13 November 2026

Helium One Global Ltd

(“Helium One” or “the Company” or “the Group”)

Audited Results for the year ended 30 June 2026

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, is pleased to announce the Company’s audited results for the year ended 30 June 2026.

Summary

Southern Rukwa Project, Tanzania:

• Successfully completed Electrical Submersible Pump ("ESP") testing at ITW-1
• Produced over the equivalent of 250,000 barrels ("bbl") of water during a 20-day testing programme, with flow rates of up to an equivalent of 16,400 barrels per day ("bpd") - representing a six-fold increase compared with natural flow rates achieved during the 2024 Extended Well Test ("EWT")
• Achieved sustained helium concentrations of 5.4% (air corrected) at surface, with a maximum concentration of 9.2% (air corrected)
• Formally awarded a 480 km2 Mining Licence (“ML”) in southern Rukwa in July 2025, representing Tanzania’s first helium mining licence and largest mining licence awarded in the country
• The Company, and the Government of Tanzania executed the Framework Agreement and the Shareholders’ Agreement for the joint venture company, Songwe Helium Ltd, in which Helium One Global Ltd holds an 83% interest
• Commenced a formal farm-out process in May 2026 to identify and select a suitable industry partner for the southern Rukwa Helium Project and discussions with a number of parties ongoing.

Galactica-Pegasus Project, United States:

• Commissioned the Piñon Canyon processing facility, with six development wells drilled and tied in, and achieved first gas in December 2025
• In June 2026, Blue Star Helium (“Blue Star” or the “Operator”) entered into an initial 3-month helium purchase and sales agreement covering all helium produced at the Piñon Canyon Plant

Corporate:

• Clive Carver appointed Non-Executive Chairman in April 2026
• Appointment of Nishant Dighe as a Non-Executive Director and Sarah Cope as an Executive Director
• The Company raised a total of £13.8 million during the year
• Total comprehensive loss attributable to the equity holders of the Company of US$3,413,295, a decrease compared with US$4,857,406 for the year ended 30 June 2025
• The Group’s net assets as at 30 June 2026 were US$67,919,638, compared with US$53,202,847 at 30 June 2025
• At 30 June 2026, the Group’s cash position was US$6,552,494 (30 June 2025: US$3,152,755).

Post Balance Sheet Events

• First helium sales achieved in July 2026 in the US
• At the end of August, the helium purchase and sales agreement was extended to 31 March 2027
• Raised approximately £3 million in October 2026 to cover the expected operating costs for the remainder of the current financial year

Outlook

• The Operator plans to deepen 3 existing wells at Galactica during Q4 2026, followed by a further 9 wells in 2027, subject to permission being granted
• Blue Star Helium continues to advance commercial discussions on CO2 co-production and liquefaction, with a focus on expanding gas processing capacity and supporting revenue growth through 2026 and into 2027
• At southern Rukwa, the Company is evaluating new development targets for further drilling and testing, with activity likely to focus on primary fractured Basement targets at additional locations across the 480 km2 Mining Licence area
• The Company looks forward to the outcome of the formal farm-out process
• The Company-owned Epiroc 220 drilling rig remains warm stacked in the southern Rukwa region and operationally ready to support future activity
• Helium’s role in high-technology applications continues to underpin its strategic importance, in a market influenced by demand, supply and geopolitical developments

Clive Carver, Chairman of Helium One, commented:

“This has been an incredibly busy period for the Company which has seen us deliver some very significant milestones as well as undertaking some incredibly important initiatives.

Helium One have transitioned from an exploration company into a company with production in the US and a world class development project in Tanzania where the team have proved up the potential of the project and which we are now looking to further progress through bringing in a suitable industry partner.

Helium remains a commodity in demand and we are advancing our projects to be a key player in delivering this in the future.  I would like to take this opportunity to thank all our stakeholders and shareholders for their continued support during the year and going forward in what we believe will be another important year for the Company as we continue to deliver our strategy and build on what we have achieved in the last year.”

Lorna Blaisse, CEO, commented:

“We have made significant progress across both projects, advancing our strategy to become a helium producer with a diversified portfolio. 

In the US, we worked with Blue Star to commission the Piñon Canyon facility, achieve first gas and commence helium sales.  In Tanzania, successful ESP testing at southern Rukwa demonstrated the project’s potential. We also secured Tanzania’s first helium mining licence and the country’s largest mining licence, executed a framework agreement with the Tanzanian Government for Songwe Helium Ltd., and launched a formal farm-out process. 

These milestones provide a strong foundation for the next phase of development. Our focus remains on progressing both projects and realising their potential to help meet the increasing global demand for helium.

I would also like to take this opportunity to thank our team, partners, local communities, landowners and Government stakeholders for their contribution, and our shareholders for their continued support. I look forward to providing further updates as we advance our projects.”

Appointment of Joint Broker

The Company announces the appointment of Cavendish Capital Markets Ltd (“Cavendish”) as joint broker to enhance investor reach and research coverage.

Cavendish will work alongside, the Company’s Nominated Adviser and existing joint broker, Panmure Liberum Ltd and the Company’s existing joint broker, Axis Capital Markets Ltd.

For further information please visit the Company’s website: www.helium-one.com 

Enquiries

Notes to Editors

Helium One Global, the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA. The Company holds helium licenses within two distinct helium project areas, across two continents and has the potential to become a strategic player in resolving a supply-constrained helium market.

The Company’s flagship southern Rukwa Project is located within the southern Rukwa Rift Basin in south-west Tanzania. This project entering a full appraisal and development stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test (“EWT”), successfully flowed 5.5% helium continually to surface in Q3 2024.

Following the success of the EWT, the Company filed a Mining Licence (“ML”) application with the Tanzania Mining Commission in September 2024 and the 480km2 ML was formally awarded to the Company in July 2025.

The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL) and successfully completed a six well development drilling campaign in H1 2025. The completion of the development programme is a key component of the broader Galactica-Pegasus development strategy; aimed at progressing the helium and CO2 discoveries to near-term commercial production.

This programme has seen a systematic approach to developing the extensive Lyons Formation reservoir. The programme has delivered encouraging results, in line with expectations, consistently encountering good helium (up to 3.3% He) and CO2 concentrations in the target formation and demonstrating promising flow potential. The initial Galactica wells were tied into first gas in Q4 2025, with further wells coming onstream in 2026 for both helium and CO2 production.

