AGM 2025

Dec 15, 2025

Slides

Good morning and welcome to the Helium One Global Limited annual general meeting proceedings. Throughout this recorded meeting, attendees will be in listen only. Questions can be submitted via the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. I'd now like to hand you over to James Smith, Chair. Good morning, sir. Thank you very much, Paul. Ladies and gentlemen, welcome to the annual general meeting of Helium One's AGM. It's now 9:00 A.M. I am James Smith. I'm Chairman, Non-Executive Chairman of the company, and I will act as Chairman for the purpose of this annual general meeting. I'd just like to introduce our full board, are here in attendance. Lorna, Graham, and myself are here on the front desk. Our other three members, Sarah, Nigel, and Nishant, are in the room present with us. Also, at the head of the table here is Nick, who will be guiding us through the Q&A session. We've got our other advisors from Hill Dickinson and from Libram, Panmure Libram, present with us also. The quorum necessary to constitute the AGM is present, and I hereby declare the meeting open. With everybody's permission, I propose that the notice for the AGM was received, and each of the proposed resolutions is set out in the notice and taken as read. Prior to putting the formal resolutions to the meeting, I would just like to draw your attention to the proxies that I've received, and I'm going to run through all five proxy received votes for all of the resolutions. Resolution number one. For was 670,510,000. Against, 770,000. Resolution number two. For was 669,948,000. Against, 1,328,000. Resolution number three. 645,372,000 for. Against, 15,774,000. Resolution number four. 654,964,000. Against, 13,315,000. Resolution number 5, the final resolution. For, 648,202,000. Against, 21,336,000. I will now go through each of the resolutions, and if the shareholder present in the room would like to state their name, if you have any questions at the time, any questions that you wish to ask. For resolution number 1, this is an ordinary resolution to receive and consider the accounts of the company for the financial period ended 30th of June, 2025. Together with the reports of the directors of the company and the auditor of the company on those accounts. Are there any questions in relation to this resolution? There being no questions, I propose that we put the vote to the meeting. The resolution set out as item number 1 in the notice convening this meeting as an ordinary resolution. For those in favor, please raise your hands. Those against? I conclude that the motion and resolution is passed. Resolution number 2, the reappointment of PKF. Resolution number 2 is an ordinary resolution to reappoint PKF Littlejohn LLP as auditors of the company to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting, and to authorize the board, through the audit committee, to fix its remuneration. Are there any questions in relation to this resolution? No. There being no questions, I propose to put the vote to the meeting as set out in item 2 of the notice convening this meeting as an ordinary resolution. Those kindly in favor, please raise your hands. Those against? I declare the resolution carried as ordinary resolution. Okay, resolution number 3. Re-election of a director. Resolution number 3 is an ordinary resolution to re-elect as a director of the company, Lorna Blaisse, who retires by rotation in accordance with the company's articles of association. Being eligible, Mrs. Blaisse offers herself for re-election. Are there any questions in relation to this resolution? There being no further questions or any questions, I now propose to put the vote to the meeting. Will all those kindly in favor raise their hands? All those against? I declare resolution number 3 as carried. Resolution number 4, re-election of director. Resolution number 4 is an ordinary resolution to re-elect as director of the company, Mr. Nishant Dighe, who retires by rotation in accordance with the company's articles of association. Being eligible, Mr. Dighe offers himself for re-election. Are there any questions in relation to this resolution? There being no questions. Will all those kindly in favor raise your hands. All those against. I declare resolution number four carried as an ordinary resolution. Resolution number five, disapplication of preemption rights. This is an ordinary resolution that directors be, and hereby generally and unconditionally authorized to exercise all the powers of the company to allot up to 3.1 billion equity shares in the company, representing approximately one-third of the issued share capital for cash or for grant rights to subscribe for or to convert any securities into shares in the company, as if Article 3.2 of the company's articles of association did not apply. Are there any questions to this resolution? There being no questions, I propose to put the vote to the meeting. All those kindly in favor, please raise your hands. All those against. I declare resolution six carried by the requisite majority. There being no further business, that concludes the formal aspects of the meeting, and on behalf