For most investors, the Strait of Hormuz is associated almost exclusively with oil. Roughly a fifth of the world’s petroleum trade moves through that narrow channel between Iran and Oman, making it one of the most closely watched shipping routes in global energy markets.
Every time geopolitical tension rises in the Gulf, crude prices react almost instantly because traders understand how vulnerable that corridor is to disruption. The current escalation around Iran has therefore been analysed primarily through the lens of oil and LNG.
Helium rarely appears in that conversation, yet the same geography matters just as much for the global helium market. According to the United States Geological Survey, Qatar supplied roughly 36% of the world’s helium in 2024, making it by far the largest producer outside the United States. Those volumes leave the country through the same export infrastructure and shipping lanes used by LNG. In practical terms that means the majority of global helium cargoes pass through the same strategic chokepoint as Gulf energy exports.
This concentration creates a structural vulnerability that the market often underestimates. When a single geopolitical flashpoint sits across the path of such a large share of global supply, any disruption immediately forces industrial buyers to think about security of supply rather than simply price. Helium is not a niche commodity, it is critical to MRI scanners, semiconductor manufacturing, aerospace systems, fibre optics, and a wide range of advanced scientific equipment. When supply tightens, the ripple effects move quickly through high value industries.
The result is that geopolitical risk in the Gulf can quietly reprice the strategic value of helium resources elsewhere. Investors often focus on the demand story around technology or space exploration, but the supply side is increasingly defined by jurisdiction and logistics. When a single shipping corridor carries so much of the world’s helium production, projects located in stable and transparent jurisdictions begin to look structurally more valuable.
Why new helium sources outside the Gulf suddenly matter more
Historically, most helium has been produced as a by-product of natural gas processing. That meant the market was effectively tied to the geography of hydrocarbon fields rather than to helium exploration itself. The United States, Qatar and Algeria therefore dominated supply for decades because they hosted large gas systems where helium occurred naturally in trace amounts. The industry was built around extraction rather than discovery.
Over the past decade that model has begun to change. A number of companies have started targeting primary helium deposits, where the gas occurs in concentrations high enough to justify dedicated production. These discoveries can be commercially attractive because they are not dependent on hydrocarbon production and can therefore be developed purely around helium demand. The shift is still early, but it is beginning to reshape the map of potential supply.
That shift also introduces an important investment dynamic. If global supply becomes concentrated in a handful of geopolitical regions, markets tend to reward projects located in stable jurisdictions that offer diversification. Investors have seen this dynamic many times before in commodities such as uranium, rare earths and lithium. When supply risk appears in one region, exploration and development stories elsewhere can quickly become more strategically relevant.
The current tensions around Iran and the Strait of Hormuz therefore create a backdrop where helium explorers and developers outside the Gulf deserve closer attention. Projects in North America, Africa and other stable regions do not simply represent new resources, they potentially represent supply chain resilience. In an environment where industrial buyers increasingly think about security of supply, that distinction may matter more than the market currently recognises.
Against that backdrop, a small group of listed helium companies are attempting to build the next generation of supply outside the Gulf region. They sit at different stages of the development curve, from projects already moving toward production to earlier exploration plays still defining the scale of their resources. For retail investors the distinction matters, because companies closer to production are likely to respond more directly to any shift in global supply expectations, while earlier stage explorers may benefit more gradually through sentiment and strategic interest in their acreage. Looking across the sector therefore offers a useful way to see how geopolitical supply risk could translate into very different market reactions depending on where each company sits in the development cycle. The following companies illustrate how that dynamic is beginning to play out across the emerging primary helium industry.
Pulsar Helium
Pulsar Helium (AIM: PLSR) is one of the more advanced names in this group because it is no longer selling the market a broad helium concept, it is steadily building out a defined appraisal story around its flagship Topaz project in Minnesota. The company also owns the earlier stage Tunu project in Greenland, and in January 2026 it expanded its Upper Midwest footprint further through the acquisition of Michigan helium exploration assets. That broader portfolio matters, but for investors focused on the Strait of Hormuz supply story, Topaz is clearly the asset doing the heavy lifting today. In a market increasingly sensitive to security of supply, a primary helium project in the United States naturally carries more immediate strategic appeal than a much earlier stage exploration licence.
