other global Helium helium projects that are either in production, which you can see on the far right hand side of this slide, sort of over the last ten to fifteen years at quite lower quantities and percentages of of helium and often associated with hydrocarbons.

19:49 They're producing as a by product to those hydrocarbons. And as we step towards the left hand side of this graph, you can see a number of new players and discoveries coming into into the helium space. And we're you know, we we pride ourselves to sort of show that that we sit quite firmly on that curve of of really quite high high profile helium projects that have a significant quantity associated with them and are now on the cusp of into moving into production. This is just a reminder to those of you who are more familiar of geology in Southern Rooker and what we've targeted. James alluded to the the learnings encountered at TIE and the significant challenges that that demonstrated to to the subsurface team and also the drilling team.

20:41 And they were challenges at the time, and they were frustrating. However, collectively, as a team and as a company, they also taught us a lot about the subsurface and what we needed to do next in order to achieve our objectives and to find that all important discovery. So you'll see on this slide that we drilled through the shallower section of geology through the Karoo section, which is depicted by the sort of yellow markers on this wellbore, which is predominantly sandstone and really quite constrained by a regional top sill to contain the gas. And then we come into this broad deep seated basement block where that that log sort of changes to a purple color. This is really ancient basement material, which is where we know not just from the wells that we've drilled, but also from the research that's been done over the years by academics, is that is where the helium is sourced.

21:34 It's coming up deep from within the Tanzanian Craton, and it's preferentially migrating up through the faults and fractures that come up through that basement rock and bring it to to the the subsurface. And it was drilling into that and the deepening of Wittenbulla West and subsequent well testing of that deeper basement that really yielded us those higher elevated sustained helium concentrations, where we were able to then declare a discovery and subsequently move forward into an independent CPR and and move up that that resource base.

22:13 This slide shows the extent of that mining license. So 480 square kilometers is the largest mining license that's ever been awarded in Tanzania. Majority of mining licenses are are 10 square kilometers for ore deposits. We've worked extensively with the government of Tanzania to bring them up to speed on the uniqueness of this project and what we are required to do in terms of developing it and monetizing it and the need for drilling clusters of wells to tie into central processing facilities, etcetera. So we are really delighted that they have approved such a huge area for us to now move forward and develop. We've also established a new joint venture company, which is referred to as SONGWE HELIUM, we're now on the cusp of getting the framework agreements officially executed and the sort of formal signing ceremony for that documentation is is expected soon.

23:15 We announced the results of the CPR earlier this year. And those of you that are familiar with this process will understand the importance of of moving up this curve, so to speak. You know, we we want to move out of prospective resources, which is more of an exploration stage of a project, into contingent, which is where we firmly sit now with the Itambula discovery. And the next step now is to move into bookable reserves. And we aim to do that with the results of this ESP program. We will utilize the results of of that and go back to an independent auditor and be able to move into that reserves classification category. That will then open up plethora of funding opportunities and and project financing so we can move forward into the the the fulfilled development program.

24:06 In addition to contingent resources, we also asked Sprawl ERC to look at what we would have in terms of prospective resources away from the Itambula Bridge with elsewhere within the mining license, which has given us an upside of an additional 3.2 BCF on top of the point three BCF in the contingent resource classification. So very much looking forward to to upgrading that reserve base in time next year. What does the appraisal program look like at Southern Rookwa with this ESP testing that's about to start imminently? So we will be running the electrical submersible pump as deep as we possibly can into the wellbore, so it sits adjacent to the basement.

24:57 You can see on the right hand side of this slide, the basement section is currently open hole. We've cased everything above that, and we'll be running the ESP as deep as possible in the basement to hopefully increase those flow rates. We'll then be positioning the pump slightly higher up the section where we do have some slotted casing across the Karoo, and then we'll be testing the Karoo interval as well. And that equipment, as I say, is is en route to to to Tanzania as we speak. We hope to have that outside within the next few weeks. And as soon as we have it on-site, we will we will commence those operations. We have just we've we've been we've we've had our teams in the field over the last few weeks. There's a series of sort of work that needs to be done ahead of that ESP, and I'm pleased to report that all of that has has gone well. We started up the rig, although it's been warm stacked. We we started it up in earnest about six weeks ago, and the teams did a fantastic job at using the rig to pull the two and seven eighths completion string, which was successfully done.