of my colleagues and myself, I'd like to thank everybody for that formal aspect of the meeting. Now, before handing over to Lorna, before we go into the corporate presentation, I'd just like to make a few comments. Firstly, on behalf of Helium One, I'd just like to extend my sincere condolences to the Jackson family, who we work very closely with in Colorado, with the passing of Everett Jackson. It's been a privilege for the company to have worked with Blue Star Helium on the Jackson family's land in Colorado, and we remain very grateful for their continued support in the development of the Galactica project. Our thoughts are with the Jackson family during this difficult time. Secondly, I'd like to take a moment just to reflect on how far the company has come in the last couple of years. Two years ago, almost to the day, Helium One was in a very challenging place. After drilling three wells on the Tai prospect, we concluded that the geology of the Rukwa Basin could not deliver conventional gas accumulations. However, those wells also provided some critical insight, and they demonstrated clearly that helium was present in significant quantities within an unconventional setting within water. At that point, those two years ago, the board faced a pretty difficult strategic decision. The rig had suffered a major failure, and we, at that time, required to decide how best to act in the best interests of shareholders. Although equity markets were extremely weak at the time, the board elected to pursue a fundraise, enabling us to repair the rig and to continue with an unconventional exploration program. It was that decision two years ago that proved pivotal for the future of this company. We subsequently drilled Itumbula in a more optimal location to explore for this unconventional helium accumulation and made the discovery at Itumbula. Under Lorna's leadership, we executed extended well test, submitted a mining license, ultimately secured the largest mining license in Tanzania. Now we're progressing that asset towards development through our ongoing ESP program and production test that Lorna will expand on in a moment. In parallel with that, we farmed into the Galactica project in Colorado. We've drilled six successful development wells, and the first three of those wells are now being tied in and are expected to come online imminently, providing us with first production and revenue generation first for this company. From what was undeniably a difficult moment two years ago, the company has delivered transformational progress. I'd like to say thanks to the whole team for the technical strength, commitment, and discipline that we have positioned Helium One on the cusp of a really highly exciting period for the company and creation of shareholder value within this unique portfolio. I'd like to express my appreciation to Lorna and to the rest of the team for their hard and determined work for leading us through a very significant period in the last couple of years. With that, I'll hand over to Lorna to make a corporate presentation, to give us an update on where we are with a number of those projects. Thanks, James. Good morning, everybody. To those of you in the room and also to those of you who have given up their time this morning to join online. I will just take you through our corporate presentation, giving you an update of where we are on both of our assets and both projects across the globe in Tanzania and also now in the U.S. As James has just alluded to, this is a really exciting time for Helium One. We are on the cusp of our first production, with first gas being imminent out of the Galactica project in the U.S., with Blue Star being the operator there. It's a really, really exciting period, and delighted to be sort of sharing that news and that story with all of our shareholders going forward over the coming days and weeks. Over the past 12 months, we have seen significant progress across both of our projects. As James alluded to, the first and foremost of those was the successful award of the first helium mining license in Tanzania for the Southern Rukwa project. That was off the back of our successful discovery at Itumbula West, and then a huge amount of effort that went into compiling a very detailed and comprehensive feasibility study for a project which is very unique. The helium is present, however, it is associated with water. The teams worked incredibly hard to package up that feasibility study and submit our application for a mining license, which was successfully awarded earlier this year. In addition to that, we've continued our strong relationship with the government of Tanzania, and we have successfully negotiated a 17% government carry as part of the regulatory framework agreement. We've also recently commenced our ESP operations on that project. That is the requirement to use an electric submersible pump downhole, which will increase our flow rates and enable us to, in turn, achieve higher flow rates and bring that helium to surface in higher quantities. In turn, that will then enable us to move up the resource chain from contingent resources to bookable helium reserves, which in