CEO's Statement 

The six-months ended 31 December 2022 was a frustrating period for the Company.  On the operational side, Helium One was proactively pursuing a number of rig options which, unfortunately, culminated in a series of setbacks due to contractual issues around rig export and operators extending drilling programmes, preventing us from securing our preferred rig of choice. This has led to significant setbacks for the Company, and, in a dynamic rig market, it is critical we focus our efforts on securing a rig that meets our technical requirements, whilst also being within our budget. The Company remains focused on identifying a rig to enable us to fulfil our 2023 Drilling programme and is currently actively negotiating a rig contract.  

The co-operation Agreement with Noble Helium (ASX: NHE) enables both companies to cooperate in sourcing and securing a suitable drilling rig, associated services and logistics. The agreement will ensure that the Company's outlined timings remain unchanged, keeping us on track for commencement of drilling in Q3.

In September, the Company renewed a number of its Prospecting Licences ("PLs") across Rukwa, Eyasi and Balangida. A strategic approach was adopted to review the PLs, with the Company relinquishing 1,548 km² across the Rukwa Rift area that were considered to have little to no prospectivity and/or sub-optimally located for cost conscious exploration. As a result, the Company will realise an annual cost saving in licensing fees of $309,600. 

In the last quarter, the subsurface team undertook an extensive study with Getech, leading experts in gravity and magnetics data interpretation, to better evaluate the structural geometries of the Eyasi and Balangida Rift Basins. The gravity-magnetic 3D inversion study has included the development of an advanced data analytical workflow, integrating proprietary high-resolution Falcon AGG data with regional aero-magnetic, land based gravity and radiometric data for improved model calibration. The results of this study have proved to be highly valuable in gaining a greater understanding of depth to basement (sediment thickness) within the basins as well as being used to identify structural geometries as potential exploration targets for further evaluation.

The completed study has generated a detailed series of maps, increasing our knowledge of depth to basement and sediment thickness across the Balangida and Eyasi Rift Basin areas, and enabled greater understanding of the Rift geometry, basin evolution and subsurface structure to aid the development of our ongoing exploration programme. Conclusions of this work will allow the technical team to draft a forward work programme for both basins, with a view to acquiring 2D seismic late 2023/early 2024.

Work has also commenced on the environmental application process (Environmental and Social Impact Assessment or "ESIA") on the Eyasi region with a community engagement effort on the ground through  our stakeholders, EcoServices.  The ESIA process, which will take six to nine months to complete, will enable the Company to undertake seismic acquisition in the region.

As a result of recent executive changes, Kai Gruschwitz has been appointed Technical Director (non Board) having being a Consultant Geophysicist on the Rukwa project for the past nine months. Kai brings a wealth of technical knowledge and is a proven oil and gas finder with over 25 years' experience in the industry.  In conjunction with the Board, the team are focused and committed to deliver a successful drilling campaign for Helium One in 2023.

As is to be expected with an exploration company, for the six-month period ended 31 December 2022 the Group reported an unaudited pre-tax loss of $1,221,998 (six months ended 31 December 2021, unaudited: $1,917,541). The Company continues to be well funded with a cash balance of $13.7 million as at 31 December 2022, following the completion of the successful £9.9 million fundraise in December.

The remainder of the financial year will continue to be a busy period for the Company.  Notwithstanding the challenges the Company has faced, we remain confident in the project and are committed to securing a rig and remaining on track for a Q3 spud later this year.

I would like to take this opportunity to thank all our stakeholders for their continued support and look forward to providing further updates as we look to secure a rig and deliver our drilling campaign.

Lorna Blaisse

CEO

24 March 2023 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED BALANCE SHEET

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General Information

The principal activity of Helium One Global Limited (the 'Company') (formerly Helium One Limited) and its subsidiaries (together the 'Group') is the exploration and development of helium gas resources. The Company is incorporated and domiciled in the British Virgin Islands. The address of its registered office is P.O Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. The Company's shares are listed on the AIM Market of the London Stock Exchange ('AIM'), the Frankfurt Stock Exchange and the OTCQB exchange.

2. Basis of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As an AIM listed Company the company is entitled to exemption from adopting IAS 34 and this exemption has been taken to the effect that segment information is not disclosed. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 June 2022. The interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the European Union applicable to companies under IFRS and in accordance with AIM Rules, which have not differed from the previously EU-endorsed IFRS, and hence the previously reported accounting policies still apply. The financial statements are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets or liabilities has been applied. The interim report has not been audited or reviewed by the Company's auditor.

Going concern

The consolidated interim financial statements have been prepared on a going concern basis. The Group's assets are not generating revenues, an operating loss has been reported for the period ended 31 December 2022. The directors' have prepared financial projections and cash flow forecasts covering a period of at least twelve months from the date of approval of these interim financial statements showing that the Group will have sufficient available funds to meet its contracted and committed expenditure. The directors are confident that current capital projects and working capital requirements are funded and have a reasonable expectation that they could secure additional funding, when needed, to fund additional capital projects. During the period, the company successfully raised approximately $9.9 million in funds and going forward, directors are confident that funding can be raised as required.

The impact of Covid 19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the interim financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the Company's ability to continue as a going concern.

It is the prime responsibility of the Board to ensure the Group remains a going concern. On 31 December 2022, the Group has cash and cash equivalents of $13.7 million and no borrowings.

Based on their assessment, the Directors have a reasonable expectation that the Group will be able to continue in operational existence for the next 12 months and continue to adopt the going concern basis of accounting in preparing these consolidated interim financial statements.

Critical accounting estimates

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 historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are 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 may be necessary if there are changes in the circumstances on which the estimate was based, or as a result of new information or more experience. Such changes are recognised in the period in which the estimate is revised. Significant items subject to such estimates are set out in Note 4 of the Company's 2022 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2022 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.helium-one.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.

The Condensed interim financial statements were approved by the Board of Directors on 24 March 2022.

3. Accounting Policies

The accounting policies adopted are consistent with those used in the preparation of the Group's financial statements for the year ended 30 June 2022 year and corresponding interim reporting period.  There were no new or amended accounting standards that required the Group to change its accounting policies.  The directors also considered the impact of standards issued but not yet applied by the Group and do not consider that there will be a material impact of transition on the financial statements. 

4. Expenses by nature breakdown

5. Loss per share

The calculation for earnings per share (basic and diluted) is based on the consolidated loss attributable to the equity shareholders of the Company is as follows:

Earnings and diluted loss per share have been calculated by dividing the loss attributable to equity holders of the Company after taxation by the weighted average number of shares in issue during the year. Diluted share loss per share has not been calculated as the options, warrants and loan notes have no dilutive effect given the loss arising in the period.

6. Dividends

No dividend has been declared or paid by the Company during the six months ended 31 December 2022 (2021: $nil).

7. Intangible assets

Intangible assets comprise exploration and evaluation costs which arise from both acquired and internally generated assets.

8. Share premium