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SP Angel – Quantum Helium (QHE LN) Drilling opportunities identified
Quantum announced the results of a comprehensive geological and geophysical evaluation programme over the last 12 months across the Sagebrush (90% WI), Coyote Wash (100%) and the other acreage in its Colorado portfolio.
The Company has identified two lower-risk drilling candidates as potential near-term wells, with drilling targeted within approximately the next 12 months, subject to permitting, and operational priorities.
Three additional high-risk/impact exploration prospects have also been identified, representing substantially larger helium and oil opportunities for future potential drilling.
Quantum intends to continue refining and prioritising the opportunities generated by the seismic programme while advancing permitting, technical studies and commercial planning associated with future drilling.
In the last 12M, Quantum has undertaken a comprehensive technical programme across its acreage, including acquisition of 3D seismic, advanced seismic processing, detailed geological interpretation and integration of historical well and production data.
The programme has confirmed the integrity of the known helium-bearing structures at Sagebrush and Coyote Wash, refined the Company’s understanding of existing discoveries and, importantly, identified multiple additional drilling opportunities.
This work represents a significant step forward in Quantum’s technical understanding of its Colorado acreage and provides a substantially stronger foundation for future exploration, appraisal and development activities.
We expect a steady stream of news flow in the next 12M to validate the Company’s resource estimates and further de-risk the wider portfolio, progressing potential targets through detailed evaluation and development planning towards drill ready status.
*SP Angel acts as Nominated Advisor and Corporate Broker to Quantum Helium Ltd
Quantum Helium #QHE – Quantum’s 3D Seismic and Reprocessing Programme Defines Multi-Year Activity Pipeline
Quantum’s 3D Seismic and Reprocessing Programme Defines Multi-Year Activity Pipeline
Technical evaluation delivers a growing portfolio of near-term and high-impact helium and oil exploration opportunities.
Quantum Helium Limited (AIM: QHE) is pleased to announce the results of its comprehensive geological and geophysical evaluation programme across the Sagebrush, Coyote Wash and other nearby areas.
Over the past twelve months, the Company has completed high-resolution 3D seismic acquisition, together with the reprocessing and reinterpretation of all available historic seismic data, and a comprehensive review of historic drilling, wireline logs and production data, supported by integrated geological and geophysical evaluation across its Colorado acreage. This work has significantly enhanced Quantum’s understanding of the basin and transformed the portfolio from two established projects into a growing portfolio of future helium and oil exploration opportunities
Highlights
- Comprehensive interpretation of Quantum’s high-resolution 3D seismic and careful reprocessing of older 3D programs has significantly enhanced understanding of both the Sagebrush and Coyote Wash projects.
- Technical evaluation has transformed Quantum’s Colorado acreage from two established projects into a growing portfolio of future drilling opportunities.
- Two lower-risk drilling candidates identified as potential near-term wells, with drilling targeted within approximately the next 12 months, subject to permitting, and operational priorities.
- Three additional high-impact exploration prospects have been identified, representing substantially larger helium and oil opportunities for future drilling.
- Ongoing geological evaluation continues to generate additional exploration concepts across Quantum’s Colorado acreage, providing further long-term growth potential.
- Confirms Sagebrush and Coyote Wash as a genuine multi-year exploration and development portfolio rather than standalone projects.
- Supports Quantum’s strategy of building a long-term inventory of drilling opportunities while progressing commercial development of the Sagebrush helium discovery.
A Step Change in Technical Understanding
When Quantum assembled its Colorado portfolio, the Company’s understanding of the acreage was based primarily on historic drilling information, legacy seismic datasets and a limited number of recognised prospects.
Since then, Quantum has undertaken one of the most comprehensive technical programmes completed across its acreage, including acquisition of high-resolution 3D seismic, advanced seismic processing of existing data as well as detailed geological interpretation and integration of historical well and production data.
The programme has confirmed the integrity of the known helium-bearing structures at Sagebrush and Coyote Wash, refined the Company’s understanding of existing discoveries and, importantly, identified multiple additional drilling opportunities across the portfolio.
This work represents a significant step forward in the Company’s technical understanding of its Colorado acreage and provides a substantially stronger foundation for future exploration, appraisal and development activities.
Building a Long-Term Growth Portfolio
The Company’s objective has not simply been to identify individual drilling prospects, but to establish a sustainable portfolio of exploration and development opportunities capable of supporting long-term growth.
The identified opportunities have been prioritised by Quantum’s technical team following detailed geological and geophysical evaluation. Prospects were ranked according to geological confidence, seismic definition, commercial potential and operational considerations, resulting in the early identification of two lower-risk near-term drilling candidates and three higher-impact follow-on exploration candidates.