time will open up new avenues in terms of project funding. It's a very, very exciting period in Southern Rukwa, and we're very grateful to the government of Tanzania and also the local communities there for their continued support on this flagship project. In the U.S., we've successfully completed the six-well development program earlier this year, operated by Blue Star, and we've seen the wells there flowing up to 3% of helium and 70% of CO2. This is a combined revenue project of both helium and CO2, with the helium aspect coming on stream imminently. As James alluded to, a huge milestone for both companies, but obviously for Helium One being poised on that imminent cusp of production and subsequent revenue generation. As always, it is never a quiet period for us. I think the last 12 months mirror almost the previous 12 months as well. However, this time having dual operations across two continents has certainly pushed and challenged the small team that we do have. However, I'm pleased to announce and sit here today that both of those assets are moving in the right direction. You can see on this slide the timeline of progress. There is rarely a quiet period. You can see the dates at the top of that timeline for Tanzania, illustrating where we were offered the mining license. We then accepted that mining license. We've moved very quickly into negotiations around the regulatory framework. We also completed an independent CPR, which shareholders will recognize adds a huge amount of value to a project like this, and really is having sort of drawing that line in the sand of what we have potentially in the ground, and ultimately can monetize longer term. In the latter half of this year, we've commenced civils work ahead of the ESP operations. We've got equipment coming in globally. Nothing is ever on the doorstep in Tanzania. We do have to mobilize equipment internationally, which unfortunately does take time, but that is something we pride ourselves on always moving forward and mitigate appropriately. We've just commenced the logging of the downhole section in open hole, and then we'll be moving very swiftly onto the ESP operations early in the new year. Looking forward into next year, we'll continue that work at Itumbula West One. We'll be looking forward to executing the regulatory framework agreement with the government of Tanzania. In turn, that will encompass a formal signing ceremony, and we'll be looking longer term into what the future development of Southern Rukwa will be like to pave the way to that important first gas. In parallel, on the bottom timeline, you can see the milestones achieved in the Galactica project over in Southeast Colorado in the U.S., the successful drilling of the six development wells, the permitting approvals for the Galactica plant, the completion of the gathering lines, the digging of those trenches, the burying of them, the restoration of them, the lease agreements for the processing equipment, the installation of all the production facilities. I'm sure all of you have seen the news flow this morning as well from Blue Star that we have mirrored, and the plant is gathering pace, and we are on the cusp of seeing that first gas. Incredibly exciting time, and we're very grateful to be working alongside Blue Star and their teams that they have out in the field who are really working exceptionally hard to achieve this milestone in the coming days and weeks. Looking forward from the U.S. asset into next year, we will see cash flow out of that project, which is obviously a company first to be able to sort of draw that line in the sand and move along from an exploration company to a production company is a huge milestone. We'll be seeing further development of the Galactica field and into the adjacent Pegasus field, and we will, of course, remain open to wider opportunities should they arise. The next two slides just show the sort of snapshot of both of those assets. Both basins here, across a sort of global portfolio of helium projects, demonstrate significant percentages of helium. In Tanzania, we don't have the association of CO2. It's associated with nitrogen and water. In the U.S., we have the association with CO2, which, as I've mentioned, we will be monetizing, but no hydrocarbons associated with that project. Two very different helium projects, but both have and demonstrate and prove huge potential to the company. This slide shows where those three projects sit in relation to other global helium projects that are either in production, which you can see on the far right-hand side of this slide, sort of over the last 10-15 years, at quite lower quantities and percentages of helium and often associated with hydrocarbons. They're producing helium as a byproduct to those hydrocarbons. As we step towards the left-hand side of this graph, you can see a number of new players and discoveries coming into the helium space. We pride ourselves to sort of show that we sit quite firmly on that curve of really quite high-profile helium projects that have a significant quantity associated with them and are now on the cusp of moving into production. This is just a reminder to those