When we last looked at the helium market in March, the immediate concern was the Strait of Hormuz. Qatar, the world’s second-largest helium producer, accounted for around 35% of global output in 2024, and the shutdown at Ras Laffan exposed how much of the market depended on a few plants and shipping routes. Within days, spot helium prices had roughly doubled as buyers scrambled for alternative supply.
Six months later, that disruption has not simply faded into the background. On 15th September, only four vessels carrying commodities were recorded transiting Hormuz, compared with a pre-war average of around 125 a day. The damage at Ras Laffan has also proved more serious than a short operational interruption, with QatarEnergy now seeking US LNG supply agreements running through to 2031 while parts of its damaged infrastructure are repaired.
For helium, the connection is direct. Qatar recovers helium as a byproduct of natural gas processing, so disruptions to LNG operations also constrain helium production, a relationship highlighted in the original March Reuters report. That is why the events around Hormuz matter beyond energy markets alone, they affect a specialist gas used in medical imaging, semiconductor manufacturing, aerospace and scientific research.
The argument in March was therefore not simply that war risk could push helium prices higher for a few weeks. It was that the crisis exposed how concentrated and fragile the supply chain had become, and why additional sources outside the Gulf could become more strategically important. Six months on, that question has become more pressing, because the market has adapted, but the underlying concentration problem has not gone away.
The Helium Market Has Adapted, But It Has Not Diversified Enough
The helium market has found ways to cope with the disruption, just as wider energy markets have. Alternative supplies have been redirected, inventories have been drawn down and shipping routes have adapted, helping to prevent the initial shock from becoming a complete breakdown in supply. The same pattern has been seen across energy markets, where buyers have increasingly found alternative sources despite continued restrictions around Hormuz. Adaptation, however, is not the same thing as diversification.
The underlying helium resource base remains heavily concentrated. The latest USGS estimates put identified helium resources outside the United States at around 31.3 billion cubic metres, including 10.1 billion cubic metres in Qatar, 8.2 billion in Algeria and 6.8 billion in Russia. Together, those three countries account for roughly four fifths of the identified resource outside the US, even before considering the infrastructure required to extract, process and transport the gas.
Demand is also unusually difficult to replace. Helium is used across semiconductor manufacturing, MRI scanners, aerospace, fibre optics and scientific research, while the USGS notes that there is no substitute in cryogenic applications requiring temperatures below minus 429°F. This is not a commodity where users can always switch to another material when supply tightens, which helps explain why interruptions can feed quickly into pricing.
That brings the investment case back to a simple point. Discovering helium is not enough, a project also needs attractive concentrations, sustainable flow rates, processing equipment, infrastructure, funding and customers before it becomes useful new supply. Over the past six months, the seven London listed companies in this article have moved forward at very different speeds, and in some cases the distinction between an exploration story and a producing helium business has started to become much clearer.
Mendell Helium, From Production to a Potentially Significant Fort Dodge Discovery
Mendell Helium (MDH: AIM) has arguably changed more than its modest market profile might suggest since March. The company completed its move to AIM on 16th June, having raised £5 million in April to accelerate development of its Kansas assets. At admission, its subsidiary M3 Helium held interests in twelve wells, six of which were already producing, giving Mendell an operating base rather than a purely exploration led starting point.
The biggest change has come at Rost 2. After installing an electric submersible pump, the well was dewatering at around 1,100 barrels per day by September and had begun bringing gas bearing fluids to surface. Two preliminary gas samples returned helium concentrations of 10.7% and 10.9%, more than double the approximately 5.1% consistently measured at Rost 1. Those readings are potentially significant, but they remain preliminary, and the key question is still whether Rost 2 can sustain meaningful gas flow once sufficient water has been removed.
The wider Fort Dodge operation is also beginning to broaden. Rost 1 resumed production after tubing replacement and scheduled maintenance, while Schneweis Ventures 13A has started producing under its own pressure and feeding gas directly into a joint venture partner’s pipeline. Schneweis has so far recorded peak daily gas sales of 428 Mcf, while historic testing showed helium at 1.39%. Mendell has also acquired more than nine square miles of 3D seismic data to help select locations for further production wells.
Infrastructure may ultimately be as important as the helium grades themselves. The Brobee disposal well is permitted to handle up to 10,000 barrels of water per day, giving Mendell the ability to dewater Rost 1, Rost 2 and potentially additional nearby wells without having to build an entirely new disposal system. Combined with existing pipelines, producing wells and nearby processing routes, that gives Fort Dodge a different starting point from many greenfield helium projects. The next step is now very clear, prove that the high helium concentrations at Rost 2 can be matched by sustainable commercial gas flow and that the growing group of wells can translate into steadily increasing production.
