Helium One Global to confirm a helium discovery following completion of its extended well test ("EWT") operations at Itumbula West-1 ("ITW-1") which successfully flowed a sustained average of 5.5% helium (air corrected) from the fractured Basement and flowed a sustained average of 5.2% helium (air corrected) to surface from the faulted Karoo Group. Highlights: Successful completion of EWT operations at ITW-1 and demobilisation now underway. Fractured Basement interval flowed a sustained average of 5.5% helium (air corrected) to surface and up to a maximum of 6.7% helium (air corrected).

Faulted Karoo Group interval flowed a sustained average of 5.2% helium (air corrected) to surface and up to a maximum of 7.9% helium (air corrected). The fractured Basement interval also flowed up to 1.1% hydrogen to surface. The well flowed naturally at a maximum flow rate of 2,701 barrels per day ("bpd") of fluid on a 36/64ths of an inch choke setting which equates to 834 standard cubic feet per day ("scf/d") of helium.

Internal modelling demonstrates that this could increase to 20,000 bpd of fluid with artificial lift in the development phase. On this basis, the Company estimates the actual flow rate would increase to 6,176 scf/d of helium, when applying an average concentration of 5.5% helium. The fractured Basement interval flowed naturally for a period of six days with helium gas in solution, and little air contamination in what has been determined to be a pure helium/nitrogen mix.

Gas samples were also collected for additional laboratory analysis when required . Preliminary internal financial modelling demonstrates positive project economics with artificial lift and additional development wells. The Company is now integrating the results of the EWT and finalising its feasibility study ahead of submitting a Mining Licence ("ML") application.

Zero Lost Time Injuries ("LTI") during the EWT operations at ITW-1. Non-productive time ("NPT") for the Company owned Epiroc Predator 220 drilling rig during EWT operations was 2.5%. The Company has now successfully completed its EWT at ITW-1 across the two target intervals. The first tested interval was the faulted Karoo Group which flowed a sustained average of 5.2% helium (air corrected) to surface and up to 7.9% helium (air corrected).

Subsequently, the fractured Basement interval has now been tested and flowed a sustained average of 5.5% helium (air corrected) to surface and up to 6.7% helium (air corrected). The well also flowed up to 1.1% hydrogen to surface from the fractured Basement interval. The fractured Basement interval flowed naturally for a period of six days with helium gas in solution, and little air contamination in what has been determined to be a pure helium/nitrogen mix.

The well flowed naturally at a maximum flow rate of 2,701 bpd of fluid on a 36/64ths of an inch choke setting which equates to 834 scf/d of helium. Internal modelling by the Company demonstrates that this could increase to 20,000 bpd of fluid with artificial lift in development phase. On this basis, the Company estimates the actual flow rate would increase to 6,176 scf/d of helium, when applying an average concentration of 5.5% helium.

The gas compositional analysis of 5.2% helium (uncorrected) was associated with 1.6% argon, 4.9% oxygen and 88.3% nitrogen. This data was subsequently air corrected to yield 6.7% helium.These results were evaluated using an onsite Mass Spectrometer and verified from downhole samples by a field PVT laboratory at the well site. Downhole temperature measurements recorded up to 88°C from the production logging tool, which is consistent with the drill stem test results and likely to be derived from hot Basement-derived fluids.

It is believed that these fluids are carrying the helium in solution preferentially along faults and fractures from deep within the Basement source. Following the completion of the EWT across the fractured Basement, a short co-mingled test of both intervals was conducted. Gas samples were collected at regular intervals throughout the EWT operation and will be used for additional laboratory analysis as and when required.