of you who are more familiar with geology in Southern Rukwa and what we've targeted. James alluded to the learnings that we encountered at Tai, and the significant challenges that that demonstrated to the subsurface team and also the drilling team. They were challenges at the time, and they were frustrating. However, collectively as a team and as a company, they also taught us a lot about the subsurface and what we needed to do next in order to achieve our objectives and to find that all-important discovery. So you'll see on this slide that we drilled through the shallower section of geology through the Karoo section, which is depicted by the sort of yellow markers on this wellbore, which is predominantly sandstone and really quite constrained by a regional top seal to contain the gas. We come into this broad, deep-seated basement block, where that log sort of changes to a purple color. This is really ancient basement material, which is where we know, not just from the wells that we've drilled, but also from the research that's been done over the years by academics, is that where the helium is sourced. It's coming up deep from within the Tanzanian craton, and it's preferentially migrating up through the faults and fractures that come up through that basement rock and bring it to the subsurface. It was drilling into that and the deepening of Itumbula West and subsequent well testing of that deeper basement that really yielded us those higher, elevated, sustained helium concentrations where we were able to then declare a discovery and subsequently move forward into an independent CPR and move up that resource base. This slide shows the extent of that mining license. 480 sq km is the largest mining license that's ever been awarded in Tanzania. Majority of mining licenses are 10 sq km for ore deposits. We've worked extensively with the government of Tanzania to bring them up to speed on the uniqueness of this project and what we are required to do in terms of developing it and monetizing it, and the need for drilling clusters of wells to tie into central processing facilities, et cetera. We are really delighted that they have approved such a huge area for us to now move forward and develop. We've also established a new joint venture company, which is referred to as Songwe Helium. We're now on the cusp of getting the framework agreements officially executed and the sort of formal signing ceremony for that documentation is expected soon. We announced the results of the CPR earlier this year, and those of you that are familiar with this process will understand the importance of moving up this curve, so to speak. We want to move out of prospective resources, which is more of an exploration stage of a project, into contingent, which is where we firmly sit now with the Itumbula West discovery. The next step now is to move into bookable reserves. We aim to do that with the results of this ESP program. We will utilize the results of that and go back to an independent auditor and be able to move into that reserves classification category. That will then open up a plethora of funding opportunities and project financing so we can move forward into the full field development program. In addition to contingent resources. We also asked Sprawl ERC to look at what we would have in terms of prospective resources away from the Itumbula Ridge with elsewhere within the mining license, which has given us an upside of an additional 3.2 Bcf on top of the 0.3 Bcf in the contingent resource classification. Very much looking forward to upgrading that reserve space in time next year. What does the appraisal program look like at Southern Rukwa with this ESP testing that's about to start imminently? We will be running the electric submersible pump as deep as we possibly can into the well bore, so it sits adjacent to the basement. You can see on the right-hand side of this slide, the basement section is currently open hole. We've cased everything above that. We'll be running the ESP as deep as possible in the basement to hopefully increase those flow rates. We'll then be positioning the pump slightly higher up the section where we do have some slotted casing across the Karoo, and then we'll be testing the Karoo interval as well. That equipment, as I say, is en route to Tanzania as we speak. We hope to have that on site within the next few weeks, and as soon as we have it on site, we will commence those operations. We've had our teams in the field over the last few weeks. There's a series of sort of work that needs to be done ahead of that ESP, and I'm pleased to report that all of that has gone well. We started up the rig. Although it's been warm stacked, we started it up in earnest about six weeks ago. The teams did a fantastic job at using the rig to pull the 2 7/8 completion string, which was successfully done. We quickly moved into mobilizing wireline logging crews to come in and log the well so we have a greater understanding of where we'll be positioning the ESP pump ahead of that ESP operation. Looking forward over the next few weeks, we'll be installing that pump on the tubing, and then we'll be conducting those