Helium One

Galactica-Pegasus project

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The full development programme for the Galactica Project will require the drilling and tie-back of 15+ wells, as well as commissioning of the relevant He and CO2 processing equipment. The initial programme, which required the drilling of six development wells, was completed in the first half of 2025.  It is expected that the sale of He and CO2 from these initial wells, will generate sufficient cash to fund the drilling and tie-back of the remaining nine wells as the project is close to existing helium processing facilities, associated infrastructure and downstream users.

The completion of the six well 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 and CO2 concentrations in the target formation and demonstrating promising flow potential.

Following the successful conclusion of the 2025 drilling campaign, the focus is now on advancing the Galactica development into initial commercial production from the Pinon Canyon Plant. This plant will be designed and part-operated by Cimarron Midstream (previously IACX Energy LLC) and will be installed close to the Jackson-31 well.

The primary target is to commence initial commercial helium production from the Pinon Canyon Plant. This will be achieved by tying in the initial group of producing wells to this helium and CO2 processing plant. This initial production phase is designed to provide early cash flow and invaluable operational data, which will be instrumental in optimising full-field development plans for both the Galactica development and the broader Galactica-Pegasus Project.

All production forecasts and commissioning timelines remain subject to a number of factors including: final engineering; regulatory approvals; equipment availability; and market conditions.

In November 2024, the Company successfully acquired a 50% interest in Blue Star Helium’s (ASX: BNL) Galactica-Pegasus helium project in Las Animas County, Colorado, USA covering an area of 246km2.

Confirmed discovery wells in the region have flowed up to 6% helium (average of 3%) as free gas and are close to existing helium infrastructure. Blue Star drilled the State-16 development well in June 2024 which flowed 1.9% helium and 70% CO2 at 285 thousand cubic feet per day. This development project is strategically located near key, under-utilised infrastructure, downstream helium purification plants and consumers.

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