Good morning, ladies and gentlemen, and welcome to the Helium One Global Annual General Meeting. Throughout this recorded meeting, attendees online will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Just please simply type in your questions at any time and press send. Given the significant attendance online today, the company may not be in a position to answer every question it receives during the meeting itself. However, we will publish all responses on the Investor Meet Company platform. I'd now like to hand over to Chairman James Smith. Good morning. Thank you very much, and welcome everybody. Before I proceed into the AGM, I'd just like to explain how we're going to run the meeting. There's a formal aspect to the AGM, where we'll go through the specific resolutions. After that, I'll hand over to Lorna, who has a presentation prepared, to update all investors on the company's activities. After that, we'll open up the floor to general questions, and there's been some pre-submitted that Nick will administer and offer up to the board, and we'll endeavor to respond to those. With no further delay, I'll crack on with the meeting. Once again, thank you for those that are attending. I'd like to welcome you to the AGM of Helium One, and now that it's past 11:00 A.M., we are formally starting the meeting. I am James Smith. I'm the Non-Executive Chairman of Helium One, and for the purpose of this meeting, I will act as Chairman of the AGM. Quorum is present, and so I do declare this meeting now open. With your permission, I propose that the notice of the AGM and each of the proposed resolutions set out in the notice are taken as read. Is everybody in agreement with that? Thank you very much. Prior to putting the resolutions to the meeting, I'm going to advise the meeting that the board of directors has withdrawn resolutions five and six, and therefore will not be put to the meeting. In accordance with the Articles of Association, Article 18.17, and in my capacity as Chairman, I put resolutions one, two, three, and four of the notice of the AGM to a poll. Before I describe the procedure to run that poll, we have our registrar here to assist with that process. I'm going to open the floor to specific questions on each specific resolution. I'd be grateful if anybody has any questions if they could just state their name, and if they're a corporate representative, the name of the company that they're representing. Resolution number one. Resolution number one is the ordinary resolution to receive and consider the accounts of the company for the financial period ended 30th of June 2024, together with the reports of the directors of the company and the auditor of the companies of those accounts. Are there any questions on resolution number one? Okay. Resolution number two is, again, an ordinary resolution to reappoint PKF Littlejohn LLP as auditors of the company to hold office from the conclusion of this meeting until the conclusion of the next AGM, and to authorize the board, through the audit committee, to fix the remuneration. Are there any questions in relation to resolution number two? Okay, no further questions on resolution number two. Resolution number three, to reappoint a director. It's again an ordinary resolution to re-elect as director of the company, Mr. Graham Jacobs, who retires by rotation in accordance with the company's articles of association, and being eligible, Mr. Jacobs offers himself for re-election. Again, are there any questions in relation to resolution number three? Okay, no questions on resolution number three. Resolution number four, again, is an ordinary resolution, and is to re-elect as director of the company, myself, Mr. James Smith, who retires by rotation in accordance with the company's articles of association, and being eligible, Mr. Smith or myself offers himself for re-election. Again, are there any questions on this resolution? Okay, no questions on any of the resolutions. I will now describe how we are going to take the poll. As I've mentioned, our registrar is present, and for those with letters of representation that have been approved by the registrar, the registrar will be handing out polling cards for those that require them. Only those shareholders present by their proxies to the company are entitled to vote. We have allowed other people without letters of representation into the meeting, but I ask you that you are not allowed to vote. Any shareholder who has been appointed by the chairman of the meeting as his proxy, and does not wish to change the way in which he's directed the chairman to vote, need not complete a polling card, and we have those votes already in. Any shareholder appointed by someone other than the chairman and has his proxy will need to complete a polling card, either if his proxy is not in attendance or if he wishes to change the way in which he has directed his proxy to be voted. There's no need for shareholders who have submitted forms of proxy to complete the poll card, and it would help the scrutineer if we're able to check double counting if they did not. In the case of corporate shareholders, I don't believe there are any, so I think I'm going to miss that section. Finally, I would mention that shareholders present who have already lodged the proxies need not vote on the poll unless they are instructed by myself or the chairman to do so. Our representative from Computershare Investor Services PLC will hand out the polling cards if he has not done so already. Ben, have you handed out what's required? Thank you. You should complete those polling cards, and give your full name and address. If you're a proxy of a shareholder, you need to give the full name and the address of the person you are representing, number of