The Company believes the two lower-risk drilling candidates represent an attractive starting point for the next phase of exploration, with the potential to establish near-term production and cash flow while supporting the continued advancement of Quantum’s broader helium and oil growth strategy. Subject to permitting and operational priorities, one or both of these opportunities could be advanced to drilling within approximately the next 12 months.
Beyond these opportunities, three higher-impact follow-on exploration candidates have been identified targeting prospective helium and oil plays. These prospects have the potential to materially expand Quantum’s helium resource base while also providing significant oil upside.
Importantly, interpretation of the Company’s extensive seismic dataset remains ongoing, with additional regional exploration concepts continuing to emerge as technical evaluation progresses.
Next Steps
Quantum intends to continue refining and prioritising the opportunities generated by the seismic programme while advancing permitting, technical studies and commercial planning associated with future drilling.
The Company expects to provide further market updates as individual exploration opportunities progress through detailed evaluation and development planning.
Howard McLaughlin, Quantum Chief Executive Officer, commented: “This multi-faceted evaluation programme represents one of the most important technical milestones in Quantum’s development. Our objective wasn’t simply to acquire new seismic data – it was to fundamentally improve our understanding of the basin and identify the next generation of drilling opportunities capable of creating long-term shareholder value.
The results have exceeded our expectations. Twelve months ago we had two highly prospective projects supported by historic drilling and legacy seismic. Today we have one of the most comprehensive technical datasets assembled across this part of the basin, together with a growing portfolio of exploration opportunities extending well beyond our existing independently assessed helium resources.
We’ve already identified two lower-risk drilling candidates that we believe could be targeted within the next twelve months, subject to the normal approvals and operational planning. Beyond those, we’ve identified three much larger follow-on exploration candidates that have the potential to materially expand our helium resource base while also offering significant oil upside.
Importantly, our work isn’t finished. Every stage of interpretation continues to improve our understanding of the basin and generate new ideas. Rather than narrowing our focus, the seismic programme has continued to expand the number of opportunities we see across our acreage.
Combined with our ongoing engineering assessment of the Sagebrush helium accumulation, our substantial independently assessed helium resource base of more than 1 Bcf and our existing oil production, we believe Quantum has established the foundations for a multi-year exploration and development programme. We are only beginning to unlock the full potential of what we believe is one of the most prospective helium and oil acreage positions in Colorado.”
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Year of Transformation Ahead of EGM, Review of Key Milestones and Outlook for the Next Phase of Growth
Quantum Helium Limited (AIM: QHE) is pleased to provide shareholders with a review of the key milestones achieved over the past twelve months ahead of the Company’s Extraordinary General Meeting (“EGM”), which is scheduled to be held next week on 1 July.
The past year has seen the transformation of the Company from a diversified oil and gas business into a focused helium and energy company centred on two independently assessed helium and energy projects in Colorado – Sagebrush and Coyote Wash – representing one of the largest independently assessed helium resource positions on the London market. During this period the Company has strengthened its ownership position in key assets, secured independent resource validation, completed major seismic programmes, achieved critical regulatory milestones and successfully advanced the ongoing Extended Production Test at Sagebrush-1.
Quantum enters the next phase of its development with independently assessed helium resources, a successful Sagebrush testing programme, an emerging commercial oil opportunity and multiple near-term catalysts ahead.
Highlights
- Company successfully repositioned as a dedicated helium-focused energy company through rebranding to Quantum Helium
- Divestment of non-core assets and strategic focus on the Company’s Colorado helium and energy portfolio
- Working interest in the flagship Sagebrush Project increased to 90%, strengthening exposure to the Company’s core asset
- Independent Sproule assessments confirmed more than 1 Bcf of gross prospective helium resources across Sagebrush and Coyote Wash
- High-resolution 3D seismic programme completed, confirming a large helium-bearing Leadville structure at Sagebrush and identifying additional exploration upside
- Key regulatory approvals secured from the Bureau of Indian Affairs, enabling Quantum to assume operatorship and commence the Extended Production Test at Sagebrush-1
- Successful ongoing Extended Production Test confirms helium-bearing gas, reservoir connectivity and commercial oil production from the Leadville Formation
- Helium concentrations of 2.5% confirmed during testing, significantly exceeding typical commercial helium thresholds
- Commercial oil production identified from the Leadville Formation, creating a potential future revenue stream alongside helium development
- Existing Sagebrush oil production generated approximately US$617,000 gross revenue during 2025, with production continuing into 2026 and benefiting from strengthening oil prices
- Successfully completed a £5 million institutional capital raise, strengthening the Company’s balance sheet and supporting the next phase of development across Sagebrush and Coyote Wash
- Proposed share consolidation intended to support improved market positioning and facilitate a potential OTC listing in the United States, subject to shareholder and regulatory approvals
Carl Dumbrell, Executive Chairman of Quantum Helium, commented: “The past twelve months have been transformational for Quantum Helium. When the current Board assumed responsibility for the Company, we set out a clear objective: to create a focused helium and energy company capable of delivering meaningful long-term value for shareholders.
