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

0:01 Good afternoon, ladies and gentlemen. Welcome to the HELIUM ONE GLOBAL Annual General Meeting. Throughout this recorded meeting, attendees online will be in listen only mode. Questions are encouraged and could be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just simply type in your questions at any time and press send. The company may not be in a position given the attendance on today's meeting online. However, the company review all questions submitted today and publish responses where it's appropriate to do so. I'd now like to hand over to nonexecutive chairman, Ian Stalker. Good afternoon, sir. Good

0:31 afternoon, and good afternoon to everyone here at the meeting. Welcome. Good to see you, and good to see the interest in the company. And I understand we have 408 interested parties at the end of the line listening to us as well. So welcome to them. I thought I would just start because of the news that came out this morning and because of my accent. I want to make it very clear that I am the nonexecutive chairman of HELIUM ONE, and I will not be standing for the first minister's position at Scotland going forward. So I'm dedicated to the role that I have. And having said that, welcome. It's good to see everyone here. There's a lot going on in our company. Some of the changes we've made recently, we'll be talking about as we go through the meeting at the moment. But it's really good. I think it's important that people hear where we're at, where we're going, and how we're going to get there.

1:16 So let me start by saying again, welcome. I want to introduce to you at my left hand side. And for those who see the screen, perhaps it's not my left hand side, but it's certainly, Lorna Blaise here, who's the new CEO. Absolutely delighted to welcome her to the team, and the team is with me. Nigel, James, Russell, and Sarah are all here. So the full board minus one guy, Robin Virchow, who couldn't make it. He's overseas at the moment. The full team are here to give, I think, what you'll appreciate is a level of support to Lorna because we really believe that with Lorna on board now, we have turned the corner in many ways in terms of the way the company is moving forward. And so I'd like to welcome Lorna on our own behalf and on behalf of everyone here. We will run through the formal part of the business. That shouldn't take too long, I hope.

2:02 And then we'll enter into sort of question and answer session. We with the help of TabisTalk, we've got a lot of questions that we can condense because a lot are very similar, and we'll try and answer them in a a more larger way, in a more open way. And then at the end, questions could be open here, particularly to the audience in front of me. If there's any questions you want, we'll do our best to to answer them going forward. So having said that, I will officially open the meeting. Again, say welcome to the annual general meeting of HELIUM ONE GLOBAL LTD. I'm Ian Stocker, the nonexecutive chairman of the company, and I would like to as chairman for the purposes of this AGM meeting. The quorum necessary to constitute this AGM is present, and I therefore declare this meeting open. With your permission, I propose that the notice of the annual general meeting in each of the pros rate resolution set out a notice as taken as right.

2:53 Is that agreed? Thank you very much. Prior to putting the resolutions to the meeting, I would like to advise those in attendance that resolution five has been withdrawn and therefore will not be put to the meeting. That was at the discretion of the board. We felt it was inappropriate and actually fact to move forward with that one. So for the moment, it's in relation to resolutions one to four that I would like to draw your attention to the following properties that have been received by the company in relation to each resolution. And perhaps just for clarity at the meeting here today, I know some of you have come up out of interest, but you don't have the authority to devote your shares at the meeting, but one or two present do have the authority, and they are more than welcome to vote at the appropriate time. So for resolution one, voted in favor are almost 80,000,000 shares. Voting against was 651,000 with 560 withheld.

3:45 Resolution two, 79,000,000 voted in favor, 705 against. Resolution three, 78,000,000, 1,500,000 against, 594 withheld. And resolution four, which we'll go through in detail, 78,000,000 voted in favor and 1.5 against with 594,000 withheld. There'll be an opportunity for questions from the floor in relation to each resolution, and I would be grateful to shareholders who state the names and for copper represent representative the name of the company we are representing when we get to that resolution. So resolution one, ladies and gentlemen. Resolution one is an honorary resolution to receive and consider the accounts of the company for the financial period ended the 06/30/2022, together with the reports of the directors of the company and the owner of the company on those accounts.

