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

0:01 Good morning, ladies and gentlemen, and welcome to the HELIUM ONE GLOBAL Annual General Meeting. Throughout this recorded meeting, attendees online will be in listen only mode. Questions are encouraged. They can be submitted at any time just using the Q and A tab situated on the right hand corner of your screen.

0:17 The call Chairman, now like to hand over to Chairman, James Smith. Good morning. Thank you very much, and welcome, everybody. Before I proceed into the AGM, I'd just like to explain how we're going to run the meeting. There's a formal aspect to the AGM where we'll go through the specific resolutions. After that, I'll hand over to Lorna, who has a presentation prepared to update all investors on the company's activities. And then after that, we'll open up to the floor to general questions.

1:02 And there's been some presubmitted that Nick will administer and offer up to the Board, and we'll endeavor to respond to those. So with no further delay, I'll crack on with the meeting. And once again, thank you for those that are attending. I'd like to welcome you to the AGM of HELIUM ONE. And now that it's past 11:00, we are formally starting the meeting. I am James Smith. I'm the nonexec Chairman of HELIUM ONE. And for the purpose of this meeting, I will act as Chairman of the AGM. A quorum is present, and so I do declare this meeting now open. With your permission, I propose the notice of the AGM and each of the proposed resolutions set out in the notice are taken as read.

1:54 Can I see any is there any agreement with that? Thank you very much. Prior to putting the resolutions to the meeting, I'm gonna advise the meeting that the Board of Directors has withdrawn resolutions five and six, and therefore, will not be put to the meeting. In accordance with the articles of association, Article 8.17, and in my capacity as chairman, I elect resolutions one, two, three, and four to the notice of the AGM to a poll. And before before I describe the procedure to run that poll, we have our registrar here to assist with that process, I'm gonna open the floor to specific questions on each specific resolution.

2:49 I'd be grateful if anybody has any questions, if they could just state their name, and if they're corporate res representative, the name of the company that they're representing. So resolution number one. Resolution number one is the ordinary resolution to receive and consider the accounts of the company for the financial period ended 06/30/2024, together with the reports of directors of the company and the auditor of the companies of those accounts. Are there any questions on resolution number one?

3:27 Okay. Resolution number two is, again, an ordinary resolution to reappoint PKF, Littlejohn LLP, as auditors of the company, the whole office from the conclusion of this meeting until the conclusion of the next AGM and to authorize the Board through the audit committee to fix the remuneration. Are there any questions in relation to Resolution two?

3:57 And no further questions on Resolution number two. Resolution number three, to reappoint a Director. It's again an ordinary resolution to reelect as Director of the company, Mr. Graham Jacobs, who retires by rotation in accordance with the company's articles of association and being eligible Mr. Jacobs office himself for reelection. And are there any questions in relation to resolution number three?

4:28 There are no questions on Resolution Number three. Resolution Number four, again, is an ordinary resolution and is to reelect as Director of the company myself, mister James Smith, who retires by rotation in accordance with the company's articles of association. And being eligible, mister Smith and myself offers himself for reelection. Again, are there any questions on this resolution?

4:56 Okay. So no questions on any of the resolutions. I will now describe how we are going to take the poll. As I've mentioned, our registrar is present. And for those with lessors of representation that have been approved by the registrar, the registrar will be handing out polling cards for those that require them. Only those shareholders present by their proxies to the company are entitled to vote. We have allowed other people without lesser representation into the meeting, but I ask you that you are not allowed to vote. Any shareholder who has been appointed by the chairman of the meeting as his proxy and does not wish to change the way in which he's directed the chairman to vote need not complete a polling card, and we have those votes already in. Any shareholder appointed by someone other than the chairman and has his proxy need to complete a polling card either if his proxy is not in attendance or if he wishes to change the way in which he has directed his proxy to be voted.

6:06 There's no need for shareholders who have submitted forms of proxy to complete the poll card, and it would help if scrutineer, if we're able to check double counting if they did not. In the case of corporate shareholders, I don't believe there are any, so I think I'm going to miss that section. And finally, I would mention that shareholders present who have already lodged the proxies need not vote on the poll unless they are instructed by myself or Chairman to do so. Our representative from Computershare Investors Services Limited will hand out the polling cards if he has not done so already. Ben, can you say what have you handed out what's required? Thank you. You should complete those polling cards and give your full name and address.

6:56 If you're a proxy of a shareholder, you need to give your full name of the address of the person you are representing, number of shares that you represent, name of any joint holders and the name of a proxy voting if that is applicable, placing x in for or against or abstain on the voting card, and you must sign that voting card.