Since then, we have streamlined the portfolio, divested non-core assets, increased our ownership in key projects, completed independent resource assessments, secured critical regulatory approvals and successfully advanced Sagebrush through an extensive testing programme.
We are particularly grateful to the Ute Mountain Ute Tribe and the Bureau of Indian Affairs for their constructive engagement and support throughout this process. The relationships we have built over the past year have been instrumental in advancing our projects responsibly and collaboratively.
The proposed share consolidation being considered at next week’s Extraordinary General Meeting represents the next step in the Company’s evolution. We believe it will improve the Company’s market positioning, support broader institutional engagement and facilitate a potential OTC market listing in the United States. In recent months we have seen increasing interest from North American investors, reflecting both the location of our assets and growing recognition of helium as a strategically important commodity.
While much work remains ahead of us, Quantum enters the second half of 2026 in a significantly stronger position than at any point in its recent history.”
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “From an operational perspective, the past twelve months have been highly significant. We have progressed Sagebrush from an historic helium discovery into a successfully tested modern project supported by extensive seismic data, independent resource assessments and a much stronger technical understanding of the reservoir.
The ongoing Extended Production Test at Sagebrush has already delivered results that have exceeded our expectations. We confirmed helium-bearing gas with concentrations of approximately 2.5%, demonstrated reservoir connectivity and identified commercial oil production from the Leadville Formation.
The oil discovery was an unexpected but highly encouraging outcome. Not only does it enhance the overall value proposition of Sagebrush, but it also has the potential to provide meaningful future cash flow that can support further exploration and development activities across the portfolio.
As the testing programme continues, we intend to provide the production, pressure and fluid data to Sproule ERCE to support an updated independent assessment incorporating the newly identified oil potential, while simultaneously advancing plans for the next phase of operations, including gas analysis, development planning and evaluation of broader opportunities across both Sagebrush and Coyote Wash.
We believe we have assembled two exceptional projects within one of North America’s most prospective helium fairways and look forward to updating shareholders as we continue to advance them.”
A Year of Transformation
Over the past twelve months Quantum has undertaken a significant strategic transformation, rationalising its portfolio, divesting non-core assets and focusing capital and management attention on its Colorado helium and energy projects.
During this period the Company rebranded to Quantum Helium, increased its working interest in Sagebrush to 90%, retained 100% ownership of Coyote Wash and successfully advanced the ongoing Extended Production Test at Sagebrush-1.
Building a Leading Colorado Helium Position
During 2025 and early 2026, independent consultants Sproule ERCE completed separate resource assessments for Sagebrush and Coyote Wash.
Together, these assessments confirmed more than 1 Bcf of gross prospective helium resources across the Company’s Colorado portfolio, with the ongoing Sagebrush Extended Production Test further validating the underlying resource potential.
Together, Sagebrush and Coyote Wash represent one of the largest independently assessed helium resource positions on the London market.
Regulatory Progress and Tribal Partnership
During the past year the Company secured the regulatory approvals required to advance operations at Sagebrush, including operatorship approval from the Bureau of Indian Affairs.
Quantum worked closely with the Bureau of Indian Affairs and the Ute Mountain Ute Tribe throughout this process and would like to acknowledge their continued support and constructive engagement, which enabled the ongoing Extended Production Test at Sagebrush-1.
Sagebrush-1
The Sagebrush-1 well has long been recognised as a significant helium discovery, having previously recorded helium concentrations of 2.76% during historic testing.
The ongoing Extended Production Test has confirmed helium-bearing gas, reservoir connectivity and commercial oil production from the Leadville Formation, while generating important engineering, production and reservoir data to support future development.
Laboratory analysis has confirmed helium concentrations of 2.5%, significantly exceeding typical commercial helium concentrations and further validating the Company’s long-held interpretation of the project’s potential.
Testing has also identified commercial oil production from the Leadville Formation, a result not included within previous independent resource assessments and one which has the potential to materially enhance the economics of the Sagebrush Project.
Existing Production and Growing Oil Opportunity
Existing oil production at Sagebrush continues to provide an important source of revenue and operational cash flow.
During 2025, the field produced approximately 12,343 barrels of oil, generating gross revenue of approximately US$617,000. During the first quarter of 2026, Sagebrush produced a further 2,482 barrels, generating gross revenue of approximately US$108,000 before royalties, taxes and operating costs.
With production remaining unhedged, Quantum continues to benefit from the recent strengthening in oil prices. The commercial oil identified during the ongoing Extended Production Test was not included within previous independent resource assessments and will be incorporated into the planned Sproule resource update.
Positioning for the Next Phase of Growth
The Extraordinary General Meeting to be held next week will consider a proposed share consolidation.