4:35 Are there any questions relating to this particular resolution? There being no questions, I now propose to put it to the vote of the meeting. The resolution has set out in the item one of the notice convening the meeting of order resolution. All those in favor, kindly raise their hands.

4:53 Those against? Thank you. In that case, I can declare that resolution one has been carried as an honorary resolution. Resolution two is an honorary 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 relating to this particular resolution? There being no questions, I now propose to put this vote to the meeting on to of the meeting, the resolution set out in item two in the notice, convening this meeting as an honorary resolution. All those in favor, kindly raise their hands. Those against?

5:41 Once again, thank you very much. I declare resolution two carries an ordinary resolution by the requisite majority. Resolution three. Resolution three is an ordinary resolution to reelect as a director of the company, mister James Smith, who's in my left hand side here. James retires by rotation in accordance with the company's articles of association. And being illegible, mister Smith offers himself for reelection. Is there any questions regarding this resolution? There being no questions, I now propose to put it to the vote of the meeting. All those in favor, kindly raise their hands for the reelection of James Smith. Thank you. Anyone against? Based on that and, of course, I should have said earlier that the votes have already been received. That has also passed, and the resolution three is effort carried as an ordinary resolution.

6:34 And finally, resolution four is to reelect as a director of the company, mister Russell Schwartz, who's on my right hand side, who also retires by rotation. And in accordance with the company's articles of association is uneligible, he offers himself a reelection. Guess there'll be no questions in that based on the fact that have other questions. It's a straightforward resolution. So I'll I'll put this to the meeting. Those in favor, kindly raise their hands. Those against? Thank you very much. In that case, I declare a resolution for, passed, and therefore, mister Russell Swartz is reelected. That concludes, I'm glad to say, the formal part of business. But I think the more interesting part is about to unfold now, which is the presentation that Lorna is gonna give us. And then I think, equally importantly, the question and answer session because quite rightly, I think a lot of people will have some questions about how we're doing, where we're going, and it's important we address them as adequately as we can.

7:33 So having finished the formal part, let me hand over to Lorna and say good luck with your presentation, Lorna. Thank you. Thanks. Hi, Sue. Thank you to you all today for joining and to to you in the room, as well as those who would be that joined online remotely. I'd say to introduce me, I'm, as announced, the new CEO of HE1. I'm delighted to be here delighted to be here today to welcome and speak to to those of you in front of us and address questions that have been presubmitted online. So background about myself, I spent over seventeen years in the oil and gas industry. I've worked in successful exploration and appraisal projects across Africa, primarily East Africa and Central Africa. Most recently, I've been involved with successful oil projects in the Turnet Basin in Chad.

8:19 And prior to that, was involved with the Lake Albert project in Uganda with Tullet and also involved the South Moguchar wells in in Kenya. Most recently, spent two years at HELIUM ONE as as a geologist. That's my background. I've been heavily embedded in the team. I know the project incredibly well. Any bit of data we have, I can guarantee you that I have looked at and interrogated and looked at again. If you ask me any type of questions, I will be thrilled to answer them. However, that that is now shifting. I need to adapt myself and switch hats quite quickly and now lead this company to a pathway of success. And I've got a solid board around me, and I want to reassure you all here today and and, again, those online that despite the recent setbacks and the management changes, I am here fully committed to drive this company forward and to make this project a success.

9:18 That's just the formalities that we need to show. So over the past twelve months, we've intent integrated as much of the subsurface data that we've acquired as possible to gain a greater understanding of the prospectivity that we currently have in the Brooklyn project. And not just Rukwa. Although Rukwa is our priority, and that's where where we we must drill this year. We've also got our other basins in AISI and Valendida, and I want to, again, assure you that that that there has been a lot of work going on behind the scenes to to progress the work program in both of these basins as well. We have an experienced management team in place. Despite the recent changes, we've got low CapEx and development. It's a clean, low carbon, sustainable resource that we we are chasing.