multi-rate tests across those two intervals. Longer term, what does that development look like? Obviously, it's our objective to move that into production and subsequently commercialization. We will be using routine helium production facilities equipment. Initially, we'll need to separate the water and also the oxygen, and we'll be doing that by a series of membrane separation and PSA technology to remove any impurities within the helium as well. We will then ultimately compress it and truck it via tube trailers to ports or to the market, which obviously from Tanzania will be likely international, Middle East, China, where there is the demand. However, we do regularly get in-country inquiries around sourcing it for some of the major hospitals in and around East Africa. This design will be very much modular, which is very normal in helium space. Those containers will be shipped to site in a modular capacity where we can then assemble them on-site. We have spent quite a lot of time operating in both wet and dry seasons in Southern Rukwa, and we are becoming quite good at ensuring that all of our civils work is appropriate for that wet season so that we can continue operations, be that road upgrades, be that site restoration, et cetera. We see no barrier to continuing mobilization of the production facilities should that arise in the wet season. Ultimately, as I mentioned, we'd compress it and sell at source via tube trailers. Moving on to the second asset in the U.S., Galactica-Pegasus development. The map on the right-hand side demonstrates the wells that have been drilled this year and the associated helium concentrations that came with those. Delighted to have farmed into this project at the back end of last year with Blue Star as operator. They're incredibly knowledgeable of the basin here and subsequently the field, and we're very pleased to be on board with this exciting global helium project. Obviously, as I've mentioned and will keep mentioning, we're on the cusp of that first gas imminently. The results of those development wells were key. Obviously, Blue Star drilled the discovery wells prior to last year. Very confident on what was in the ground here, and there's also an adjacent project that's already in helium production as well. Those wells that we've drilled this year were very consistent with what we had expected. Consistent flow rates, stabilized flow rates, elevated helium concentrations, and also elevated CO2. Very much looking forward to what the next news will bring in the coming days and weeks. The development here is effectively phased like all developments. Our primary focus now at the moment is to tie in those first three wells and bring the helium on stream, which will be closely followed by the CO2 next year. The Pinyon Canyon plant is able to process both helium and CO2. This is a leased installation, and the wells will be tied in a stepwise manner. The JV is looking forward to achieving the full capacity of that plant during next year. We'll be tying in a number of other wells into that plant before we advance eastwards and develop the Pegasus area in addition. We're confident, although the helium market is very buoyant at the moment, particularly in the U.S., there is still demand across the sectors that are unsurprisingly, there is still a lot of growth across the fiber optic, semiconductor, electrical industry market, as well as the space exploration sector as well. We are still seeing the demand for that. Blue Star Helium have been speaking with off-takers and we're still looking at sort of that mid-case helium price market. In addition, the CO2 will be sold to the food and beverage industry. There is a huge demand for that in the U.S., and as I mentioned earlier, next year we will tie in the CO2. As I mentioned, longer term, we will start to develop towards the east of Galactica and across into the Pegasus Field, and scale up the development as we expand the project into phase two into next year and beyond. This slide just demonstrates that pictorially in terms of a timeline. Just a recap of sort of what we've achieved in the last six months and just that all-important planning phase, not just in Tanzania but also in the U.S. There's a huge amount of work that has to go in before you actually drill the well or test the well or tie in first gas. Permitting, long leads, civils, planning, et cetera. That, unfortunately, is just part of the process. However, we always maintain the long-term goal here in moving into production for both assets and then as the company moving away from being a sort of sole risk exploration company into a company that has dual assets in production and ultimately revenue generating. At this point, I will now hand over to Graham Jacobs, our Finance Director, who will just talk through the financial section of this presentation and then we'll close out from there. Thanks, Lorna. On the right-hand side there of the financial slide, you can see a fairly detailed analysis of the movement in share price as matched against announcements that we made during the year. I don't intend to go through that in any detail because there's quite a lot of