Helix Exploration, Converting Rudyard Into Commercial Sales
Helix Exploration (HEX: AIM) has made one of the clearest moves from development into commercial activity since March. Production at its Rudyard project in Montana began in February, but the more important milestone came on 20th July, when its first full jumbo tube trailer left the site carrying approximately 160 Mcf of high grade helium. That first physical sale meant Helix had progressed from its AIM IPO to revenue generating helium production in a little over two years.
The operation then began to move beyond a single shipment. By early August, customer supplied and leased trailers were operating on a continuous rotation, while all wells connected to the Rudyard pipeline system were reported to be operating under high pressure. Helix had completed three trailer sales by the beginning of September, and its short term customer agreement was extended through September while discussions over a longer term arrangement continued. This is an important distinction from simply demonstrating helium at the wellhead, because Helix has shown that it can process, load and physically deliver product to an industrial gases customer.
Helix has also expanded further down the supply chain. In July it completed the acquisition of the Keyes Helium Complex in Oklahoma, and by August helium was already being tolled through the facility, with tube trailers being filled weekly and generating revenue. Keyes is described by Helix as one of only six operating helium liquefaction facilities in the United States, giving the company the ability to process both its own helium and third party gas. That creates a broader business than Rudyard alone and potentially gives Helix more control over the value between production at the wellhead and the final sale of liquid helium.
The move into production has not been completely smooth. Following a site inspection, the Montana regulator requested a temporary production pause while questions over the handling of associated gas are resolved, with a hearing scheduled for 15th October. At the same time, Helix spudded Ollie 1 on 14th September, targeting a fourth production well in Rudyard’s Northern Dome, with drilling expected to take around 21 days. The story has therefore moved decisively from exploration into execution, but the next test is whether Helix can restart and expand production reliably enough to turn its early sales into a sustained commercial business.
Helium One, Colorado Begins Selling Helium While Rukwa Waits
Helium One (HE1: AIM) has also crossed an important line since March. Through its 50% interest in the Galactica Pegasus project in Colorado, the company moved from development into revenue generation when the first production trailer was sold and left the Pinon Canyon plant on 14th July. The milestone completed the plant’s early commissioning and optimisation phase and gave Helium One its first revenue from the US joint venture.
The first sale was followed by a more regular pattern of deliveries. By the beginning of September, a fourth trailer had been delivered and a fifth was being filled, while the existing sales agreement was extended from the end of August to 31st March 2027. The agreement covers all helium produced at Pinon Canyon and uses fixed pricing reflecting prevailing US market conditions, while negotiations over a longer term arrangement continue. That gives Helium One something it did not have when we looked at the company in March, a producing asset with a customer and an established route to market.
Colorado is not yet a finished development story. The operator plans to increase output through debottlenecking of the plant and gathering system, deeper completions of existing wells and further development drilling. Helium One’s interest covers a project area of around 246 square kilometres, where previous wells have flowed helium concentrations of up to 6%. The next measure of progress will therefore be whether the joint venture can increase production and trailer frequency rather than simply maintain the initial level of sales.
The contrast with Tanzania remains striking. Helium One’s Southern Rukwa project covers around 480 square kilometres and has already produced helium concentrations of up to 7.6% from Itumbula West 1, while the company now holds a mining licence over the project. Yet Rukwa still requires a funded development route before it can follow Colorado into commercial production. Helium One has therefore become a two speed story, with Colorado providing the near term proof of revenue and Rukwa retaining the larger, but longer term, development potential.
Pulsar Helium, Building a Development Plan Around Topaz
Pulsar Helium (PLSR: AIM) has also moved beyond the position it occupied in March, although it remains pre-production. Its Topaz project in Minnesota has now been tested through a broader appraisal programme, with Jetstream 1 averaging 8.1% helium during flow testing and Jetstream 2 averaging 5.6%. By June, Pulsar had also expanded its land position around Topaz to around 690 net mineral acres owned outright, together with approximately 4,941 net mineral acres held under lease. The story is therefore moving away from simply proving helium is present and towards deciding how a commercial field could actually be built.
That shift became clearer in July when Pulsar raised approximately US$25.5 million through a placing, subscription and retail offer, materially above the original US$20 million target. The money is intended to fund further production ready wells, flow testing, permitting, land work and long lead development equipment at Topaz. Pulsar’s latest quarterly results show that it had already spent around US$8 million on exploration and evaluation at the project during the nine months to 30th June. That level of spending illustrates how quickly the capital requirement rises once a discovery moves towards development.