The Board believes the consolidation is an important step in improving the Company’s market positioning and creating a capital structure more suitable for attracting a broader range of investors.
The Company continues to evaluate a potential OTC listing in the United States. The Board believes an OTC listing could significantly increase Quantum’s visibility within the world’s largest helium and energy investment market and provide access to a broader pool of potential investors. In recent months the Company has experienced increasing interest from North American investors, reflecting both the location of its assets in the United States and growing investor interest in the helium sector.
The proposed share consolidation is intended to better position the Company for a potential OTC quotation, while also achieving a more appropriate share price level and capital structure for a company of Quantum’s size and stage of development. Any potential OTC listing would remain subject to regulatory approvals.
Outlook
Key priorities for the remainder of 2026 include:
- Consolidate and evaluate all engineering, production and reservoir data collected during the ongoing Extended Production Test while continuing to advance field development planning
- Establish stabilised gas flow rates from the Leadville Formation as the ongoing Extended Production Test progresses
- Updating independent resource assessments to incorporate the newly identified oil potential
- Advancement of development planning at Sagebrush
- Integration of recent test and seismic results into future well planning at Sagebrush and Coyote Wash
- Progression of opportunities at Coyote Wash
- Evaluation of a potential OTC market listing
Quantum enters the next phase of its development with independently assessed helium resources, a successful Sagebrush testing programme, an emerging commercial oil opportunity and multiple near-term catalysts ahead.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Operatorship Approved for Sagebrush. Mobilisation for Extended Production Test to Commence After Easter
Quantum Helium Limited (AIM: QHE) is pleased to announce that it has received notification that operatorship of the Sagebrush Project in Colorado has been approved by the Bureau of Indian Affairs (“BIA”).
This key milestone follows an extensive and proactive engagement process undertaken by the Company and its advisors with regulatory authorities and stakeholders. The Company’s recent visit to Colorado, including meetings with the Ute Mountain Ute Tribe and regulatory bodies, contributed positively to the progression and successful conclusion of the approvals process.
With notification of operatorship approval now received, Quantum is moving into the next operational phase at Sagebrush, with mobilisation for the extended production test at the Sagebrush-1 well expected to commence shortly after Easter.
Highlights
- Notification received of approval of operatorship for the Sagebrush Project by the BIA
- Final regulatory step completed, enabling Quantum to take operational control
- Mobilisation for extended production test at Sagebrush-1 to commence post-Easter
- Over 1 Bcf of independently assessed prospective helium resources across Sagebrush and Coyote Wash
- Strong market backdrop with increasing global focus on helium supply security
Operational Update – Sagebrush-1
The extended production test at Sagebrush-1, which is expected to run over a number of weeks, represents a key near-term operational milestone for Quantum.
The well historically encountered non-combustible gas with measured helium concentrations of approximately 2.76%, providing strong technical validation of the helium potential within the Leadville Formation. The upcoming test is designed to assess flow rates and confirm commercial deliverability.
Importantly, the extended production test is expected to support the progression of the Company’s existing helium resources into reserves, representing a significant step forward in the commercial development of the project.
Extensive planning and procurement of long-lead items have already been completed, allowing the Company to move efficiently into the testing phase following notification of operatorship approval.
The Company will update the market once testing has commenced and as operations progress
Strategic Position
Quantum has prospective helium resources of over 1 Bcf across its Sagebrush and Coyote Wash projects, providing a strong foundation for development.
The Company’s strategy of combining helium exploration with existing oil production – which generated over US$600,000 in gross revenue in 2025 – provides both technical and financial support as it advances towards helium production.
Market Context
The advancement to testing at Sagebrush comes at a time of increasing global focus on helium supply security, with recent geopolitical developments in the Middle East disrupting a significant portion of global production. Industry sources indicate that up to one-third of supply has been impacted, with suppliers already implementing allocation measures and prioritising critical sectors such as medical imaging, semiconductor manufacturing and aerospace.
Against this backdrop, the importance of secure and domestic helium supply in the United States has become increasingly apparent. Quantum’s Sagebrush and Coyote Wash projects, with over 1 Bcf of independently assessed helium resources, are well positioned within this evolving market, with the upcoming production test at Sagebrush-1 representing a key step towards potential future supply.
Outlook
With notification of operatorship approval now received, Quantum is entering a highly active operational phase, with the extended production test at Sagebrush-1 set to be the immediate focus.
The Company believes that the combination of independently verified helium resources, existing oil production providing revenue support, and near-term operational catalysts positions it strongly as it advances towards potential helium development.
Howard McLaughlin, Chief Executive Officer of Quantum Helium, said: “This is a major milestone for Quantum and reflects a significant amount of work by the team to advance Sagebrush through the regulatory framework.
We would also like to thank the Ute Mountain Ute Tribe for their continued support and engagement throughout, which has been invaluable in reaching this point, and we are grateful to our shareholders for their patience throughout what has been a detailed approval phase.
