Annual financial statement
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RNS Number : 4083UQuantum Helium Limited11 September 2026 11 September 2026 Quantum Helium Limited("Quantum" or the "Company") Annual Report and Accounts for the Year Ended 30 June 2026 Quantum Helium Limited (AIM: QHE) is pleased to announce that its Annual Report and Accounts for the financial year ended 30 June 2026 have today been released and are available on the Company's website. The Annual Report will also be sent to shareholders who have elected to receive hard copies. Key Highlights · Revenue from continuing operations increased to AUD $725k (2025: $504k), reflecting oil production at Sagebrush and the positive pricing environment. · Net loss reduced to AUD $3.423m (2025: $10.318m). · Cash at year-end was AUD $10.543m (2025: $3.939m). Cash balance at 9 September 2026 was AUD $8.48m. · Sagebrush working interest increased from 82.5% to 90%, with Quantum receiving approval to assume operatorship in April 2026. · The Sagebrush-1 Extended Production Test confirmed helium-bearing gas at approximately 2.5%, strong reservoir connectivity and pressure recovery, and identified commercial oil within the Leadville Formation, with more than 80 barrels recovered during testing by mid-June 2026. · Independent assessments established combined 2U gross helium resources of 1.104 Bcf across Sagebrush and Coyote Wash, comprising 0.134 Bcf at Sagebrush and 0.97 Bcf at Coyote Wash. · The Company strengthened its funding position through approximately £2.17m raised in October 2025 and a further £5m institutional placing completed in April 2026. Carl Dumbrell, Executive Chairman of Quantum, commented: "FY26 was a defining year for Quantum. We entered the period as Mosman Oil and Gas and ended it as Quantum Helium, with a more focused portfolio, a substantially stronger financial position and a clearer pathway towards development. During the year we increased our interest in Sagebrush to 90%, assumed operatorship, confirmed helium at approximately 2.5%, identified commercial oil within the Leadville Formation and established combined 2U gross
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helium resources of 1.104 Bcf across Sagebrush and Coyote Wash. Our focus is now on execution: progressing the Sagebrush engineering and reservoir optimisation programme, followed by the recommended larger stimulation and testing programme, while continuing to advance Coyote Wash." Additional Information Copies of the Annual Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism Enquiries:Quantum Helium LimitedCarl DumbrellChairman NOMAD and Joint BrokerSP Angel Corporate Finance LLPStuart Gledhill / Richard Hail / Adam Cowl+44 (0) 20 3470 0470Brand CommunicationsAlan GreenTel: +44 (0) 7976 431608 Joint BrokerCMC Markets UK PlcDouglas Crippen+44 (0) 020 3003 8632Joint BrokerOAK SecuritiesJerry Keen / Robert BellTel: +44(0) 203 973 3678 Updates on the Company's activities are regularly posted on its website: www.quantum-helium.com Notes to editorsQuantum (AIM: QHE) explores, develops and produces helium, hydrogen and hydrocarbons, with projects in theUnited States and Australia. The Company targets opportunities that can generate operating cash flow and offerdevelopment upside while continuing exploration. Its portfolio includes several US projects and Australian royaltyinterests. Chairman's Statement & Operations Report For the year ended 30 June 2026 Dear Shareholders, On behalf of the Board, I am pleased to present the Chairman's Statement and Operations Report for Quantum Helium Limited ("Quantum" or the "Company") for the financial year ended 30 June 2026. FY26 was a defining year for Quantum. We entered the period as Mosman Oil and Gas Limited and ended it as Quantum Helium Limited, with a clear strategy focused on building a substantial helium and oil business in Colorado, USA. The change of name approved in November 2025 reflected the transformation taking place across the Company, a more focused portfolio, stronger technical foundations, an expanded helium resource position and a clear pathway towards development. During the year we increased our working interest in the Sagebrush Project to 90%, completed high-resolution 3D seismic acquisition, secured independent resource assessments across Sagebrush and Coyote Wash, completed the regulatory process required to assume operatorship at Sagebrush and commenced the Extended Production Test ("EPT") at Sagebrush-1. The EPT subsequently confirmed helium-bearing gas at approximately 2.5%, demonstrated strong reservoir connectivity and pressure recovery and, importantly, identified commercial oil within the Leadville Formation. The programme materially improved our understanding of the reservoir and provided the technical information required to design the next stage of Sagebrush development. We also significantly strengthened the financial position of the Company. Following the approximately £2.17 million raised in October 2025, Quantum completed a further £5 million institutional placing in April 2026, providing the