The core investment case at Topaz is that Pulsar is not just talking about helium potential, it is repeatedly adding technical evidence from the ground. On the company’s own project summary, Jetstream #1 averaged 8.1% helium during flow testing and Jetstream #2 averaged 5.6%, figures that sit far above commonly cited commercial thresholds and were also repeated in the year end results for September 2025. The story then broadened through the appraisal programme, with Jetstream #5 encountering multiple pressurised gas zones before a later update reported an additional high pressure gas interval at around 2,857 feet with an estimated bottom hole pressure of about 1,292 psi. That was followed by Jetstream #6, where Pulsar first reported a pressurised gas zone about 1.3 miles southwest of the discovery well, and then by additional gas zones at 2,120 feet, 2,187 feet, and 2,377 feet with estimated pressures of 981 psi, 1,012 psi, and 1,100 psi respectively.
What makes Pulsar particularly relevant to the wider helium security discussion is that it is also adding strategic detail around the resource rather than only chasing headline drill news. In January 2026 the company said two U.S. federal laboratories, the USGS Noble Gas Laboratory and Lawrence Livermore National Laboratory, independently verified helium 3 in gas from Jetstream #1, reinforcing the unusual nature of the discovery. Around the same time Pulsar commenced a 41.5 mile 2D seismic programme at Topaz, and in late February confirmed that all five seismic lines had been completed as drilling began at Jetstream #7. The next update then reported a pressurised gas encounter at Jetstream #7 at around 2,107 feet with a preliminary bottom hole pressure of about 953 psi. Taken together, that sequence gives investors something more substantial than a single well success, because it suggests a laterally extensive and actively appraised system that management is trying to move toward development.
For a retail investor, that is why Pulsar may be one of the more direct share price expressions of the Hormuz theme in this peer group. If Gulf disruption pushes more attention toward secure non Qatari helium supply, the market is likely to look first at companies with real well data, repeated pressure readings, seismic coverage, and an identifiable path toward commercialisation rather than at pure frontier stories. That logic helps explain why the shares, which sat are around 28p since listing to October 2025 is, at the time of writing, quoted around the 80p range. PLSR is already being treated more like an emerging development story than a dormant explorer. Even so, the rerating case still depends on execution, because Pulsar now needs to convert encouraging appraisal results into a properly defined resource, development planning, and ultimately production, if it wants the geopolitical backdrop to become a durable valuation advantage rather than just a temporary narrative tailwind.
Helium One
Helium One (AIM: HE1) is a more nuanced case than Pulsar because it gives investors exposure to two different helium stories at once. Through its flagship Rukwa project in Tanzania, the company retains the higher upside African primary helium discovery story, while its 50% interest in the Galactica project in Colorado gives it a more immediate route into US production and revenue. That combination matters in the context of the Strait of Hormuz because Helium One is not simply offering exploration optionality, it is positioning itself as a diversified supplier outside the Gulf supply chain. For retail investors, that makes HE1 one of the clearer examples of how the helium narrative can shift from speculative acreage toward strategic supply relevance when geopolitics enters the valuation equation.
The Tanzanian side of the story remains central to the company’s long term ambition. At the Itumbula discovery well within the Rukwa Basin, Helium One confirmed sustained helium concentrations of about 5.5% during extended well testing in 2024. The project then progressed through regulatory milestones, including the award of a large mining licence covering the discovery area as reported in a project update. Operational work subsequently focused on further testing and evaluation, including installation of an electrical submersible pump system to support extended flow operations. More recent testing reported helium concentrations reaching a peak of around 9.2% during pump operations, although gas water ratios came in toward the lower end of expectations, prompting the company to explore a potential farm out to advance development.
