Helium One Global (LSE:HE1) — Helium One Investor meeting

0:01 Good afternoon, ladies and gentlemen, and welcome to the HELIUM ONE Investor Presentation. The company may not be in a position to answer every question it receives during the meeting itself. However, the company review all questions submitted today and will publish responses where it's appropriate to do so. These will be available

0:32 via your Investor Meeting company dashboard. Before we begin, we would like to submit the following poll, and we'd be most grateful if you can give us an indication by answering it. And finally, I'd like to remind you that this presentation is being reported. I'd now like to hand over to David Minchin, CEO of HELIUM ONE. Good afternoon to you, David. Hi. Thanks very much for the introduction. So I'm David Minchin, CEO of HELIUM ONE. In a minute, I'll talk you through through the presentation. But first, I want to give you some background. I'm a geologist by by bio training, fifteen years on the coal phase before moving into private equity and then management. Quite literally, I'm a cold face. I actually working for as an underground miner for a while. So I I know my way around how to how to develop a project and how to extract maximum value for for shareholders.

1:28 As a geologist, I'm always looking looking for projects which are technically out outstanding and which are the best in their field in any given in in any given commodity class or jurisdiction. That's what interested me about Healing One in the first instance. It's very rare to be able to come across something which is genuinely globally strict strategic, which is significant for how a commodity is supplied and will influence that supply over the next hundred years. And to be involved in this in early stage as as we are now is incredibly exciting for me. So with any further ado, I'll turn off my camera and move to the presentation. Off. Presentation on.

2:14 So you can all see the presentation on your screen now. Quick disclaimer. Everyone here is a liar. And move into the first slide. As I as I alluded to, helium is a crucial element and is used in a range of different tech technology app applications. A lot of people don't know much much much about it. They don't know that it's mined. They don't know that it's used for anything other than than the party balloons, and they don't know that it's in critically short supply. Part of what my job is is to try to educate people and to sort of get investors aware of how this crucial element is in undersupply and the opportunity which that presents to to the investor.

3:02 The RUCRA project is by far the best unexplored, undeveloped heating prospect in the world. It's got a globally strategic resource and potentially high high grade. We as a management team are the right p p people to be running this. We we have experience of of developing projects in a range of jurisdictions in in Africa. We're we're technically focused, technically led. And I think we are at the right time to to do this. It's the the right commodity at the right time and with the right people running it. But I'll start by giving a introduction to HELIUM, a little bit of a HELIUM ONE zero one. You know, I don't know what what everybody knows about the market, but it is quite op opaque.

3:54 It's used in a range of technology applications. The the it's got a helium has a number of unique properties, which makes it irreplaceable and quite unsubstitutable in a number of applications. Its main property and the main thing it's useful is is it's it's the it's got the lowest boiling point of any gas. So if you want to cool something to within five degrees of absolute zero, which, for instance, take advantage of its superconducting properties, then you need to use helium. The the the most common use of helium for superconductors is in MRI scanners. Now the the use of MRI scanners has increased rapidly in the last ten or fifteen years, and it is expected to continue to increase dramatically as as as MRI scanners are used not just in hospitals in the developed world, but become part of the standard diagnostic tool kit in hospitals around the world.

4:59 There have been reports that China want to double the number of of of MRI scanners which they have in their in in hospitals in in China in the next few years. Well, if they do, where's all their extra helium going to going to come from? Another key growth area is in data centers. Now here, it's used not only for its super for its ability to create superconductors, which are essential for the rapid transmission of information. It's also used in the hard drives itself. It replaces the air gaps between the solid state disks to make the the hard drive smaller and more and and more energy efficient. It's used as a purging gas in a controlled in a controlled atmosphere, for instance, where you're in a if you're doing high-tech microchips, then you would use helium in your controlled atmosphere and for high high quality welding in in aerospace.

5:59 Another key use for it in in in in purging is SpaceX. SpaceX buy a huge amount of helium every every year to purge their rockets. They're purging the helium fuel out of the rockets. Sorry, the hydrogen fuel. He helium has got the smallest pore space of of any gas. So to to fully remove helium out hydrogen fuel out of your rocket system, you need to purge with helium as you're taking off.