information there, but it is worth looking at and drawing parallels between the share price and its reaction to announcements that we do make as we progress the projects. Loss for the year was $5 million, including some repayments. The main aspects from a financial perspective were cash raises. Again August 2024, we raised $8.2 million. That allowed us to acquire 50% of the Galactica-Pegasus project. Obviously as James and Lorna have mentioned, that's moving us imminently towards first gas and cash flow, which will be a milestone for the company. We also raised $14.3 million in July to allow us to develop further the ESP operation and also the development costs directly involved on the Galactica-Pegasus project. That wasn't particularly well received, and you will see that the share price reflected that. As a result of that and our ability to defer and convert some of the CapEx requirements of the Blue Star costings and project, we converted a number of those costs into lease arrangements, longer-term payments, and we're able to terminate the final aspect of the advances that were made by the investors. We were able to do that with a reduction in our cash position, and obviously stabilized the share price somewhat from that point in time. The point worth making here obviously is the fact that this will hopefully, as has been alluded to again by James and Lorna, this is the last set of accounts that won't include a nice revenue line on the top as we move towards an increased focus on that particular project. Three wells will be tied in before the end of the year, and then we'll be looking at the next phase of development on those, which will be a further three or four wells from the original development program that we undertook. Lorna. Thanks, Graham. Looking forward, we are still very much focused on being a multi-asset helium production company. Next year, we continue to advance the Southern Rukwa development off the back of those ESP results. We pride ourselves in remaining the primary helium player in Tanzania and will continue to strive to do great things and continue that strong working relationship with the local communities in Southern Rukwa and the government of Tanzania. We will continue to focus our efforts on project monetization to benefit all stakeholders, and obviously the all-important near-term cashflow to advance towards that full-field development over in the U.S. Also to maintain our view of being opportunistic to other new projects and expand our business development side of the business. At that point, I will close the presentation and hand over to Nick for questions. What we're going to do is firstly cover the pre-submitted questions on IMC, which we will go through now. First one, how do you propose to raise the equity required to begin operations in Tanzania, circa GBP 100 million, as previously quoted by Helium One? One for Graham. Yes, a good question, and obviously it's one that shareholders are asking. I think just as a point of principle, I think the number we've previously given I think was $100 million. Most of the numbers we do quote are dollars and are not sterling. It is a large-scale development. We understand that, and we will remain opportunistic as to how we do fund that. There are a number of options that will be open to us, including debt, which was very much a route we would like to take. Strategic partnerships, clearly that would be very, very important to us. There are other bigger companies that are out there and we may be able to have discussions with. We've had some early-stage discussions with some of those. Clearly in all of this, what we'll be looking to do is minimize dilution as best we can and maximize value to shareholders. Next one. Now we're on the verge of revenue from Galactica and have a mining license for Rukwa, can you rule out any more fundraising and further dilution for your extremely patient shareholders? James? Well, as I alluded to earlier, it's been a tough period two years ago, and we have to remember where we've come from since that time. Yes, we've had to raise funds during that period to complete the projects to get us to the point where we are now, facing the likely imminent production from our American assets. Yes, I acknowledge it's been painful, especially two years ago, but this financing was necessary given we're historically been a non-revenue generating company. It's allowed us to participate in the Galactica project. It's allowed us to make the discovery at Itumbula. Whilst I can never rule out any future fundraisers, we are past the period where we are no longer not generating revenue. We will be a revenue generating company, and that will assist us in our plans going forwards. Yeah, I think I'll leave it at that point, Nick. Next one. How much capital will be required to tie in the initial wells for the Rukwa project, and how will the financing of this be secured? Will it include revenue from Galactica? I'll take that one, Nick. Okay. I think for Southern Rukwa, there are still a number of unknowns, which is why we're carrying out the ESP at the moment, to work up what that fully costed development plan will look like