26:08 And then we quickly moved into mobilizing wireline logging crews to to come in and and log the wells so we have a greater understanding of where we'll be positioning the ESP pump and ahead of that ESP operation. So looking forward over the next few weeks, we'll be installing that pump on the tubing, and then we'll be conducting those multi rate tests across those two intervals. Longer term, what does that development look like? Obviously, it's our objective to move that into production and subsequently commercialization. So we will be using routine product helium production facilities equipment.

26:53 So we'll be separating initially, we'll need to separate the water and also the oxygen, and we'll be doing that by a series of of membranes, membrane separation and PSA technology to remove any impurities within the helium as well. And then we will then ultimately compress it and and truck it via tube trailers to to source or to the market, which obviously from Tanzania will be likely international, Middle East, China, where there is the demand. However, we do regularly get in country inquiries around sourcing it for some of the major hospitals in and around East Africa. This design will be very much modular, which is very normal in in in this in the Helium space. Those containers will be shipped to site in a modular capacity where we can then assemble them on-site.

27:48 We have spent quite a lot of time operating in both wet and dry seasons in Southern Brookwa, and we are becoming quite quite good at ensuring that all of our civils work is appropriate for that wet season so that we can continue operations, be that road upgrades,

28:07 be that site restoration, etcetera. So we see no barrier to to continuing mobilization of the production facilities should that arise in in the wet season. And then ultimately, as I mentioned, we would sell we'd compress it and sell at source via tube trailers. And moving on to the second asset in The US, Galactica Pegasus development. So the map on the right hand side demonstrates the wells that have been drilled this year and the associated helium concentrations that came with those and delighted to have farmed into this project at the back end of last year with Bluestar as operator.

28:52 They're incredibly knowledgeable of the of the basin here and subsequently the the field, and we're very much you know, we're very pleased to be on

29:01 board with this exciting global helium project. And, obviously, as I've mentioned and will keep mentioning, we're on on the cusp of that first gas imminently. The results of those development wells were key. Obviously, Blue Star drilled the discovery wells prior to last year. We're very confident on what was in the ground here, and there's also an adjacent project that's already in helium production as well. And those wells that we've drilled this year were very consistent with what we had expected, consistent flow rates, stabilized flow rates, elevated helium concentrations, and also elevated c o two. And very, very much looking forward to what the next news will bring in in the coming coming days and weeks.

29:48 The development here is effectively phased like all developments. Our primary focus now at the moment is to bring the helium tie in those first three wells and bring the helium on stream, which will be closely followed by the c o two next year.

30:04 The Pinion Canyon plant is able to process both helium and C 02. This is a a leased installation, and the wells will be tied in in a in a stepwise stepwise manner. And the JV is looking forward to achieving the full capacity of that plant during during next year, and we'll be tying in a number of other wells into that plant before we sort of advance eastwards and and develop the Pegasus area in addition.

30:37 We're confident although there is you know, the the helium market is very buoyant at the moment, particularly in The US, there is still demand across the the sectors that are unsurprisingly. There is still a lot of growth across the fiber optic semiconductor electrical industry market as well as the space exploration sector as well. So we are still seeing the demand for that. Blue Star have been speaking with off takers, and, you know, we we're we're still looking at sort of that that mid case helium price market. In addition, the c o two will be sold to the food and beverage industry. There is a huge demand for that in The US. And as I mentioned earlier next year, we will we will tie in the c o two.

31:27 And then as I mentioned, longer term, we will start to develop towards the the East Of Galactica and across into into the Pegasus field scale up the development as we expand the project into phase two to next year and beyond.

31:45 This slide just demonstrates that pictorially in terms of a timeline. Just a recap of of sort of what we've achieved in the last six months and just that sort of all important planning phase, not just in Tanzania, but also in The US. You know, it's a huge amount of work that has to go in before you actually drill the well or test the well or or tie in first gas, you know, permitting, long lead, civils, planning, etcetera. And that, unfortunately, is just part of the process. However, you know, we always maintain the long term goal here in moving into production for both assets and then as the company moving away from being sole risk exploration company into a company that then has dual assets in production and ultimately revenue generating.