10:04 Our recent December fundraise enabled us to raise just under £10,000,000 at 5 p, which has left us incredibly well funded for this upcoming drilling campaign this year. As much as I'd love to sit here today and tell you that we have signed a rig contract, unfortunately, we haven't. But I can assure you that in the last few weeks when we've been changing out our management that the ball has not been dropped. The team have been working incredibly hard and talking to multiple drilling contractors, working negotiations, and we're currently in talks with several contractors and trying to move this along as quickly as possible. I am as frustrated as I'm sure you are, and I just want to give you the the confidence that this is something that is our absolute priority and will continue to be a priority until we sign that contract.

10:58 This is a familiar slide to many of you now. I'm sure many of you the room are are familiar with the commodity of helium. Those that aren't, it has very unique properties. I probably don't need to take you through them today, but you you can see them on the slide. It'll be publicly available after this session. But, essentially, the message here is the demand for helium is still incredibly high, and that demand is not slowing down anytime soon. The price of helium is continuing to rocket. Some of you may have been aware that the end of last year, NASA signed a contract for 1.2 BCF at a price of over $900 per per MCF. Spot pricing is in excess of that, but the price is rising, the demand is rising, and we need to find more of it.

11:47 So the demand again, this slide, I appreciate if you've seen you've seen before. Know, the the key message here is that that the supply is in short supply. Sorry. The demand is high, and the supply is is is low. That's a lot of that has been triggered behind the closure of the federal reserve in The US back in 2019. Obviously, the political situations in Russia and Ukraine are adding to this with the withdrawal of the productions from the new plants in Russia, also, yeah, antagonizing that future supply. So for us, being a primary helium explorer, we're not exploring hydrocarbons with helium as a byproduct. We are primarily helium. We have data in the ground now that proves to us that we're looking at a primary helium play in Tanzania, and we need to move forward with this project as as swiftly and as as quickly as as as we can.

12:47 So we currently operate across three basins in Tanzania, operating just under 3,000 square kilometers of licensed PLs. At the end of last year, we actually relinquished quite a a substantial amount of of those PLs across the Rukwe Basin, and that was a strategic decision based on areas that were of lower productivity. Majority of these were on the lake. We felt that that's an area that we we don't want to be focusing our efforts. It's it's high cost, exploring offshore, and the data we have was was informing us that there were potentially lower areas of prospectivity. And in in turn, that's that's saved us nearly, like, well, just over $300,000 of of licensing fees. So we're continually looking at ways to to bring down that cost and and save money where where where we can.

13:37 The 2021 drilling campaign saw us drill the time the type one well. The results of that well showed multiple helium shows throughout stratigraphy from surface down to to basement, and that has enabled us to de risk the helium clay in this basin. However, as you're all aware, the complications of that hole and the rig that that we used, essentially, we left, unfortunately, with with unfinished business. We couldn't acquire the logs that we needed in order to confirm whether we had a discovery or not, and we need to return to that prospect, drill it properly with a conventional rig, get the right logs, and hopefully move forward and and and pave the way with some success. It's despite acquiring additional seismic last year, beginning sorry. End of twenty twenty one, we then processed it and interpreted at the beginning of last year.

14:29 Thai still stacks up as being our largest lowest risk prospect in our portfolio. So on that note, the next few months, the focus has to be redrilling Thai. In in since the beginning of last year, we have processed and interpreted that 229 kilometers of two d seismic. We acquired an ERT survey that was also inter interpreted, processed, and integrated with our two d seismic. We've had a team up in the Bengal Gita Basin doing field work, going out to sample and ground truth seats that were originally picked up previously on the the multispectral satellite spectroscopy work that we were done we had we had done.

15:15 We've carried out an extensive regional study across all of our basins. The back end of last year, we commissioned GTEC, who a very well known gravity magnetic expert here in The UK, well regarded in the oil and gas industry to complete an extensive fragment survey across the ASEAN and Valiquita regions. And that's gonna enable myself and the team to to pay the work program forward to

15:39 identify areas in both of these basins where we have potential cross prospectivity and can look to acquiring additional data in those areas later this year. So behind the scenes, a lot has been going on. And as I said a few slides back, it's not just focusing on drilling time. That is our priority, but we also have to be mindful of of the other potential assets we have in front of us and that we need to be moving along in in parallel as well to make this company successful. Now the the biggest question I know you're thinking is is what is happening with the rig. You'll see on this timeline that we've we've spent many, many months sort of going through rig selections, going through contracts, losing rigs, appointing the wrong rigs, etcetera, etcetera.

