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Proton Green Releases FY 2023 Results

Proton Green released its annual financial results for the year ended Dec'23. The company started producing helium from the St. Johns Field in Q2'23 and has produced a total of 677mcf of helium during the year. The company sold this for US$313k which translates to a helium price of US$463/mcf. During Q4'23, Proton Green sold 427mcf of helium at a rate of US$448/mcf (-9% q/q). The first helium plant has a current processing capacity of ~4mmcf/d of inlet gas during the initial long term process testing phase. The company's total operating costs were US$1,202/mcf. The company ended the year with a net loss of US$11.7mm, cash position of US$1.2mm, and total assets of US$17.2mm. The independent auditor has determined proven helium reserves of ~20.6mmcf which has a NPV10 of US$6mm and contingent resources of helium and CO2 of 8.2mmcf and 610mmcf (~35kt) respectively, which present a combined NPV10 of US$3.4bn, reflecting high potential value. The representative helium and CO2 prices used in estimating its January 1, 2024 reserves were $610 per MCF for helium and $200 per ton of CO2.

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