Helium One Global (AIM:HE1) reported a total comprehensive loss of $3.41m for the year ended 30 June 2026, narrower than the $4.86m loss booked for the year ended 30 June 2025, as the London-listed helium explorer and developer transitioned toward production.
The Tanzania-focused company, which also holds a 50% working interest in the Galactica-Pegasus helium development in Colorado, closed the year with cash of $6.55m, up from $3.15m a year earlier, while net assets rose to $67.92m from $53.2m.
The group raised £13.875m during the year through the issue of 3.94bn new shares, proceeds it used to advance both the southern Rukwa and Galactica-Pegasus projects.
At southern Rukwa, the standout operational result was electrical submersible pump (ESP) testing at the ITW-1 well, which produced the equivalent of more than 250,000 barrels of water over a 20-day programme, with flow rates reaching an equivalent of 16,400 barrels per day, a six-fold increase on the natural flow rates recorded during the 2024 extended well test.
The testing achieved sustained helium concentrations of 5.4% (air corrected) at surface, with a maximum of 9.2%.
Tanzania's southern Rukwa project was formally awarded a 480 km2 mining licence in July 2025, the country's first helium mining licence and its largest mining licence of any kind, and the company subsequently executed a Framework Agreement and Shareholders' Agreement with the Government of Tanzania establishing the Songwe Helium joint venture, in which Helium One holds an 83% interest.
A formal farm-out process, launched in May 2026 to bring in an industry partner, remains ongoing, with discussions continuing with a number of parties.
In Colorado, the company commissioned the Piñon Canyon processing facility during the year, with six development wells drilled and tied in and first gas achieved in December 2025; operator Blue Star Helium entered a three-month helium purchase and sales agreement in June 2026 covering all helium produced at the plant.
Chairman Clive Carver, who joined the board in April 2026, said the company "transitioned from an exploration company into a company with production in the US and a world class development project in Tanzania", adding that the team had "proved up the potential of the project" ahead of the farm-out.
Chief executive Lorna Blaisse said the group had made "significant progress across both projects, advancing our strategy to become a helium producer with a diversified portfolio".
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Since the year end, Helium One achieved first helium sales in the US in July 2026, and in late August extended the Piñon Canyon offtake agreement to 31 March 2027.
The company raised approximately £3m in October 2026 to cover expected operating costs for the remainder of the current financial year.
Blue Star plans to deepen three existing wells at Galactica during the fourth quarter of 2026, followed by a further nine wells in 2027, subject to permit approval, while also advancing commercial discussions on CO2 co-production and liquefaction.
At southern Rukwa, the company is evaluating new development targets for further drilling and testing, focused on primary fractured basement targets across the 480 km2 licence area, with its company-owned Epiroc 220 drilling rig warm-stacked in the region and ready to support future activity.
During the year, Nishant Dighe and Sarah Cope joined the board as Non-Executive Director and Executive Director respectively, while James Smith stepped down as Non-Executive Chairman, a role he had held since August 2023 after joining the board in 2020.