7:21 The result will be announced as soon as possible or given that the directors know it'll be announced as soon as possible. Ben, have you received everything you need, or do you need to collect those polling guards now?

7:38 You wanna do it after the meeting? Do it after I do it for you. I prefer to do it now if we can. Just get an update, please. So there'd be a brief hiatus in the meeting while we collect the number of votes, and then we will announce as soon as possible the result of those four resolutions that we have read through.

8:00 If you could just bear with us while Ben goes around collecting the voting cards. Thank you. Can you just provide me with

11:16 an update, please? Thank you.

11:20 Update the numbers up here. That's. Thank

11:51 you very much. I can now announce the results of those additional polling cards. The result for Resolution one is that £107,000,000 are in favor and £141,000,000 are against this resolution. I declare that this resolution is not carried by the representative majority. I've advised the room and those in attendance that resolution one is an advisory vote, and it's not binding on the company. Resolution number two, to reappoint the auditor of two forty four million votes in favor and 1,700,000 against.

12:46 I declare that the resolution is carried. Resolution number three to reappoint mister Graham Jacobs has 226,000,000 in favor and 3,000,000 against, and I declare that that resolution is carried. Resolution number four to reelect myself, James Smith, there are 88,000,000 in favor and 3,000,000 against. And I declare that that resolution is carried.

13:21 There being no further business formal business of the meeting, on behalf of my colleagues, thank you for participating in this formal aspect of the AGM. Now I'm going to hand over to Lorna. But before I do so, I'd just like to make some opening remarks before Lorna undertakes her presentation. I think it's worth saying that the past year for the company has been transformational. This time last year, we were in a tough spot. I think we all know that. We were low on cash reserves. We'd run into some technical difficulties with the rig that are now resolved and had some encouraging results that we'd seen on Ty, we had to make a decision as to quite where to go next.

14:09 We had to do some fundraisers. And whilst prices, know, were clearly not desired, we were allowed to achieve some great success. And what we did, what we said we'd do in those raises, we have delivered on. We were operational with the rig for about onethree of the year. We had people in the field for about twothree of the year. And during the whole of the year, we had no LTIs, which I think is a real credit to management. It's been a huge amount of effort from management. They've sacrificed a lot of personal and family time. And we've delivered, and they have delivered, a commercial helium discovery at Ithamboola West.

14:56 And we are now trying to move that forward to the next stage of our development and become a helium developer and producer than rather than just a pure explorer. We now have two developments in our portfolio, one in America, one in Tanzania, and we're looking forward to 2025 with a HELIUM portfolio achieving first production later in 2025. For such a small company, with such a small team, it's been a huge effort to come from where we were a year ago to where we are now. So I'd really personally like to thank you, the management team, Lorna, Graham, who are here and those that are not present at the AGM.

15:44 So with that, I'll hand over to you, Thank Lorna, to take us through your you. Thank you. Good morning, everybody, to those in the room who've made the effort to join us today and also those of you joining online. We do appreciate your engagement and attendance, and welcome to this year's AGM. As James has alluded to, I'll just spend the next sort of twenty minutes, half an hour or so taking you through a short presentation as to what the company has achieved this year and what our outlooks are for the next sort of six to twelve months into 2025. As James has already mentioned, we, a a board and management team, feel that this has very much been a transformational year for HELIUM ONE and very much recognize and acknowledge that many of our shareholders have have been in in in with the company for for a long time. And the commerciality and declaring a helium discovery in Tanzania, Tanzania's first helium discovery, is a huge achievement for the company and has certainly been a long time coming.

16:49 We successfully flowed helium to surface at a sustained elevated percentage of 5.5% helium, and this peaked at 7.9%. And those of you who are familiar in the helium sector will recognize that this is quite a significant concentration of helium. Majority of projects elsewhere globally in the world that are in production and commercial are sub-one percent. So we're certainly very delighted with what we have achieved and the fact that we were able to conduct that extended well test earlier this year to achieve those measurements and flow rates. The results of that all important extended well test went into a feasibility study that we actually started earlier this year with the accompanying EASHA, which is the environmental impact assessment study, which we knew would have to be submitted alongside any mining license application we would make. So we had to plan for success in in advance of success because that Esha study requires a six month window to undertake given the weather patterns in this region of of Tanzania.

