Helium One Global Limited reported substantial progress in its Tanzanian and USA projects. Key accomplishments include a successful well test in Tanzania leading to a helium flow of up to 7.9%, and the submission of a Mining License application for its Rukwa Helium Project. Additionally, the company has a 50% interest in the Galactica-Pegasus project in Colorado and launched a six-well drilling program. As of the end of December 2024, it reported a cash balance of $10.02 million.
Helium One Global Limited has released its unaudited interim results for the six months concluding on December 31, 2024. The report indicates significant advancements concerning its projects in both Tanzania and the USA. Notably, the company has conducted an extended well test at Itumbula West-1 in Tanzania, yielding a helium flow rate of up to 7.9% to the surface. Furthermore, it has submitted a Mining License application for the Rukwa Helium Project and has received an offer letter from the Tanzanian Mining Commission.
In addition to its Tanzanian progress, Helium One has secured a 50% stake in the Galactica-Pegasus project located in Colorado, USA, where it has initiated a six-well development drilling program. These advancements effectively diversify the company’s risk profile while simultaneously creating avenues for potential revenue generation in the near future, thereby bolstering prospects for forthcoming investments.
As of December 31, 2024, Helium One Global Limited maintains a robust financial position with a cash balance of approximately $10.02 million. The company operates primarily in helium exploration, listed on the AIM segment of the London Stock Exchange and OTCQB in the United States, focusing on helium exploration with prospecting licenses in Tanzania and Colorado, USA.
Helium One Global Limited continues to make significant strides in its projects in Tanzania and the USA, enhancing its operational portfolio and financial robustness. The progress made at the Itumbula West-1 site and the exploration activities in Colorado signify the company’s commitment to advancing its strategic goals and generating future revenue streams. With a strong cash position and positive market sentiment, Helium One is well-positioned for continued growth in the helium sector.
Original Source: www.tipranks.com
