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Proton Green Reports Q3'23; Sells Helium for ~US$490/mcf

Proton Green reported its first quarterly results (Q3'23) after beginning helium sales in Aug'23 from the St. Johns Field. The company generated US$122k and sold ~250mcf of helium during the quarter. This implies a helium price of US$487/mcf, which is in line with the pricing we have seen reported in recent purchase agreement from other helium players. The Company's plan is to expand into its Phase II Helium Extraction Plant and construct CO2 processing facilities, which requires financing from external sources to complete the work and is currently negotiating a financing instrument to provide sufficient capital to do this. Until the Company completes its Phase II Helium Extraction Plant, it will not have sufficient revenues to address its negative working capital, which includes notes that are past their maturity date, and fund its general corporate overhead. It ended the quarter with a net loss of US$4mm (down from US$7.8mm in Q3'22) and its working capital deficit was US$29.5mm. Subsequent to September 30, 2023, it received cash proceeds of US$5.8mm from the issuance of common stock. As of November 17, 2023, it had cash on hand of US$3.8mm.

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