32:39 At this point, I will now hand over to Graham Jacobs, our finance director, who will just talk through the financial section of this presentation and then close-up from there. Thanks, Luna. On the right hand side there of the the financial slide, you can see a fairly detailed analysis of the movement in share price as matched against announcements that we made during the year. I don't intend to go through that in any detail because it is quite there's quite a lot of information there, but it is worth looking at and drawing parallels between the share price and its reaction to announcements we do make as we progress the projects. Loss for the year was $5,000,000 including some impairments.

33:30 The main aspects from a financial perspective were cash raises. Again, August 2024, we raised GBP 8,200,000. That allowed us to acquire 50% of the Galactica Pegasus project. And obviously, as James and Lauren has mentioned, that's moving us imminently towards first gas and cash flow, which will be a milestone for the company. And we also raised $14,300,000 in July to allow us to develop further the ESP operation and also the development costs directly involved on the Galactic Pegasus project. That wasn't particularly well received, and you'll see that the cash the share price reflected that.

34:18 And as a result of that and our ability to defer and convert some of the CapEx requirements of the Blue Star costings and project, we converted a number of those costs into lease arrangements, longer term payments, and we're able to terminate the final aspect of the advances that were made by the investors. That gave us we were able to do that with a reduction in our cash position and obviously stabilized the share price somewhat from that point in time. So and the point worth making here, obviously, is the fact that this will hopefully has been alluded to again by James and Lorna. This is the last set of accounts that won't include a nice revenue line on the top

35:12 as we move towards an increase focus on on that particular project. Three wells will be tied in before the end of the year. And then when we look at the next phase of development on those, which will be a further three or four wells from the original development program that we undertook. Thanks, Graham. So looking forward, you know, we are still very much focused on being a multi asseted helium production company. Next year, we continue to advance the Southern Rookwood development off the back of those ESP results. We pride ourselves in remaining the primary helium player in Tanzania, and we'll continue to strive to do do great things and continue that strong working relationship with the local communities in Southern Rukhba and the government of Tanzania.

36:04 We will continue to focus our efforts on project monetization to benefit all stakeholders. And, obviously, the all important near term cash flow to advance towards that fulfilled development over in over in The US. And also to maintain our view of being opportunistic to other new projects expand our business development side of the business. At that point, I will close the presentation and hand over to Nick for questions. What we're gonna do is firstly cover the presubmitted questions on IMC, which we will go through now.

36:52 First one, how do you propose to raise the equity required to begin operations in Tanzania circa GBP100 million as previously quoted by HELIUM ONE? Yes, it's a good question. And obviously, it's one that shareholders are asking. I think just as a point of principle, I think the number we've previously given, it was $100,000,000 Most of the numbers we do quote are dollars and not sterling. It is a large scale development where we understand that. And we will remain opportunistic as to how we do fund that. There are a number of options that will be open to us, including debt, which was very much a route we would like to take. Strategic partnerships, clearly, that would be very, very important to us.

37:40 You know, there are there are other bigger companies that are out there and we may be able to, you know, have discussions with. We've had some early stage discussions with some of those. But clearly, in all of this, what we'd be looking to do is minimize dilution especially we can and maximize value to shareholders. Next one. Now on the verge of revenue from Galactica and have a mining license for RUQUA, can you rule out any more fundraising and further dilution for your extremely patient shareholders? James? Well, as I alluded to earlier, it's been a tough, you know, period two years ago, and we have to remember where we've come from since that time.

38:28 Yes. We've had to raise funds during that period to complete the projects to get us to the point where we are now facing the likely imminent production from our American assets. So, yes, I acknowledge it's been painful, especially two years ago, but this financing was necessary given we're historically been a nonrevenue generating company. It's allowed us to participate in the GLOBAL TICA project. It's allowed us to make the discovery at Itambula. And so whilst I can never rule out any future fundraisers, we are past the period where we are no longer not generating revenue. We will be a revenue generating company, and that will assist us in our plans going forwards.