The nearer term production pathway sits in Colorado through the Galactica development. Helium One secured its 50% interest in the project in 2024 and a series of operational updates have shown steady progress from construction into commissioning. During late 2025 the project advanced through several milestones, including gathering system installation and processing plant completion. In December the facility achieved first gas, marking the transition from development toward production operations. Subsequent updates confirmed helium product being loaded into tube trailers and prepared for sale under spot market arrangements.
For retail investors thinking about the implications of potential disruption around the Strait of Hormuz, Helium One therefore provides exposure to two different supply narratives. The Colorado project offers a near term operational foothold in the United States, while the Tanzanian basin represents a larger scale discovery that could eventually become a significant new helium province. That balance explains why the shares have remained volatile over the past year, as the market weighs genuine operational progress against execution risk and funding requirements. If global buyers begin placing greater emphasis on secure helium supply outside the Gulf region, projects in North America and East Africa could both attract greater strategic attention. For Helium One the key challenge now is demonstrating sustained production at Galactica while progressing Rukwa toward a fully financed development pathway.
Helix Exploration
Helix Exploration (AIM: HEX) occupies an interesting position within the emerging helium sector because it is attempting to move from exploration into early production within a relatively short time frame. The company’s focus is the Rudyard project in Montana, which management believes could become a dedicated domestic source of helium in the United States. Alongside Rudyard, the company also holds the earlier stage Ingomar helium dome, providing a second exploration target in the same wider geological province. In the context of the Strait of Hormuz discussion, that positioning matters because a land based US helium project is structurally insulated from the shipping and geopolitical risks associated with Gulf supply routes.
The investment case centres on the discovery and early development of the Rudyard field. The Darwin #1 well confirmed a commercial helium discovery in late 2024, establishing the first proof of concept for the play. The project now includes Darwin #1, Linda #1 and Weil #1, all of which the company says have flowed commercial helium during testing. Independent assessments across the northern and southern domes indicate combined helium resources of around 635 million cubic feet. Based on the current development concept the project has been modelled with forecast net revenue of roughly $115 million to $220 million over the expected life of the field.
Operational updates over the past year suggest the company is actively trying to turn that resource potential into a producing asset. Early field progress was outlined in November last year, followed by further development milestones at the flagship Rudyard project as Helix moved toward installing processing infrastructure. By early 2026 the company reported first gas from the Darwin #1 well into its processing system. Subsequent announcements confirmed both an expanded leasehold position and wider operational progress as the company prepares the field for sustained helium production.
For retail investors following the geopolitical angle around helium supply, Helix therefore represents a relatively direct response to the vulnerability created by concentrated production routes. Unlike projects tied to LNG infrastructure or overseas export corridors, Rudyard is positioned as a domestic US supply source located close to end markets. That distinction could become increasingly relevant if global buyers begin prioritising supply diversification away from regions exposed to potential disruption around the Strait of Hormuz. The shares, which have risen steadily from around 15p in June 2025 to roughly 32p at the time of writing, suggest the market has gradually recognised the shift from exploration concept toward an emerging domestic helium producer as operational milestones at Rudyard have progressed.
Georgina Energy
Georgina Energy (LSE: GEX) sits at a different stage of the helium investment curve compared with Pulsar, Helix and Helium One because its assets remain at the exploration and appraisal stage rather than near-term production. The company’s focus is the Hussar licence in Australia’s Amadeus Basin, where management believes the subsurface may host significant helium and hydrogen potential. A second asset, the Mt Winter licence, provides additional exploration upside in the same region. In the context of the Strait of Hormuz discussion, the attraction of projects such as Hussar lies in jurisdiction rather than immediacy, because Australian supply would be geographically insulated from the Gulf export corridor. For retail investors, however, the valuation of a project at this stage tends to be driven more by permitting, funding, and drilling milestones than by near-term production potential.