The biggest step is the proposed processing infrastructure. In June, Pulsar signed a binding agreement reserving a helium purification and liquefaction plant and associated CO₂ processing equipment for potential deployment in Minnesota. The package is designed around helium liquefaction capacity of roughly 940 litres per hour, with the wider equipment package carrying an indicative cost of around US$78.7 million. Negotiations over the final purchase agreement are still ongoing, with the target date extended to 30th September while technical and commercial reviews are completed.
Pulsar is therefore entering the part of the development curve where geology is only one of the questions that matters. It must still drill and test additional production wells, complete permitting, finalise the processing package and secure the capital required to build out the project. First production is currently targeted for Q4 2027, leaving a meaningful execution gap between today’s appraisal success and future commercial sales. Topaz may be one of the stronger primary helium discoveries in the group, but the next stage is about proving that its geology can be converted into an economically viable production system.
Quantum Helium, Sagebrush Moves Beyond Exploration
Quantum Helium (QHE: AIM) has also moved beyond the early exploration story we described in March. The company increased its working interest in the Sagebrush project in Colorado from 82.5% to 90% and formally assumed operatorship in April. An extended production test at Sagebrush 1 then reconfirmed helium at approximately 2.5%, broadly consistent with the historic 2.76% result from the well. The same programme also showed strong pressure recovery and connectivity within the Leadville reservoir, giving Quantum more technical evidence than it had six months ago.
The resource picture has become clearer as well. Independent work has established combined 2U gross helium resources of 1.104 Bcf across Sagebrush and Coyote Wash, comprising 0.134 Bcf at Sagebrush and 0.97 Bcf at Coyote Wash. During the same testing programme, more than 80 barrels of oil were recovered from the Leadville Formation by mid-June, establishing an additional hydrocarbon opportunity alongside helium. Existing Sagebrush oil production also generated gross revenue of US$316,263 during the six months to 30th June.
Funding is another area where the position has strengthened. Quantum completed a £5 million institutional placing in April to support engineering, permitting and further development work, while year-end cash stood at approximately A$10.54 million. By 9th September that balance was around A$8.48 million. The company also completed a 100 for 1 share consolidation in July, leaving it with a cleaner capital structure as it moves into the next phase.
Quantum has not yet shown the sustained helium flow needed for commercial development, and that remains the critical gap. Its next programme is expected to include a larger stimulation and testing campaign at Sagebrush, while permitting and drill planning continue across additional Colorado targets. The company expects to complete its current engineering and reservoir optimisation work during the present quarter, with further testing to follow. Quantum therefore sits in the middle of this group, no longer a simple exploration concept, but still needing to turn encouraging reservoir data and defined resources into sustained helium production.
Georgina Energy, Hussar Finally Approaches the Drill Bit
Georgina Energy (GEX: LON) remains one of the more binary stories in the group. The company is listed on the London Stock Exchange’s Main Market rather than AIM, and its investment case still rests heavily on the 100% owned Hussar project in Western Australia. Independent work has assigned Hussar 2U prospective resources of around 285 Bcf of helium, 315 Bcf of hydrogen and 2.93 Tcf of natural gas. Those numbers remain prospective, however, and drilling is still required to show what is actually present and capable of flowing.
Since March, the important change has been that Hussar has moved steadily from planning towards physical site preparation. Georgina executed its drilling contract in May, while work through the summer included access roads, the drill pad, camp facilities and preparation for mobilisation of the Ensign 970 rig. A supporting water well was completed in August, with reported flow of around 250,000 to 350,000 litres per day. These are not headline exploration results, but they are the practical steps needed before the prospect can finally be tested.
Funding has also been a major part of the progression. Georgina completed a £1.5 million fundraise in July, followed by two further raises of £1.25 million each in August. At the same time, the company has said the Hussar drilling programme and associated development works will be funded by Harlequin and its partners. That arrangement reduces some of the direct drilling burden on Georgina, although the repeated equity raises show that working capital and the wider portfolio still require funding.
The next milestone is therefore unusually simple to understand, Hussar needs to be drilled. The planned programme is expected to run for around 50 days from spud to completion and will target the Townsend Formation and deeper fractured basement for helium, hydrogen and natural gas. If the historic data and independent resource estimates are supported by modern drilling, Georgina could move rapidly from a pre-drill story to one with a defined discovery. If not, much of the value currently attached to Hussar would need to be reassessed.