6:32 And as I'm saying, it's one of the it's one of the unsung unsung materials that fuel the modern economy, and the the applications for it are expanding all of the time. What's not expanding, though, is for is is the supply. Most supply of helium at the moment comes as a low grade byproduct of hydrocarbon. So for instance, the RASKAS and ExxonMobil's provide about 30% of world's helium from the fields in Qatar, whereas coming out to the ground at point 05%.

7:16 The supply has a large chunk of supply has dropped off last year with the closure of the US Federal Helium Reserve in Texas. Now that was a large strategic stockpile built up during the Cold War and has been been in the process of being closed for the last fifteen years, which has been keeping the the price of helium artificially low.

7:45 As of last year, it's closed its its doors. So there's 20 to 25% of global production taken off. And that's been the that's been reflected in massive pricing increases. It's a fairly op opaque market, but as of last year, we're hearing prices of $280 per Mcf, which is up considerably from historical norms of a 100 to a $120 per MCF. We're hearing anecdotal reports of end users paying $40 a liter as part of a standard contract this year. That's $1,500 per MCF. We're talking about quite substantial end users, you know, universities, hospitals.

8:37 We are in uncharted territories with regards to price for for for helium because the supply has fallen behind demand to such a significant level and is not expected to recover at any time soon.

8:55 This increase in the helium price has been picked up by the market and by investors who have seen increases in pure play listed helium explorers increasing by more than 10 times in the six months between April and October of this year. These price increases have often come with on projects which are smaller scale to what we're looking at, but or earlier stage. The the most advanced project, the nearest comparable, which we have is Bluestar Helium. We're less less than Australia with a project in America. And they've got an unrisked perspective resource of 3,000,000,000 cubic feet.

9:45 By comparison, our unrisked perspective helium resource is 45 times larger and is three times higher grade. So this is why when I say that this is a globally strategic resource, this is the we we are significantly above any other listed pure play helium stock in terms of size and in terms of grade.

10:13 So to give you some background on the project, I can come back to answer questions on markets towards the end. If you have any questions, put them into into q and a. But I'll talk now about the about the project for a while. We've been active in the country since 2015. And because we've had a first mover advantage in exploring for HELIUM and in identifying this this province, We've been able to pick up four and a half thousand square kilometers of license area and to secure the entire perspective area in Vukwa, IEC, and Baba Balingida. Now we've got three three prospects. That's not that's not not a mistake. That's us making sure that we were the only people with in the world with with access to this kind of materials.

11:03 So to give you the the background, back in 2015, what the company founder, Josh Blumet, who's still the technical director, he was driving through Tanzania with with a friend of his and was reading a magazine on industrial minerals in in Tanzania. That that gives you a little window into the personality type of our technical director. And he's a oil and gas guy, so he'd been he'd been exploring out in Australia where they'd be getting quite excited with point zero or 3% helium as a potential economic byproduct on a on a thing that he'd been working on. And he was reading this article about about seeps in the country, which had been flowing out at 10%, up to 15% heat helium at surface.

11:56 This is this was an an unheard of in his experience for for helium. So he looked at the distribution of these, and it's they're very similar to oil and gas where you'll find an oil seep at surface on the edge of a of a vift basin. This is highly analogous to the Alpatine Basin in Uganda, where there's oil seeps all around a rift basin with lots of oil inside the basin. And Rukwa, in particular, was off was his priority target because it's a large basin with multiple helium seats and plenty of trapping structures in the right and the right head of the sphere. The same with IEC and Ballangida, albeit on a smaller scale.

12:45 So we paid for grant over the last five five years. We spent nearly $8,000,000 in exploration work. We we've it's a it's a we've advanced the to the point where they're where they're ready, and that's the time when we've when when we've had to when we've listed to secure sufficient finance to make sure we're able to develop the projects properly. That's the the history in a nutshell. Where we are in Tanzania? As a jurisdiction, people have mixed mixed mixed views on it. But in our opinion, it's it's a it's a good place to work. It's the fourth still the fourth largest gold producer in in in Africa, still the home of several multinational resource companies and listed junior companies.