CHAIRMAN’S STATEMENT

I am pleased to present the audited financial statements for the year ended 30 June 2026.

I was appointed Non-Executive Chairman in April 2026 and these are my first set of annual results for the Company. As such, the strong progress during the period under review is the result of the team here before me and I give full credit to my predecessor James Smith for all that he and they have achieved.

OUR OBJECTIVE

While the Company has a number of worthy secondary objectives our clear prime mission is to be a sustainable commercial success for the benefit of our shareholders.

HELIUM ECONOMICS

In industries where producers do not set the price, returns to shareholders are principally a function of the offtake price and the “producers” production performance.

Helium is no different to any other market where the price is the result of the interaction of demand and supply. The worldwide demand for helium, with its growing applications notably in the electronics/semiconductors, healthcare (MRI), and aerospace industries is, in my opinion, set for continued steady growth.

Helium supply, however, is at best uncertain. For helium to be produced as a by-product of methane or carbon dioxide, as is the case with around 95% of global production, it requires the production of that methane or carbon dioxide to be commercial as no rational producer would suffer losses on methane or carbon dioxide just to produce the associated helium. Producers of helium where methane and carbon dioxide is not the prime activity, such as ourselves, therefore have a distinct advantage.

More important though on world prices is the ongoing disruption to some of the key helium producers caused by the impact of the Iran war and Russian sanctions, which has reduced global supply by an estimated 33% and increased prices by over an estimated 100%.  It has also led to countries such as the United States designating helium as a critical material and others such as China imposing restrictions on the re-export of helium.

In summary, the outlook for helium is both strong now and for the foreseeable future.

OPERATIONAL PROGRESS

None of this helps in attaining the Company’s prime goal of sustained commercial success without the cost-effective production of helium. In July 2026, after the period end, the Company sold its first helium from the Galactica-Pegasus helium development project in Colorado, USA, and continues to do so, moving the Company up the value chain from the ranks of helium explorer to helium producer.

In Tanzania at our Southern Rukwa project a farm-out process is underway in which we are seeking the involvement of an industry heavyweight to move the project forwards at pace.

A detailed account of operational progress is set out in the Chief Executive’s report.

SHAREHOLDER ENGAGEMENT

In recent times we have adopted a conservative approach to our public statements and have sought to ensure that communication with our investor base, both by way of company announcements and presentations, and in institutional investor meetings and widely available investor platform updates, has been transparent, clear and equal across all investor groups.

While the approach on the content of our public statements will continue, we recognise we need to do more to keep shareholders updated with news of your Company’s progress and look forward to providing more regular updates across the various channels going forwards.

FUNDING

The Company raised a total of £13,875,000 during the year under review by way of the issue of 3,936,585,438 new ordinary shares. These proceeds were used to advance our southern Rukwa and Galactica-Pegasus projects.

In October 2026 we also successfully completed a £3 million fundraise to cover the expected operating costs for the remainder of the current financial year. We raised this money with a single counterparty in a transaction that was executed overnight as we believed this was the most effective way to secure the working capital needed while protecting value as much as possible.

Given the weakness of the traditional AIM follow on funding market for companies such as ours, our funding strategy going forward is, wherever possible, to raise money from industry and joint venture partners rather than from existing or new equity investors. In Tanzania we are looking for a substantial farm out partner, most likely a multinational helium user, specialist financial institution or much larger industry participant. In Colorado, we look forward to increasing contributions from the wells already on production.

BOARD CHANGES

During the year, we welcomed Nishant Dighe to the role of Non-Executive Director. Nishant has an extensive background in engineering and business, holding master’s degrees in both Chemical Engineering and Petroleum Engineering from Imperial College London, as well as an MBA from Warwick Business School. He has over thirty years of experience across a broad range of organisations, including roles at ExxonMobil, strategic consultancy with Marakon Associates, and as COO and interim CEO of Oslo-listed Panoro Energy. Most recently, he served as CEO of RAK Gas, the National Oil and Gas Company of Ras Al Khaimah, UAE, and as CEO of the RAK Petroleum Authority.

In addition, Sarah Cope was appointed as an Executive Director, taking up the role of Head of Governance and Compliance, having previously served as a Non-Executive Director. Sarah’s extensive experience as a Nomad/broker and investment banker will support the wider team as the Company continues to progress its strategy.

James Smith took the decision to step down from his role as Non-Executive Chairman, having joined the Board in 2020 as a Non-Executive Director and served as Non-Executive Chairman since August 2023. On behalf of the Board, I would like to thank James for his guidance and contribution during his tenure.

In April, I was delighted to join the Board as Non-Executive Chairman. I have significant public company experience as a Non-Executive Director and Chairman, having been Chairman of several AIM companies in recent years, with direct experience in, amongst others, the oil and gas, oilfield services and mining sectors. I am currently Chairman of AIM-listed Caspian Sunrise plc and Built Cybernetics plc.

I am also a fellow of the Institute of Chartered Accountants in England and Wales (FCA) and was, for 25 years, a fellow of the Association of Corporate Treasurers (FCT). While working in the UK broking industry, I gained more than 15 years’ experience as a Qualified Executive under the AIM Rules, where I ran the Corporate Finance departments of several of the larger and more active Nominated Adviser firms.

I look forward to working with the team utilising my extensive knowledge of both the capital markets and resources arenas to further deliver our strategy and objectives.

OUTLOOK

The attractiveness of the helium sector has resulted in a number of new entrants over the past few years, several of whom are making encouraging progress, which we welcome as it is good for the sector and those listed on the London market at a time when other sectors are struggling.

Against this positive macro and thematic backdrop, we continue to assess new opportunities both within and outside of our existing asset portfolio. The Company’s Executive team, led by Lorna Blaisse, are true helium professionals and provide us with the expertise to be entrepreneurial and flexible in our assessment of opportunities as they arise.

We therefore look forward to the future with confidence.

Clive Carver

Non-Executive Chairman

12 November 2026

CHIEF EXECUTIVE’S STATEMENT

I am pleased to report a year of major milestones for the Group in the twelve months ended 30 June 2026. We delivered tangible progress across our assets in the USA and Tanzania, advancing our ambition to build a helium business that creates long-term value for shareholders. With first helium sales achieved shortly after the year end and a landmark mining licence secured in Tanzania, we enter the next phase of our development with a clear focus on delivery.