Receiving notification of operatorship approval marks a key step forward for the Company, allowing us to move into the next phase of activity, with mobilisation for the extended production test scheduled to commence shortly after the Easter break. Sagebrush-1 has already demonstrated the presence of helium, and this next stage is focused on confirming its commercial potential and advancing our resources towards reserves.
With increasing global focus on helium supply security, particularly in the United States, we believe Sagebrush is strongly positioned as we enter this important and exciting phase of operations.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia
Quantum Helium #QHE – Half Year Results for the Six Months to 31 December 2025
Quantum Helium Limited (AIM: QHE), announces its Half Year results for the six months to 31 December 2025.
Summary
The Company’s principal focus during the period was on advancing and de-risking its existing helium portfolio in the USA, including increasing its interest in the Sagebrush Project and delivering independent third-party validation of its resources. This resulted in (compared to same half year period in the 2025 Financial Year, “H125”):
| · | Revenue: $322,858 (HY:24 $64,542) |
| · | Gross loss: $394,493 (HY:24 $18,955) |
| · | Net loss: $1,557,571 (HY:24 $2,537,131) |
The Company’s cash and cash equivalents as at 31 December 2025 was $3,398,391.
All amounts are in Australian Dollars
Operational Review
- Continued strategic repositioning to a helium-focused US portfolio
- Company rebranded to Quantum Helium Limited, reflecting its strategic focus on helium exploration and development
- Completion of high-resolution 3D seismic acquisition at the Sagebrush Project
- Increase in working interest at Sagebrush to 90%, enhancing exposure to project upside
- Independent Sproule ERCE resource reports validates over 1 BCF of 2U gross helium prospective resources across Sagebrush and Coyote Wash
- Coyote Wash established as a material standalone helium project with 0.97 BCF 2U gross helium prospective resource
- Ongoing oil production from Sagebrush wells, with approximately 5,500 barrels gross produced between July and December 2025, generating US$259,744 gross revenue to help support helium exploration and development
- Significant progress towards Sagebrush-1 extended production test, with all long-lead items secured
- Successful capital raise of approximately £2.17 million (before expenses), strongly supported by both institutional and retail investors
- Strengthened Board and management team aligned with next phase of growth
Post-Period End
- BIA approval received for the Coyote Wash IMDA, unlocking the pathway to drilling and testing
- Formal BIA approval of the Sagebrush lease assignment, a major regulatory milestone
- All documentation for Sagebrush operatorship confirmed in good standing, with final designation expected shortly
- High-resolution 3D seismic interpretation confirms a large, well-defined structure at Sagebrush
- Company now fully prepared to commence extended production test at Sagebrush-1 upon operatorship approval
- Executive team site visit to Colorado, advancing technical alignment and stakeholder engagement
- Directors increased shareholdings, demonstrating continued confidence in the Company’s strategy and outlook
Carl Dumbrell, Executive Chairman of Quantum Helium, commented: “The six-month period to 31 December 2025 represents a transformational phase for Quantum Helium Limited. During this time, the Company repositioned its strategy, strengthened its Board and management team, and delivered a series of significant technical, operational and corporate milestones that have materially advanced our Colorado helium portfolio.
Key changes during the period included the formal the appointment of Howard McLaughlin as Chief Executive Officer in September 2025 alongside my transition to Executive Chairman and the appointment of Andrew Scott as Executive Director. These changes have strengthened both the technical and capital markets capabilities of the Company at a critical stage of its development.
Operationally, the Company made substantial progress across both Sagebrush and Coyote Wash. We completed a high-resolution 3D seismic acquisition programme at Sagebrush, increased our working interest to 90%, and received independent resource validation from Sproule ERCE across both projects. Notably, the Sproule report for Coyote Wash confirmed 2U gross helium prospective resources of 0.97 BCF, taking total independently verified helium resources across the portfolio to over 1 BCF.
In parallel, the Company progressed key regulatory milestones required to commence operations at Sagebrush, including completion of bonding requirements and continued engagement with the Bureau of Indian Affairs (“BIA”). We also successfully completed a capital raise during the period, ensuring the Company is well funded to advance its near-term objectives.
Post period end, the Company has continued to build strong momentum. The Irrevocable Letter of Credit has been approved by the BIA, 3D seismic interpretation has confirmed a large structure at Sagebrush we believe is helium-bearing, and approval of the Coyote Wash IMDA has been secured. Importantly, the Company has also received formal BIA approval for the assignment of the Sagebrush lease, representing a major regulatory milestone and clearing the way for the final step of operatorship designation.
The Company is now fully prepared to commence the extended production test at Sagebrush-1, with all long-lead items secured. Upon confirmation of operatorship, which is expected in the near term, the Company intends to move immediately into testing operations.
