Successful First Gas at Galactica Helium Plant

• Start-up and commissioning of the Pinon Canyon processing facility completed with helium gas now being successfully processed
• Offtake agreements expected to occur in two phases: short term contracts to generate sales in January 2026, followed by longer term partnership agreements to secure sustained revenue stream
• Forward plan expects to see revenue growth during H1 2026 through additional well tie-ins and infill drilling
• Full plant capacity will be maintained via infill and expansion drilling with life of project expected to exceed 12 years

James Smith, Non-Executive Chairman, commented:

"This is a major value-inflection point for the Company and fully justifies our decision to enter this project just over a year ago. This also marks a significant transformation for the Company as we transition from explorer into project delivery and revenue generation.

To achieve this so quickly is a credit to both the Blue Star and our team and we look forward to providing further updates on this project in due course."

Lorna Blaisse, Chief Executive Officer, Commented:

"Achieving first gas at Galactica is a major milestone for Helium One and a testament to the hard work of our teams and partners. We expect first helium sales in January 2026 and are advancing additional tie‑ins and infill drilling to increase production capacity through H1 2026.

The commercial approach will begin with short‑term offtake to support early sales, moving to longer‑term partnerships as volumes build. We remain focused on disciplined execution as we scale, and we look forward to updating shareholders as we progress.

I wish to extend our recognition and appreciation to Blue Star for delivering this landmark achievement."

Details

The achievement of first gas at Galactica marks a significant operational and commercial milestone for the Company.

Planning is also well advanced for additional tie‑ins and infill drilling designed to increase production from the Pinon Canyon processing plant. These activities are focused on expanding gas processing capacity and supporting revenue growth through H1 2026.

First gas at Galactica represents a major value-inflection point for the Company and validates Helium One's strategic decision to diversify its portfolio through the acquisition of a 50% interest in the Galactica-Pegasus Project just over 12 months ago.

Offtake Strategy

The US helium market has recently aligned with global supply-demand trends, resulting in softer prices at the start of 2025, which are expected to firm through H1 2026 in line with typical cyclical demand increases.

Blue Star has established a commercial committee comprising board members, key US executives and, when required, operational specialists across the gas supply chain. The committee is supporting both short and long‑term offtake planning and is engaging directly with a wide range of buyers and end users.

Initial offtake will be secured through short‑term agreements, transitioning to longer‑term partnerships as production increases and supply stabilises.

First helium sales are expected in January 2026.