13:36 It's still a jurisdiction that's an established natural resources territory. Under the law, helium is isn't classed as a hydrocarbon or as a metal. It's an industrial mineral. It sits alongside cement and and aggregate. As such, in event of in the event of us entering into production, we'd be subject to a 3% royalty and 16% government free free tied interest. We had we left it in Tanzania for five years during which time we've got got good relationships with the mining commission and with and with and with and with with the government. We are committed to operating as good corporate citizens, employing local people to do work where we can, making sure all of our license fees are paid on full and in time, and minimum expiration expenditures have been met.

14:32 And because of that, we've been able to get all of our licenses renewed as as of September this year. The balance of over three years with with an extension for two years after that. So we've got plenty of time to develop the prospects which we have. Pardon me?

14:51 The reason why we're in Tanzania is the unique geology, and this is also why our project stands head and shoulders above everyone else in the world and why we are globally significant. Helium forms over hundreds of millions of years in ancient continental crust. It's formed by the breakdown of of naturally occurring uranium and thorium isotopes in ancient continental crusts. And it gets released when that crust is broken open for the very first time. And that's happening in the East African rift of Vava Valley, where the ancient Tanzan Craton is being broken up by great tectonic forces.

15:37 And for the first time, crust, which is billions of years old, is exposed to hot circulating fluid. Now these hot circulating fluids are also key. You need fluids of between a 100 and a 150 degrees to get into all of the micro fractures inside the continental crust and transport the helium up up to surface. This leads to a very specific Goldilocks zone where if you're too far away from a volcanic center so you're on the rift, but the volcanic center's too far away, you don't get those hot fluids and the helium isn't released. On the other hand, if you're too close to a volcanic center, the helium which is released is diluted by carbon dioxide venting out of the magma chamber, so you end up with too low grade to be economic.

16:25 In Rockwa, we're in that specific Goldilocks zone where we're the right distance away to, allow the production and release of high grade helium from ancient con continental crust. But there's a third thing which is also important to this system, which is to have the system of reservoir seal and trapping to capture the gas as it comes up to surface and store it in in economic concentrations. Now this is why we picked Rukwa and IUC and Balangida out of all of the various helium seeps which you can find in in Tanzania. These are the ones which have got the the reservoir trap and seal sequences, which which are needed for you know, it's it's it's very analogous to an oil and gas play. You need all of the parts of the system and the licenses which we have. We we have all the parts of this this system.

17:23 So for the last five years, we've been developing this. The area was actually Rockwell has become our our lead prospect because there's a wealth of historical data there from hydrocarbon exploration undertaken in in the nineteen eighties. That exploration was unsuccessful. There's no hydrocarbon in this system, but it was never tested for helium. We've been able to secure original data tapes for over a thousand line kilometers of seismic that covers the entire basin. Securing the emission tapes is important because it allowed us to reprocess the nineteen eighties data using modern tech tech tech technology and modern processing systems. From that, we've got a very good idea of cross sectional sequences so we can see the the the trap and the trap structure and cross section.

18:19 We also have flown a high resolution gravity survey of the entire basin. That allows us to map the basin basement contact because of the density difference between this headimentary fill and ancient crust, which has given us a not only a map of the of the a two dimensional map of the of the the depth of the basin sequence, but also gives us a really good idea of where deep seated structures are, which are mic migrating helium up up to the surface. We've done microseep and macroseep analysis, understanding how helium is coming up to the surface and where it's distributed. And from all that, we've been able to calculate an independently verified resource of a 138,000,000,000 cubic feet.

19:09 That's the p 50, which is the best estimate. The range from on p 90 to p 10. So p 50 means the 50% probability that that is what is is what's occurring risk weighted. The p 10, which means there's 10% probability is over 500,000,000,000 cubic feet. So this there's a range, and as we explore that range will will decrease as we come into what is the reserve.

19:41 To put into context what a 138,000,000,000 cubic feet means, at today's prices of $280 per Mcf, that has an in situ value of $36,000,000,000. If we convert it into hydrocarbon equivalents, it's equivalent of a 14,000,000,000,000 cubic feet onshore hydrocarbon play in conventional traps. Now if that was a hydrocarbon, it'd be a no brainer. You know, that's what people fund and develop these every every day. We've actually got significant advantages over a hydrocarbon play of the same size, which is that we have a very simple bimodal gas with a very high value product.

