Galactica Development Update

• Site preparatory work now largely complete
• First helium production on schedule for December

Details

The project continues to advance steadily, with foundational and preparatory work now largely complete. All activities remain on track for plant commissioning and operational readiness during December 2025.

Site pre-development activities have progressed and all relevant construction permits now in place.

All surveying of gathering lines, the plant site and access road locations are complete.

Final engineering plans for the gas gathering system are nearing completion, and the contractor has been selected.

General facilities engineering is also nearing completion and critical equipment packages have been selected. Technology review and vendor selection for the amine/CO2 removal unit and the helium recovery unit are both finalised, with the balance of plant equipment identification also completed. Elements of the amine/CO2 removal unit are depicted in the contractor's yard below.

The project remains on schedule to deliver first helium in December 2025 and first CO2 in H1 2026. The Galactica plant processing facility will be ramped up as wells are tied in during H1 2026.

Lorna Blaisse, Chief Executive Officer, commented:

"We are very pleased to see this phase of the development progressing towards first gas in Q4. With contractor selection progressing and relevant permitting in place, we are excited to see the installation and commissioning process come to fruition over the coming months."