shares that you represent, name of any joint holders, and the name of the proxy voting, if that is applicable. Placing X in for or against or abstain on the voting card, and you must sign that voting card. The result will be announced as soon as possible. Ben, have you received everything you need or do you need to collect those polling cards now? I can do it after the meeting. You want to do it after the meeting? After or before. I'd prefer to do it now if we can. Just get an update, please. There'll be a brief hiatus in the meeting while we collect the number of votes, and then we will announce, as soon as possible, the result of those four resolutions that we have read through. If you can just bear with us while Ben goes around collecting the voting cards. Thank you. Can you just provide me with an update, please? Thank you. Update the numbers I've got. Okay, great. Thank you very much. Well, I can now announce the results of those additional polling cards. The result for resolution number one is that 107 million are in favor, and 141 million are against this resolution. I declare that this resolution is not carried by the representative majority. I advise the room and those in attendance that resolution one is an advisory vote and it's not binding on the company. Resolution number two, to reappoint the auditor. 244 million votes in favor, and 1.7 million against. I declare that the resolution is carried. Resolution number three, to reappoint Mr. Graham Jacobs, has 226 million in favor and 3 million against, and I declare that that resolution is carried. Resolution number four, to re-elect myself, James Smith. There are 88 million in favor and 3 million against, and I declare that that resolution is carried. There being no further business, formal business of the meeting, on behalf of my colleagues, thank you for participating in this formal aspect of the AGM. Now I'm going to hand over to Lorna, but before I do so, I'd just like to make some opening remarks before Lorna undertakes her presentation. I think it's worth saying that the past year for the company has been transformational. This time last year, we were in a tough spot. I think we all know that. We were low on cash reserves. We'd run into some technical difficulties with the rig that are now resolved and had some encouraging results that we'd seen at Itumbula. We had to make a decision as to quite where to go next. We had to do some fundraisers, and while their prices, I know were clearly not desired, we were able to achieve some great success. What we did, what we said we'd do in those raises, we have delivered on. We were operational with the rig for about a third of the year. We had people in the field for about two-thirds of the year, and during the whole of the year, we had no LTIs, which I think is a real credit to management. There has been a huge amount of effort from management. They've sacrificed a lot of personal and family time and we've delivered, and they have delivered a commercial helium discovery at Itumbula West. We are now trying to move that forward to the next stage of our development and become a helium developer and producer rather than just a pure explorer. We now have two developments in our portfolio, one in America, one in Tanzania, and we're looking forward to 2025 with a helium portfolio achieving first production later in 2025. For such a small company with such a small team, it's been a huge effort to come from where we were a year ago to where we are now. I'd really personally like to thank you, the management team, Lorna, Graham, who are here and those that are not present at the AGM. With that, I'll hand over to you, Lorna. Thank you, James. to take us through your presentation. Thank you. Thank you. Good morning, everybody. To those in the room who've made the effort to join us today, and also those of you joining online, we do appreciate your engagement and attendance, and welcome to this year's AGM. As James has alluded to, I'll just spend the next sort of 20 minutes, half an hour or so taking you through a short presentation as to what the company has achieved this year and what our outlooks are for the next sort of 6 to 12 months into 2025. As James has already mentioned, we as a board and management team feel that this has very much been a transformational year for Helium One, and very much recognize and acknowledge that many of our shareholders have been in with the company for a long time, and the commerciality and declaring a helium discovery in Tanzania's first helium discovery, is a huge achievement for the company and has certainly been a long time coming. We successfully flowed helium to surface at a sustained elevated percentage of 5.5% helium, and this peaked at 7.9%. Those of you who are familiar in the helium sector will recognize that this is quite a significant concentration of helium. Majority of projects elsewhere globally in the world that are in production and are commercial are sub 1%. We're certainly very delighted with what we have achieved and the fact that we were able to conduct that extended well test earlier this year to achieve those measurements and flow rates. The results of that all-important extended well test went into a feasibility study that we actually started earlier this year with the accompanying ESIA, which is the environmental impact assessment study, which we knew would have to be submitted alongside any mining license application we would make. We had to plan for success in advance of success because that ESIA study requires a six-month window to undertake given the weather patterns in this region of Tanzania. Off the back of the EWT, we had quite a large subsurface team made up of a series of consultants pulling together that feasibility