Helium One Global Limited (LSE:HE1) reported that integrated operations have begun at the Pinon Canyon Plant within the Galactica project in Colorado, marking an important operational milestone for the helium development.
The facility is operated by Blue Star Helium, which manages the project in which Helium One holds a 50% working interest. The plant’s amine unit is now actively removing carbon dioxide from the gas stream and supplying helium-enriched gas to the Helium Recovery Unit. Refined helium is being collected in an on-site tube trailer for sale into the spot market.
The operator is currently fine-tuning plant settings, including operating pressures and flow rates, to optimise helium recovery as production ramps up. Several wells—such as State-9 and State-16, along with key wells from the Jackson field—are already producing or connected to the system. Additional wells are progressing toward production, including Jackson-27, which is planned to align with future CO₂ sales, while Jackson-2 is expected to come online once compression equipment is installed.
Work also continues on carbon dioxide processing infrastructure, with CO₂ liquefaction from the amine unit scheduled for completion before the end of the first half of 2026. Once plant optimisation progresses, the focus will shift toward enhancing well performance, improving the gathering system and planning further drilling. These steps are intended to support the project’s evolution into a larger commercial producer of both helium and CO₂.
Despite the operational progress, the company’s overall outlook remains constrained by weak financial performance, including limited revenue generation, continued losses and ongoing cash burn, although the balance sheet carries no debt. Technical indicators provide some support due to strong share price momentum, though overbought signals suggest caution. Valuation remains challenging given the company’s loss-making position and lack of dividend income.
More about Helium One Global Limited
Helium One Global Limited is a helium exploration and development company with projects in Tanzania and the United States. Its flagship asset is the Rukwa project in south-west Tanzania, where drilling confirmed a helium discovery at the Itumbula West-1 well during the 2023–24 campaign. An extended well test in 2024 produced helium concentrations of 5.5%, and the company secured a 480km² mining licence from the Tanzania Mining Commission in July 2025, supporting future commercialisation plans.
In the United States, Helium One holds a 50% interest in the Galactica-Pegasus helium development in Colorado. Operated by Blue Star Helium, the project completed a six-well drilling programme in 2025, encountering helium concentrations of up to 3.3% alongside carbon dioxide in the Lyons Formation. Initial production began in late 2025, with additional wells expected to come online through 2026 as the project scales up.
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