Over the past year the company has steadily moved the Hussar project through those early development steps. In October 2025 Georgina confirmed that it had secured formal drilling approval for the EP513 licence, allowing the project to move toward an initial exploration well. Funding discussions also progressed, with the company announcing an expression of interest from potential partners to finance drilling activity. Later updates confirmed a binding drilling funding arrangement alongside additional capital support including a small debt drawdown. Those steps did not yet bring the project into production, but they demonstrated that the company was gradually assembling the regulatory and financial pieces needed to move toward drilling.
Operational updates since then have focused on preparing the Hussar location for that first well. A series of announcements described site inspections and logistical preparation ahead of drilling, followed by further drill preparation and a later drill contract update confirming progress toward securing the required rig services. At the same time the company has continued to advance its second licence area, where an exploration permit was granted for the Mt Winter project. Together those developments reinforce the fact that Georgina is still firmly in the exploration phase, with the key catalyst remaining the drilling of its first well rather than any immediate production milestone.
That earlier stage positioning helps explain the unusual behaviour of the share price in early 2026. After drifting lower through the second half of 2025, the shares jumped sharply from about 2.6p on 23 January 2026 to around 9p by early February before settling back to roughly 5.7p at the time of writing. The spike broadly coincided with a cluster of operational updates around drilling preparations at Hussar, highlighting how sensitive exploration stocks can be to approaching catalysts. In contrast to companies already moving toward production, Georgina’s valuation is therefore still closely tied to the success of a single exploration programme. If drilling confirms commercial helium or hydrogen potential, the rerating could be significant, but until that result arrives the share price will likely remain driven by sentiment, funding news, and the perceived probability of discovery.
Mendell Helium
Mendell Helium (AQSE: MDH) stands apart from several of its peers because it already has helium production and is trying to build from that base rather than simply market an exploration concept. The company’s portfolio is centred on Fort Dodge in Kansas and Hugoton in Oklahoma, with management presenting the business as a US based helium producer with expansion potential. That matters in the context of the Strait of Hormuz because Mendell offers exposure to domestic American helium supply that is not reliant on Gulf shipping routes or LNG linked export infrastructure. For retail investors, that makes the company easier to frame within the security of supply theme, even if its scale remains much smaller than the global market challenge it is trying to address.
The clearest operational evidence comes from Nebraska, where the company moved the Rost well through de watering, testing and into production. Earlier updates confirmed that de watering had begun, followed by an operations update and then confirmation that helium production had commenced. The company later reported an updated flow rate from Rost 1-26, giving the market a more concrete sense of field performance rather than just conceptual potential. That sequence matters because in a sector full of appraisal and permitting stories, actual production, even at modest scale, carries a different weight in the market.
The next leg of the story is expansion, particularly at Fort Dodge, where Mendell has been working to add further production capacity. The company secured an extension on its option there, later raised £700,000 to help fund a production well, and most recently gave an update on new production wells at the project with MDH expecting the rig on-site by March 16, 2026. Alongside that, management has also been preparing a move from AQSE to AIM, which would place the business in front of a broader pool of London market investors. For retail readers, that combination of existing production, field expansion and a planned market upgrade makes Mendell more than just another early stage helium name.
That helps explain why the share price has been comparatively steady rather than behaving like a pure binary explorer. Over the last six months the shares have largely hovered in the 3p to 4p range, suggesting the market is waiting for evidence of greater production scale and a successful AIM transition before assigning a more aggressive rerating. In other words, investors appear to recognise that Mendell already has a foothold in US helium production, but they are not yet pricing it as a high growth domestic supply story in the same way they might if volumes and market visibility improve. In the context of the Strait of Hormuz theme, Mendell’s relevance is obvious, because domestic US helium production fits neatly into the supply diversification argument. The challenge now is proving that its producing asset base can expand into something large enough to change how the market values the company.