study, populating various subsurface models and running simulation scenarios whereby come mid-September, we were in a very strong position to complete that and submit it to the Tanzanian government as part of a formalized mining license application. That is still currently under review by the Tanzanian government at the Mining Commission and the Ministry of Minerals. Later this year, we also had the successful acquisition of a 50% stake in the Blue Star Helium's Galactica-Pegasus project, which sits in the southeast region of Colorado over in the U.S. This is a very successful prominent helium and CO2 project, whereby the company is very much moving into a development phase with the view that they'll be bringing that project on stream into production by the end of first half of next year. We're delighted to be a part of that project and another transformational move for the company, whereby we will be expecting revenue generation by, or cash flow by the end of first half of next year. It also enables us to diversify our portfolio and helium footprint across two continents, two very different projects, and pleased that one of those will be generating cash flow reasonably soon. In terms of timelines, just putting that into context as to what has been achieved in the last 12 months, as James alluded to, this time last year, we were in a very, very different situation, and I think everybody, including myself, recognizes that. However, it is quite a defining moment to sit here today and present quite a different story and a story of success. Itumbula West-1 was actually drilled at the beginning of this year. We had some rig problems off the back of the Tai well that was drilled towards the end of last year. We were able to fix the rig and then mobilize quite quickly over to Itumbula West-1. Off the back of the learnings at Tai, we had some sort of fundamental learnings that we took away from that well, which made us make a decision to actually move the well location at the Itumbula prospect last minute. Not an easy decision. Came at a cost at the time because the civils work had already been completed on the pad and then the access road. However, very pleased that we did make that decision and we're now in a position today whereby we have a commercial discovery behind us. The initial drilling of that well did flow the 4.7% helium to surface, and we did perform a DST over three intervals in that well, which gave us huge encouragement that we had drilled in the right spot and we were in the sweet spot of the helium fairway in the Itumbula region. We took the decision that we needed to go one step further and perform that all-important extended well test so that we could get more data out of the well in terms of flow rates, reservoir performance, and understand what potentially the helium concentrations would do over a longer period of time. We also wanted to drill deeper into the basement target. We knew from Tai that the basement was fractured, and that's where we saw a concentration of the helium pickup. When we tagged the basement at Itumbula ahead of commencing the extended well test, we wanted to deepen further into the basement in the hope that we would intersect more of these fractures and more freely flow the helium to surface in the solution that it was encountered. We successfully did that. That commenced early July and almost instantaneously went straight into the testing phase, having our third-party service companies at site ready to fulfill those tests. We then had the sustained helium flow up to 5.5% to surface from the faulted Karoo section and also the weathered basement. Then also around that same time, we also completed the acquisition of the Galactica-Pegasus project with Blue Star. That was a long time coming. I know optically it seamlessly happened at the same time. For those of you that have QC'd many projects in the past and know the level of due diligence that has to be done at multiple levels, it is not an overnight job. That acquisition was part of a review, a global review of helium opportunities that the company had been undertaking for a long time, for a number of months. As I've already alluded to, a huge milestone was successfully submitting that feasibility study and the ESIA as part of the comprehensive mining license application to the government of Tanzania with a view that we're very hopeful that they will award us with that mining license for Tanzania's first helium development project. That is, as I mentioned, under review, and we're very much looking forward to getting that awarded in due course. Looking forward into next year, you would have seen the announcement that went out on Friday. We're in a position now where we've had a bit of a setback with the weather in Colorado, but now in a position whereby the civils work on the pads will commence imminently, just shortly after Christmas, and Blue Star will commence the development drilling program of the initial 5 wells over Galactica and Pegasus. We're very much looking forward to getting that project underway, obviously, ultimately, hopefully before the end of the first half of next year, generating some cash flow from the USA. We're also looking forward to still continuing to work closely with the Tanzanian government and assisting them where required for any feedback they need, but working with the dedicated teams there to ensure that they have all of the requirements to hopefully award the ML. We're also in parallel to that. We recognize that the feasibility study that was completed and submitted was an internal document. We are looking into doing an independent CPR on the discovery well and the project in Southern Rukwa so that we're in a position whereby, when that is done, we can put