Helium supports critical and unsubstitutable applications in semiconductor manufacturing, MRIs, defence, advancement in AI and aerospace, making supply security a strategic priority for high tech end-users. Since March 2026, it is reported that around one-third of the global helium supply has been offline following disruption in the Middle East. Separately, the United States Geological Survey (“USGS”) reports that the US imported 423 mmcf in 2024, with Qatar supplying 28% of US imports over 2021–2024. Today, the US is largely relying on its own domestic production of helium. These figures underline the case for new, geographically diversified global supplies.

At Galactica-Pegasus in Colorado, USA, where the Company holds a 50% interest, we reached a major milestone with the commissioning of the Piñon Canyon processing facility and the tie-in of six development wells drilled in the previous year. First helium sales followed shortly after the reporting period, marking an exciting new chapter for the Company and its shareholders. Our focus now is on scaling up production, progressing further development infill drilling across Galactica and pursuing continued expansion into Pegasus.

In Tanzania, we secured a landmark achievement in July 2025: the award of the 480 km² southern Rukwa Mining Licence (“ML”). This is Tanzania’s first helium mining licence and the largest mining licence ever awarded in the country—an important step towards developing this unique project for production. With an active farm-out campaign underway, we are encouraged by the interest the project is attracting as we seek a long-term partner. Securing that partnership and advancing southern Rukwa towards production are clear priorities as we build on the year’s achievements.

GALACTICA-PEGASUS PROJECT

The Galactica-Pegasus Project in Colorado, USA, in which the Company has a 50% interest, achieved first gas from the Piñon Canyon Plant in December 2025. This was followed by rigorous commissioning of the gathering system and production facility ahead of first helium sales in July 2026.

Achieving first gas at Galactica was a major milestone for the Company and our joint venture, marking tangible progress towards establishing a reliable, scalable source of helium for the US market. The subsequent supply constraints arising from the US-Iran conflict have reinforced the importance of supply diversification, as end-users seek alternative sources and greater security of supply. We are focused on building on this achievement as we work towards realising the project’s commercial potential.

The Galactica-Pegasus Project is emerging as an attractive new domestic supply option for US helium and CO₂ buyers seeking to diversify and strengthen their sourcing portfolios. Blue Star Helium (the “Operator”) has been engaging directly with a wide range of potential off-takers, ranging from large-scale transport and bulk storage providers to mid and small-scale transport operators, packaged gas distributors, and key end-use sectors.

During the first half of 2026, the Operator focused on plant and production optimisation, with six wells tied into the Piñon Canyon processing facility by late March.

Planning and permitting have advanced for additional tie-ins and infill drilling designed to increase production from the Piñon Canyon processing plant. In addition, the Operator continues commercial discussions regarding co-producing CO2 and liquefaction. These activities are focused on expanding gas processing capacity and supporting revenue growth through 2026 and into 2027.

In June 2026, the Operator signed an initial 3-month helium purchase and sales agreement covering all helium produced at the Piñon Canyon Plant. This agreement was subsequently extended at the end of August to 31 March 2027, supporting the project’s commercial progress.

This first formal helium offtake commitment was an important commercial milestone for the joint venture. Together with trailer-by-trailer spot sales of initial production, it provided a platform from which to pursue longer-term offtake arrangements.

First helium sales from the Piñon Canyon Plant were achieved in July 2026 at spot prices, followed by the commencement of sales under the short-term offtake agreement at the end of that month. With trailer fills now taking place regularly, the joint venture is building on this significant step in the project’s commercial development.

Looking ahead, the joint venture is focused on building on this progress. The Operator plans to deepen three existing wells at Galactica during Q4 2026. followed by drilling of a further 9 wells in 2027, subject to the necessary permissions being granted.

SOUTHERN RUKWA HELIUM PROJECT

Southern Rukwa achieved a landmark milestone in July 2025 with the award of its 480km² mining licence (“ML”), Tanzania’s first helium mining licence and the largest mining licence area ever awarded in the country. Songwe Helium Ltd, our joint venture with the Tanzanian Government, was incorporated and its directors appointed, with Helium One holding an 83% interest and the Government a 17% free carried interest.

The Framework Agreement and Shareholders’ Agreement were formally executed at a signing ceremony in the Songwe region on 2 May 2026. I attended alongside Graham Jacobs, our Commercial and Finance Director, Songwe Helium Ltd directors and our senior in-country team, together with local Government officials, representatives from the Ministry of Minerals and Mining Commission, stakeholders and local communities.

At ITW-1, we used our Predator 220 rig to re-enter the well, recover the completion string and production packers, and prepare for Electrical Submersible Pump (“ESP”) operations in January 2026. Testing ran from 26 January to 14 February, with equipment supplied and operated by CenerTech Group, part of CNOOC, running for over 450 hours without maintenance or downtime.

The ESP delivered a sixfold increase in flow rate compared with the 2024 extended well test’s natural flow, reaching up to the equivalent of 16,400 bpd and averaging 15,000 bpd at a maximum pump frequency of 55 Hertz. Helium concentrations remained sustained, averaging 5.4% and peaking at 9.2% (both air corrected), with no decline over time. Rapid wellhead and downhole pressure recovery after shut-in indicated a wider connected resource.

Measured temperatures of 90°C suggested that helium is transported to surface primarily within fluids diluted by the Karoo aquifer; undiluted Basement-derived fluids would be hotter based on the known geothermal gradient at the Itumbula High. We continue to assess fluid sources and interactions and evaluate further drilling and testing targets, likely focused on fractured Basement elsewhere across the ML area.

Building on these encouraging results, we launched a formal farm-out process in May 2026 to secure a suitable industry partner and third-party financing for southern Rukwa’s next phase. PVE Consulting Ltd (“PVE”) is leading the process, bringing more than 20 years’ upstream management-services experience and a track record in transaction support and exploration and production mandates across Africa and other regions.

HEALTH, SAFETY AND ENVIRONMENT

I am pleased to report that our health and safety performance continued to be exceptional, with no lost time incidents recorded during operations. During the re-entry of ITW-1 and the ESP operations, Helium One’s internal HSE management system recorded a total of three incidents over approximately 19,299 man hours of work (excluding 19,299 hours of time on site on rest periods). These comprised of medical treatment and equipment failure, with zero trauma-related incidents.

FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2026

The Group recorded a total comprehensive loss attributable to the equity holders of the Company of US$3,413,295, a decrease compared with US$4,857,406 for the year ended 30 June 2025. This decrease is mainly as a result of a far lower share option expense being incurred in the year under review.

