future of helium

First Helium Acquires Additional Strategic Production Infrastructure at Worsley

TSXV: HELI   FRA: 2MC

Company Re-Confirms 1.3% Helium Content at 15-25 Discovery Well

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), today announced that it has closed a transaction (the " Acquisition ") to acquire an aggregate of six kilometers of strategic natural gas gathering pipeline assets (the " Pipeline Assets ") at Worsley . Consideration for the Acquisition was the assumption of future abandonment and reclamation liabilities of four wells. The Acquisition is subject to normal regulatory approvals.

"Closing of the Acquisition accelerates the commercial development of our helium project at Worsley ," said Ed Bereznicki , President & Chief Executive Officer of First Helium. "The addition of these assets, at a cost well below our estimated replacement value of approximately $1 million , expands our extensive infrastructure system at Worsley , enables us to get a head start on commissioning the gathering system for the receipt of future helium gas production, extends the main gathering line that we require to support the larger scale commercial development across our entire Worsley asset base, and allows us to focus our infrastructure resources on well site facilities and helium extraction" added Mr. Bereznicki.

The Pipeline Assets are interconnected to, and expand the capacity of the infrastructure acquired in mid-November along the Worsley trend. The Acquisition also includes 2,112 acres (net) of land and four wells, one of which is being evaluated for re-activation for possible natural gas production. Such production, anticipated to be approximately 500 thousand cubic feet per day, would be brought on-stream in order to commence operational start-up and testing of the Company's entire natural gas gathering pipeline system in the Worsley area. Any natural gas volumes produced from the well would be sold.

The Company also announces that it has conducted an additional flow-test on its original 15-25 well (the " Discovery Well "), acquired representative raw gas samples, and submitted them for comprehensive independent expert gas and isotope analyses. This will provide First Helium with a detailed gas composition analysis, including the existence of any potential scarce isotopes, to be used in refining the Company's helium processing facility design parameters. Routine gas analysis results confirm helium content on the Discovery Well to be 1.3%, which is identical to the most recent test in 2018.

Lastly, First Helium has secured an option to acquire 640 acres of highly prospective helium exploration land that is contiguous to the Company's existing landholdings at Worsley . The option will provide First Helium with flexibility in confirming new prospective exploration drilling locations at the eastern end of its land base, near historical helium content indications of 1.1% to 1.7%.

ABOUT First Helium

First Helium is a helium exploration and development company operating in the Worsley area of Alberta, Canada . In response to the shifting supply dynamics of the global helium marketplace, First Helium was founded to capitalize on the untapped potential of significant helium resources in Western Canada . Building on its successful 15-25 discovery well, which has repeatedly production tested at over 1.3% of helium content and 65% natural gas content, and its 1-30 success, First Helium is working to develop its land base of over 79,000 acres along the highly prospective Worsley helium trend, and 276,000 acres of select exploration option lands located in southeast Alberta , near existing helium operations. To establish its operating base, First Helium seeks to market its helium gas into the North American market via term off-take marketing arrangements with established third-party distribution companies.

For more information about the Company, please visit www.firsthelium.com . The Company's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on its profile page on SEDAR at www.sedar.com .

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznicki
President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This news release contains certain statements or disclosures relating to First Helium that are based on the expectations of its management as well as assumptions made by and information currently available to First Helium which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that First Helium anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "expect", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the listing of the Common Shares on the Exchange, the use of funds and the Company's strategy. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of First Helium including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund First Helium's capital and operating requirements as needed; and certain cost assumptions.

Forward-looking statements are based on estimates and opinions of management at the date the statements are made and are subject to risks, uncertainties and assumptions, including those set out in the Final Prospectus dated June 28, 2021 and filed under the Company's profile on SEDAR at www.sedar.com . First Helium does not undertake any obligation to update forward looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

SOURCE First Helium Inc.

View original content to download multimedia: https://www.newswire.ca/en/releases/archive/December2021/16/c0297.html

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First Helium Advances Licensing of Strategic 7-15 and 7-30 Leduc Wells Targeting Light Oil

First Helium Advances Licensing of Strategic 7-15 and 7-30 Leduc Wells Targeting Light Oil

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed surveying its proven undeveloped ("PUD") 7-30 location and is advancing through the licensing process for both the 7-30 and 7-15 locations, respectively. The 7-30 PUD well will be drilled on an existing surface location which will enable the Company to expedite drilling. The PUD well has been assigned proved plus probable undeveloped reserves of 196,700 barrels 2 by Sproule Associates Limited ("Sproule") 1 the Company's independent evaluator, and will be drilled in conjunction with the recently identified 7-15 Leduc anomaly.

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First Helium Confirms Plans for Sequential Drilling of Two Oil Targets - Proven Undeveloped  Oil Location and Large Leduc Anomaly

First Helium Confirms Plans for Sequential Drilling of Two Oil Targets - Proven Undeveloped Oil Location and Large Leduc Anomaly

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced plans to drill two complementary vertical Leduc oil targets at its Worsley property. The program will include drilling two strategic targets: the Company's proven undeveloped ("PUD") location at 7-30, which has been assigned proved plus probable undeveloped reserves of 196,700 barrels 2 by Sproule Associates Limited ("Sproule") 1 the Company's independent evaluator, and the recently identified 7-15 Leduc anomaly. The Company has initiated licensing for both locations and intends to optimize drilling costs by executing a two-well drilling program in succession.

"Given our focus on near-term cash flow opportunities, we are excited to be proceeding with a two-well program targeting proven undeveloped oil reserves at our 7-30 location and exploring the large Leduc anomaly, 7-15, which is approximately five times the areal extent of our successful 1-30 light oil pool discovery," said Ed Bereznicki, President & CEO of First Helium. "This strategic approach allows us to efficiently develop both a proven undeveloped oil opportunity and potentially make a significant discovery at a high-impact exploration oil target while maintaining operational efficiency," added Mr. Bereznicki.

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First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed its field survey activities and selected the surface location for its Leduc anomaly test well planned for drilling this winter. The survey will be used to prepare necessary regulatory applications for drilling approval. The well location has been selected based on a thorough evaluation of recently acquired proprietary 3D seismic data where the Company has identified a significant anomaly in the Leduc Formation which it believes to be prospective for oil. To date, the Company has drilled two successful Leduc oil wells at Worsley, including the 1-30 and 4-29 Leduc oil pool discoveries, respectively, which together have produced more than 113,000 barrels of light oil, generating in excess of $13 million in revenue and $8 million in cash flow.

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Not for distribution to United States newswire services or for dissemination in the United States.

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced the closing of its upsized non-brokered private placement financing which was previously announced in the Company's press release dated October 16, 2024 and October 21, 2024. First Helium issued 60,666,671 units ("Units") at a price of $0.06 per Unit for gross proceeds of $3,640,000.26 (the "Offering) . All monetary figures in Canadian Dollars.

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

Energy Fuels Inc. is an industry leader in uranium and rare earth elements production for the energy transition. (CNW Group/Energy Fuels Inc.)

As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

Key Terms and Conditions of the MOU

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

The Government has agreed in the MOU, among other things, to:

  • assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
  • certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
  • maintain the fiscal, legal and customs stability of the Toliara Project;
  • not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
  • provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
  • undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

  • the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
  • Project Certification having been obtained; and
  • prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-and-madagascar-government-execute-memorandum-of-understanding-to-further-advance-toliara-critical-mineral-project-in-madagascar-302323924.html

SOURCE Energy Fuels Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c6155.html

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