something potentially or put some numbers out to the market. I think a key point here is to mention that this is really quite a unique project. No two helium projects in the world are the same. This one is really quite different because we've encountered helium gas in solution. It's an unconventional play. It's more like a resource play rather than a conventional oil and gas type play. As a result, we want to find the right reserves auditor to do that work which is why we're spending a bit of time speaking to various companies, certainly in the pipeline over the next few months. Just at a high level, we're all quite familiar with the Tanzania project now. We did partially relinquish some of our licenses, and fully relinquished those over Balangida earlier this year. That project, we now don't have a footprint in. Those licenses lapsed, and we felt that it was best use of company money and time to focus on the Southern Rukwa Helium Project where we've had a discovery and we look forward to developing and monetizing. We've also still got a stake in the Eyasi project up in the northern half of Tanzania. We've also still got our drilling rig, that is currently warm stacked down in the Southern Rukwa region. We are speaking to a number of companies who have expressed their warm leads at the moment, but obviously when we purchased the rig, it was a strategic move for the company, not just for us to use it on our own wells, but also potentially use it for revenue generation in the future. Depending on other companies' needs and requirements in Tanzania and the East Africa region, then we're certainly engaged. A high-level overview of the U.S. project, again, diversifying the portfolio. We've acquired the 50% stake in Galactica-Pegasus, which is a proven helium fairway in this part of the U.S., and Blue Star very much racing ahead into the development phase with already having drilled one development well at the end of last year, State 15 well, and about to start the five-well development campaign in the next few weeks. In terms of footprint, we lease 246 sq km in southeast Colorado over the Las Animas County region. As I mentioned, proven fairway, and these wells have already flowed up to 6% helium to surface, and that's as a free gas. That's not in solution. Excuse me. The helium here is associated with CO2, and there's actually quite a growing CO2 market in the U.S. It's used widely in the soft drinks industry. We're actually looking to monetize not just the helium from this project, but potentially the CO2 as well. As I've mentioned, some early cash flow there, before end of the first half of next year. We do mention about the project being unique. I've just touched on that in Tanzania, and I think that's what sets Helium One apart from a number of other helium players in the world. When the company was set up 10 years ago, it was recognized that there were these unique surface helium seeps across Tanzania, not just in Southern Rukwa, but in Eyasi and Balangida as well. It's always been an enigma in the subsurface geological world as to how can we get this helium out of the ground and actually monetize it. It's a huge, huge achievement for the company that we've now defined that and secured that, and now the next step is obviously to develop that and monetize the project. It's also not associated with any hydrocarbons. There's now seven wells in the Rukwa Basin. There were wells drilled in the '80s by Amoco. Another company has been exploring for helium, and obviously we've drilled our three wells here as well. None of those wells have any hydrocarbon indications in them. Also no association of CO2 or H2S. Now, the reason I mention that is, yes, you can fit it into the green resource category, which is obviously quite relevant this period, and moving forward is energy transition, et cetera, no association with those dirty hydrocarbons. Also, it's quite key in that it actually makes the development scenario really quite straightforward. Our processing facilities that we've already got the blueprints for, without having to deal with any other gases other than the helium and nitrogen and the water. It makes it very, very straightforward and as a result, it makes it very, very cost effective as well. That's why it's quite key to sort of point that out and separates us from some of the other players. The graph on the bottom left of this slide demonstrates some of the emerging projects in the helium sector globally that are relevant at the moment and many are quite topical in the helium world. What you can see on the left-hand side on that axis is the concentration of helium that those companies have announced, and then the wells or the fields on the bottom axis there. On the far right-hand side, you can see that those fields that are already in production and commercial are doing so at less than 1% helium. The Southern Rukwa Helium Project up at the 7.9% sits very much on the left-hand side of that curve. You can see that we're very much in the upper quartile sector. Also now with our diversification over into the U.S. and 50% stake in Galactica-Pegasus, we can also pick out where the Galactica and Pegasus projects close to the 6% also reside as well. This slide demonstrates what we call a geoseismic section through the Itumbula High that was drilled earlier this year and declared the first helium discovery in Tanzania. I think it's important to demonstrate on this slide what we actually drilled and what we penetrated, because it was a very different target to what the Tai wells had targeted previously. We had always felt that the faults in this active rift system in the East African Rift trend played a significant role in drawing and mobilizing the helium out from deep within the Earth's