On behalf of the Board, I would like to thank our shareholders for their continued patience and support as we have worked through what has been a detailed but necessary regulatory process. We believe the Company is now exceptionally well positioned, and we expect the remainder of 2026 to be a significant and highly active period for Quantum as we move into testing, development and further value creation”.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia
Link here for full financial statements
Quantum Helium #QHE – BIA Approval of Coyote Wash IMDA. Assignment of Sagebrush operatorship progressing towards conclusion
Quantum Helium Limited (AIM: QHE) is pleased to announce that it has received confirmation from the U.S. Bureau of Indian Affairs (“BIA”) that the Indian Mineral Development Agreement (“IMDA”) relating to the Coyote Wash Project has been formally approved.
This approval represents a significant regulatory milestone for the Company and follows the previously announced independent resource confirmation by Sproule ERCE at Coyote Wash.
The Company is still awaiting formal approval of the Sagebrush assignment of operatorship with the BIA having confirmed that all documentation required for the assignment of the relevant leases and designation of operatorship has been received and is in good standing.
The Company understands that formal approval of the Sagebrush assignment and operatorship is progressing towards conclusion and remains confident that this will be completed in the short term.
With IMDA approval now secured at Coyote Wash and constructive engagement ongoing across regulatory and Tribal stakeholders, Quantum believes it is entering an important operational phase across its Colorado portfolio.
Coyote Wash – IMDA Approval
The IMDA provides the contractual and regulatory framework under which Quantum may develop helium and hydrocarbon resources on Tribal lands within the Coyote Wash project area, where the Company holds a 100% working interest and is operator.
With IMDA approval now secured, Quantum is positioned to:
- Advance well planning and final permitting activities;
- Progress drilling preparations across the five mapped Leadville helium prospects;
- Refine development planning for both helium and Ismay oil targets; and
- Move towards drilling and development operations at Coyote Wash.
As announced on 19 December 2025, Sproule ERCE independently confirmed 2U gross prospective helium resources of 0.97 BCF at Coyote Wash. Combined with the 0.134 BCF 2U gross helium prospective resource at Sagebrush, Quantum holds 1.104 BCF gross (828 MMscf Net) 2U helium across its Colorado portfolio.
Sproule ERCE also identified prospective recoverable oil resources at Coyote Wash of up to 750,000 barrels (3U case) within the Ismay Formation
Coyote Wash contains five drill-ready Leadville helium prospects mapped on the recently reprocessed 3D seismic, together with additional Ismay oil targets, positioning the project as a material growth component of Quantum’s Colorado strategy.
Executive Visit to Colorado
The Coyote Wash IMDA approval follows an executive visit to Colorado by CEO Howard McLaughlin, Executive Chairman Carl Dumbrell and Executive Director Andrew Scott.
The visit included:
- Technical sessions with Quantum’s US subsurface and geophysical team;
- Review of 3D seismic processing and interpretation;
- A field visit to the Sagebrush project area;
- Final preparations for the extended flow test at Sagebrush-1;
- Meetings with local partners and advisors; and
- Discussions with representatives from the Tribal Council.
Of particular importance was the executive team’s meeting with leaders of the Ute Mountain Ute Tribe. The Company is very grateful for the time afforded to the team and sincerely appreciates the constructive engagement and ongoing support shown towards Quantum and its projects.
During discussions regarding the Sagebrush Project, the BIA confirmed that all documentation required for the assignment of the relevant leases and designation of operatorship has been received and is in good standing. The Company understands that formal approval of the Sagebrush assignment and operatorship is progressing towards conclusion.
Sagebrush – Extended Flow Test
Quantum’s immediate operational focus remains on securing final approvals required to commence the extended production test at Sagebrush-1.
The Sagebrush Project hosts a Sproule ERCE-verified 2U gross helium resource of 134 MMscf, with the Sagebrush-1 well historically flowing gas containing 2.76% helium during drill stem testing.
The recently completed high-resolution 3D seismic survey confirmed the presence and geometry of the large Leadville helium structure at Sagebrush, materially de-risking the planned extended test.
Commenting, CEO Howard McLaughlin said: “The approval of the Coyote Wash IMDA is a major step forward for Quantum. It provides the regulatory framework required to advance what is already an independently verified 0.97 BCF 2U gross helium prospective resource with additional oil upside.
Coyote Wash adds real scale to our Colorado portfolio. At the same time, our immediate focus remains on Sagebrush, where the extended production test at Sagebrush-1 is fully prepared pending final regulatory approvals. With documentation confirmed as in good standing and the assignment process progressing towards conclusion, we believe the remaining approvals are now in their final stages and look forward to updating the market upon receipt.
With 3D seismic confirming the integrity of the Leadville structure, we are well positioned to move into testing and the next phase of value creation.”
