Helium One’s interim results: first gas in Colorado and Tanzania’s first helium mining licence
Helium One Global has posted unaudited interim results for the six months to 31 December 2025, and it is a milestone update on two fronts: commercial momentum in the USA and regulatory green lights in Tanzania. The period cements the transition from pure explorer to early-stage producer, with commissioning underway in Colorado and a Mining Licence awarded at the flagship southern Rukwa Helium Project.
- First gas achieved on 22 December 2025 at the Galactica-Pegasus project in Colorado (50% working interest; operated by Blue Star Helium).
- Award of a 480 km² Mining Licence at southern Rukwa – the first ever helium ML in Tanzania.
- Electrical Submersible Pump (ESP) operations commenced at ITW-1, with post-period test results confirming strong flow performance and high helium grades.
- Raised approximately £8.1 million net to fund progress across both projects.
Southern Rukwa, Tanzania: development footing with high-grade helium
Why the 480 km² Mining Licence matters
The southern Rukwa Helium Project now has a formally awarded Mining Licence – a first for helium in Tanzania and one of the largest mining licences in the country. In plain English: this provides the regulatory certainty to move from exploration into development planning. It also signals continued government support for helium as a strategic resource, which should help when courting a development partner.
The Company plans to launch a strategic farmout – industry shorthand for bringing in a partner who funds a chunk of development in exchange for project equity. That can reduce capital intensity and accelerate timelines if structured well.
ESP test at ITW-1: strong flow and headline helium grades
Post-period, Helium One completed ESP testing at Itumbula West-1 (ITW-1). An ESP is a downhole pump that increases fluid flow to surface, letting engineers stress-test the reservoir and measure gas-in-water performance.
- More than 250,000 barrels of water produced over 20 days, with peak rates up to an equivalent 16,400 barrels per day – roughly six times the natural flow seen in the 2024 Extended Well Test (EWT).
- Sustained helium concentrations of 5.4% (air corrected) and a maximum of 9.2% (air corrected) at surface.
Management notes the gas-water ratio came in towards the lower end of expectations, which is something to monitor in future development design. Even so, the operational performance is a positive tick for deliverability, and the helium grades remain eye-catching by industry standards.
Galactica-Pegasus, Colorado: first gas, first sales and 24/7 operations ahead
Six wells tied-in; automation unlocks full-time runs
In Colorado, the Pinon Canyon facility has moved from commissioning into integrated operations. Six wells – Jackson-2, Jackson-4, Jackson-31, Jackson-29, State-9 and State-16 – are now connected, completing Stage One of the development campaign. The amine unit (which strips CO₂ from the raw gas) is commissioned, and the helium-enriched stream is refined through the helium recovery unit (HRU) before being loaded into a tube trailer for sales.
The operator reports the facility has been running during daylight hours through maintenance and optimisation, with the transition to 24/7 operations now underway following automation and system upgrades. As additional wells come online through H1 2026, throughput should climb.
First helium sales agreed; CO₂ monetisation on track
First helium sales have been agreed at spot pricing for the initial tube trailer, with a second trailer expected on site shortly. Longer-term offtake for both helium and CO₂ is being negotiated, aiming for a blend of spot and contract pricing to balance flexibility with revenue certainty. CO₂ liquefaction remains on track for H1 2026, with the Jackson-27 tie-in timed to coincide with the commencement of CO₂ sales.
Volumes and realised prices are not disclosed, so we cannot yet quantify revenue. But the direction of travel is clear: the USA project is now producing and selling helium, with CO₂ monetisation to follow – multiple revenue streams from the same plant.
Interim financials: modest operating loss, cash boosted by raises
There was no revenue booked in the half-year as the period ended just before the Colorado sales began. The reported loss is relatively modest for a company at this stage, helped by disciplined admin spend and a positive currency translation swing.
| Metric (six months to 31 Dec 2025) | Reported |
|---|---|
| Revenue | – |
| Operating loss | $1,716,085 |
| Loss before tax | $1,668,270 |
| Total comprehensive profit/(loss) | $909,611 (profit, driven by $2,577,881 FX gain) |
| Cash and cash equivalents (period end) | $5,115,452 |
| Net cash used in operating activities | $(117,938) |
| Investing cash outflow (capex, exploration) | $(11,232,446) |
| Financing inflow | $10,932,479 |
| Intangible assets (exploration & evaluation) | $55,602,322 |
During the period, Helium One raised approximately £8.8 million gross (£8.1 million net) to fund ongoing work in Tanzania and Colorado. Share premium increased to $104,211,115, reflecting the equity issuance. No dividends were declared.
Strategy and 2026 outlook: partner search and production ramp
- Farmout process launching to bring a suitable industry partner into southern Rukwa.
- Galactica ramp to 24/7 operations, with additional well tie-ins through H1 2026.
- CO₂ liquefaction and first CO₂ sales targeted for H1 2026; Jackson-27 tie-in aligned to this step.
- Infill wells at Galactica expected to provide additional revenue opportunities.
- Commercial discussions advancing for long-term helium and CO₂ offtake.
The good, the not-so-good, and what I’m watching
Positives I like
- Tanzania licence certainty – genuinely de-risking for the next phase and a strong signal of government support.
- ESP results – high sustained helium grades (5.4% sustained; 9.2% max) and materially higher flow with artificial lift.
- USA commissioning to sales – first gas and spot sales achieved; shift to 24/7 operations should improve utilisation.
- Diversified model – near-term revenue in Colorado while Tanzania advances towards development with a partner.
Points to keep in mind
- No revenue reported for the period; early sales have begun post-period, but volumes and prices are not disclosed.
- Gas-water ratio at ITW-1 was at the lower end of expectations – manageable, but it influences development design and economics.
- Cash is adequate for near-term plans, but the business remains capital intensive – the farmout is important to share future spend.
Bottom line
This is a genuinely pivotal update. In Tanzania, Helium One now has the first helium Mining Licence in the country and a compelling set of ESP results at ITW-1 to underpin a farmout. In the USA, the company has crossed the production threshold, sold first helium at spot, and is moving the plant to 24/7 operations with CO₂ monetisation targeted for H1 2026.
There are still moving parts – especially the Tanzanian farmout terms and the pace of revenue ramp in Colorado – but the strategic pieces are lining up. For investors tracking execution milestones, 2026 should bring more tie-ins, offtake clarity, and a partner decision in Tanzania. On balance, a constructive set of results with tangible catalysts ahead.
