Helium One Global Achieves First Gas in USA and Secures Tanzania's First Helium Mining Licence

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.