Chairman's Statement 

Operations

Following on the success of the Phase II drilling programme on our southern Rukwa helium project in FY2024, and the announcement of a confirmed helium discovery, the six-month period ended 31 December 2024 saw the completion of the extended well test at Itumbula West-1 which successfully flowed up to 7.9% helium to surface.

After extensive analysis of all of the data from the operations during the year, the team submitted an application for a Mining Licence ("ML") on the southern Rukwa Helium Project in September 2024. Subsequently, the Company continued to engage with the Ministry of Minerals and the Mining Commission in Tanzania whist awaiting the award of the ML and on 3 March 2025, the Company then announced that it had received an offer letter for the ML from the Mining Commission.

On 31 October 2024, the Company executed definitive agreements to acquire a 50% legal and beneficial interest in Blue Star's Galactica-Pegasus project in Colorado, USA as well as a similar interest in the leases associated with 246 km² (61,000 gross acres) of acreage in the proven helium fairway of Las Animas County, southern Colorado.

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 helium and CO₂ processing facilities. The initial programme will require the drilling of six development wells, which commenced with the spud of the Jackson-31 SENW 3054 development well in February 2025. Once the drilling and development programme is complete, it is forecast that the sale of helium and CO₂ from these initial wells will generate sufficient cash to fund the drilling and tie-back of the remaining nine wells given the project's desirable location.

The initial wells are expected to be on stream and producing by the end of H1 2025 and an independent third-party competent person's report indicates that an average of approximately US$2 million per annum will accrue to the Company over a period of five years. However, these estimates represent only sales from the production of helium. The Company believes that the sale of associated CO₂ into the local market could also increase this by up to 50%.  

We are very pleased to have entered into this partnership with Blue Star, enabling the Company to build an expanding global footprint in the helium sector at such a pivotal time and this development opportunity enables the Company to potentially secure near-term cash flow to aid with progressing our Tanzanian asset.  We now have a portfolio of two potential near term revenue projects in our portfolio.

Financing

In August 2024, the Company raised gross proceeds of £6.4 million (approximately US$8.2 million) through the issue of 590,000,000 new ordinary shares at a price of 1.09 pence per share to fund the acquisition of the 50% interest in the Galactica-Pegasus project. 

Financials 

For the six-month period ended 31 December 2024, the Group reported an unaudited pre-tax loss of $1,927,896 (six months ended 31 December 2023, unaudited $1,064,747). The Company continues to be well funded and as at 31 December 2024 the Company had cash balances totalling $10.02 million (31 December 2023 $8.74 million).

Outlook 

Helium remains an irreplaceable technology commodity in a very dynamic market, sensitive to demand supply and geopolitics. The Board believes Helium One has a portfolio that has the potential to assist in helping meet the increasing demand for helium. The year ahead promises to be another busy and very significant period for the Company, as we look to progress our ML across the southern Rukwa Helium Project in Tanzania and work towards first production, and associated revenue in the USA.

I would like to take this opportunity to thank all our stakeholders for their continued support and look forward to providing further updates in due course.

James Smith

Chairman  

20 March 2025

 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') 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 171 Main Street, PO Box 92, Road Town, Tortola, British Virgin Islands, VG110. 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 2024. The interim consolidated financial statements have been prepared in accordance 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.

Critical accounting estimates

The preparation of condensed consolidated interim 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 2024 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 2024 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 20 March 2024.

3. Accounting Policies

The accounting policies adopted are consistent with those used in the preparation of the Company's 2024 Annual Report and Financial Statements 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.

Interest in Joint Arrangements

In October 2024, the Company concluded a Farm-in Agreement with Blue Star Helium ("Blue Star") whereby The Company earns a 50% interest in a helium development project ("the Galactica Project") in Colorado, USA in exchange for paying US$1.5 million to Blue Star in consideration for past costs and funding the drilling of six development wells (capped at US$450k per well). Blue Star, through its local operating entity, will continue to act as Operator of the Galactica Project.

This transaction will be recorded in the Company's Financial Statements as a joint operation whereby the parties of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. When the Group undertakes its activities under the above-referenced joint operation, the Group does not act operator but recognises in relation to its interest in a joint operation:

• Its assets, including its share of any assets held jointly

• Its liabilities, including its share of any liabilities incurred jointly

• Its revenue from the sale of its share of the output arising from the joint operation

• Its share of the revenue from the sale of the output by the joint operation

• Its expenses, including its share of any expenses incurred jointly

Costs incurred in connection with this transaction will be capitalised in accordance with IFRS 6, "Exploration for and Evaluation of Mineral Resources," and will be amortised upon commencement of helium production which is expected to commence during the first half of 2025.

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 2024 (2023: $nil).

7. Intangible assets

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

Following the assessment in accordance IFRS 6 at year end, impairments of $5,771,668 incurred in the financial year end 30 June 2023, the Directors reached a decision to impair all costs associated with the Eyasi and Balangida areas. This reflects that the Group's focus us currently on the southern Rukwa Helium Project area which, subsequently to the date of this interim report, the offer of the Mining License has been received. 

8. Share premium