Quantum Helium
Quantum Helium (AIM: QHE) sits firmly at the exploration end of the helium investment spectrum, but it has been assembling a portfolio of US assets that management believes could evolve into meaningful primary helium resources. The company’s activities are concentrated in the United States, with projects including Coyote Wash and Sagebrush that target helium accumulations associated with the Leadville formation. Its broader operational focus can be seen across the company’s operations portfolio, which the company presents as a platform for building a US focused helium exploration business. In the context of the Strait of Hormuz narrative, that geographic positioning matters because any future discoveries would represent supply sources far removed from the Gulf shipping corridor.
The most advanced asset in the portfolio is Coyote Wash, where the company reported a prospective helium resource of about 1.072 billion cubic feet according to an internal resource estimate later subject to independent verification. That estimate was first outlined in a detailed resource announcement and later reinforced when independent consultants at Sproule were engaged to verify the scale of the discovery. Subsequent work by the same consultancy described Coyote Wash as a major helium resource, strengthening the company’s case that the acreage could become a meaningful contributor to future US helium supply. The project has since progressed through regulatory steps including formal approval from the Bureau of Indian Affairs, allowing further development work to proceed.
Alongside Coyote Wash, Quantum has also been advancing the Sagebrush project in Utah. The company began acquiring 3D seismic data to better define the subsurface structure before drilling. Later updates indicated that the seismic survey confirmed a significant structure in the Leadville formation, reinforcing the geological rationale for the project. The company has also worked through ownership and operational matters, including a finalised operatorship agreement ahead of the next phase of testing. These steps illustrate how Quantum remains firmly focused on building the geological case across its acreage before moving toward commercial production.
For retail investors, Quantum’s appeal lies more in discovery potential than near term supply. The company raised capital through a placing and a subsequent retail offer to advance its US helium assets, signalling that exploration rather than production remains the priority. Over the past year the shares have gradually strengthened, moving from roughly 0.02p through the second half of 2025 to around 0.04p during 2026 as exploration milestones accumulated. That move suggests the market has begun to price in the potential of the US acreage while recognising that the company still sits several steps away from production. In the wider context of the Strait of Hormuz discussion, Quantum therefore represents the earliest stage supply diversification story in the group, where the investment case depends on exploration success rather than existing helium production.
A market beginning to look beyond the Gulf
The common thread across these companies is not geography alone, but stage of development. Pulsar, Helix and Mendell already have wells, flow tests or early production that bring them closer to the supply side of the market. Helium One straddles that line with a producing foothold in Colorado and a much larger exploration story in Tanzania. Georgina and Quantum remain earlier stage exploration plays where the next drilling result will define whether the projects become part of the future supply chain or remain geological concepts. Together they illustrate how the helium sector is beginning to rebuild itself around primary discoveries rather than simply relying on by-product gas processing.
The Strait of Hormuz does not determine the value of these companies on its own, but it does highlight why the market is paying closer attention to jurisdiction and logistics. When a significant share of global helium exports passes through a single geopolitical corridor, the strategic value of projects in stable regions becomes easier to understand. North American, African and Australian discoveries offer something that the traditional supply model cannot guarantee, which is diversification of supply routes. In commodities where availability matters as much as price, that kind of diversification can gradually reshape investor perception.
For retail investors the key takeaway is that not all helium companies respond to the same catalysts in the same way. Producers and near-term developers tend to react first when supply security becomes part of the conversation, because they are closest to generating real volumes. Exploration companies often move later, driven by sentiment, new drilling data or the possibility that their acreage could one day become part of the next supply wave. Understanding where each company sits along that development curve is therefore just as important as understanding the geology.
What the Strait of Hormuz story ultimately does is remind investors that helium is not just a niche industrial gas but a strategically important commodity with a fragile supply chain. If geopolitical tensions persist or supply disruptions occur, the value of new primary helium sources outside the Gulf region may become increasingly difficult for markets to ignore. For now the sector remains early in its development cycle, but the foundations of a more geographically diverse helium industry are beginning to take shape.
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.
