Our world class Helium results are so good, we intend to build a modular commercial plant on South Australia’s Yorke Peninsula.

It feels incredibly good to boldly say that after years of successful exploration work, multiple drill campaigns and tens of millions of dollars going on our campaign to prove our Natural Helium and Hydrogen resources.

Of course, we have regulatory hurdles and funding considerations to go through, but saying ‘we are going to build a plant’ is my way of telling the world we are no longer in any doubt about the commerciality of the project.

Our ASX release today should have made that clear.

Most importantly, our now finalised appraisal testing confirms Helium flow rates of up to 37 Mcf per day per well, materially exceeding the case identified in Worley’s independent assessment of 27 Mcf per day for a viable commercial minimum two-well model. This is 37% above their estimate.

The market backdrop remains supportive. Australia currently has no domestic Helium production and imports 100% of the Helium it consumes, while reported long-term contract prices have increased to greater than US$600/Mcf as Qatar production stopped because of the Iran war.

How far Qatar Helium exports have dropped

Combined with sustained Helium concentrations averaging approximately 15.2% from our three wells tested across more than 2km, it is all go.

Significantly, what we have learned gives us confidence we can accelerate the project by leveraging the existing Ramsay wells. This potentially reduces upfront capital requirements – and the technology we are using already undercuts some of the cost assumptions in the Worley report.

We'll say again that all this is subject to resource certification, engineering, commercial and economic evaluation.

But we need to move quickly.

We are already in advanced conversations with potential offtakers and an additional number of Japanese and other international partners to invest and develop this project. A series of meetings in Japan last week boosted this process.

In the short-term, investors should look out for our independent Contingent Resource sign-off, which we hope to complete next month.

Our focus now is on a pathway to production to begin generating cashflow. That’s what our shareholders deserve after their patience and foresight in joining us on this journey.