16:26 It's not straightforward. It's a it's a long process. I'm not gonna sit here and say to you, it's as easy as hiring a car, and you can just go and select one, sign on the line, and walk away. It's a very, very complex process and a process we have to get right. So despite losing the Exalo rate back at the beginning of of January and the ongoing legal complications with the class rate that we had identified prior to that in Kenya, We now have a couple of other rates on the table that are technically more capable. They're within the right region. They will be available with the time frame we are looking at, and most importantly, they are within our budget. It's a forever moving market. Very fluid, and it changes weekly, sometimes daily.

17:12 My role as a CEO now moving forward is to keep you informed as best as possible as and when that situation changes, and our priority now is to get something secured and have a contract. Once we have that contract in place, we will then RNS that and announce that to to the market. When and if not if. When we sign that contract, we would be looking at a two months mobilization with a view to then spud the world around mid q three. We're aiming for an August spud and stay within the dry season. However, as I say, until that contract is actually signed, I cannot submit those time frames with you. But please be assured that we are doing everything in our power to to make that happen sooner rather than later.

18:00 This slide, again, you have seen before, but this is just to reiterate the integration of the phase two seismic that was applied back end of two thousand twenty one post drill. We've now evaluated that. We have a much better understanding of the tight structure. And as a result of that, we're confident that our new well, we'll drill into the structure, will be well positioned to target multiple closures from the tertiary lake bed section shallow section down through the Karoo to to the basement. You'll see on the seismic section on the right hand side where the helium shows were encountered in that world, the blue circles on the world section.

18:41 And, you know, it's clear that there were there were helichose throughout the section. It wasn't just restricted to the shallow or or the deep. And we also didn't actually get to the basement, and the base basement has always been target for us. So that's a third target there that we hope to encounter additional helium when when when we be redrilled this prospect. And thinking ahead, planning ahead, the the our engineering team have been very active in the well planning side. And to to plan for that success, we're also we're also planning to run seven inch casings in the surface. And so that will enable us in success success case to come back and perforate the well and carry out a well test without the need to to drill another well and structure and put in unnecessary into that structure.

19:34 So this is probably I appreciate the most pressing slide in the pack, and this is critical to our success moving forward this year. I don't want to distract from the purpose of today's AGM, but it's important to me and the board that we keep our shareholders as well informed and up to date as possible. So as I keep saying, I can assure you that it's not a board that we're not dropping. The team are working around the clock to make this happen as soon as possible. It's a very dynamic rig market, as I say, and and the options that are available to us today were not the options that were available to us six months ago, even even a few weeks ago. But all I can say today is that once that contract is signed and is on the table, then you you will be the first the first to know. Something else we're considering as well, you see that bottom note on this slide, is there's potential to engage with another operator in the region to consider rig sharing options. Again, that would be our way of bringing costs down, particularly on the mobilization and demobilizing stage of the operations.

20:41 Something we're not ruling out, but it has to be suitable to us and ensure that that we have we can still commit to fulfill our commitments in drilling that well in in in the time frame we need to this year. So a couple of slides on our additional projects. And I'll just come through go through for the remainder of the presentation. And this is an updated image of of the Thai prospect in in in the Brookwood area. You can see the the white circle on on the map on the right hand side illustrates where the Taiwan well was drilled. That's a Bubei gravity map. And, essentially, those those red areas are showing those basement hives that are deeply buried in the basin. And it it stands up stands up pretty clearly even to the untrained eye.

21:31 As I say, it still stacks up as a lowest risk, largest prospect in our portfolio. We've integrated the ERT survey. We're undertaking some other studies to evaluate, for example, rock physics and using the seismic to evaluate rock properties to help us predict future prospectivity using the sites we we have. We've been engaging with our civils team in country. We have a contract with them ready to go. Again, once the rig contract's signed, we will mobilize our civils team to start repairing the pad at site.