20:32 Because of that, the capital cost for us to develop this project in event of discovery is going to be very low. We've we've conducted high level high level engineering study based on a thorascal gas composition, which is based on what we've seen from macro seeps at surface. So we've looked at as containerized plant solution where the plant should be constructed elsewhere in The United States, shipped in and shipped in containers and bolted together at site. And the capital cost for production of 350,000 cubic feet a year would be about $5,050,000,000 dollars.

21:19 Now it's too early for us to put economic numbers around what that would look look look like in terms of production, but 350,000 MCF a year at today's prices of $280 per MCF has a value of 98,000,000 dot dot dot dollars. So you can see how rapidly, in the event of a discovery, this would become a high margin, low low CapEx project which can rapidly return value to shareholders. A part of that is that because it's it's a it's a high value product, it gets transported to ports in liquefied con containers, in truck mounted ISO containers.

22:05 Now we're only 35 kilometers from from the Tanzan Highway, which runs from the from the Hopper Belt in Zambia out to the port of Dai Sanslam. It's a two lane paved highway. We can put a truck a day. It's 350,000 is a truck a day, and each truck contains contains a thousand ms MCF with a value of just over a $250,000. So logistics and infrastructure for logistics is a minor component of of of a very high margin operation. The other reason it works is that nitrogen can be vented out into the atmosphere. We we've got our gas is 10% helium and 9% nit nitrogen, and nitrogen can be vented out.

22:52 So we don't have to deal with a low value hydrocarbon component, which requires expensive infrastructure or high grade of carbon dioxide, which would need to be reinjected back into the back into the reservoir. If we find underground the same gas that we find at surface, It's a very simple operation. So, therefore, what we need to do next is to find what's underground. This is why we've come to why we've come to market and why we've come to London is to raise the capital that we need to be able to mobilize. We're targeting mobilization of a three hole program in q one stroke q two of next year. Now we're using a mineral rig. Because it's a high value gas, you don't need to drill very deep to discover economic accumulations.

23:45 So we're targeting our three lead prospects, which are on the base edge of of of the basin down to a maximum depth of

23:52 about 1,200 meters. And because of that, we're able to use a mineral rig because they can easily get to those depths. They are much, much cheaper than an oil and gas rig, and we don't like to waste money. Speaking of not wasting money, where we are using oil and gas cons consultants, we'd be able to take maximum advantage of a downturn in the oil and gas market at the moment to secure some very competitive rates, for instance, in wireline and mud log log logging. And all of us is keeping costs down to make sure that we can do this three whole program with the capital that we've already raised. In fact, we went to market for 5,000,000 to make sure we could do this with a comfortable with a comfortable margin. We actually the interest far exceeded our expectations, and we we had hard orders in in in our books of over £8,500,000 without really having to stretch our without having to stretch to the edge of our contact list. It was it

24:53 was a very fast and very easy fundraise. Because of that, we decided to open the book up and go and take £6,000,000, which has been enough to allow us to finance an infill seismic pro pro pro program, which you can see here planned planned out in yellow lines. Now infill seismic program really complements what we're doing in terms of of drilling. It'll give us a lot of additional information over the trap structures which we're targeting and will allow us to really refine our drill targeting. And, yeah, that's it was very good that we're able to raise our additional capital.

25:40 So this is the this is the deal that we've that that that we took to to get that. You've seen admission documents published on the November 13. They're available on the HELIUM ONE website and on the ATIS website and will give you full background and full details, including the CPR for the HELIUM ONE's work for projects. There's an ATIS general meeting next week on the twenty fifth of of November. Assuming we get the get the assuming we we we we get the votes, we'd be readmitted then on the fourth of of of of December. We've raised 6,000,000, and that is sufficient capital to take us through to a discovery.

26:26 The seismic will help to refine the drilling targets and the drilling in q one and q two of next year. We'll test those target targets and hopefully help us to reach the next evaluation milestone, which is which which is a discovery. And that's when all the all the high ideas which we have in have as an explorer and concepts which we have for explaining why why HELIUM is here, that's when they all get tested, and that's

26:57 when we prove some prove some gas in the ground. Management team, for those of us who who are interested, we are all African focused in terms of of our background. Ian Stalker, who several of you might might know, has had a very long and successful career. He's put over $700,000,000 into natural resources projects in in in Africa. My myself, managing director, I spent I spent six years working on an African focused private equity fund as the director of geology. So thousands of projects responsible for investing over 450,000,000 in a range of commodities and a range of jurisdictions.