39:29 Yeah. I think I'll I'll leave it at that point, Nick. Next one. How much capital will be required to tie in the initial wells for the Rukwa project? And how will the finance of this space be secured? Will it include revenue from Galactica? I'll take that one then. So I think for Southern Rukwa, there are still a number of unknowns, which is why we're carrying out the ESP at the moment to work up what that fully fully costed development plan will look like and, obviously, the ultimately, the the FID there. Moving forward, our preference would be to ring fence The US operation, but it's likely that that will be considered as a source of collateral as we look forward to further financing Southern Brookwood.

40:18 Next one. Do you plan to issue more shares for cash in order to sustain the business? Or are you now able to borrow against future revenues? There's a theme here. Borrowing against future revenues is somewhat essentially quite difficult to do. What we can do is hopefully borrow against booked reserves. And that's a point that Lorna made earlier as we develop Rookwa and as we move those reserve categories further up the list. Project finance is something that we will and will pursue for very obvious reasons. And the same would actually apply to The US as well.

41:04 We don't have any third party independent CPR reports added at the moment, but it's something that's very much in our mind because that project is a lot bigger. I mean, as you've heard, we're signing three wells initially. But there are there there's the opportunity to to to drill and produce from many, many more wells in that particular project. So, again, some form of reserve backlinking is something that we would very much be looking at with our partners as we as we as we progress that. Next one. How do you envisage giving back shareholder profitable return, and what is the time scale for that shareholders? I'll I'll take that one, Nick. So I think as as has been mentioned here, we we do we have delivered on everything we have said we will deliver on, and that is very much still our strategy.

41:54 We'll be taking both of both projects, you know, near term development and and the production and The US into into production, and we're confident that we will do that. I think it's fair to say that as a board, we do share the frustrations. You know, we've delivered some very significant milestones as a company. Unfortunately, that has not been recognized by the market, but it it you know, we we feel the same frustrations. I feel it on a day to day basis, but I we can't control the share price. All we can control is to continue to deliver on what we go out and to say that we're going to deliver on. Ultimately, by continuing to do that, we we know that that will, in the longer term, generate value for shareholders.

42:42 And as we continue, we'll be creating revenue streams, and we'll be able to quantify that all important reserve space. Next one. Can the board confirm whether recent tests allow for groundwater and how the results of the aquifer testing will be reported and will technical reports be available to shareholders? I'll take that one, Nick. So it is it is a complex project in Southern Rookware. We've mentioned that many times. You know, it is carried via these basement fluids, and therefore, we do acknowledge that there is a key water component to this that we that we need to understand. We are engaged with a group of very experienced hydrogeologists, and we do reach out to various bodies for additional technical support where we need it. We're a very, very small team.

43:34 And, obviously, with the nature of the project and and any sort of exploration, appraisal development project, you we would you do reach out to various skill sets as and when they are required. The sampling approach that we have adopted to date in in the basin has worked. You know? It's been successful. We've recovered gas to surface, which is which is important. And the ESP similarly has been designed in such a way that we'll be able to acquire additional data to give us greater certainty on on what that upscale reserve base will look like. I think it's probably fair to say that as and when appropriate, we we will make information available as we routinely do via our website. However, you know, preference still maintains that that that is third party information so that shareholders and and and others see that it has been independently verified, which is which is also very important.

44:32 But I think in terms of our skill set in Southern Rukwa in in Tanzania, you know, we are, you know, we are the the voyagers here. We're paving the way. We've the team have really got a great understanding of this project, and we are continually learning and and consistently delivering. And we strive we will strive to continue to do that and and build our HELIUM expertise and and maintain sort of that that area of expertise across both projects, not just in Tanzania, but also in The US. Next one. Are you now fully funded for the foreseeable future and trust there will be no further dilution to shareholders? Nor the profits from USA Project from the company while Africa Project is developing.

45:20 That's more than one question, I think. But are we fully funded? We're fully funded for our current level of commitments and obligations. Will there be further dilution? Well, again, it depends on how we develop our projects. Clearly, one of the balances in all of this is our our our MPVs and money now instead of money tomorrow. The quicker we can develop these, the more valuable they are and the more valuable they will be to potential sources of finance and strategic partners. So as as as I've as I've said before and and and the rest of the board here as well said as well, they're not they're not always dilutive events because value is being added at each time.