Executive Chairman Carl Dumbrell added: “Our visit to Colorado this week was extremely productive across technical, operational and stakeholder fronts. We reviewed seismic interpretation, field operations and final testing preparations, ensuring alignment across the team.
We are particularly grateful to the leaders of the Ute Mountain Ute Tribe for taking the time to meet with us. We greatly appreciate their constructive engagement and continued support for Quantum Helium and our projects. Building strong, respectful and long-term relationships remains fundamental to how we operate.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Sproule ERCE Confirms Major Helium Resource at Coyote Wash
Sproule ERCE Confirms Major Helium Resource at Coyote Wash
Over 1 BCF of Independently Verified Gross Helium Resources Across Colorado Projects
Establishes Quantum Helium Among the Largest Independently Certified Helium Companies on the LSE by resource size
Quantum Helium Limited (AIM: QHE), advancing helium, hydrogen and hydrocarbon projects in the USA, is pleased to announce receipt of the independent resource report from Sproule ERCE for the Coyote Wash Project in Colorado, where Quantum holds a 100% working interest.
The report estimates 2U (Best Estimate) gross recoverable helium of 0.97 BCF at Coyote Wash, which, when combined with the Sproule ERCE-verified 2U gross helium resource of 0.134 BCF at Sagebrush, establishes 1.104 BCF of independently verified 2U gross helium across the Company’s Colorado portfolio.
This represents Quantum’s second independently evaluated helium resource, reinforcing the continued growth and maturing technical confidence in the Company’s strategy.
Sproule ERCE has also completed its assessment of the oil potential at Coyote Wash, confirming 1U / 2U / 3U recoverable oil estimates of 150 / 420 / 750 thousand barrels across a single mapped Ismay prospect.
Highlights
- Sproule ERCE estimates 2U gross recoverable helium of 0.97 BCF at Coyote Wash
- Combined with Sagebrush, Quantum now has 104 BCF gross (828 MMscf Net) 2U helium, all independently evaluated.
- Potential gross value of ~ US$331 million ($300/Mscf)
- Establishes Quantum as having one of the largest independently verified helium portfolios among London-listed helium companies
- Sproule ERCE also identifies up to 750,000 barrels of potentially recoverable oil at an Ismay prospect with three potential well locations.
- 3D seismic acquisition at Sagebrush complete, with results of processing and interpretation expected in the new year to provide additional drillable oil and helium prospects
- Positive engagement with the Bureau of Indian Affairs (BIA) as the Company progresses towards approval for the extended flow test at Sagebrush-1
Sproule ERCE Resource Summary – Coyote Wash (Leadville Formation)
Coyote Wash – Total Gross Raw Gas Resource Volume Leadville Prospects (MMscf)
| Estimate | Total Raw Gas (MMscf) | Hydrocarbon Gas (MMscf) | Helium Gas (MMscf) | CO₂ Gas (MMscf) |
| 1U | 15,695 | 3,567 | 432 | 6,271 |
| 2U | 35,182 | 7,998 | 970 | 14,055 |
| 3U | 60,928 | 13,850 | 1,682 | 24,342 |
(Source: Sproule ERCE)
Ismay Formation – Gross Prospective Oil & Gas Resource Volumes
| Prospect | 1U Oil (Mstb) | 2U Oil (Mstb) | 3U Oil (Mstb) | 1U Gas (MMscf) | 2U Gas (MMscf) | 3U Gas (MMscf) |
| Mariano Wash Prospect – single well | 50 | 140 | 250 | 180 | 286 | 498 |
| Mariano Wash Prospect – 3 well total | 150 | 420 | 750 | 540 | 858 | 1,494 |
(Source: Sproule ERCE)
Coyote Wash – Total Net Raw Gas Resource Volume Leadville Prospects (MMscf)
(14% royalty which increases to 19% from Production Year 11 onwards)
| Estimate | Total Raw Gas (MMscf) | Hydrocarbon Gas (MMscf) | Helium Gas (MMscf) | CO₂ Gas (MMscf) |
| 1U | 12,293 | 2,794 | 338 | 4,912 |
| 2U | 26,371 | 5,995 | 727 | 10,535 |
| 3U | 42,957 | 9,765 | 1,186 | 17,162 |
(Source: Sproule ERCE)
Ismay Formation – Net Prospective Oil & Gas Resource Volumes
(14% royalty which increases to 19% from Production Year 11 onwards)
| Prospect | 1U Oil (Mstb) | 2U Oil (Mstb) | 3U Oil (Mstb) | 1U Gas (MMscf) | 2U Gas (MMscf) | 3U Gas (MMscf) |
| Mariano Wash Prospect – single well | 43 | 120 | 215 | 155 | 246 | 428 |
| Mariano Wash Prospect – 3 well total | 129 | 361 | 645 | 464 | 738 | 1,285 |
(Source: Sproule ERCE)
Quantum Chief Executive, Howard McLaughlin, commented: “This is a defining moment for Quantum. With Sproule ERCE now independently evaluating more than one billion cubic feet of 2U gross helium across Sagebrush and Coyote Wash, we have established ourselves among the larger independently certified helium companies on the London market. Few companies can point to two independently evaluated helium projects, a drilled and cased discovery well ready for testing, and a completed seismic acquisition programme that could further expand our resource base.”