Rift Helium, A New AIM Entrant Into the Rukwa Basin
Rift Helium (RIFT: AIM) is the new company in this follow up and did not exist as a listed helium investment when the March article was published. It joined AIM on 22nd April, raising approximately £8.1 million at 10p per share and entering the market with a valuation of around £13.4 million. Its focus is the Upepo project in southwest Tanzania, where the group owns a 99% subsidiary that in turn holds 100% of the project. That immediately gives London investors another direct route into primary helium exploration in the Rukwa Basin.
The geological case is already large enough to attract attention, although it remains untested by Rift itself. An independent CPR assigns Upepo gross unrisked prospective helium resources of around 19 Bcf on a P50 basis and approximately 41 Bcf on a mean basis across its licence area. The project covers around 283 square kilometres and sits within the wider Rukwa Rift, close to previously confirmed helium discoveries. Rift is therefore not starting with a blank geological map, but the prospective resource figures still need to be converted into an actual discovery.
The next step is a 3D seismic programme designed to rank the best drilling targets before capital is committed to wells. Rift received its environmental approval on 2nd September, with the certificate covering both the seismic programme and drilling of up to three exploration wells. By 16th September, mobilisation for the seismic work had already started, while well planning, logistics and procurement were progressing in parallel. Drilling remains targeted for the first half of 2027.
Importantly for an early stage explorer, Rift currently has the cash to execute that programme. At 30th June it held £6.77 million in cash, with no borrowings and no material capital commitments, and management says the company is funded for both the planned seismic and exploration drilling campaign. That does not remove the geological risk, which remains high until a well is drilled, but it reduces the immediate financing question that often hangs over companies at this stage. Rift therefore enters the comparison as the earliest stage name, but one with a defined resource case, funded work programme and a clear route towards its first major test.
Seven Companies at Very Different Points on the Helium Curve
Six months on, the clearest change is how far apart these seven companies now sit on the development curve. Helix has completed physical helium sales from Rudyard, including its first approximately 160 Mcf trailer in July, while Helium One has begun generating revenue through its 50% owned Galactica project in Colorado, where the first production trailer was sold on 14th July. Mendell sits close to that producing end of the spectrum, with Rost 1 back in production, Schneweis Ventures 13A recording peak daily sales of 428 Mcf and Rost 2 now adding a potentially important new dimension.
That Rost 2 result helps illustrate why development stage alone does not tell the whole story. Preliminary samples containing 10.7% and 10.9% helium are among the highest concentrations currently being reported by the London listed group, but the well is still being dewatered and sustainable gas flow has yet to be demonstrated. By comparison, Quantum has independently assessed 2U gross helium resources of 1.104 Bcf and has reconfirmed helium at around 2.5% at Sagebrush, yet it too must still establish a commercial production route. Different companies are therefore trying to prove different parts of the same equation.
Pulsar sits further back from commercial sales but is already dealing with the scale of development that follows a substantial discovery. Its proposed purification and liquefaction package carries an indicative cost of around US$78.7 million, while first production at Topaz is currently targeted for Q4 2027. That contrasts sharply with Georgina and Rift, where the major value defining events are still ahead, Hussar needs to be drilled, while Rift is mobilising 3D seismic ahead of its planned H1 2027 exploration campaign.
The result is not one single helium trade, but several very different exposures to the same underlying theme. At one end are companies trying to increase sales and establish reliable production, in the middle are discoveries moving through testing and development planning, and at the other end are explorers still preparing to test large geological targets. That distinction matters because the potential rewards, funding requirements and risks change dramatically as a project progresses. The sector may share a common helium story, but the individual companies are now being judged against very different milestones.
The Case for New Helium Supply Has Become Harder to Ignore
What has not changed since March is the strategic argument for more geographically diverse helium supply. Qatar held an estimated 10.1 billion cubic metres of identified helium resources in the latest USGS assessment, while Algeria held 8.2 billion cubic metres and Russia 6.8 billion. Large resources therefore remain concentrated in relatively few countries, and the disruption around Ras Laffan has shown that resource size alone does not guarantee uninterrupted supply to end users.
What has changed is that several of the smaller listed companies are beginning to provide evidence beyond exploration targets and resource estimates. Helix has physically delivered helium to customers, Helium One’s Colorado venture has an offtake agreement extended through 31st March 2027, and Mendell now has multiple wells either producing or being prepared for production around Fort Dodge. At the same time, companies such as Pulsar and Quantum are moving deeper into the engineering and development work needed to bridge the gap between discovery and commercial supply.