The Group’s net assets as at 30 June 2026 were US$67,919,638, compared with US$53,202,847 at 30 June 2025. At 30 June 2026, the Group’s cash position was US$6,552,494 (30 June 2025: US$3,152,755).

The Board determined that in respect of the Galactica-Pegasus project, the project had progressed from the exploration and evaluation phase into the development phase.  Accordingly, the carrying value of the related exploration and evaluation assets of $7,641,287 was reclassified to Development assets (See notes 11 and 12). The reclassification represents a transfer between categories of non-current assets and had no impact on the Group’s profit or loss or total net assets for the year.

More information on this reclassification of assets can be found in the notes to the accounts.

OUTLOOK

We enter the year ahead with clear priorities and a strong sense of purpose. Having made the transition to helium production and sales at Galactica-Pegasus, our focus is to build on this milestone while securing a partner to fund field development at the southern Rukwa Helium Project and advance it towards production.

Global events, including the US-Iran conflict and the shut-in of Qatar’s Ras Laffan plant in Q1 2026, have highlighted the vulnerability of helium supply chains. The resulting supply constraints have driven up helium prices, with some spot prices reported to have been ca. US$2,000 per mcf, reinforcing the importance of developing reliable, geographically diversified sources of supply.

Against this backdrop, I believe our portfolio offers a compelling opportunity to contribute to future helium supply. We remain focused on progressing our projects and engaging with strategic partners and offtakers, with the aim of translating our operational achievements into sustainable, long-term value for shareholders.

Helium’s essential role in high-technology industries underpins its strategic importance. On 23 October 2026, the US Department of Energy added helium to its critical materials list, recognising the risk of supply disruption and its vital role in semiconductor manufacturing supporting quantum computing, AI infrastructure and data centres. The Board believes our portfolio has the potential to help meet increasing demand for this irreplaceable resource.

On behalf of the Company, I thank our staff, partners and stakeholders for their dedication and contribution throughout the year. I also extend our appreciation to the local communities, landowners and Government stakeholders whose continued co-operation supports our operations. To our shareholders, thank you for your continued support. We look ahead with confidence, committed to delivering on our priorities and keeping you informed as we progress our projects.

Lorna Blaisse

Director and Chief Executive Officer

12 November 2026

CONSOLIDATEDSTATEMENTOFPROFITOR LOSSANDOTHERCOMPREHENSIVEINCOME

FOR THE YEAR ENDED 30 JUNE 2026

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2026

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2026

AnanalysisoftheSharePremiumcanbefoundinnote16andOtherReservesinnote18.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

1.     GENERALINFORMATION

The principal activity of Helium One Global Limited (the ‘Company’) and its subsidiaries (together the ‘Group’) is the exploration anddevelopmentofheliumgasresources.TheCompanyisincorporatedanddomiciledintheBritishVirginIslands.Theaddress of its registered office is 171 Main Street, PO Box 92, Road Town, Tortola,VG1110, BritishVirgin Islands. The Company is exempt from preparing separate parent company Financial Statements for the year ended 30 June 2026 in line with BVI Business Companies Act 2004.

TheCompany’sordinarysharesareadmittedtotradingontheAlternativeInvestmentMarket(AIM)oftheLondonStockExchange under the ticker ‘HE1’. The Company is also quoted on Börse Frankfurt with symbol 9K3.

2.     FUNCTIONALANDPRESENTATIONALCURRENCY

The determination ofan entity’s functionalcurrencyis assessed on an entity-by-entitybasis.Acompany’s functionalcurrencyis definedasthecurrencyoftheprimaryeconomicenvironmentinwhichtheentityoperates.ThefunctionalcurrencyoftheParent Companyis the US Dollar, because it operates in the BVI,where the majorityof its transactions are in US dollars.The functional currency of the Tanzanian subsidiaries is Tanzanian Shillings in which currency the subsidiaries incur payroll costs, licence fees, withholdingtaxfeesandpaymentstolocalsuppliers,andarerequiredtoreportandfileaccountslocally.Thefunctionalcurrency of the US Subsidiary is the US Dollar in which currency the subsidiary incurs operational costs.

Thefunctionalandpresentationalcurrencyof theGroupforyearended30June2026isUSdollars.Thepresentationalcurrency isanaccountingpolicychoice.

3.     SUMMARYOFMATERIALACCOUNTINGPOLICIES

The principalaccounting policies that have been used in the preparation ofthese consolidated FinancialStatements are set out below. These policies have been consistently applied unless otherwise stated.

BASISOFPREPARATION

TheconsolidatedFinancialStatementshavebeenpreparedinaccordancewithInternationalFinancialReportingStandards(IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations as adopted bythe European Union applicable to companies under IFRS and in accordancewithAIM Rules.The FinancialStatements are prepared on the historicalcost basis orthe fairvalue basis where the fair valuing of relevant assets or liabilities has been applied.

The preparation of Financial Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historicalexperience and factors that are believed to be reasonable under thecircumstances,theresultsofwhichformthebasisofmakingjudgementsaboutcarryingvaluesofassetsandliabilitiesthatare not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates maybe necessary iftherearechangesinthecircumstancesonwhichtheestimatewasbased,orasaresultofnewinformationormoreexperience. Such changes are recognised in the period in which the estimate is revised.

NEW AND AMENDED STANDARDS ADOPTED BY THE GROUP

There were no new or amended accounting standards that required the Group to change its accounting policies for the year ended 30 June 2026.

NEW ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

The standards and interpretations that are relevant to the Group, issued, but not yet effective, up to the date of the Financial Statements are listed below.The Group intends to adopt these standards, if applicable,when theybecome effective.

The Directors have evaluated the impact of transition to the above standards and do not consider that there will be a material impact on the Group’s results or shareholders’ funds. The impact of IFRS 18 is being reviewed.

BASIS OF CONSOLIDATION

Subsidiaries

SubsidiariesareentitiescontrolledbytheGroup.TheGroupcontrolsanentitywhenitisexposedto,orhasrightsto,variablereturns fromitsinvolvementwiththeentityandcouldaffectthosereturnsthroughitspowerovertheentity.TheFinancialStatementsof subsidiaries are included in the consolidated FinancialStatements from the date onwhich controlcommences untilthe date on which control ceases.

TheinvestmentsinsubsidiariesheldbytheCompanyarevaluedatcostlessanyprovisionforimpairmentthatisconsideredto

haveoccurred,theresultantlossbeingrecognisedintheincome statement.