surface from the Tanzanian craton. How could we actually harness that and commercialize it? Recognizing that perhaps a conventional oil and gas type structure was not necessarily going to work here, and it was actually the faults and the fractures that were mobilizing that helium-rich fluid through the system. You can see. Oh, you can see my cursor. Okay. You can see that the purple section in the bottom half of this well section is where we penetrated the basement, and we came through a weathered basement section and down into a more crystalline basement section, which is the red area at the bottom. This is where we saw the 5.5% helium sustained during the extended well test brought to surface. The yellow and gray section above that is penetrating the Karoo section, which sits on top of this basement high. The shallow overburden, what we refer to as the Lake Beds and the Red Sandstone Group up here. We performed the extended well test down in the faulted Karoo section, and you can see this large, deep-seated fault that taps deep down into the basement rock coming up either side of this large Itumbula High. At the top of the section of the well, the fault then splits, and we got two bites of the cherry, if you like, and whereby we were able to penetrate that faulted section twice. The third section or third target in that well was the fractured basement. You can clearly see that that was a very decisive move by the management team and the company to specifically target that fault and fracture fairway to tap into the helium-rich fluids. The well itself drilled to a total of 1,129 meters, which is fairly consistent with the wells we've drilled elsewhere in the basin. We know that these depths are well within the capabilities of the rig that we now own. The rig, thankfully, performed exceptionally well on this well, not just the initial drilling, but also the deepening and performing the extended well tests. We certainly will be using the rig going forward to drill our development wells once we have the award of the ML. In terms of what that development plan will look like, I've mentioned about the initial blueprints on facilities design that's already completed by a third party over in the U.S. We would still have some FEED and detailed costing work to undertake before we would actually pull the trigger on that and commence any construction. Obviously, we will do that once we have sight of that ML award from the Tanzanian government. The facilities itself is a modular design, and this is a tried and tested design that's used widely on other helium projects globally to suit our purpose down in Tanzania, whereby that modular design concept can be shipped, and we can minimize any civils work required, and work around or work through the wet seasons and make dry season operations very straightforward. The view being that we would then sell the helium at source, and that would be trucked by tube trailers, which you can see in this image on the bottom right, to where the required market is internationally and outside of Tanzania. We also have a very strong commitment to ESG, particularly in the Southern Rukwa region, where we have been so active this year. It's important to the board and the management team that we deliver on these strategies that we have in place in really quite a remote area. Some of our key focus areas this year in Southern Rukwa have been focused around medical, health care, and education. We provided materials to complete a dispensary building that will be used as a healthcare center for primarily children and women in the region, so they have somewhere safe and secure to undertake healthcare, also ongoing support to the local schools in the villages nearby to where we operate. Our community engagement is very key to Helium One. We would not have the success of the project behind us if we didn't have such positive on-the-ground engagement with the local community and their support of the projects, which we are very, very grateful for, and their understanding of what we're trying to achieve here, not just for the company, but also for Tanzania. We'll certainly very much be focused on those types of initiatives longer term as well. The last point there mentions about the water. I've touched on this being a unique project. The helium is in solution, it's not a free gas. We very much recognize that when we move into that production phase, we will be producing water. However, we're looking to engage with NGOs of how we can potentially utilize that water for irrigation projects in the Southern Rukwa region. Touching on the U.S. project, as mentioned, you will be aware of Friday's announcement that went out from Blue Star, but we're very much gearing up to commence the development of those five wells. Sorry, the commencement of those five development wells shortly after Christmas. The first development well that Blue Star drilled last year flowed up to 1.9% helium, but there are other exploration wells and offset projects in the same basin, Helium Fairway, in this region that are already in production. As I mentioned, the helium is also associated with the CO2 in this region, which will have a value, which will be contributing towards the cash flow that we'll be working towards the end of the first half of next year. There are processing facilities already in place down in this region, and so it will be a relatively straightforward tie-back into those facilities. The infrastructure is there, and there's also already the downstream users there as well. We're very much anticipating a relatively quick turnaround from the completion of those development wells and then tying into first production. The headline number there is indications of over $2 million per year accruing to the