27:45 I was actually introduced to this project less than six months ago by Ian Stork, Storkter, because he knew that I'm somebody who can get stuff done and get stuff done on on on cost.

27:57 James Smith, technical non non non executive director, previous VPP for exploration at Orca, which was an oil onshore and gas exploration company in Tanzania. A lot of experience of getting stuff done. Sarah Cope, who got to share shareholders may know has been on the board for a long time. Rob Rob Robin Birchall, currently CEO of Gyani Metals in Botswana. Again, knows how to get things done in Africa. And Russell Swartz, our financial director, actually is you know, based in South Africa, and it has spent his whole career in in in the in the continent. The fact that really explains what we were try what we're trying to achieve here and why I think we we make a a good investment proposition.

28:45 We're the only company with a globally strategic resource of of helium, which in the event of a disc disc discovery could change the way that this commodity is provided for the next hundred years. The commodity itself is in high demand and short supply. That demand is only going to increase as applications which, you know, currently are high-tech will become standard tech. And twenty years ago, if you'd gone for an MRI scan, you'd have been one of very few people in the world to ever have an MRI scan, and now that contributes to 20% global demand and is growing rapidly. So this is a technology metal, which as we enter as as we enter into twenty first century, is going to increase in in in in demand, but is currently supply constrained, and that's reflected by increasing prices.

29:38 Because of that, really, we've come to market at the right time to be able to offer this strategic risk resource and to get maximum value for our shareholders by exploring and and developing that. I think we're the right team to be able to do that. So That's perfect. Thank you very much indeed, David, for that. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. But just while David takes a few moments to review those investor questions that have been submitted already, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, will be available via your Investor Meet company dashboard. I'd also like to remind you that your feedback is incredibly important to the company. And immediately after the presentation has ended, you'll be redirected for the opportunity to provide your feedback in order that the company can better understand your views and good think I that's good think one, and and they're they're all short in nature. But the first one says, what sort of production would you be looking for?

30:53 Well, the engineering study which we did, the the high level engineering we study we did looked at a start case of 350,000 MCF, which is about $998,000,000 worth per per per year. With the capital cost which we've got, you can see how we could rapidly finance ourselves into into additional mod mod modular trains. Each each process plant of 350,000 comes in modularized containers, just plug and tick together, off you go. If we have a sufficient source and sufficient market, which we do, then we could wrap wrap rapidly finance ourselves to grow up to, you know, to a billion cubic feet a year.

31:41 It's still sort of 15% of the global mark mark mark market. We won't be looking to displace any of existing byproduct producers, but we would fill that gap in terms of the excess supply, which which isn't being met and and what came off from the closure of the Bureau of Land Management's US Federal Reserve. Thank you. The second question is about the fundraise, and it says you conditionally raised GBP 6,000,000. How long do you think that will last you? So, yeah, about 6,000,000 is going to fund us all the way through this first phase of of of exploration. We chose $66,000,000 not not by accident, but because that's sufficient for us to do the infill seismic and to do the three drill holes with sufficient cushion that we don't need to come back to market.

32:34 And so we're we're able to complete the technical program with without risk. That's very kind. And then finally, I I guess, really directed at you with two hats on, I guess, but does the CEO plan to buy any more shares in HELIUM ONE? I don't know whether you would like to answer that, but I know you asked me to ask you all the questions so that I have. Well, the management team own a lot of shares bit bit bit bit between us. The chairman and stock has put a lot of money in in seed rounds and and onwards. Technical director, Josh Josh blew it. He's the founder and has, you know, had a lot of shares since. I'm I've I've I've elected to be heavily to be heavily motivated by options.

33:22 I've kept my own salary demands to a minimum because, you know, as ex exploration company,

33:28 conservation of cash is important. But I'm making sure that everyone is incentivized is incentivized by our options because it's it's important that the management team is incentivized to work hard and to push this as as hard as we can. Well, thank you very much indeed. David, if I could now ask you to just click on the q and a tab, well, which will be on the right hand side slides. There'll be a scroll bar on the right hand side. Could I ask you to, read out the question, perhaps even who it's from, and then give your responses as appropriate? And that will be very kind. Thank you. Working down the list, Steve P. When do you expect to spud the first drilling well? We're expecting to spud it in q one, stroke, q two of next year. I don't want to be too much more precise than that because timelines can change.