17:56 Off the back of the EWT, we had a quite a large subsurface team made up of a series consultants pulling together that feasibility study, populating various subsurface models and and running simulation scenarios whereby whereby come mid September, we were in a very strong position to complete that and submit it to the Tanzanian government as part of a formalized mining license application. And that is still currently under review by the Tanzanian government at the Mining Commission and the Ministry of Minerals. Later this year, we also have the successful acquisition of a 50% stake in the Bluestar Helium Project Galactica Pegasus, which sits in the Southeast Region Of Colorado over in The U. S. This is a very successful prominent helium and CO2 project whereby the company is very much moving into a development phase with the view that they'll be bringing that project on stream into production by the end of first half of next year. So we're delighted to be a part of that project and another transformational move for the company whereby we will be expecting revenue generation by or cash flow by the first half end of first half of next year. It also enables us to diversify our portfolio and HELIUM footprint across two continents, two very different projects, and pleased that one of those will be

19:26 generating cash flow reasonably soon. In terms of time lines, just putting that into context as to what has been achieved in the last twelve months. As James alluded to, this time last year, we were in a very, very different situation, and I think everybody, including myself, recognizes that. However, it is quite a defining moment to to sit here today and and present quite quite a different story and and a story of of success. Itambula West 1 was actually drilled at the beginning of this year. We had some rig problems off the back of the Thai Thai Thai well that was drilled towards the end of last year, but we were able to to fix the rig and then mobilize quite quickly over to to Itambula West 1.

20:13 Off the back of the learnings at Thai, we had some sort of fundamental learnings that we took away from that well, which made us make a decision to actually move the well location at the Itambula prospect last minute. Not an easy decision, came at a cost at the time because the civils work had already been completed on the pad and then the access road. However, I'm very pleased that we did make that decision, and we're now in a position today whereby we have a commercial discovery behind us. The initial drilling of that well did flow the 4.7% helium to surface, and we did perform a DST over three intervals in that well, which gave us huge encouragement that we were in we had drilled in the right spot, and we were in the sweet spot of the HELIUM fairway in the Itambulla region.

21:04 We then took the decision that we needed to go one step further and perform that all important extended well test so that we could get more data after the well in terms of flow rates, reservoir performance, and understand what potentially the helium concentrations would do over a longer period of time. We also wanted to drill deeper into the basement target. We knew from Thai that the basement was fractured, and that's where we saw a concentration of the helium pickup. So when we tagged the basement at Itambulla ahead of commencing the extended well test, we wanted to deepen further into the basement in the hope that we would intersect more of these fractures and more freely flow the helium to surface in the solution that it was encountered.

21:50 We successfully did that. That commenced early July and almost instantaneously went straight into the testing phase, having a a third party service companies at site ready to to fulfill that those tests. We then had the sustained helium flow up to 5.5% to surface from the faulted Karoo section and also the weathered basement. And then also around that same time, we also completed the acquisition of the Galactica Pegasus project with Bluestar. That was a long time coming. I know optically, it seamlessly happened at the same time. For those of you that have QC'd many projects in the past and know the level of due diligence that has to be done at multiple levels, it is not an overnight job.

22:43 And that acquisition was part of a a review, a global review of HELIUM opportunities that the the company had been undertaking for for a long time, for a numb a number of months. And as I already alluded to, you know, huge milestone was successfully submitting that feasibility study and the EASHA as part of the comprehensive mining license application to the government of Tanzania with the view that we're very hopeful that they will award us with that mining license for Tanzania's first helium development project. And that is, as I mentioned, under review, and we're very much looking forward to getting that awarded in due course. Looking forward into next year, you would have seen the announcement that went out on Friday. We're in a position now where perhaps a bit of a setback with the weather in Colorado, but now in a in a position whereby the the civils work on the pads will will commence imminently just shortly after Christmas, and Bluestar will commence the development drilling program of the initial five wells over Galactica and Pegasus. So we're very much looking forward to getting that project underway.

23:56 And obviously, ultimately, hopefully, the end of the first half of next year, generating some cash flow from The USA. We're also looking forward to still continuing to work closely with the Tanzanian government and assisting them where required for any feedback they need, but working with the dedicated teams there to ensure that they have all of the requirements to hopefully award the the ML. We're also in parallel to that. We, you know, we recognize that the feasibility study that was completed and submitted was an internal document. We are looking into doing an independent CPR on the discovery well and the project in Southern Rukwa so that we're in a position whereby when that is done, we can put something potentially or put some numbers out to out to the market.