company and over a period of five years. As I mentioned, that could increase with the additional revenue from the CO2 as well. At this point, I will hand over to Graham, our finance director, to talk through the penultimate slide, which just touches on some of our financials for this past year. Then I will pick up again on the final slide. Thanks, Lorna. Good morning, everybody. Financials, the headlines here are pretty much as one would expect with a small exploration company. Made a loss for the year of $11 million. Predominantly in that were the impairments, writing off some of the carrying costs we previously had on the licenses that have now expired, and exchange movements of $2.3 million. However, worth noting that the G&A was very carefully controlled, despite a very large increase in activities over the year with the drilling of wells and obviously the extended well test and also the pulling together of the mining license application. It's an extremely extensive report, runs to over 600 pages, and we brought in a lot of external consultants to assist with that process. We, as everybody's aware, have undertaken a number of cash raises during the 12 months. December last year, when, as James has alluded to, essentially we were in some difficulties with the rig, and cost overruns that accrued from that on the Tai well. February, there was an opportunistic fundraise when somebody approached us and said they would give us some financing for working capital, which was at that point in time very much appreciated. In June, the $10.2 million, which was raised specifically for the EWT, the extended well test we undertook. In August, the $8.2 million, which was again, and it's ring-fenced for the U.S. operations. The important point here is that each time we have essentially raised money, it has been for a specific purpose. We do not take money that doesn't have a home or doesn't have an immediate use. That's something that is quite important to the company. The upshot of that is that at this point in time, as you can see there, that the company is, given the current level of activity, current circumstances, our obligations and committed liabilities, we are fully funded for the next 12 months. There'll be, from that perspective, we have essentially a clean bill of health from the auditors. There was a sign-off on the working capital review. That actually didn't include references to the working capital and funds that will accrue to the Blue Star Helium project. They're kept to one side and ring-fenced, but we are fully funded for the next 12 months. Thanks, Graham. Okay, just to final this closing slide. We're very much focused on moving forward and focusing on that development of the Southern Rukwa Helium Project once we have the mining license awarded from the Tanzanian government. Being the premium helium player in Tanzania, and also continuing focusing on project monetization to benefit all, not just from our project in Tanzania, but also now the diversified portfolio and branching out into the U.S., which the next point sort of ties into that, and to get us into that near-term cash flow that we're very keen to get to. I think also to remain strategic and opportunistic on our business development side as well. We have screened a huge number of helium opportunities over the past year and beyond, and we certainly can continue to do that where we can, and the team has the resources to do that. Looking forward to seeing what this year ahead holds for the company. Thank you. Thank you, Lorna. Thank you, Graham. I think now we'll open the floor and the IMC to pre-submitted questions. I'll invite Nick in a moment to go through some of those questions that he's receiving. I think I will add that we do have our NOMAD present. Thank you, Scott, for attending. If there are any questions regarding the market regulations, we can address those to Scott, if there are any. With that, I will turn over to you, Nick, to kick us off with the first of the submitted questions and onto those. Okay. First question is about the mining license. Can you give us an update on the mining license? When will it be granted? Did you originally hope it would be granted this year? Finally, could the mining application be refused? Lorna? Yeah. Most of these are going to be for you, aren't they? Yeah. Okay, I touched on the mining license. Whilst we obviously very much would like it to be awarded sooner rather than later, we do recognize that this is new for Tanzania. This is the first of its kind in country, and we recognize that the government require time to evaluate the feasibility study. Graham alluded to 600 pages worth. That's not going to happen overnight. We do know that other MLs in country for commodities can take from three months. We recognize it has been three months, but like I say, this is new, and they will want to do the right thing in understanding it before it's awarded. We do have an ongoing positive dialogue with both the Ministry and the Mining Commission in Tanzania, and we have been appointed a dedicated team to engage with, and I'm confident that we are heading in the right direction, but we respect that they do need the time to evaluate it. The next one is about the feasibility study. Why have you not announced details of the feasibility study that you included within the mining license application? Yeah, go on, Lorna. Again, it's with the government. It's a high-level document that currently sits with the Ministry. It is new. It's unique. I touched on us hopefully doing a CPR sometime in the future, and the numbers that fall out of that CPR will obviously be shared. The study itself, we have been advised by our in-country legal counsel that we really should keep that information between