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Company with increased financial flexibility to advance development planning and technical work across its Colorado portfolio. By 30 June 2026, Quantum was therefore a materially different business from the Company that had entered the financial year: more focused, better funded, operationally active and supported by a significantly stronger technical understanding of its core assets. Strategic Overview Quantum's strategy is now firmly centred on its Colorado portfolio, with Sagebrush and Coyote Wash forming the foundation of a multi-year helium and oil growth platform. Independent assessments undertaken by Sproule ERCE established combined 2U gross helium resources of 1.104 Bcf across Sagebrush and Coyote Wash, comprising 0.134 Bcf at Sagebrush and 0.97 Bcf at Coyote Wash. This gives Quantum one of the larger independently assessed helium resource positions of any company listed on the London Stock Exchange. Importantly, the Company's development strategy is not dependent on helium alone. Existing oil production at Sagebrush continued to generate revenue throughout FY26, while the EPT also confirmed commercial oil within the Leadville Formation at Sagebrush-1. This provides an additional potential revenue opportunity alongside helium and further demonstrates the broader hydrocarbon potential of Quantum's Colorado acreage. The Company's strategy has therefore evolved from advancing two standalone projects towards building a broader Colorado helium and oil business supported by independently assessed resources, existing production, an expanding technical dataset and a growing inventory of drilling opportunities. Financial Performance (all figures in Australian Dollars) · Revenue: $725K (2025: $504K), Revenue from continuing operations increased during the year, reflecting oil production at Sagebrush and the positive pricing environment. · Net Loss: $3.423m (2025: $10.317m), due to exploration and project development costs. · Cash at Year-End: $10.542m, supported by disciplined cost control and selective fundraising. Cash balance 9 September 2026 of $8.48m. As a junior exploration company, Quantum Helium's principal objective remains the exploration and evaluation of its projects and the identification of new investment opportunities. Significant expenditure is therefore directed toward exploration, technical studies and project development activities, while revenue generated assists in offsetting a portion of these costs. The loss for the year was significantly lower than in the prior year, when the result was materially affected by impairment charges. During FY26, the Company significantly strengthened its funding position, including through the £2.17 million raised in October 2025 and the subsequent £5 million institutional placing completed in April 2026. The April placing was supported by institutional investors and provided additional funding for development planning and engineering at Sagebrush, subsurface and seismic work and general working capital. The Board believes that this stronger financial position provides Quantum with an appropriate platform from which to progress the next stage of its Colorado development strategy. Operations Report 1.Helium Portfolio (USA) Sagebrush Project, Colorado Sagebrush remained the principal operational focus for Quantum throughout FY26. During the first half of the financial year, the Company completed a high-resolution 3D seismic acquisition programme across the Sagebrush area. The programme materially improved subsurface definition and provided a significantly more detailed understanding of the geometry and continuity of the Leadville structure. The dataset also contributed to Quantum's understanding of shallower Ismay oil targets and, when combined with historic seismic, drilling, wireline and production information, subsequently formed an important component of the broader technical evaluation across the Company's Colorado acreage.
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Quantum also increased its working interest in Sagebrush from 82.5% to 90%, materially increasing its exposure to future project upside. In parallel, the Company progressed the regulatory and operational requirements necessary to assume operatorship and commence operations. This included the completion of bonding arrangements, approval of the Sagebrush lease assignment and continued engagement with the Ute Mountain Ute Tribe and the US Bureau of Indian Affairs ("BIA"). On 1 April 2026, Quantum received confirmation from the BIA that operatorship of the Sagebrush Project had been approved, completing the principal regulatory step required for the Company to take operational control. Sagebrush-1 Extended Production Test Following operatorship approval, mobilisation commenced promptly and the Sagebrush-1 EPT began on 8 April 2026. The programme represented the most significant operational activity undertaken by Quantum during the financial year. