Helium One Global (LSE:HE1) reported unaudited interim results highlighting significant operational progress as the company moves from exploration toward production across its assets in Tanzania and the United States. During the period, the group secured Tanzania’s first-ever helium mining licence covering 480km² at its southern Rukwa project, while also advancing development plans following encouraging test results at the Itumbula West-1 well.
In Tanzania, extended Electrical Submersible Pump testing at the ITW-1 well achieved flow rates around six times higher than those recorded during the 2024 extended well test, while maintaining strong helium concentrations. The results strengthen the commercial outlook for the discovery. Helium One is now preparing to launch a formal farm-out process aimed at bringing in a strategic industry partner to help finance and accelerate development of the southern Rukwa project.
In the United States, the company’s 50%-owned Galactica-Pegasus project in Colorado—operated by Blue Star Helium—achieved first gas production from the Pinon Canyon processing facility. Six wells are currently connected to the system, with the plant transitioning to continuous 24/7 operations. Initial helium sales have been agreed on a spot basis, and additional wells along with CO₂ liquefaction capacity are expected to be brought online in 2026, potentially creating further revenue streams and strengthening near-term cash generation.
Helium One also improved its financial position during the period, raising approximately £8.1 million through an investment agreement and retail offer. The company further strengthened governance through new board appointments, including a non-executive director and a head of governance and compliance. Management described 2026 as a pivotal year for the group, with priorities centred on scaling production in Colorado and advancing the southern Rukwa project toward commercial development, positioning the company as an emerging supplier in the global helium market.
The company’s outlook remains constrained by financial challenges, including the absence of revenue, ongoing losses and continued cash burn, although its balance sheet carries relatively low debt. Technical indicators provide more positive signals, with the share price trading above key moving averages and supported by a positive MACD trend. Valuation metrics remain limited due to a negative price-to-earnings ratio and the absence of dividend data.
More about Helium One Global Limited
Helium One Global Limited is a helium exploration and development company focused on projects in Tanzania and Colorado in the United States. Its flagship southern Rukwa project in Tanzania is advancing from exploration toward development, while the company’s 50% interest in the Galactica-Pegasus project in Colorado targets near-term helium and CO₂ production in a supply-constrained global helium market.
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