JointVentureoperation

The Group accounts for its interests in joint arrangements in accordance with IFRS 11 Joint Arrangements. A joint operation is an arrangement whereby the parties having joint control have rights to the assets and obligations for the liabilities relating to the arrangement.

WheretheGrouphasaninterestinajointoperation,itrecognisesitsshareoftheassets,liabilities,revenueandexpensesarising from the arrangement in the relevant line items ofthe consolidated financialstatements, in accordancewith the applicable IFRS Accounting Standards.

Jointcontrolexistswheredecisionsabouttherelevantactivitiesrequiretheunanimousconsentofthepartiessharing control.

Non-controllinginterests

Non-controllinginterestsrepresenttheportionofequityinsubsidiariesnotattributable,directlyorindirectly,totheownersofthe parent company. Non-controlling interests are recognised separatelyfrom the equityattributable to owners ofthe parent in the consolidated statement of financial position.

Profitorlossandeachcomponentofothercomprehensiveincomeareattributedtotheownersoftheparentandtonon-controlling interests, even if this results in the non-controlling interests having a deficit balance.

Changes in the Group’s ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid or received is recognised directly in equity attributable to the owners of the parent

TheconsolidatedFinancialStatementsincorporatethefinancialstatementsoftheCompanyanditssubsidiariesupto30 June 2026.

TRANSACTIONS ELIMINATED ON CONSOLIDATION

Intra-groupbalancesandtransactions,andanyunrealisedincomeandexpenses(exceptforforeigncurrencytransactiongainsor losses)arisingfromintra-grouptransactions,areeliminated.Unrealisedlossesareeliminatedinthesamewayasunrealisedgains, but only to the extent that there is no evidence of impairment.

FOREIGN CURRENCY TRANSACTIONS

TransactionsinforeigncurrenciesaretranslatedintotherespectivefunctionalcurrenciesofGroupcompaniesattheexchangerates atthedatesofthetransactions.Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedintothefunctional currencyattheexchangerateatthereportingdate.Non-monetaryassetsandliabilitiesthataremeasuredatfairvalueinaforeign currencyare translated into the functionalcurrencyat the exchange ratewhen the fairvaluewas determined. Non-monetaryitems thataremeasuredbasedonhistoricalcostinaforeigncurrencyaretranslatedattheexchangerateatthedateofthetransaction. Foreign currencydifferences are recognised in profit orloss and presented on the statement ofcomprehensive income.

FOREIGN OPERATIONS

The assets and liabilities offoreign operations and fairvalue adjustments arising on acquisition, are translated into United StatesDollars at the exchange rates at the dates ofthe transactions. Foreign currencydifferences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to OCI. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit orloss as part ofthe gain orloss on disposal.

IftheGroupdisposesofpartofitsinterestinasubsidiarybutretainscontrol,thentherelevantproportionofthecumulativeamount isreattributedtoOCI.WhentheGroupdisposesofonlypartofanassociateorjointventurewhileretainingsignificantinfluenceor joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

GOING CONCERN

Liquidityand Funding

TheconsolidatedFinancialStatementshavebeenpreparedonagoingconcernbasis.TheGroupincurredanetlossof$3,413,295 andincurredoperatingcashoutflowsof$114,476andisnotexpectedtogeneratepositivecashflowsfromoperationsinthenext 12 months from the date at which these consolidated Financial Statements were approved.

Duringtheyear,theGroupstartedtotransitiontheGalacticaprojectfromexplorationtodevelopment-stagewiththeRukwaproject expected to follow. As a result, operational activity levels and development expenditure are expected to increase significantly relative to prior periods. Management has continued to advance its exploration and development projects and maintain a disciplined approach to the allocation of capital.

On 14 October 2026, the Company announced that it had raised gross proceeds of £3,000,000. The placing is expected to strengthen the Group’s liquidity position and provide additional funding towards its development projects. The extent to which theproceedsextendtheGroup’scashrunwayisdependentonthenetfundsreceived,thetimingofexpenditureandtheGroup’s ongoing funding requirements.

In preparing the going concern assessment, the Directors reviewed detailed cash flow forecasts covering the going concern assessment period. These forecasts incorporate the Group’s approved work programmes, committed expenditure, contractual obligations, corporate overheads and planned development activities.

The principal judgement applied by the Directors relates to the timing and quantum of future expenditure associated with developmentactivitiesandtheextenttowhichsuchexpenditureremainswithinthecontrolofmanagement.Theforecastsreflect thecurrentprojectplanandincludeassumptionsregardingdevelopmentschedules,procurementtimelines,permittingactivities and associated costs.

Key assumptions and sensitivities

TheDirectorshaveconsideredarangeofsensitivities,bothindividuallyandcollectively,tothebasecaseforecast,including:

•        increasesindevelopmentandoperatingcosts;

•        accelerationofplannedwork programmes;

•        delaysinachievingprojectmilestones;

•        adversemovementsinforeignexchangerateswhereapplicable;

•        additionalworkingcapitalrequirements;and

•        thetimingoffuturefinancingactivities.

Mitigatingactions

The Directors have identified a number of measures available to manage liquidity and preserve cash resources should actual expenditure or project progress differ from current forecasts.

These include the deferral or reprioritisation of discretionary development activities, postponement of non-essential capital expenditure,reductionsincorporateandconsultancyexpenditure,andthepursuitofadditionalequityfunding,projectfinancing or strategic investment arrangements.

The Group continues to evaluate potentialfarm-in and strategic investment opportunities in relation to the southern Rukwa project, which could reduce future funding requirements. Such arrangements remain subject to negotiation and cannot be assured.

Materialuncertaintyrelatingtogoing concern

The Group’s abilityto meet its forecast expenditure is dependent on the successfulmanagement ofits development programmes, the timing of anticipated project cash flows and, where necessary, access to additional funding.

Althoughthepost-year-endequityplacingrepresentsasignificantcontributiontowardstheGroup’sfundingrequirements, the Directors recognise that further funding will be required to support the Group’s development activities and operating expenditure during the forecast period. The majority of expected capital expenditure within the forecast period is discretionary ratherthancommittedexpenditureandalthoughthereisadegreeofflexibilityonwhentheexpendituresareincurred,theBoard do not want to delay unnecessarily the progress of the Company’s projects.

These conditions indicate the existence of a materialuncertaintythat maycast significant doubt on the Group’s and Company’s abilitytocontinueasagoingconcernand,therefore,theirabilitytorealisetheirassetsanddischargetheirliabilitiesinthenormal course of business.

Notwithstanding this uncertainty, the Directors considerthat the Group has reasonable prospects ofsecuring additionalfunding and implementing appropriate cash preservation measures when required.

Accordingly,theDirectorshaveareasonableexpectationthattheGroupandCompanywillhaveadequateresourcestocontinue in operational existence for the foreseeable future and have therefore prepared these financial statements on a going concern basis.The financialstatements do not include anyadjustments thatwould be required if the going concern basis of preparation were inappropriate.

CASH AND CASH EQUIVALENTS

Cash includes petty cash and cash held in current bank accounts. Cash equivalents include short–term investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

PROPERTY, PLANT, AND EQUIPMENT

Property,plant,andequipmentarestatedatcost,lessaccumulateddepreciation,andanyprovisionforimpairmentlosses.

Depreciationischargedoneachpartofanitemofproperty,plant,andequipmenttowriteoffthecostofassetslesstheresidual value over their estimated useful lives, using the straight–line method. Depreciation is charged to the income statement. The estimated useful lives are as follows:

Officeequipment– 2years

Officefurniture– 6years

Plantandequipment – 5years

Rig– 10years

Expensesincurredinrespectofthemaintenanceandrepairofproperty,plantandequipmentarechargedagainstincomewhen incurred. Refurbishments and improvements expenditure,where the benefit is expected to be long lasting, is capitalised as part of the appropriate asset.

DEVELOPMENT ASSETS AND IMPAIRMENT THEREOF

Developmentassetswillbedepreciatedoncetheyaremovedtoproducingassets.TheUnitofProductionMethodwillbeusedby referencetotheratioofproductionintheyearandtherelatedcommercialreservesdiscoveredandbringingthemintoproduction. Depreciation of these assets has not yet commenced as there was no production during the year.

Development assets are assessed for indicators of impairment at each reporting date in accordance with IAS 36 Impairment of Assets. Where indicators of impairment exist, the Group estimates the recoverable amount of the asset or cash-generating unit (CGU) to which the asset belongs.

Therecoverable amount is the higheroffairvalue less costs ofdisposalandvalue in use.Value in use is determined bydiscounting estimated future cash flows arising from the development and subsequent production ofthe underlying resources, using a pre-tax discount rate that reflects the time value of money and risks specific to the asset.

Wherethecarryingamountexceedstherecoverableamount,animpairmentlossisrecognisedimmediatelyinprofitorloss.

Impairment losses recognised in priorperiods are reviewed at each reporting date forindications that theymayhave decreased ornolongerexist.Anyreversalisrecognisedinprofitorloss,limitedtothecarryingamountthatwouldhavebeendeterminedhad no impairment loss previously been recognised.

An item of property, plant and equipment ceases to be recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on cessation of recognition of the asset (calculated as the difference betweenthenetdisposalproceedsandthecarryingamountoftheasset)isincludedintheincomestatementintheyeartheasset ceases to be recognised.

INTANGIBLE ASSETS - EXPLORATION AND EVALUATION ASSETS

TheGroupappliesthefullcostmethodofaccountingforExploration&Evaluation(‘E&E’)costs,havingregardtotherequirements ofIFRS6ExplorationforandEvaluationofMineralResources.Underthefullcostmethodofaccounting,costsofexploringforand evaluatingmineralresourcesareaccumulatedbyreferencetoappropriatecostcentresbeingtheappropriatelicenceareaand/ orlicenceareasheldunderlicenceagreements.Alicenceagreementgrantstherighttoexploreandevaluatemineralresources, andtoacquirethelicenceslateratthediscretionofthelicenceholder.Explorationandevaluationassetsaretestedforimpairment as described further below. Where appropriate, licences may be grouped into a cost pool.

AllcostsassociatedwithE&EareinitiallycapitalisedasE&Eassets,includingpaymentstoacquirethelegalrighttoexplore,costs of technical services and studies, seismic acquisition, exploratory drilling, and testing.

Explorationandevaluationcostsincludedirectlyattributableoverheadstogetherwiththecostofmaterialsconsumedduringthe explorationandevaluationphases.Costsincurredpriortohavingobtainedthelegalrighttoexploreanareaareexpenseddirectly to profit and loss as they are incurred.

E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverableamount.Suchindicatorsinclude,butarenotlimitedto,thosesituationsoutlinedinparagraph20ofIFRS6Exploration for and Evaluation of Mineral resources and include the criteria for which a determination is made as to whether commercial reserves exist.

Theaggregatecarryingvalueiscomparedagainsttheexpectedrecoverableamount,byreferencetothepresentvalueoffuture cash flows expected to be derived from production of commercial reserves.

When a licence or pool of licences is abandoned or there is no planned future work, the costs associated with the respective licences are written off in full.

Anyimpairmentlossisrecognisedinprofitandlossandseparatelydisclosed.

The Group considers each licence, or where appropriate pool of licences, separately for purposes of determining whether impairment of E&E assets has occurred.

E&ECostsarenotamortisedpriortotheconclusionofappraisalactivities.

E&E costs assets related to each exploration licence or pool of licences are carried forward until the technical feasibility and commercialviabilityhasbeendemonstratedandthattheprojecthasprogressedfromtheexplorationandevaluationphaseinto the development phase.

Once the technical feasibility and commercialviability of extracting a mineral resource is demonstrable, the related E&E assets areassessedforimpairmentonanindividuallicenceorcostpoolbasis,asappropriate,assetoutbelowandanyimpairmentloss is recognised in profit and loss. The carrying value, after any impairment loss of the relevant E&E assets is then reclassified as Development Assets within Property, Plant and Equipment.

IMPAIRMENT

All capitalised exploration and evaluation assets are monitored for indications of impairment. Where a potential impairment is indicated, assessment is made for the group of assets representing a cash generating unit.

InaccordancewithIFRS6theGroupfirstlyconsidersthefollowingfactsandcircumstancesintheirassessmentofwhetherthe Group’sexplorationandevaluationassetsmaybeimpaired:

(a)              the period forwhich the Group has the right to explore in the specific area has expired during the period orwillexpire in the near future, and is not expected to be renewed.

(b)             substantiveexpenditureonfurtherexplorationforandevaluationofresourcesinthespecificareaisneitherbudgetednor planned.