34:21 It it it a lot of it will depend on access via the wet season and on the availability of the rig from the con from the contractor who we've selected. But we I don't believe in hanging about. You know, if you if you're wasting time and you're you're just burning money. So we're looking to start as early in the next year as we practically can. Chris p is what is the geological risk for the drills? I assume that's referring to the oil and gas risking which they place onto onto onto rig onto boreholes, and that's is itself a good question.

35:09 The risk weighting comes out at about 20%. For those of you who are familiar with oil and gas, they they develop a risk weighting based on a multiplying the risk on the different components of the of the oil and gas system. So you risk the source, you risk migration, you risk reservoir, you risk seal, and you risk trap. Now this is a greenfield basin. It's not being drilled. So, therefore, all those risks will be higher. Source is relatively low risk. It's just helium coming up to the surface. Migration, again, when we know it's coming up to the surface, we're just migrating there.

35:55 Reservoir, we know from the drilling that was done in the eighties, there's very good reservoir rocks with up to 30% porosity. Seal traps. So trap, we are data limited by the seismic which we've got, which is why we're gonna do do some infill size seismic. But on the seismics, which you have seen, there is high relief trap structures. So that's relatively okay. The big question mark is is on the seal, which there are seeding units there, clay units, and there's bentonite horizons as as well, which makes an exceptional seal rock. But that is really what needs to be tested by by by the drilling. That's what we're data limited by. Nick, Jay, what's your timeline to develop the opportunity?

36:46 Well, I touched on that with regards to starting the expiration in q one or q two of next year. If we do that, we would need to move into field appraisal, which would require appraisal wells being drilled. So you they drill a well offset from the first well. You test one, and then you test the other, and you see how that how the pressure drops interacting between the two of them, and that gives you all the information you need regarding to your reservoir. We do three d seismic because we've got a high value product, so understanding the geometry of the track is is crucial. And then there'll be engineering. We have surface engineering of how you design your production wells, what specifics go into the process plans, logistics around it, etcetera, and so forth. So there's there's fair amount of engineering to be done, which would result in a feasibility study.

37:42 We'd be lucky we'd be looking to do that in the twelve months after discovery. And from from there, it would be to find project finance and then enter into construction and get our mining license mining license approved. So we'd like to pursue an aggressive timeline, Market and geological conditions both being good. Another one from Chris p. Have you explored any customer demand in terms of early takeoff agreements? Yes. We have. We are in touch with end users, and they have expressed interest in taking HELIUM from us.

38:33 Think it's fair to say they're keen to explore alternative routes to get to Helium Helium because they're finding that existing Helium market rates are quite difficult to get through, and they're all short of Helium. We've not signed anything because prior to to a discovery, what's the point of signing an offtake? Yeah. It's it's would have to be nonbinding on on either party because we don't know if we've got any gas for them to take off yet, which makes it kind of worthless. We would also you know, that also gives gives away a little bit of value because once we have a discovery, then an off take is something valuable which we can use to secure finance with without having to dilute shareholders. So we have seen interest from off takers, but we've not pursued it yet, and nor will we pursue it until we make a discovery.

39:25 And then Richard H. If the asset is worth 36,000,000,000 in the ground, why is HELIUM only valued at 8,000,000? Good question, Richard. That's because there's no discovery being made yet. Now as as you at the moment, we have a good concept and strong evidence to think that it's worth drilling. Once we've drilled it and we've made a discovery, then we would expect to see the value of HELIUM ONE increase. But at the moment, where we are at the moment needing to secure finance to advance this project further, that's the valuation which made sense for us to secure that fine finance and be able to and be able to get to this drilling phase.

40:23 Wayne G. Have you been approached by potential partners? Well, yes, but we've not taken any opportunities. A lot of a lot of potential partners, so existing helium distributors aren't really aware of exploration risk, which has left them left them difficult to advance. And it'd be several years as a private company. The company spoke to lots of people, obviously, but for various reasons, none none of those projects none of those developed into fruition. Yeah. The nice thing about this project is that it's a relatively low capital cost.

