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Helium One Results and Progress Update

Helium One ended 2022 with a net cash balance of US$13.7mm, providing ample cash for its upcoming drilling campaign. In H2'22, cash outflow from operations was US$1.6mm and capital expenditure US$1.5mm. In 2023, it entered a co-operation agreement with Noble Helium, as well as developed further helium potential resource targets and commenced an ESIA in the Eyasi region. The team is currently actively negotiating a rig contract and remain focused on identifying a rig to enable them to fulfil their 2023 drilling programme. We expect exploration drilling to commence in Q3'23. A strategic approach was adopted to review the PLs, with the Company relinquishing 1,548 km2 realising an annual cost saving in licensing fees of $309,600.

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