24:51 I think a key point here is to mention that this is really quite a unique project. No two HELIUM projects in the world are the same, but this one is is really quite different because we've encountered helium gas in solution. So it's it's an unconventional play. It's it's more like a resource play rather than a conventional, you know, oil and gas type play. And as a result, we want to find the right reserves auditor to to do that work, which is which is why we're spending a bit of a bit of time speaking to to various companies, but certainly in the pipeline over over the next few months. So just at a high level, we're all quite familiar with with the Tanzania project now. We did part relinquish some of our licenses and fully relinquished those over Ballangida earlier this year.

25:45 That project, we we now don't have a footprint in. Those licenses lapsed, and we felt that it was best use of company money and time to to focus on the the Southern Rukwa Helium project where we've we've had a discovery, and we we look forward to developing and monetizing. And we've also still got a stake in the AISI project up in the Northern half of Tanzania. We've also still got our drilling rig, and that is currently warm stacked down in the Southern Brooklyn region. We are speaking to a number of companies who have expressed their warm leads at the moment. But obviously, when we purchased the rig, it was a strategic move for the company, not just for us to use it on our own wells, but also potentially use it for revenue generation in the future. So depending on other companies' needs and requirements in Tanzania and East Africa region, then we're always certainly engaged.

26:47 A high level overview of The USA project, again, diversifying the portfolio. We've acquired the 50% stake in Galactica Pegasus, which is a a proven helium fairway in this part of The USA, and Blue Star very much racing ahead into the development phase with already having drilled one development well at the end of last year, state 15 well, about to start the five well development campaign in in the next few weeks. In terms of footprint, we leased 246 square kilometers in Southeast Colorado over the Los Animas County region. And as I mentioned, proven fairway in these wells have already flowed up to 6% helium to surface, and that's as a free gas.

27:36 That's not in solution.

27:39 Excuse me. And the helium here is associated with c o two, and there's actually quite a growing c o two market in The US. It's used widely in the soft drinks industry. So we're actually looking to monetize not just the helium from this project, but potentially the c o two as well. And as I've mentioned, some early cash flow there before the first end of the first half next year.

28:07 We do mention about the project, thank you, project being unique. I've just just touched on that in in Tanzania, and I think that's what sets HELIUM ONE apart from a number of other helium players in the world. When the company was set up ten years ago, it was recognized that there were these unique surface helium seats in in across Tanzania, not just in Salmon Rookwa, but in Easi and Ballangida as well. And it's always been an enigma in the subsurface geological world as to what you know, how can we get this helium out of the ground and and actually monetize it. And so it's a huge, huge achievement for the company that we we've now defined that and secured that. And now the next step is obviously to develop that and monetize the project.

28:54 It's also not associated with any hydrocarbons. There's now seven wells wells in the Rukwa Basin. There were wells drilled in the '80s by AMECO. Another company has been exploring for HELIUM. And obviously, we've drilled our three wells here as well. And none of those wells any hydrocarbon indications in them. And also no association of CO2 or H2S. Now the reason I mentioned that is yes, you can fit it into the green resource category, which is obviously quite relevant this period, you know, moving forward as energy transition, etcetera, and all the association with sort of those dirty hydrocarbons. But, also, it's it's quite key in that it actually makes the development scenario really quite straightforward.

29:41 Our processing facilities that we've already got the blueprints for without having to deal with any other gases other than the helium and nitrogen and and the water, it makes it very, very straightforward. And as a result, it makes it very, very cost effective as well. And so that's why it's quite key to sort of point that out and separates us from some of the other players. And the graph on the bottom left of this slide demonstrates some of the emerging projects in the helium sector globally that are that are relevant at the moment, and and many are, you know, quite topical in the in the helium world. What you can see on the left hand side on that axis is the concentration of helium that those companies have announced and then the wells or the fields on the bottom axis there.

30:27 And on the far right hand side, you can see that those fields that are already in production and commercial are are are doing so at less than 1% helium.

30:37 The Southern Rooka Helium project up at the 7.9 sits very much on the left hand side of that curve. You can see that we're very, very much in the upper quartile sector. And also now with our diversification over into The U. S. And 50% stake in Galactica and Pegasus, we can also pick out where the Galactica and Pegasus projects goes to the 6% also reside as well.

31:07 This slide demonstrates what we call a geoseismic section through Itambula High that was drilled earlier this year and declared the first helium discovery in Tanzania. And I think it's important to demonstrate on this slide what we actually drilled and what we penetrated because it was a a very different target to what the the Thai wells had targeted previously. We had always felt that the the faults in this active risk system in in in the East Africa rift trend played a significant role in in drawing and mobilizing the helium out from deep within the Earth's surface from the Tanzanian craton. But how could we actually harness that and and commercialize it, recognizing that perhaps a conventional oil and gas type structure was was not necessarily going to work here.