ourselves and the government until the point of award of the ML. Next one. Can you provide some of the details of the feasibility study? No. As above, it is a document that resides with the government, and until the ML is awarded, we won't be disclosing any details of that document. How much will it cost to develop the project under your feasibility plan? Graham, your end, yes? Yeah, sure. We've done some initial moving on towards detailed engineering studies. We have some initial phase blueprints for the type of processing for the facility that we will need. Our current estimates are it will be somewhere in the region of $75-$100 million. What is your strategy and vision for the company? Where do you hope to be in five years' time? Okay, I'll take that one. I think people have seen for the last few months what we've done with Blue Star Helium's Galactica project. We have two very exciting helium development projects now, one in Tanzania and one in the U.S. Lorna's already alluded to the fact that we continue to review opportunities on an ongoing basis, and we will continue to do that. Our ambition is to become a strategic helium player in providing helium for what is a supply-constrained market. That is our aim, and we will continue to look at further projects as they become available. Why did you acquire the interest in Blue Star's asset? Is this a sign that you don't think Tanzania is as good as you thought, or that you won't get the mining license? Lorna. I touched on the timing of that at the start of the presentation. These projects are under review for a long period of time. There's a huge level of due diligence that needs to occur on not just technical, but legal, and various other aspects to it. It was very much underway well before we knew the results from Tanzania. No, I think, it needs to be flipped on its head. We're now in a position where we have two helium development projects in our portfolio across two different continents, which I think is very unique. We're very much focused on the reason for doing that, is to diversify the risk profile of the company, and to create, ultimately, a portfolio of mature helium projects that we can generate some cash flow from. That's the ultimate goal of any exploration company. To be able to do both in one year, to have a discovery behind us in Tanzania and also farm into a project that's in near-term production imminently, is all very, very positive. I think you covered this one, but when do you hope to see first revenues from Blue Star? Yeah. Blue Star are hoping to generate first revenues before the end of the first half of next year. Again, I think it's covered, but we'll just go through it. What is your funding position? How much cash have you got? How long will it last? Yeah, thanks, James. As I said on the finance slides, we have sufficient cash reserves to see us through our current obligations for 12 months. What funding options will be available to the company when you receive the mining license? We are looking at a number of options. Clearly there will be, hopefully, a number that present themselves to us, and we are in discussions with the usual suspects, as it were, a number of banks. We'll also look at potential off-take financing, but clearly any decisions that we take on that will be structured around the best interests of the company and its shareholders. Can you comment on the share price movements, manipulation that seems to have been happening, and what have you been doing to try and mitigate this? Okay, I'll take that one. Yes, we are aware of the rumors that are out there around this subject. We are not aware, and I stress we are not aware, of any illegal share price manipulation. To date, as far as I'm aware, there's not been any complaints submitted. As we are a company on AIM with nearly 6 billion shares in issue, market makers have to use their ability to utilize the bid-ask spread. I think that's generally what is going on. We are not aware of any illegal share price manipulations. Why do you think the share price has not performed when you say you've delivered so much? Yeah. It's a concern to us. We issue press releases that are tremendously successful, exciting details of the project, yet we don't see the response. I think it's fair to say that this is possibly a general condition of the AIM market, in all resource companies. There's been a poor response generally. There's a general negativity around pure exploration companies. I hope as we do move towards production, and as Lorna says, later next year, what we aim to achieve at, that we'll see that we're not just a pure exploration company and a response in the share price hopefully will be corresponding to that changing ability of the company. I think we covered this, but I'll just ask it. What is happening to the rig? Have you had any approaches to use it? Lorna, do you want to do that? Yeah. As I mentioned, the rig is currently warm stacked in Southern Rukwa. It is working. We do have a team on it, keeping it ticking over. In terms of other companies, it's open to all. We're not excluding any party. It's obviously down to individual companies and their overarching strategies, and whether they feel it's appropriate for their projects. As I mentioned, we are in early discussions with an operator at the moment. Nothing has been decided obviously, as in when that might be. If it is, then we would announce something. But at the moment it's very much on location, and we will certainly be committed to using it for fulfilling our own development wells in due course. In Tanzania, we're not shipping it to the U.S., just to be clear. Have you been talking to any off-takers? Lorna? Yeah. Yes, we have, as you would probably expect, given where we are at. We've