and obviously ultimately the FID there. Moving forward, our preference would be to ring-fence the U.S. operation, but it's likely that that will be considered as a source of collateral as we look forward to further financing Southern Rukwa. Next one. Do you plan to issue more shares for cash in order to sustain the business, or are you now able to borrow against future revenues? That's one for Graham. There's a theme here, Nick. Borrowing against future revenues is something that's actually quite difficult to do. What we can do is hopefully borrow against booked reserves, and that's a point that Lorna made earlier as we develop Rukwa, and as we move those reserve categories further up the list. Project finance is something that we will pursue for very obvious reasons. The same will actually apply to the U.S. as well. We don't have any third-party independent CPR reports out at the moment, but it's something that's very much in our mind because that project is a lot bigger. As you've heard, we're tying in 3 wells initially. There's the opportunity to drill and produce from many, many more wells in that particular project. Some form of reserve-backed lending is something that we will very much be looking at with our partners as we progress that. Next one. How do you envisage giving back shareholder profitable return, and what is the timescale for that? A shareholder's one. I'll take that one, Nick. I think as has been mentioned here, we have delivered on everything we have said we will deliver on, and that is very much still our strategy. We'll be taking both projects, near-term development and the US into production, and we're confident that we will do that. I think it's fair to say that as a board, we do share the frustrations. We've delivered some very significant milestones as a company. Unfortunately, that has not been recognized by the market, but we feel the same frustrations. I feel it on a day-to-day basis, but we can't control the share price. All we can control is to continue to deliver on what we go out and to say that we're going to deliver on. Ultimately, by continuing to do that, we know that that will, in the longer term, generate value for shareholders. As we continue, we'll be creating revenue streams, and we'll be able to quantify that all-important reserve space. Okay. Next one. Can the board confirm whether recent tests allow for groundwater, and how the results of the aquifer testing will be reported, and will technical reports be available to shareholders? I'll take that one, Nick. It is a complex project in Southern Rukwa. We've mentioned that many times. It is carried via these basement fluids, and therefore we do acknowledge that there is a key water component to this that we need to understand. We are engaged with a group of very experienced hydrogeologists, and we do reach out to various bodies for additional technical support where we need it. We're a very small team. Obviously with the nature of the project and any sort of exploration appraisal development project, you do reach out to various skill sets as and when they are required. The sampling approach that we have adopted to date in the basin has worked. It's been successful. We've recovered gas to surface, which is important. The ESP similarly is being designed in such a way that we'll be able to acquire additional data to give us greater certainty on what that upscale reserve base will look like. I think it's probably fair to say that as and when appropriate, we will make information available as we routinely do via our website. However, Preference still maintains that that is third-party information, so that shareholders and others see that it has been independently verified, which is also very important. I think in terms of our skill set in Southern Rukwa in Tanzania, we are the voyagers here. We're paving the way. The team have really got a great understanding of this project, and we are continually learning and consistently delivering. We will strive to continue to do that and build our helium expertise and maintain that area of expertise across both projects, not just in Tanzania, but also in the U.S. Next one. Are you now fully funded for the foreseeable future, and trust there will be no further dilution to shareholders, and will the profits from the USA project fund the company while Africa project is developing? That's the one, Glenn. That's more than one question. Two, I think. Are we fully funded? We're fully funded for our current level of commitments and obligations. Will there be further dilution? Well, again, it depends on how we develop our projects. Clearly one of the balances in all of this is our NPV and money now instead of money tomorrow. The quicker we can develop these, the more valuable they are, and the more valuable they will be to potential sources of finance and strategic partners. As I've said before, and the rest of the board here has said as well, they're not always dilutive events because value is being added at each time. To emphasize Lorna's words here, it is quite frustrating when that is not always recognized. We were criticized for raising $8 million to acquire 50% project