22:12 Recently, we sent a team out to the site to do a drone survey. We did this as a stakeholder engagement exercise as well. And it's heavily farmed area. There's a large farm community out there. And this is people's livelihoods. We have a lot of crops that are grown and and sold to market. So for us, it's crucial that whatever work we do at the Thai site has to be restored accordingly. And there's a big big push on the on, you know, working safely in the environment, our e s ESG side of things, being fully compliant when it comes to to environmental rules and regulations. So this slide just highlights some of that community engagement that we're doing out in the field, continuing to build those relationships. And the drone image there on the bottom right just illustrates the the type of topography we're looking at at the site.

23:03 It's very accessible. It's flat. It's it's not too low lying, and we'll we'll ensure that whichever land deposits are affected during these operations are appropriately engaged with and compensated. So this slide just highlights some of the additional data that was acquired last year. The map on the left illustrates the phase one survey highlighted by these yellow lines down in the in the southern corner. This is one of the surface helium seats. You can see it represented by the blue triangles in the the right hand corner. And then the red lines to the north of that map highlight where the phase two seismic was acquired.

23:46 So we were trying to extend along the the tie high and looks for similar sort of analog closures in the in the region. The blue dash lines highlight where we acquired the ERT survey. The purpose of that survey is to try and better understand any shallow gas accumulations that may have may have occurred given that we encountered quite a robust helium show of 70 meters in Taiwan. All of that data is now being integrated with with the team. We've integrated into the seismic. You see that image on the left hand side in the middle there illustrating that. And, again, some of the photographs showing the engagement out at site with with the local communities by local people and and pushing out a social engagement side. Next slide.

24:34 So for Balingida, we have one PR, one prospecting license just under 260 square kilometers, which we renewed last year. It was up for renewal in September, and we we plan ahead with that renewal process. There are surface helium seats up there with up to 10.6% helium.

24:54 Off the back of the multispectral satellite study that we did, we sent up a a field team to go and round through some of these anomalies and observe for for new seats that we may not have previously sampled. That was a piece of work that was done in March this last year, '22. We also use this area to feed into our regional gravity magnetic study. The team have just been integrating quite extensively. The results of that work are are excellent. I'm I'm really pleased that we pushed this piece of work through, and we've had a huge amount of interesting data that that has come back out of that. And I'm I'm keen as now as CEO to to push the results of that work forward and start pushing ahead with a with a future exploration program here.

25:41 Similarly, on AISI, similar story, we had the two of the three licenses up for renewal in September, which we we went ahead and renewed. There are also surface sealing heating seats in in this basin that we know about, and we took this area and launched into the regional gravity magnetic study with the the Valapita region. Again, very intriguing results, and it's probably the right word to use. And I'm confident that that the the results of that work will lead us to some some high rank highly ranked perspective areas to further explore later this year off the back of the success of the time world. We obviously need to conserve our passion, focus that onto the drilling program, but in a success case, we will certainly be moving forward with these other areas as well.

26:37 Last couple of slides. We're we're very active on the ESG front. I've already mentioned about some of the social engagement community engagement projects that are occurring in the field. These photographs on the left hand side of this slide attempt to show some of those meetings. We have a cumulative liaison officer in in country who's regularly out visiting the field area and meeting with village chairmans and and village elders and keeping them abreast of our our developments and projects. Top right hand picture there shows one of our CLOs. We saw one of the police commanders in the region as well. And whenever we've got at and drilling ops or sizing ops, ERT, we've met with the local communities and and kept them informed we're going out there to achieve.

27:24 We've also supported or funded community projects with new buildings, making repairs in schools, upgrades, etcetera. We've sourced the material and the locals have used those materials to to do these projects. We're also building relationships with the University of Dara Salaam. They've they've been involved with HE1 ONE from the beginning and have brought a lot a a lot to the table and a lot of expertise that their in house geochemists. I'm I'm off to Tanzania the week after next, and I I look forward to some developing those relationships with UDSM and then involving them all moving forward. We've recently sponsored some master's projects with them in terms of awards and students that have done their projects, and I continue I look forward to continuing that supporting country.