31:56 And it was actually the faults and the fractures that were mobilizing that helium rich fluid through the system.

32:02 So you can see I don't oh, you can't see my cursor. Okay. So you can see that the the the purple section in in this the bottom half of this well section is where we penetrated the basement, and we came through a a weathered basement section and down into a more crystalline basement section, which is the red area at the bottom. And this is where we saw the the 5.5% helium sustained during the extended well test brought to surface. And then the yellow and gray section above that is penetrating the the crew section, which sits on top of this basement high, and then the shallow overburden, what we refer to as the late beds and the red sandstone group up here. We performed the extended well test down in the faulted Karru section, and you can see this large deep seated fault that taps deep down into the basement rock coming up either side of this large Itambula high. And top of the section of the well, the fault then splits, and we got two bites of the cherry, if you like, and whereby we were able to penetrate that faulted section twice.

33:10 And then the third section section or third target in that well was the was the fractured basement. And so you can clearly see that that was a, you know, a very sort of decisive move by by the management team and the company to specifically target that fault and fracture fairway to to tap into the helium rich fluids.

33:32 The well itself drilled to a a a total of 1,129 meters and which is fairly, consistent with the wells we've drilled elsewhere in the basin. We know that these depths are well within the capabilities of the rig that we we now own, and the rig, thankfully, performed exceptionally well on this well, well, not just the initial drilling, but also the deepening and performing the extended well tests. And we certainly will be using the rig going forward to drill our development wells once we have the award of the ML.

34:14 So in terms of what that development plan will look like, I've mentioned about the initial blueprints on facilities design that's already completed by a third party over in The U. S. We would still have some FEED and detailed costing work to undertake before we would actually pull the trigger on that and commence any construction. But, obviously, we will do that once we have sight of that ML award from the Tanzanian government. And then the facilities itself is a modular design, and this is a tried and tested design that's used widely on other Helium projects globally to suit our purpose down in Tanzania whereby that modular design concept can be shipped and we can minimize any civils work required and work around or work through the the wet seasons and and makes dry season operations very, very, very straightforward.

35:12 And then the view being that we would then sell the helium at source, and that would be tracked by tube trailers, which you can see in this image on the bottom right, to to where the where the required market is internationally and and outside of of of Tanzania. We also have a very strong commitment to ESG, particularly in the Southern Rukwa region where we have been so active this year. It's important to the board and the management team that we deliver on these

35:50 sort of strategies that we we have in place in in really quite a remote area. And some of our key focus areas this year in Southern Brook where have been focused around medical, health care, and and education. So we provided materials to complete a a dispensary building that will be used as a health care center for primarily children and women in the region so they have somewhere safe and and secure to undertake health care and also ongoing support to the local schools in the villages where we nearby to where we operate. Our community engagement is is very key to Healing One. We would not have the success of the project behind us if we didn't have such positive on the ground engagement with the local community and their support of the projects, which we are which we are very, very grateful for and their understanding of what we're trying to achieve here, not just for the company, but also for for Tanzania.

36:50 And we'll certainly very much be focused on on those types of initiatives longer longer term as well. The last point there mentions about the water. So I've touched on this being unique project. The helium is in solution. It's not a free gas. We very much recognize that when we move into that production phase, we will be producing water. However, we're looking to engage with NGOs of how we can potentially utilize that water

37:18 for irrigation projects in in the Southern Brooklyn region. Touching on The US project. So mentioned, and you will be aware of of Friday's announcement that went out from Blue Star, but we're very much gearing up to commence the development of those five wells sorry. The commencement of those five development wells shortly after Christmas. And the first development well, Bluestar drilled last year, flowed up to 1.9% helium, but there are other exploration wells and offset projects in the same basin of Helium Fairway in this region that are already in production at As I mentioned, the Helium is also associated with the c o two in this region, which will have

38:13 value which will be contributing towards the cash flow that we'll be working towards towards the end of the first half of next year. There are processing facilities already in in place down in this region, and so it will be a relatively straightforward tieback into those into those facilities. The infrastructure is there, and there's also already the downstream users there as well. So, you know, we're very much a relatively quick turnaround from the completion of those development wells and then tying into first production. The headline number there is indications of over $2,000,000 per year according to the company and over a period of five years. And as I mentioned, that could increase with the additional revenue from the CO2 as well.

