Helium One Global Ltd’s losses more than quadrupled from a busy year at its operations in southern Rukwa, Tanzania and its new joint venture in Colorado, USA.
BUSY
Results for year ended 30 June 2024 showed a total comprehensive loss of US$11,012,204 compared with $2,672,915 for the year to 30 June 2023.
The company said that the increase was a result of current year impairments of $5.77 million and exchange differences of $2.3m.
Group net assets were $47,471,097 ($27,204,804) due to drilling activities during the year, while cash held rose to $11,647,723 ($9,600,786).
Chief executive Lorna Blaisse said that the past year had been transformational with a mining licence now pending for Rukwa and anticipated production followed by revenue in Colorado.
“The company-owned drilling rig, Epiroc 220, remains hot stacked in the southern Rukwa region and is operationally ready.
“The company continues to review the remaining PLs it holds in Tanzania, particularly off the back of the learnings from the success in southern Rukwa.
“Our partnership with Blue Star is a milestone for the company.
“We now own a 50% stake in the Galactica-Pegasus project in Colorado, USA and are moving ahead to the commencement of the 2024 drilling campaign on the Galactica-Pegasus development, with the initial wells expected to be on stream and producing in H1 2025.”