Helium One Global Ltd (AIM: HE1) has reported its audited results for the year ended 30 June 2026, highlighting its transition into helium production in the United States, encouraging well-testing results in Tanzania and a strengthened balance sheet following £13.8 million of fundraising during the financial year.
The company, which holds an 83% interest in the Songwe Helium joint venture in Tanzania and a 50% working interest in the Galactica-Pegasus development in Colorado, reported progress across both projects.
At the southern Rukwa project in Tanzania, Electrical Submersible Pump (ESP) testing at the ITW-1 well demonstrated a substantial improvement in fluid flow rates, with more than the equivalent of 250,000 barrels of water produced during a 20-day test.
Flow rates reached up to the equivalent of 16,400 barrels per day, approximately six times the natural flow rates achieved during the 2024 extended well test.
Importantly, helium concentrations remained at a sustained 5.4%, corrected for atmospheric contamination, with a maximum recorded concentration of 9.2%.
These results provide further evidence of helium within the subsurface system and support continued assessment of the project’s development potential.
However, the reported flow rates relate to water production during testing rather than commercial helium output, and further work will be needed to establish economically sustainable helium recovery.
Helium One secured a 480-square-kilometre mining licence in July 2025, described as Tanzania’s first helium mining licence and the largest mining licence awarded in the country.
The company also finalised a framework agreement and shareholders’ agreement with the Tanzanian Government, establishing Songwe Helium Ltd, in which Helium One holds an 83% interest.
A formal farm-out process was launched in May 2026 to identify an industry partner capable of supporting the next stage of southern Rukwa’s development.
Discussions remain ongoing with several parties, although no completed farm-out agreement has been announced.
In the United States, the Galactica-Pegasus project reached an important milestone with commissioning of the Piñon Canyon helium processing facility, where six development wells have been drilled and connected to infrastructure.
First gas was achieved in December 2025, followed by an initial three-month helium purchase and sales agreement entered into by operator Blue Star Helium in June 2026.
The project recorded its first helium sales in July 2026, after the financial year-end, marking the company’s transition from exploration towards commercial helium production.
The sales agreement was subsequently extended to 31 March 2027, providing a near-term commercial arrangement for helium produced at the facility.
Blue Star is progressing plans to deepen three existing Galactica wells during the fourth quarter of 2026, followed by up to nine additional wells in 2027, subject to obtaining the necessary approvals.
The operator is also evaluating opportunities for carbon dioxide co-production and helium liquefaction, alongside potential expansion of processing capacity.
These activities could support increased production and revenue, although their commercial contribution will depend on drilling performance, infrastructure development and market conditions.
Financially, Helium One reported a total comprehensive loss attributable to shareholders of US$3.41 million, narrowing from US$4.86 million in 2025.
Group net assets increased to US$67.92 million at 30 June 2026, compared with US$53.20 million a year earlier.
The company’s cash balance stood at US$6.55 million, more than double the US$3.15 million reported at the previous year-end.
Helium One raised approximately £13.8 million during the financial year, supporting exploration, development and corporate activities.
A further £3 million was raised in October 2026, with proceeds intended to cover expected operating costs for the remainder of the current financial year.
Chairman Clive Carver said the period had delivered significant operational milestones, including the commencement of US production and progress towards establishing a development partnership in Tanzania.
Chief Executive Lorna Blaisse highlighted the successful commissioning of the Colorado processing facility, first helium sales and the improved technical understanding of southern Rukwa following ESP testing.
Looking ahead, Helium One’s priorities include increasing production at Galactica-Pegasus and progressing the southern Rukwa farm-out process.
In Tanzania, management is also considering additional drilling and testing targets across the mining licence area, particularly within fractured basement structures.
The company’s Epiroc 220 drilling rig remains warm-stacked in southern Rukwa, providing equipment availability for potential future operations.
