Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) has confirmed that construction has commenced at its Galactica-Pegasus project in Colorado, marking a major milestone toward achieving its first helium production by December 2025.
The AIM-listed company holds a 50% working interest in the US joint venture alongside partner Blue Star Helium, which announced that contractors Redbud Partners and PVC have begun work on both the main production facility pad and the gathering system connecting the production wells.
The 120m x 150m pad will host the main processing equipment, while access roads are being upgraded to accommodate heavy transport vehicles. Procurement and delivery of key components are reportedly progressing on schedule.
The gathering system—linking the production wells to the Pinon Canyon processing plant—has been designed to support future expansion. Construction has begun at the Jackson-31 wellsite, with further work planned across additional wells.
Helium One said the project remains on track for first helium output by the end of 2025, with carbon dioxide sales, a by-product of production, expected to commence in the first half of 2026. The processing plant will ramp up to full capacity as new wells come online.
Helium, vital for medical imaging, semiconductor manufacturing, and other high-tech applications, remains in tight global supply. The Galactica-Pegasus project forms part of a broader effort by independent producers to establish new helium supply sources as the US Federal Helium Reserve winds down.
In a note, Panmure Liberum called the development “a key milestone for the JV,” adding that the project is on schedule for first gas production in December. The broker said investors will be encouraged by visible progress and continued project momentum, reiterating its target price of 3.7p — representing an 800% premium to Helium One’s current share price.
