First Helium reported its Q2'24 results with a focus on its latest equity raise of C$3.3mm through a private placement, issuing 66.2mm units at C$0.05/unit. The funds will be used for development, exploration, and working capital. The company reported a net loss of C$0.8mm for Q2'24, slightly lower than the C$0.9mm loss in Q2'23, primarily due to reduced revenues offset by lower royalties and expenses. It had a cash position of C$160k and total assets of C$15.8mm. First Helium's exploration efforts at its Worsley project in Alberta have revealed a significant structure in the Leduc Formation, with plans to drill later in 2024. This follows the success of the 1-30 Leduc oil pool discovery, which generated C$13mm in revenue. The company is also advancing exploration in the Blueridge Formation, aiming to establish a scalable natural gas play enriched with helium.
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