46:12 And and and to to emphasize Lorna's words here, it is quite frustrating when that is not always recognized. We were criticized for raising $8,000,000 to acquire 50% project on the, in the in The US. And that's been transformational in just over a year. So I think here we need to understand each time what the money would be used for, ensure that the board are confident that it will add value to the company and therefore to the shareholders. And as long as we can maintain that degree of foresight and and trust in our judgment, then we will continue to go down the same path and raise money where it's necessary, keep it to a minimum, but use it for very strategic and very valuable purposes.

47:04 And next one. What revenue are you hoping for from the Galactica and Pegasus during 2026? Well, I'll just briefly comment on that. We have issued independent reports on this, and they state that approximately 2,000,000 US per annum will be accrued to the company over the coming years. That's on a helium only basis. And, of course, it's worth remembering, as Lorna's alluded to, we plan to tie in the c o two aspects of the project later next year, and that will add to that revenue number. So the base case is 2,000,000 a year from HELIUM but will be increased once we get that c o two online.

47:53 And the last one of the presubmitted questions was when will something look like be commercially viable? So, you know, it's a stepwise project. Obviously, the next important phase is gonna be encompassing the results of the ESP, which we, as I've mentioned, will feed into an updated CPR and and move us into the bookable reserves. And then at that point, that opens up finance further financing options for for us. Yeah. Just I think we should ask the people in attendance first if they have any questions. If you have any questions, sir, please ask. No. No questions. Okay. So we have other questions on the IMC. Just Scrolling down. Question from Peter b.

48:41 What does Lorna's statement open to wider opportunities mean? I think that was on your slide with The US. Yes. Business development. You know, I think we've demonstrated as a company in the last twelve months that we're not just a single asset company. You know, we we do see ourselves as being across multiple assets and certainly in the Helium space is something that we'll be keeping keeping our eyes to the ground on on business development and just remaining opportunistic. It's it's that opportunity that has brought us to where we are today on the cusp of of first revenue. Yeah. There's a question on the CPR from Solar A. On the CPR, Southern Mokwa holds approximately 3.4 Bcf of helium resources, brackets contingent and perspective.

49:27 Please, could you clarify if the figures is gross gas, brackets, nitrogen, and helium or gross RAS, helium only? That's just helium. Down here. From Theo M, does the sourcing, the electrical permit determine what equipment you will need on-site, Or can you start planning contractor stroke equipment for water removal to come on-site before the ASP is operating on-site? Actually, that's a that's a very good question on on the water disposal, and I should have touched on that. You know, I think we put out some news flow a few months ago about the completion of the civil's work at site for that water disposal. So we have dug quite quite a large pit so that we can flow the water to surface during the ESP operation.

50:23 And the plan there is that we will have the means to do that and and and therefore dispose of the water subsequently. We have we have a permit for discharging that water already in place. And, certainly, that will be something that we will have in place longer term. We've also given some thought as to what we could do with the water longer term once we're in production and and that project comes on stream. And we are speaking with NGOs around utilizing the water for irrigation purposes in Southern Rookwa. There's another question from Russell M. Do you anticipate that helium from Rookwa will have added value in the market because it is green, I. E, not associated with hydrocarbons? That's another good question.

51:11 I think I think we are all aware that the ESG buzzwords over the last few years have dwindled a little bit. Certainly, as a company in the outset, we were very much pushing sort of the green helium in Southern Brookwa and the fact that it isn't associated with hydrocarbons or h two s or c o two. However, I think it's also fair to say that a number of the successful helium projects globally are associated with another gas, and in some cases, that other gas is hydrocarbon gas or c o two. But what it does mean from a development perspective and a processing point of view, it's far simpler. So And cheaper. And cheaper. Exactly. So we will only need to separate the water, and the nitrogen will just be vented to the atmosphere.

52:05 That's the ones that we haven't covered in that side. Okay. Thank you, Nick. And thank you, IMC. So if there are no further questions, I will now close the meeting. Thank you all for your attendance and hand back to you, Paul. Fantastic. Thank you indeed for updating attendees. Can I please ask attendees not to close the session? You should be automatically redirected to provide your feedback, and all the team can better understand your views and expectations. This will only take a few members to complete, but I'm sure it's greatly valued by the company. On behalf of the board of Healing One GLOBAL LTD, we'd like to thank you for attending today's annual general meeting proceedings. That concludes today's session, and good morning.