Galactica Project Update

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 ("the Galactica Project"), provides an update following the Blue Star Helium (ASX: BNL) ("Blue Star" or "Operator") announcement issued today regarding the Galactica Project.

Operator Reported Highlights

• Six wells now tied into the Pinon Canyon facility, including Jackson-2 and Jackson-4, completing Stage One of the Galactica development campaign
• Facility transitioning to continuous 24/7 operations following completion of automation and system upgrades
• First helium sales agreed at spot pricing for the initial tube trailer; second trailer expected on-site shortly
• Strong market tailwinds for advancing discussions for long-term helium and CO₂ offtake
• CO₂ liquefaction remains on track for H1 2026, with Jackson-27 tie-in timed to coincide with commencement of CO₂ sales

Details Reported by the Operator

The joint venture has successfully completed the installation and testing of wellsite equipment at the Jackson-4 and Jackson-2 wells. Both wells are now available for production and have been integrated into the Pinon Canyon facility gathering system bringing the total number of wells tied to the plant to six comprising Jackson-2, Jackson-4, Jackson-31, Jackson-29, State-9, and State-16.

The facility has been operating during daylight hours through a maintenance and optimisation phase and has intermittently produced gas into the onsite tube trailer during this period.

Following the completion of automation, maintenance and system upgrades, the Operator is transitioning to continuous 24/7 operations.

This transition marks the culmination of Stage One of Blue Star's Galactica development programme and positions the facility for sustained helium production precisely as global supply conditions have tightened materially.

The Operator has agreed sales for the initial tube trailer at spot pricing, with a second trailer expected on-site shortly.

The global helium market continues to face structural supply chain disruptions, rationing, and surcharges particularly due to prolonged instability in Middle Eastern supply routes. This environment has significantly increased the demand for reliable, US-sourced domestic supply.

The Operator is leveraging these market tailwinds to advance its offtake strategy in the following manner:

• Spot Sales: near-term deliveries are scheduled and set to be spot-priced on a tube trailer load basis
• Long-term Offtake: negotiations are progressing with multiple parties for long-term helium and CO₂ supply contracts. The strategy remains focused on a balanced mix of spot pricing and long-term contracts to maximize value as the Pinon Canyon Plant ramps up to full capacity.

CO₂ liquefaction remains on schedule for the second half of H1 2026. The tie-in of the Jackson-27 well (with high CO2 concentration of 98.3%) is timed to coincide with the commencement of CO₂ sales, providing an additional revenue stream for the project.