Helium One

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Southern Rukwa project

Galactica-Pegasus project

Helium

Raleway

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

Following the EWT, the Company filed a Mining Licence (“ML”) application with the Tanzania Mining Commission in September 2024. The 480km2 ML was offered to the Company, was officially accepted in March 2025 and the associated regulatory agreements are now being finalised.

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 next steps will see the Galactica wells tied into initial production facilities in Q4 2025.

The Company holds helium licenses within two distinct helium project areas, across two continents. With an expanding global footprint, the Company has the potential to become a strategic player in resolving a supply-constrained helium market.

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