41:10 It certainly would be achievable for a junior company to be able to do that on its own or for us to develop it with a partner if that made the most sense in terms of returning value to shareholders in in terms of dilution, etcetera, and in terms of advancing the the the the project onwards. But we can do it on on our end. Lee Gee, how soon into q one will you have equipment on-site to drill? And once started, how long before you have initial results, please? We're probably looking towards the second half of q one into the start of q two to to have the hole in the ground.

41:56 This is to give us time to run the seismic and to process that data to to feed it into the drill plan. And that was an opportunistic decision made that, you know, we we've got that extra that extra money. The extra data reduces the risk on on the on the drilling by improving the resolution of and our understanding of trap structures. Each hole would take about a month to complete. Now we'll be able to report helium shows in gas helium gas in drilling mud as helium shows. That won't be quantitative, but it'll give you a qualitative idea of if we're hitting gas as as we drill. We're also going to perform drill string tests on completion, which will test for helium flow out of each hole.

42:45 So fingers crossed, soon after drilling, we'll be able to produce some some used flow. Jonathan Yu, what's the relationship with the government in Tanzania like? What sort of mining license would be acquired once the resource is provided up? We are we've got very good relationships with the government in Tanzania. We've been active for the last five years. We have maintained a presence and maintained minimum license expenditures, paid all of our license fees on time and in full every year for five years Even when, you know, times were hard in in in Tanzania, we've been very supportive, and we've seen that sort of support we we we paid with the renewal of our of our licenses.

43:37 So we've got good relationships with every level of of of the mining commission. The license we would require is an industrial mineral industrial minerals extraction. We believe I mean, we, you know, we we believe it would be relatively straightforward. Lee Ji, how do you expect the 6,000,000 fundraise to last before you need to raise for for further funds? The 6,000,000 is sufficient to take us all the way through this initial exploration stage. So it's sufficient to do the seismic and to drill all three and to drill all three holes. So, you know, we it gets us through this first phase, which is going which is scheduled to last us until the end of q q two.

44:38 Joseph f, given the recent election in Tanzania, what sense do you have of government support for the project? Actually, Joseph, this is quite interesting because during the presidential address to parliament last last week, he actually spoke about HELIUM ONE, and he spoke about how it has the potential to be a strategic supplier over the next hundred years and how he he thinks it's a project which should be be be supported and developed. So, yeah, on the back of the election, you know, Tanzania is looking for a good news story, and we are we are potentially one of those good news stories which company which country can have. And final question, Stuart m. What's the time frame to cross production of the finished product?

45:24 Stuart, it's probably a bit early for me to answer that. There's a lot of technical hurdles to be overcome before we can really talk about developmental time frame, developmental costs, developmental, you know, my my my margins in an economic model. It would be remiss of me to talk about that now. But in the event of a discovery, we we would be pushing, to pursue an aggressive timeline. As you can see, we're already you know, from from listening to, exploration, we're pursuing an aggressive timeline, and we hope to be able to continue that momentum into into production in the event of a discovery. David, thank you very much. I I think that is, as you say, that I think you've addressed all those questions. And, course, if we have missed any or any do come in after, they'll be available for you to to review.

46:16 I guess before I redirect investors to give feedback, which I I I know that you highly value, I I just wondered if I could ask you to wrap up, and then I will direct investors for feedback. Yeah. Okay. Yeah. Thank you, everybody, for attending this meeting. I hope it helped to shed some light onto the deal that ASUS has concluded. And I look forward to welcoming you and Healing One's other new investors on the London market on the fourth of of December. And look forward to some very good performances in the build up to Christmas and throughout the exploration camp campaign there thereafter.

47:02 Thank you much for your time and for your questions. And any which I've missed, we'll come back to you. Thank you. David, thank you very, very much indeed. Could I please ask investors not to close the session as you'll now be automatically redirected for the opportunity to provide feedback? If you access this meeting from our website, then the feedback page will appear. And if you access this, via the email that we sent to you, you will be asked to log in, to provide feedback. But, you know, you've taken the time to turn the meeting. We'll be most grateful if you could give, the company some feedback. That'd be brilliant. On behalf of the management team of HELIUM ONE, I would like to thank you all for attending today's presentation. That now concludes today's session. Thank you once again, and good afternoon to you all.