(c)              explorationforandevaluationofresourcesinthespecificareahavenotledtothediscoveryofcommerciallyviablequantities of mineral resources and the Group has decided to discontinue such activities in the specific area.

(d)             sufficientdataexisttoindicatethat,althoughadevelopmentinthespecificareaislikelytoproceed,thecarryingamountofthe exploration and evaluation asset is unlikely to be recovered in fullfrom successfuldevelopment or by sale.

Inadditiontotheabove,theGroupgivesdueconsiderationtothefollowing criteria:

•                 unexpectedgeologicaloccurrencesrendertheresourceuneconomic;

•                 asignificantfallinrealisedorestimatedpricesrendertheprojectuneconomic;or

•                 anincreaseinoperatingcostsoccurs.

Ifanysuchfactsorcircumstancesarenoted,theGroupperformanimpairmenttestinaccordancewiththeprovisionsofIAS36.

Theaggregatecarryingvalueiscomparedagainsttheexpectedrecoverableamountofthecashgeneratingunit,definedasthe smallest identifiable group of assets that generates cash inflows largely independently of the cash inflows from other assets or groups ofassets.The recoverable amount is the higherofvalue in use and the fairvalue less costs to sell.An impairment loss is reversediftheassetsorcash-generatingunit’srecoverableamountexceedsitscarryingamount.Areversalofimpairmentlossis recognised in the profit or loss immediately.

PROVISIONS

Aprovision is recognised in the Statement ofFinancialPositionwhen the Group orCompanyhas a present legalorconstructive obligationbecauseofapastevent,anditisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre–tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

TAXATION

Thereisnocurrent taxation

Deferred income taxes are calculated using the Statement ofFinancialPosition liabilitymethod on temporarydifferences. Deferred taxisprovidedonthedifferencebetweenthecarryingamountsofassetsandliabilitiesandtheirtaxbases.However,deferredtax isnotprovidedontheinitialrecognitionofgoodwillorontheinitialrecognitionofanassetorliabilityunlesstherelatedtransaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries and jointventures is not provided ifreversalofthese temporarydifferences can be controlled bythe Companyand itisprobablethatreversalwillnotoccurintheforeseeablefuture.Inaddition,taxlossesavailabletobecarriedforwardaswellas other income tax credits to the Company are assessed for recognition as deferred tax assets.

Deferredtaxliabilitiesareprovidedinfull,withnodiscounting.Deferredtaxassetsarerecognisedtotheextentthatitisprobable thattheunderlyingdeductibletemporarydifferenceswillbeabletobeoffsetagainstfuturetaxableincome.Currentanddeferred taxassetsandliabilitiesarecalculatedattaxratesthatareexpectedtoapplytotheirrespectiveperiodofrealisation,providedthey are enacted or substantively enacted at the Statement of Financial Position date.

Changesindeferredtaxassetsorliabilitiesarerecognisedasacomponentoftaxexpenseintheincomestatement,exceptwhere theyrelatetoitemsthatarechargedorcrediteddirectlytoequity,inwhichcasetherelatedcurrentordeferredtaxisalsocharged or credited directly to equity.

EQUITY

Equitycomprisesthe following:

1.      “Sharepremium”representsthetotalvalueofequitysharesissued(thereisnoparvalue)netofexpensesoftheshareissues.

2.      “Otherreserves”includesthe following:

1. the“Shareoptionreserve”representthefairvaluesofshareoptionsandwarrantsissuedand
2. the“Foreignexchangereserve”representsthecumulativetranslationdifferenceonthenetassetsofthesubsidiaries

3.     “Retainedearnings”includeallcurrentandprioryearresults,includingfairvalueadjustmentsonfinancialassets,asdisclosed

intheconsolidatedstatementofcomprehensiveincome.

SHARE ISSUE COSTS

Incrementalcostsdirectlyattributabletotheissueofordinarysharesarerecognisedasadeductionfromsharepremiumin

accordancewithIAS32.

SHARE OPTION EXPENSE

The Company awards share options to certain Directors and employees to acquire shares of the Company. Additionally, the Company has issued warrants to providers of equity finance. Warrants issued as part of Share Issues have been determined as equityinstrumentsunderIAS32.Sincethefairvalueofthesharesissuedatthesametimeisequaltothepricepaid,thesewarrants, by deduction, are considered to have been issued at nil value.

All goods and services received in exchange for the grant of any share–based payment are measured at their fair values in accordancewithIFRS2.Whereemployeesarerewardedusingshare–basedpayments,thefairvaluesofemployees’servicesare determined indirectly by reference to the fairvalue of the instrument granted to the employee.

Thefairvalueisappraisedatthegrantdateandexcludestheimpactofnon–marketvestingconditions.Fairvalueismeasuredby useoftheBlackScholesmodel.Theexpectedlifeusedinthemodelhasbeenadjusted,basedonmanagement’sbestestimate,for theeffectsofnon–transferability,exerciserestrictions,andbehaviouralconsiderations.Allequity–settledshare–basedpayments are recognised as an expense in the income statement with a corresponding credit to “other reserves.”

Ifvestingperiods orothernon–marketvesting conditions apply, the expense is allocated overthevesting period, based on the best available estimate ofthe numberofshare options expected tovest. Estimates are subsequentlyrevised ifthere is anyindication that the numberofshare options expected tovest differs from previous estimates.Anycumulative adjustment priortovesting is recognised in the current period. No adjustment is made to anyexpense recognised in prioryears ifshare options exercised are differenttothatestimatedonvesting.Uponexerciseofshareoptions,theproceedsreceivednetofattributabletransactioncosts arecreditedtosharepremium.Onexpiryorcancellationofanoption,theattributabletransactionscostsaredebitedtotheshare premium with a corresponding credit to retained earnings.

Again orloss is recognised in profit orlosswhen a financialliabilityis settled through the issuance ofthe Company’s own equity instruments. The amount of the gain or loss is calculated as the difference between the carrying value of the financial liability extinguished and the fair value of the equity instrument issued. A gain or loss is recognised in profit or loss on the expiry of a financialliability.Theamountofthegainorlossiscalculatedasthedifferencebetweenthecarryingvalueoftheexpiredfinancial liability and the fair value of the equity instrument issued.