That does not make any of these projects straightforward. Helix has encountered a temporary regulatory pause at Rudyard, Quantum still needs to demonstrate stronger commercial flow, Pulsar faces substantial development capital requirements, and Georgina and Rift remain exposed to the binary nature of exploration drilling. Mendell’s 10.9% helium reading may be one of the more eye catching developments since March, but its significance will depend on whether Rost 2 can ultimately deliver sustained volumes once dewatering progresses.
That is perhaps the biggest difference between the helium market of March and the one investors are looking at today. The strategic case for new supply remains intact, but there is now more operational evidence against which individual companies can be judged. As the sector moves from exploration headlines towards flow rates, processing plants, customer deliveries and recurring revenue, the next winners will not be determined simply by who has helium in the ground, but by who can turn it into dependable supply.
What Investors Should Watch Next
The next six months should begin separating operational progress from promotional momentum. For Mendell, the key number is no longer simply the preliminary 10.9% helium recorded at Rost 2, but the gas flow achieved as dewatering continues and whether that high concentration is sustained. Helix, meanwhile, needs to resolve the temporary regulatory pause at Rudyard and show that trailer sales can develop into consistent commercial throughput. Helium One faces a similar test in Colorado, where recurring deliveries now need to translate into higher plant utilisation and growing revenue.
For the companies still moving towards development, capital will matter almost as much as geology. Pulsar raised around US$25.5 million in July, but its proposed processing package carries an indicative cost of around US$78.7 million. Quantum ended June with approximately A$10.54 million in cash, giving it more room to complete its next engineering and testing programme, but it still needs to demonstrate a production rate capable of supporting development.
The explorers face a simpler, but more binary, set of questions. Georgina’s Hussar programme is designed to test prospective resources that include around 285 Bcf of helium, meaning the drill result should finally begin replacing historic interpretation with modern subsurface data. Rift is one step earlier, with 3D seismic now being mobilised ahead of up to three exploration wells and drilling planned for the first half of 2027. In both cases, the next major move in the investment case is likely to come from the drill bit rather than from another corporate milestone.
That makes the sector easier to follow than it was six months ago. Investors can now watch relatively clear measures, litres or cubic feet sold, sustainable well flow, helium concentration, plant utilisation, drilling results and the amount of capital required to reach the next stage. Those measures also make it harder for geological potential alone to carry the story indefinitely. The companies that continue moving forward should increasingly be those able to turn technical progress into repeatable operations.
Six Months On, Helium Is Becoming an Execution Story
The events around Hormuz originally brought attention back to helium because they exposed a fragile global supply chain. That backdrop remains relevant, with Qatar still holding around 10.1 billion cubic metres of identified helium resources and continued disruption reminding buyers how concentrated production remains. But for the smaller listed companies trying to become part of the solution, geopolitics can only create the opportunity. Execution still decides whether any individual project ultimately matters.
There has nevertheless been genuine progress since March. Helix has sold helium, Helium One’s Colorado venture has moved into commercial deliveries, and Mendell has broadened production around Fort Dodge while adding the potentially significant Rost 2 result. Pulsar and Quantum have strengthened their development cases, while Georgina is approaching the Hussar drill and newly listed Rift has begun the work needed to define its first drilling targets. The group is therefore further advanced collectively than it was when the original Hormuz article was written.
Among them, Mendell is now particularly worth watching because several pieces of the commercial puzzle are beginning to overlap. It already has producing wells and infrastructure around Fort Dodge, Schneweis has recorded peak gas sales of 428 Mcf per day, and Rost 2 has introduced helium concentrations of up to 10.9%. None of that removes the need to prove sustained commercial flow, but it gives the next few operational updates unusually clear significance.
Six months ago, the investment argument centred on the possibility that new helium sources outside the Gulf could become strategically more important. Today, that argument has begun to move from theory towards measurable delivery. The next stage should be less about who can announce the largest resource or highest concentration, and more about who can consistently produce, process and sell helium at commercial scale. That is where the sector’s strategic promise will either become a real business, or remain another geological story.
Disclaimer: The information presented in this article represents the opinions and research of the author and is provided for informational purposes only. It is not intended to be, nor should it be interpreted as, financial, investment, or legal advice. Investors are encouraged to perform their own due diligence and consult with qualified financial advisors before making any investment decisions. Investing in small-cap stocks involves significant risks, and past performance is not indicative of future results. The author and publisher are not liable for any financial losses or actions taken based on the content of this article.