39:12 At this point, I will hand over to Graeme, our Finance Director to talk through the penultimate slide, which just touches on some of our financials for this past year. And then I will pick up again on the final slide. Thanks, Laura. Good morning, everybody. Financials, the headlines here are pretty much as one would expect with a still exploration company, made a loss for the year of $11,000,000 Predominantly in that were the impairments, riding off some of the carrying costs we previously had on the licenses that have now expired and exchange movements of 2.3. However, worth noting that the G and A was very carefully controlled despite a very large increase in activities over the year with the drilling of wells and obviously the extended well test and also the pulling together of the mining license application.

40:12 It's an extremely extensive report, runs to over 600 pages, and we brought in a lot of external consultants to assist with that process. We, as everybody is aware, have undertaken a number of cash raises during the twelve months. December last year, when, as James has alluded to, essentially we were in some difficulties with the rig and cost overruns that accrued from that on the Tyre well. February, there was an opportunistic fundraiser when somebody approached us and said they would give us some financing for working capital, which was, at that point in time, very much appreciated. And then in June, the 10,200,000, which was raised specifically for the EWT, the extended weld test we undertook. And again, in August, the 8,200,000, which was again and is ring fenced for The US operations.

41:06 The the important point here is that each time we have essentially raised money, it has been for specific purpose. We do not take money money that doesn't have a home or doesn't have an immediate use. And that's something that is quite important to the to the company. And the upshot of that is that at this point in time, as you can see there, that the company is given given the the current level of activity, current circumstances, our obligations and committed liabilities, we are fully funded for the next twelve months. And there'll be, from that perspective, we have essentially a clean bill of health from the auditors. They gave us there was no there was a sign off on the the working capital review, and that actually didn't include references to the working capital and funds that will accrue to the Bluestar Galactica project.

41:55 So they're kept on one side and ring fenced, but we are fully funded for the next twelve months. Thanks, Graham. Okay. So just to find this closing slide, we're very much focused on moving forward and and focusing on that development of the Southern Rukwa Helium Project once we have the mining license awarded from from the Tanzanian government. And the premium HE1 player in Tanzania, and also continuing focusing on project monetization to benefit all, not just from our project in Tanzania, but also now the diversified portfolio and branching out into The US, which the next point sort of ties into that and to get us into that near term cash flow that we're very keen to get to.

42:50 And I think also to remain strategic and opportunistic on our business development side as well. We have screened a huge number of helium opportunities over the past year and beyond, and we certainly can continue to do that where we can, the team has the resources to do that. And looking forward to seeing what this year ahead holds for the company. Thank you. Thank you, Lorna. Thank you, Graham. I think now we'll open the floor and the IMC to the pre submitted questions. I'll just I'll invite Nick in a moment to go through some of those questions that he's receiving. I think I will add that we do have our Nomad present. Thank you, Scott, for attending.

43:41 If there are any questions regarding market regulations, we can address those to Scott if there are any. But with that, I will turn over to you, Nick, to kick us off with the first of the submitted questions and run through those. First question is about the mining license. Can you give us an update on the mining license? When will it be granted? Did you originally hope it would be granted this year? And finally, could the mining application be refused? Laura, most of these are going to be for you, aren't they? Okay. So I touched on the mining license. So whilst we obviously very much would like it to be awarded sooner rather than later, we do recognize that this is this is new for Tanzania. This is the first of its kind in country, and we recognize that the government required time to to evaluate the the feasibility study. Graham alluded to 600 pages worth.

44:39 That's not that's not gonna happen overnight. We do know that other MLs in country for commodities can take sort of from from three months. We recognize it has been three months, but like I say, this is this is new, and they want to to do the right thing in in understanding it before before it's awarded. We do have an ongoing positive dialogue with both the the ministry and the mining commission in Tanzania, and we have been appointed a dedicated team to to to engage with. And I'm I'm confident that we're we are heading in the right direction, but we respect that they they they do need the time to to evaluate it. Next one is about the feasibility study. Why have you not announced details of the feasibility study that you included within the mining license application?

45:32 Yeah. Go on. Again, it's with the government. It's a high level document that currently sits with the ministry. It is new. It's it's unique. I touched on us hopefully doing a CPR sometime in the future, and the numbers that fall out of that CPR will obviously be shared. But the study itself, we have been advised by our in country legal counsel that, you know, we we really should keep that keep that information between ourselves and the government until the point of of award of of the ML. I mentioned, can you provide some of the details of feasibility study? No. As above, you know, it is it is a document that resides with with the government. And until the ML is awarded, won't be disclosing any details of that document.