28:18 Then penultimate slide in summary is is really just to to be here today to have the opportunity to speak with you and give you the confidence moving forward that although I can't, unfortunately, sit here and tell you that we have a signed contract, it is absolutely at the forefront of all of our our minds right now, and it's the whole entire team is committed to making that happen. And the rest is is probably self explanatory and familiar with with us as an organization, and I look forward to speaking with you all moving forward. Thank you a lot, ma'am. I'm sure you'll appreciate. I took a bit of time and effort to get ready, and I I hope you also appreciate that. My opinion was an absolutely fantastic presentation. Thank you very much.

29:04 Just before I get to the question and answer session, I just wanted to make a few sort of general comments because, you know, I've been associated with HELIUM ONE for longer than the rest of the team here. Been associated both professionally and financially. And the reason I got associated with it right at the beginning is because the prospect and the opportunity was outstanding. And in that regard, that still remains paramount. We really have a lot more knowledge about what we're doing about approach, I. E, time prospect, and a lot more confidence that we get there this time, we will have success. Nothing is ever 100% guaranteed, but we have done a lot of work. I'd also like to pay tribute to some of the guys who've supported us over the years because some of you may not know, but as a private company, we raised money at different times throughout our history. We raised money at quite expensive levels by comparison to what we did in the listing back in 2021.

29:58 And one of the gentlemen that's here, I'm delighted to acknowledge, is Jeff Clark, who's been with us for a long while. He's been a great supporter and comes from well, he's worked in that part of the world in Tanzania. I'm delighted to welcome him because right from the beginning, he's been solid. And he's he's not the only one. I just he was here today, and he made it work the the trip up well. I wanted just to acknowledge his presence on behalf of the board. But there's a lot of people who came in right at the beginning and have stuck with it because this opportunity is still one of the best in the HELIUM space. And I wanted you to know that, you know, the other thing I wanted to mention because it's like the the elephant in the room to some extent. We have changed the CEO. It wasn't because we were desperately keen to change the CEO. We just felt that in order to drive this company forward, the conditions have changed sufficiently that a new CEO was required figure and strength and enthusiasm.

30:53 And I have to add this work particularly, the professionalism that we needed in this company. And I think from the presentation, I certainly get a great deal of comfort knowing the professionalism associated with it is certainly more than we had in the past. That's not to say we did a bad job in the past. Not at all. But going forward, I feel a lot more confident with the team that's run about us. I So wanted you to set those two in the nail. I'll open up now for the question and answer session. What we we did with the help of Thomas Doffer here on my left hand side, they went through a range of questions. As I mentioned at the beginning, I think there's 408 interested parties on this particular meeting. That is more than my local football club get for a weekly game. So it shows you the type of interest that's here, but there's a lot. And the first one starts with questions covering the rig, the drilling, contract, the timeline, and what we call the consortium.

31:46 Far be it for me to try and answer this. I'm gonna hand it back over to Lorna. I think she has already addressed a lot of it, but she I think it's worthwhile reinforcing some of these comments now. Yeah. I mean, hopefully, that short presentation has has answered the majority of these. You'll see in the slide that I marked q three for for the span of that world. That obviously is making a lot of assumptions, not not not primarily the contract, but also the negotiations that are ongoing with with our current rig providers. We endeavor to sign that soon, but I'm not gonna sit here and give you a date on that because that would be giving you false information. But rest assured, once it's in place, we will announce an on that as as soon as as soon as we can.

32:35 And this, you saw on my slide about the the site preparations, the the contracts with the civils team of of of of of give them the the nod to get out to the field and start preparing the pad at of site. There's a question, I think, about future drilling at ties. At the moment, the the fundraiser we did in December is enough to drill one well. Thereafter would be triggered by the results of this well. There there may be potential for one plus one, which we'd certainly consider in a success case. But right now, the funding we have in place would would just be to secure that one one.

