Helium One Loss Narrows as Production Starts

Helium One Global (LON: HE1), the helium explorer turned early producer, reported a narrower loss for the year to the 30th of June, with first US helium sales following in July. The results came out at 7am today, before the London open.

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In Colorado, where Helium One holds 50% of the Galactica-Pegasus project, operator Blue Star Helium commissioned the Piñon Canyon plant, with first gas in December 2025. Sales at spot prices began in July, and a deal covering all the plant’s helium now runs to the 31st of March 2027.

In Tanzania, pump tests at the southern Rukwa project’s ITW-1 well in January and February lifted flow to six times the natural flow of a 2024 test, the company said. A farm-out, meaning a search for a partner to fund development, began in May, led by PVE Consulting, and discussions with a number of parties are ongoing.

The total comprehensive loss was US$3,413,295, down 29.7% from US$4,857,406 a year earlier, which the company put mainly down to a far lower share option expense. Revenue was nil in both years. Cash rose to US$6,552,494 from US$3,152,755, a gain of US$3.4m, after the company issued 3,936,585,438 new shares to raise £13,875,000.

The company links the market backdrop to the Iran war and Russian sanctions. Chairman Clive Carver estimates global helium supply is down 33% and prices up over 100%, while chief executive Lorna Blaisse says some spot prices were reported at around US$2,000 per mcf (thousand cubic feet of gas).

The going-concern note, though, flags a material uncertainty, meaning doubt over funding to keep operating. The group does not expect positive operating cash flow in the next 12 months, and a £3m placing announced on the 14th of October covers only the rest of this financial year.

Carver, the company’s non-executive chairman, said future funding would come from partners where 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.

Clive Carver, Non-Executive Chairman, Helium One