in the US, and that's been transformational in just over a year. I think here we need to understand each time what the money would be used for, ensure that the board are confident that it will add value to the company, and therefore to the shareholders. As long as we can maintain that degree of foresight, and trust in our judgment, then we will continue to go down the same path and raise money where it's necessary, keep it to a minimum, but use it for very strategic and very valuable purposes. Next one. What revenue are you hoping for from the Galactica and Pegasus during 2026? Well, I'll just briefly comment on that. We have issued independent reports on this. They state that approximately $2 million per annum will be accrued to the company over the coming years. That's on a helium-only basis, and of course, it's worth remembering, as Lorna's alluded to, we plan to tie in the CO2 aspects of the project later next year, and that will add to that revenue number. The base case is $2 million a year from helium, but will be increased once we get that CO2 online. The last one of the pre-submitted questions was, when will Southern Rukwa be commercially viable? It is a stepwise project. Obviously the next important phase is going to be encompassing the results of the ESP, which we, as I've mentioned, will feed into an updated CPR and move us into the bookable reserves. At that point, that opens up further financing options for us. Just- I think we should ask the people in attendance first if they have any questions. If you have any questions, sir, please ask. No? No questions. Okay. We have other questions on the IMC perhaps? Scrolling down. Question from Peter B. What does Lorna Blaisse's statement open to wider opportunities mean? I think that was on your slide with the U.S. Yeah. Business development. I think we've demonstrated as a company, in the last 12 months, that we're not just a single asset company. We do see ourselves as being across multiple assets and certainly in the helium space is something that we'll be keeping our eyes to the ground on business development and just remaining opportunistic. It's that opportunity that has brought us to where we are today on the cusp of first revenue. Yeah. There's a question on the CPR from Solar A. On the CPR, Southern Rukwa holds approximately 3.4 Bcf of helium resources (contingent and prospective). Please could you clarify if the figures is gross gas (nitrogen and helium), or gross gas helium only? That's just helium. Okay. Scrolling down here a bit. From Theo M. Does the sourcing the electric submersible pump determine what equipment you will need on site, or can you start planning contractor/equipment for water removal to come on site before the ESP is operating on site? Actually, that's a very good question on the water disposal, and I should've touched on that. I think we put out some news a few months ago about the completion of the civils work at site for that water disposal, so we have dug quite a large pit so that we can flow the water to surface during the ESP operation. The plan there is that we will have the means to do that, and therefore dispose of the water subsequently. We have a permit for discharging that water already in place. Certainly that will be something that we will have in place longer term. We've also given some thought as to what we could do with the water longer term once we're in production and that project comes on stream, and we are speaking with NGOs around utilizing the water for irrigation purposes in Southern Rukwa. There's another question from Russell M. Do you anticipate that helium from Rukwa will have added value in the market because it is green, i.e., not associated with hydrocarbons? That's another good question. I think we are all aware that the ESG buzzwords over the last few years have dwindled a little bit. Certainly as a company in the outset, we were very much pushing sort of the green helium in Southern Rukwa, and the fact that it isn't associated with hydrocarbons or H2S or CO2. However, I think it's also fair to say that a number of the successful helium projects globally are associated with another gas, and in some cases that other gas is hydrocarbon gas or CO2. What it does mean from a development perspective and a processing point of view, it's far simpler. Cheaper. Cheaper, exactly. We will only need to separate the water, and the nitrogen will just be vented to the atmosphere. That's the ones that we haven't covered in this slide. Okay. Thank you, Nick. Thank you, IMC. If there are no further questions, I will now close the meeting. Thank you all for your attendance, and hand back to you, Paul. Fantastic. Thank you indeed for updating attendees. Can I please ask attendees not to close the session? You'll be automatically redirected to provide your feedback so the team can better understand your views and expectations. This will only take a few moments to complete and I'm sure is greatly valued by the company. On behalf of the board of Helium One Global Limited, we'd like to thank you for attending today's annual general meeting proceedings. That concludes today's session, and good morning.