“The Sproule ERCE outcome gives us tremendous confidence in the scale and quality of our portfolio. It validates our disciplined technical work, strengthens our strategic position, and sets the foundation for a highly active 2026. Our engagement with the BIA has been very constructive, including a meeting with senior officials this week, and we continue to progress towards approval for the extended flow test at Sagebrush-1. With meaningful project milestones ahead, shareholders can look forward to a sustained period of value-building newsflow.”
Qualified Person Statement
The information contained in this announcement has been reviewed and approved by Howard McLaughlin, Chief Executive Officer for Quantum Helium, who has more than 45 years of experience in the oil and gas industry and is a member of the American Association of Petroleum Geologists.
Note: (*) Resources have been estimated by Sproule ERCE using the reserve and resource estimation guidelines outlined by the Petroleum Resources Management System (PRMS), as revised June 2018. Helium and Carbon Dioxide gas has been evaluated as a non-hydrocarbon gases using the principles of the SPE PRMS as allowed by the SPE August 2022 statement on the “Extension of PRMS Principles to Non-Hydrocarbon/Non-Traditional Situations”.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Glossary
| Term | Definition |
| 1U / Low Estimate | At least a 90% probability that the quantities recovered will equal or exceed this estimate. |
| 2U / Best Estimate | At least a 50% probability that the quantities recovered will equal or exceed this estimate. Often considered the “most likely” case. |
| 3U / High Estimate | At least a 10% probability that the quantities recovered will equal or exceed this estimate. Represents upside potential. |
| Bcf | Billion standard cubic feet of gas, measured at standard conditions of temperature and pressure |
| Contingent Resource | Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies. |
| MMscf | Million standard cubic feet of gas, measured at standard conditions of temperature and pressure. |
| Mscf | Thousand standard cubic feet of gas, measured at standard conditions of temperature and pressure. |
| Prospective Resource | Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. |
| PRMS | Petroleum Resources Management System, the globally recognized framework issued by the Society of Petroleum Engineers (SPE) and partners, used for classifying petroleum and non-hydrocarbon resources. |
Mosman Oil and Gas #MSMN – Sproule Engaged to Independently Verify Coyote Wash Helium Resource
Mosman Oil and Gas Limited (AIM: MSMN), advancing helium, hydrogen and hydrocarbon projects in the USA, is pleased to announce that it has formally engaged independent consultant Sproule ERCE to undertake a Competent Person’s Report (CPR) of the Coyote Wash Project in Colorado, USA, in which it owns 100% working interest.
This engagement follows Mosman’s recently announced internal best estimate of 1,072 MMcf (million cubic feet) of 2U gross prospective helium resources across six mapped Leadville helium prospects at Coyote Wash (RNS dated 13 October 2025).
Highlights
- Sproule ERCE formally engaged to independently verify Mosman’s internal Coyote Wash helium resource estimate under SPE PRMS standards.
- Work scope includes assessment of helium, CO₂ and hydrocarbon resources across eight mapped structures.
- Final report expected in late November 2025, which would provide Mosman with its second verified helium resource in Colorado.
- Follows Sproule’s independent verification of the Sagebrush Project completed in September 2025.
Background
Under the executed project schedule, Sproule ERCE will review Mosman’s technical dataset, including 3D seismic interpretation, petrophysical analysis, and well data from the Coyote Wash 30-12 well and offset analogues.
The scope of work includes a full CPR of the prospective helium, CO₂ and hydrocarbon resources across eight mapped structures in the project area, using Sagebrush reservoir parameters as an analogue.
Howard McLaughlin, Chief Executive Officer of Mosman, commented: “We’re very pleased to again be working with Sproule, this time to verify our internal helium resource estimate at Coyote Wash. This review will mark Mosman’s second independently verified helium resource, following Sproule’s certification of Sagebrush earlier this year – a major milestone that reinforces the credibility and depth of our Colorado portfolio. Coyote Wash already represents over one billion cubic feet of best-estimate helium resources across six defined prospects. Independent verification will provide additional confidence in those figures and allow us to advance detailed planning for drilling and development. With two verified helium projects, one drilled and cased well ready for testing, and 3D seismic expected to commence this quarter, Mosman is now in a strong, strategic position – ahead of many peers in terms of resource definition and proximity to potential production. We’re building a substantial helium business with clear momentum and tangible value catalysts ahead.”
Enquiries:
| Mosman Oil & Gas Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Mosman’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.