33:23 The idea of this consortium to spread those mobilization costs is certainly something that is that's on our radar. I'm speaking with another operator about how we can pave the way forward to to mutually benefit both both organizations on that, and the team are very much much across that too. But it, you know, it would be a small consortium. We're not we're not talking about a large large number of companies here, and it has to benefit both parties equally. And nor do we want those to just those negotiations and discussions to delay what we are trying to achieve. We have we have to sort of protect ourselves in that sense. Is that it? Alright. Thanks. No. I I I think you've also mentioned earlier that the opportunity maybe of some other people piggybacking on that really coming into Tanzania, and there's an opportunity of cost savings there.

34:14 Cost savings, obviously, cost savings made would all be directed to our exploration field activities. Because the next question that comes up is an interesting one to me, anyway, funding, cash, run rate, and salaries. We did raise $10,000,000 £10,000,000 last year, and therefore, we're well funded, I think, as long as it's already highlighted. Company's burn rate, we run a very tight ship, and you would expect I'm gonna off script here. You'd expect nothing less from someone with my accent. We are I get up at just to give you an example of it, and it's not for any medals that I want awarded here today, gentlemen and ladies. But I got up at 04:00 this morning, drove into Lisbon, got a Ryanair flight over, and arrived here about 10:00.

34:59 Trolled in here, and I can assure you it was not business class that I flew. And for this 72 year old geriatric, that was quite a challenge. And if I can do it, you can imagine I use the same yardstick for the rest of the company. We are extremely tight on the way we run our cut cash at. We recognize that raising the money from equity and from private investors is not easy, And they want to see it used in the right way, and it is. I can assure you of that. We're more than happy to, at any time, talk about it and detail it in in more effort. But the money was in the the some of my colleagues here have made the comment, you know, lifestyle commentary. Where did they get from? Because our our directors here are not the best paid in the EU market. Let me assure you of that.

35:46 But what we have done is build up a team of people that has allowed Lorna and her of them knowledge to grow so significantly in this project. Where we sit now when it comes to drilling is so much more assured than we previously were. And those people do cost money. They do. Not aggressive, not on top of the cost. But one of the tasks we've asked learners to do as she moves forward is obviously to relook. Now that we're at this stage of drilling, just what our new structure should be, because we're not in the business of just paying for people's salaries if there's no job to be done. So I can assure you going forward, we are very conscious of our burn rate, our salaries, and the cash. And I hope that describes it directly for most of you listening in and here today. The board and management team, there's been a lot of changes in the last year, making it much more oil and gas focused.

36:38 Again, just because I've been here longer than most of them, I can tell you when we started off, I I had no oil and gas background. I really had no knowledge of helium. I just thought it was a great project, and it was well worthwhile looking at investing in. That's where I take my heart off the likes of Jeff Clark. He helped me understand a lot about the helium business at that time. Subsequently, we brought in James Smith, who has done another wonderful job educating me and made sure that we brought in the right kind of people, like Lorna and Russell, and Sarah was there from the beginning. And Nigel, we've just put a very solid board together. I'm now much more aware of what how the oil and gas industry works, how difficult, and how challenging it can be, but how to make it work irrespective of those challenges. And that gives me a lot of confidence going forward. This concept, if I just give you a two minute little g on on the hard rock, for us, getting a drill rig isn't a problem in a hard rock environment. You just get those lots of geodrill or whoever.

37:34 Just get a contract. This concept of the amount of work that has to go in was brand new to us, all of us, all of us. And so we got the right team in place. But now that we have it in place, I feel so much more comforted when I go to bed at night knowing the right people and looking after the right things. Over and above, Lorna when Lorna, I think she suggested that the presentation moved up from the technical in particular into this corporate role of CEO. Still a lot of technical work because unless the project's right, you can talk to the the the clouds come in about how good everything is. Unless the project runs right, it's just nonsense talk. And that's why Lorna is so much better. She has that technical ability and can convert it in the corporate environment things that people understand and understand how we're going to get there.

38:23 And that's, for me, a huge step forward. With with her moving up, we brought in someone else to replace her, a guy called Kai. I won't even try and pronounce his second name because screwed up. But he's he's appointed now. And so we really have a solid team, and and I have a really good management team that I think and I think the board agrees with I know the board agrees with it, can deliver a successful 2023 drilling campaign. So I think I think we've got the boat back on track, ship back on track. I think we're heading in the right direction. Management and ownership, comments made are understood. I mentioned to you I've been a shareholder from the beginning, and I won't tell you because he's a friend of mine who convinced me to come in, I think, at 22¢ at that particular time. And he still remains a friend despite that fact that we're trading now at at 5.5 p.