FINANCIAL INSTRUMENTS

Financialassets

Classification

TheGroup’sfinancialassetsconsistoffinancialassetsheldatamortisedcost.Theclassificationdependsonthepurposeforwhich the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Financialassets heldat amortised cost

Assets that are held forcollection ofcontractualcash flows,where those cash flows represent solelypayments ofprincipaland interest, are measured at amortised cost.Anygain orloss arising on derecognition is recognised directlyin the profit orloss and presentedinothergain/(losses)togetherwithforeignexchangegainsandlosses.Impairmentlossesarepresentedasaseparate line item in the statement of profit or loss.

Theyare included in current assets, except formaturities greaterthan 12 months afterthe reporting date,which are classified as non-current assets. The Group’s financial assets at amortised cost comprise trade and other current assets and cash and cash equivalents at the year-end.

Recognitionand measurement

Regular purchases and sales of financial assets are recognised on the trade date – the date on which the Group commits to purchasing or selling the asset. Financial assets are initially measured at fair value plus transaction costs. Financial assets arede-recognisedwhen the rights to receive cash flows from the assets have expired orhave been transferred, and the Group has transferred substantially all of the risks and rewards of ownership.

Financialassetsaresubsequentlycarriedatamortisedcostusingtheeffectiveinterestmethod.

Impairmentoffinancialassets

The Group assesses, on a forward-looking basis, the expected credit losses associatedwith its financialassets carried at amortised cost.Fortradeandotherreceivableduewithin12monthstheGroupappliesthesimplifiedapproachpermittedbyIFRS9.Therefore, the Group does not track changes in credit risk, but rather recognises a loss allowance based on the financial asset’s lifetime expected credit losses at each reporting date.

Afinancialasset is impaired ifthere is objective evidence ofimpairment as a result ofone ormore events that occurred afterthe initial recognition of the asset, and that loss event(s) had an impact on the estimated future cash flows of that asset that can be estimated reliably. The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset, or a group of financial assets, is impaired.

ThecriteriathattheGroupusestodeterminethatthereisobjectiveevidenceofanimpairmentlossinclude:

•        Significantfinancialdifficultyoftheissuerorobligor;

•        Abreachofcontract,suchasadefaultordelinquencyininterestorprincipalrepayments;

•        The Group, foreconomic orlegalreasons relating the borrower’s financialdifficulty, granting the borrowera concession that the lender would not otherwise consider; and

•        Itbecomesprobablethattheborrowerwillenterbankruptcyorotherfinancialreorganisation.

TheGroupfirstassesseswhetherobjectiveevidenceofimpairmentexists.

The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flow(excluding future credit losses that have not been incurred), discounted at the financialasset’s originaleffective interest rate. The asset’s carrying amount is reduced and the loss is recognised in profit or loss.

If,inasubsequentperiod,theamountoftheimpairmentlossdecreasesandthedecreasecanberelatedobjectivelytoanevent occurring afterthe impairmentwas recognised (such as an improvement in the debtor’s credit rating), the reversalofthe previously recognised impairment loss is recognised in profit or loss.

Financialliabilities at amortised cost

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.Accountspayableareclassifiedascurrentliabilitiesifpaymentisduewithinoneyearorless.Ifnot,theyarepresented as non-currently liabilities.

Tradepayablesarerecognisedinitiallyatfairvalue,andsubsequentlymeasuredatamortisedcostusingtheeffectiveinterest method.

Otherfinancialliabilitiesareinitiallymeasuredatfairvalue.Theyaresubsequentlymeasuredatamortisedcostusingtheeffective interestmethod.

Financialliabilitiesarede-recognisedwhentheGroup’scontractualobligationsexpireoraredischargedorcancelled.

SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers. The chief operating decision makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as the board of directors.

4.    CRITICALACCOUNTINGJUDGMENTS,ESTIMATESANDASSUMPTIONS

ThepreparationoftheFinancialStatementsinconformitywithIFRSsrequiresmanagementtomakeestimatesandassumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the FinancialStatements and the reported amount of expenses during theyear.Actualresults mayvaryfrom the estimates used to produce these Financial Statements.

Estimatesandjudgementsarecontinuallyevaluatedandarebasedonhistoricalexperienceandotherfactors,including

expectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.

Significantitemssubjecttosuchestimatesandassumptionsinclude:

CLASSIFICATION OF THE GROUP’S ASSETS (SEE NOTE 11)

Assetscannolongerbeclassifiedasexplorationandevaluationoncethetechnicalfeasibilityandcommercialviabilityofextracting amineralresourcearedemonstrable.

During the year, the Group determined that the technical feasibility and commercialviability of extracting mineral resources for the Galactica project had been demonstrated and that the project had progressed from exploration. The date was determined as the date that an off-take agreement was signed i.e. 24 June 2026, on the basis that this is the date at which the Directors deemed technical feasibility and commercialviabilitywas demonstrated. Accordingly, the carrying value of the related exploration and evaluation assets of $7,641,287 was reclassified to Development assets. The reclassification represents a transfer between categories on non-current assets and had no impact on the Group’s profit orloss ortotalnet assets fortheyear.

Whilst the southern Rukwa Helium Project in Tanzania is at an advanced stage of development and a mining licence has been granted, no reserve estimates are available to enable detailed value in use calculations to be prepared. Further, the farm out processforthedevelopmentoftheProjectisongoingandasatthe30June2026,fundingwasnotinplacetofundthecommercial development of the Project.

VALUATION OF DEVELOPMENT ASSETS

ManagementhasassessedtherecoverabilityoftheGroup’sdevelopmentassetsinaccordancewithIAS36ImpairmentofAssets. Forimpairmentassessmentpurposes,cash-generatingunits(CGUs)areidentifiedatprojectlevel,beingthesmallestidentifiable groupsofassetsthatgeneratecashinflowslargelyindependentlyofotherassetsorgroupsofassets.TheGrouphasidentifiedthe Galactica-Pegasus project in the United States and has assessed this CGU as follows :

Therecoverableamountsweredeterminedusingfairvaluelesscostsofdisposal,basedonestimatedfuturecashflowsattributable to each project. The Directors believe that this is the most appropriate method based on what a market participant would be expected to pay for the underlying assets.

Theprincipalassumptionsconsideredindeterminingtherecoverableamountsinclude:

•        Estimatedheliumreservesandrecoverableresources;

•        Forecastheliumproductionvolumesandanticipatedcommencementofcommercialproduction;

•        Forecastheliumsellingprices;

•        Estimatedcapitalexpenditurerequiredtocompletedevelopment;

•        Forecastoperatingandproductioncosts;