Development Drilling Update Galactica Project

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, is pleased to provide the following updates and acknowledges the announcement released today by Blue Star Helium (ASX: BNL) ("Blue Star" or the "Operator") regarding the Galactica-Pegasus project in Las Animas County, Colorado, USA (the "Galactica Project").

Highlights

• Weather-induced ground conditions do not currently permit construction of well sites and access roads at Galactica locations
• Blue Star and its construction partners stand ready for mobilisation as soon as conditions permit
• The Operator has decided to reschedule the start of drilling into mid-January to avoid standby costs over the Christmas period
• The delay to the start of drilling is not expected to affect the overall project development timeline or targeted production commencement, which remains H1 2025
• Work is advancing on the engineering related to CO2 removal, purification and sale prior to helium processing via the IACX helium recovery unit

Details

Site works for the Stage 1 development drilling have been delayed by adverse weather conditions, with the ground currently water saturated and not suitable for construction. Blue Star is monitoring snow melt and ground saturation conditions closely with its landowner and construction partners. All services stand ready to mobilise as soon as conditions permit. Without further snow or precipitation, construction could start prior to year-end.

Blue Star has decided not to mobilise the rig and drilling equipment to site prior to the Christmas break to avoid unnecessary standby costs over that period. Drilling is now expected to start, subject to weather, in mid-January 2025.

The change in timing for drilling of the initial development wells at Galactica is not expected to affect the overall timeline of the project, with production commencement still forecast in H1 2025.

In parallel, Blue Star has been advancing engineering work on Galactica related to CO2 removal, purification and sale prior to helium processing via the IACX helium recovery unit. Blue Star has also now selected its preferred power generation solution for the project.