Helium One Global said it was in a strong position and well financed to deliver a further ambitious exploration programme at its 100% owned Rukwa project in Tanzania.
FINANCES
In its audited results for the year ended 30 June 2021, the company’s net assets were $28,536,258 compared with $7,783,836 at 30 June 2020.
Helium One said that the increased exploration assets were a result of the capitalisation of exploration expenditure, the additional capital raise during April 2021 and the exercise of share warrants issued by the company in previous years.
The group recorded a total comprehensive loss of $5,155,028 (30 June 2020: $2,257,729) due mainly to the impairment loss of $2,277,196 on the amalgamation with the Attis group.
At 31 December 2021, the group cash position was approximately $9.7 million.
RESOURCE ESTIMATE
Non-executive chairman Ian Stalker said that period to June 2021 had been transformational for Helium One.
“The company’s P50 best estimate unrisked prospective recoverable helium resource of 138Bcf would be sufficient to supply the entirety of global demand for over twenty years, or 10-15% of global demand for more than a century.”
EXPLORATION
Chief executive David Minchin added that the company remained well financed for its proposed Phase II exploration programme.
“By focusing on using various geophysical techniques to reduce geological risk and improve drill targeting, the company remains committed to cost-effective exploration.”
AMBITIOUS
He said that Helium remained an irreplaceable technology commodity in supply crisis.
“Helium One has a potentially globally significant asset which can help resolve this crisis.
“The year ahead promises to be a busy period for the company, however Helium One is in a strong position to deliver another ambitious exploration programme.
“We are well financed with a strong management team and a clear focus as we commence the next phase our exploration programme to deliver a discovery at Rukwa.”