39:15 But we have got skin in the game. We have a desire to make this a success. All of us put money in at different times. All of us relate to just how much we can afford or whatever the case might be, and we will be looking to buy more shares. I can assure you that. But not not just hiding it and not saying I'm doing it for lip service. We're doing it because we honestly believe in this project. And I think given Lorna the opportunity, it's just such a great step forward that I I'm looking forward to the next six months. Perfect. Right? So we've covered the questions that were raised here. I know there's a lot more, and we've got limited time, and, really, I should really address it to the floor. Hopefully, we've addressed most of them. If we have it, to the guys on the on the ether, if you like, they please get a hold of us. Lorna, myself, James, Nigel, Russell, Sarah are all more than welcome. We, you know, don't tell the data's with too many because we've only so many hours in a day, but we would be very happy to engage, talk to you, and and and get you back enthused with us. So having said that, I'll hand over to the floor. If there's any questions, please fire away, and we'll do our best to ask answer them.

40:32 Well, that's great. That's that's very good. Yes. Please go ahead. Yes. So, David, you you sure it's a webinar on next campaign. Are you willing to save save again that? Look. You've you've probably seen the James Bond movie. In my accent, you'll know why I'm quoting this, but you never say never. But right now, there is no intention in other ways. We think we have sufficient money to do it. We have no intention of further dilution. And remember what I said, I am a shareholder. Dilution is it was toxic to me. I know why we've invested. It wasn't just for a PhD in gas engineering. It was to make a return on investment for all our investors. So I think we have enough money. I think the board believes we have enough money.

41:18 We will not waste it. So right now, there is no intention of raising any more funds. Well, your relationship with Baker Hughes continues as it was before or they they still Long? Yeah. So we our our priority is to continue to use is to use Baker with this role going forward. They're obviously not going to wait around forever for us, so we're keeping them across our situation and keeping them abreast of the situation for them to sign off the roof. But, obviously, the was was signed last year, and our our preference would still be to use them for for services. So it it's just another example of another relationship we're continuing to build and and keep keep another plate to keep spinning, essentially. So are we expecting an or expecting contracts for this?

42:09 Our priority will be a contract. I don't want to sit here and tell the investors that we have an M and A because it's it's meaningless. It's not legally binding. I want to be able to sit here and tell investors that we have a contract. I was embarrassed afterwards. I really was. I'm old enough now. It's not easy to get embarrassed. You can imagine how I felt, and therefore, you must have felt it as well. It was not a nice situation, and we had to take some action. It wasn't easiest of action to take, but we did for the right reasons. Okay. If there's nothing else, thanks very much. I really appreciate everyone's time, particularly There are two Two questions. Sure. Go for it.

43:14 The other interesting ground that we have in that part of Tanzania, the same. And I think there's a lot to be gained in doing more work there, and that will, I think, bring more rewards to us. As regards the next step after discovery, I'd love to wax Lyrica on that, but I really wanna get the discovery under my belt first, and I'm sure all of us at the table think the same way. Then we can go about it. Make no mistake. If there's a discovery made, there will be no lack of attention on HELIUM ONE. Lorna set out the tone of the HELIUM MARKET I mean, the commentary she read about NASA, I mean, just tells you just how vital a particular commodity this is and how such demand it is. So I'm sure I'm sure going forward, but we'll do one step at a time. We've learned our lesson lessons to some extent in that regard.

44:09 That is it. Alright. Again, thank you very much. That's great. Thank you to the Board of HELIUM ONE for updating all shareholders both in person and online. Could I please ask attendees online not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order the company can better understand your views and expectations. This may take a few moments to complete, but I'm sure will be greatly valued by the board. On behalf of the board of HELIUM ONE GLOBAL, we'd like to thank you for attending today's annual general meeting. I wish you all a very pleasant afternoon.