46:28 How much will it cost to develop the project under your feasibility plan? Graham, you want to address that? Yes, sure. We've done some initial moving on towards detailed engineering studies. We have some initial phase blueprints for the type of processing facility that we will need. And our current estimates are it will be somewhere in the region of 75,000,000 to $100,000,000 What is your strategy and vision for the company? Where do you hope to be in five years' time? I'll I'll take that one. I think people have seen for the last few few months months what we've done with Blue Star in GALACTICAL project.

47:18 We we have two very exciting Helium development projects now, one in Tanzania and one in The US. Lorne has already alluded to the fact that we continue to review opportunities on an ongoing basis, and we will continue to do that. Our ambition is to become a strategic helium player in providing helium for what is a constrained supply constrained market. That is our aim, and we will continue to look at further projects as they become available. Why did you acquire the interest from Blue Star's assets? Is this a sign that you don't think Tanzania is as good as you thought or that you won't get the mining license?

48:07 So I touched on the on the timing of that at the start of the presentation. These these projects are under review for a a long period of time. There's a huge level of due diligence that needs to occur, not just technical, but legal and various other aspects to it. So it was very much underway well before we we knew the results from from Tanzania. But, no, I think, you know, it needs to be flipped on its head. We're now in a position where we have to develop Helium development projects in our portfolio across two different continents, which I think is is very unique. And we're very much focused on, you know, the sort of the reason for doing that is to diversify the risk profile of the company and and to create ultimately a portfolio of mature HELIUM projects that we can generate some some cash flow from. That's that's the ultimate goal of of any exploration company and to be able to do both in one year to have a discovery behind us in Tanzania and also farm into a project that's in near term production imminently all very, very positive.

49:19 And you covered it from when do you hope to see first revenues from Blue Star? Yes. So Blue Star are hoping to generate first revenues by the end before the end of the first half of next year. And again, I think it's covered, but we just go to what is your funding position? How much cash have you got? And how long will it last? As I said on the finance slides, we have sufficient cash reserves to seize through our current obligations for twelve months. What funding options will be available to the company when you receive the mining license? We are looking at a number of options. Clearly, there will be, hopefully, a number that present themselves to us, and we are in discussions with the usual suspects, as it were, a number of banks.

50:13 We'd also look at potential offtake financing, but clearly any decisions that we take on that will be structured around the best interests of the company and its shareholders. Comment on the share price movements, like, manipulation that seems to have been happening and what we've been doing to try and mitigate this? Okay. I'll I'll take that one. So, yes, we are aware of the rumors that are out there about well, it's around this subject. We are not aware, and I stress we are not aware of any illegal share price manipulation. And today, as far as I'm aware, there's not been any complaints submitted. You know, As we are a company on aim with nearly 6,000,000,000 shares in issue, market makers have to use their ability to utilize the bid ask spread.

51:08 And I think that's generally what is going on. But we are not aware of any illegal share price manipulations. Why do you think the share price has not performed when you say it's so much? Yeah. It's it's a concern to us. We issue press releases that are tremendously successful, exciting details of the project, yet we don't see the response. But I think it's fair to say that this is possibly a general condition of the AIM market in all resource companies. There's been a poor response generally. There's a general negativity around pure exploration companies.

51:58 I hope as we do move towards production, as Lorna says, later next year, that we aim to achieve that, that we'll see we're not just a pure exploration company and response in the share price, hopefully, will be corresponding to that changing ability of the company. I think we covered this, but I'll just ask it. What has happened to the rig? Have you had any approaches to use it? Giovanni, do you want to do that? Yes. So as I mentioned, the rig is currently warm stacked in Southern Rookwa. It is working. We do have a team on it, it ticking over. In terms of other companies who it's open to all, we're not excluding any party. It's obviously down to individual companies and their overriding strategies and whether they feel it's to determine whether they feel or not it's appropriate for their projects.

52:52 As I mentioned, we are in early discussions with an operator at the moment. Nothing has been decided, obviously, as in when that might be. If it is, then we would you know, announce something. But at the moment, it's very much on location, and and we will certainly be committed to using it for fulfilling our our own development wells in in due course. In Tanzania, we're not shipping it to The U. S, just to be clear. Have you been talking to any off takers? Yes. We have. As you would probably expect, given where we are at, We've certainly had some preliminary conversations. But again, until we've been awarded that mining license, we won't be progressing them further until that's in place.