certainly had some preliminary conversations, but again, until we've been awarded that mining license, we won't be progressing them further until that's in place. Last of the pre-submitted ones is, what did you base your comment on when stating you hoped the mining license to be approved this year, as doesn't the ESIA process take six months, and isn't that a prerequisite to get approval before the license can be issued? I think you better handle this, Lorna. Yeah. I'm not sure. I don't recall we stated it would be approved this year. However, the six-month, I can understand perhaps where there's some confusion there. The six months applies to the ESIA, as I mentioned in the presentation. Because of the wet and dry seasons in Southern Rukwa, any environmental assessment that's done has to accommodate both of those cycles. By default it becomes a six-month study rather than three months. That's why we commenced it in March this year. As I said, planning for success, obviously if we didn't have a discovery, then we wouldn't have submitted it. We wanted to make sure we were ready to go as soon as we had a discovery, rather than then having to wait for six months until the ESIA study was completed. Yes, it does need to be approved, and it complements the feasibility and those two documents, if you like, make up the mining license application, which have been submitted. Good. I think, Nick, before we address any further questions from the IMC, we'll open the floor to any of those present that made the effort to come here personally. If you have any questions that you'd like to ask the board, please stand up, state your name, and pose your questions. I'll repeat the question so the IMC can hear that. Please, if there are any questions. Please. Hi, my name is Toby Spain. Toby. You mentioned, Graham, that we've got cash flow sufficient for the next 12 months at the current burn rate. I notice also that if you're looking forward on the presentation to 2025, there's no specific mention there of any operational activity. I presume that there will be some, not least because if you mention the rig is warm stacked, so presumably we should be using it. I wondered if that 12-month cash flow forecast or cash is to last the current operational activity. What are the plans for funding anything different other than that? The current- Just repeat the question to the IMC. Yeah, sorry. The question is, with regards to our current cash reserves, it covers for our current activity, but is there anything in there that's operational? I assume you're referring to the grant of a mining license application. Well, clearly, as I said previously, the development cost of that is somewhere in the region of $75-$100 million. We don't have that in the bank at the moment. That will precipitate funding of some description. That is what we're investigating at the moment, and clearly, that's a very specialized area. We'd be looking to banks, single or syndicated, but it will come from an external source. It will have to. There will be a degree of element of equity that will need to go with that, but we're trying to keep this as undilutive as we possibly can with- Would that $50 million-$75 million include the drilling of 20-30 development wells? Yes. It will. That's a full development cost. Clearly what we're anticipating is that essentially there'll be a fixed cost. The wells will probably be drilled in batches, and we will bring those costs down as we continue through the cycle, because there will be 25-30 of them. With regards to other operations, none are contemplated at the moment because the focus is on the ML and is on the U.S. We raised the money in August of this year for the U.S. operations. That was the $8.3 million, and that would be used to partly fund the acquisition cost of $1.5 million and the carry wells of $2.7, and the rest is the CO2 processing that Lorna referred to previously. That has not been included in the cash flow projections. That would be in addition to anything that we have currently. Thank you, Graham. I believe there is another question that you have. Actually, question regarding new shares. If you are planning to do it in, let's say, in the upcoming three months or quarter, until April, let's say. Do you plan to issue new shares? We have no plans. Sorry, the question there was are we planning to issue new shares within the next three months or so, and the answer is no. Thank you. Any other questions from the floor? Nick, are there any others on the IMC that we haven't covered? I think we've pretty much covered. Okay. Well Can I have the floor, Matt? Yes, please, sir. That is a reference to the CPR. If we're talking to banks and other parties for part of the funding for that $50-$75 million, presumably we're going to require that CPR in order to give them the confidence that they're funding something that's Obviously. Yeah. Absolutely. Correct. Yeah. Do you have any idea when you might be able to put that in motion? Lorna, do you want to address that? You've touched on it a little bit. Yeah. Like I said, we want to find the right reserves auditor to evaluate the project because it is unique. I'm confident when they are appointed that it will be a reasonable turnaround time to fulfill us to have those negotiations on the funding side as well. You're absolutely right. The two need to go together, and we're very mindful of that. Any other questions before I close the meeting? Well, ladies and gentlemen, thank you very much for attending the Helium One AGM. I duly declare the meeting now closed, and thank you for your attendance. To the board of Helium One, thank you very much indeed for your time this morning. We will now redirect investors online for their feedback. Thank you once again.