53:46 And last of the pre submitted ones is, what did you base your comment on when stating you hoped the mining license to be approved this year as doesn't the SIA process take six months and isn't that pre requisite to get approval approved before the license can be issued? I think you better handle this, Lauren. Yeah. I'm not sure. I don't recall we stated it would be approved this year. However, the six month, I can understand perhaps where there's some confusion there. The six months applies to the issue, as I mentioned in the presentation. Because of the wet and dry seasons in Southern Brook where any environmental assessment that's done has to accommodate both of those cycles. So it's by default, it becomes a six month study rather than three months.

54:34 And that's why we commenced it in March this year. And as I said, planning for success. Obviously, if we didn't have the discovery, then we wouldn't have submitted it, but we wanted to make sure we were ready to go as soon as we had a discovery rather than then having to store for six months until the EASHA study was completed. So yes, it does need to be approved, and it complements the feasibility. And those two documents, if you like, make up the mining license application, which which have been which have which have been submitted. Good. I think, Nick, before we address any further questions from the IMC, we'll open the floor to any of those present that made the effort to come here personally.

55:21 If you have any questions that you'd like to ask the board, please stand up, state your name and pose your questions. I'll repeat the question so the IMC can hear that. But please, if there are any questions. Please. Hi. My name is Toby Spain. Toby. You mentioned, Graham, that we've got cash flow sufficient for the next twelve months at the current burn rate. I noticed also that if you're looking forward on the presentation to 2025, there's no specific mention there of any operational activity. I presume that there will be some, not least because if you mentioned it really is hot stats. So presumably, we should be using it.

56:09 So I wondered if that twelve month cash flow forecast or chest is last for current operational activity, What are the plans for funding anything different other than that? I just repeat the question for the INC? Yes, sorry. The question is with regards to our current cash reserves, it covers us for our current activity, but is there anything in there that's operational? And I assume you assume you're referring to the the grant of a a mining license application. Well, clearly, as I said previously, the development cost of that is somewhere in the region of 75 to a $100,000,000, and we don't have that in the bank at the moment. That will precipitate funding of some description. That is what we're investigating at the moment. And they are, you know, clear it's a very specialized area.

56:55 We'd be looking to to banks, you know, single or syndicated. It will come from external source. They will have to. There will be a there will be degree of element of of equity that will need to go with that. But we're trying to keep this as as as undilutive as we possibly can. With Would that 50 to 75,000,000 include the drilling at 20 to 30? Yes. Yes. Yeah. I mean, that's a full that's a full development cost. And, clearly, what we're anticipating is that, you know, essentially, there'll be a fixed cost that will be the wells the wells are probably drilled in batches, and we will bring those costs down as as we we as we continue as we continue through the the cycle because there are there'll be 25 to 30 of them. With regards to other operations, none are contemplated at the moment because the focus on is on the ML. Heavy is on The US.

57:45 And we raised the money in August of this year for The US operations. So that was the $8,300,000 and that will be used to partly fund the acquisition cost of 1,500,000, the carry wells of 2,700,000, and the rest is the CO2 processing that Loren referred to previously. But that has not been included in the cash flow projections. That will be in addition to anything that we have currently. Thank you, Greg. I believe there's another question that you have. Actually, question regarding the new shares. If If you you are are planning planning to do it in, let's say, in the upcoming three months, first quarter, until April, let's say, do you plan to issue new shares? We have no plans.

58:35 The question there was are we planning to issue new shares within the next three months or so? The answer is no. Any other questions from the floor? Nick, are there any others on the haven't seen that we haven't covered? Okay. Well if I may. Yes, please, sir. And that is a reference to the CPR. I mean, if we're talking to banks and other parties for part of the funding for that $15.75, then we're presumably, we're gonna require that CPR in order to give them the confidence that they're targeting something that's Obviously. Yeah. Absolutely correct. Yeah. Do you have any idea when you might be able to put that in motion?

59:22 Lauren, do you want us to address that? You touched on it a little bit. Yeah. Like I said, you know, we want to find the right reserves also to evaluate the project because it is it is unique. But I'm I'm confident when when they are appointed that it will be, a reasonable turnaround time to fulfill us to have those negotiations on the funding side as well. But you're absolutely right. The two need to go together, and we're very mindful of that. Any other questions before I close the meeting? Well, ladies and gentlemen, thank you very much for attending the Helium ONE AGM. I duly duly declare declare the meeting now closed, and thank you for your attendance. To the Board of HELIUM ONE, thank you very much indeed for your time this morning.

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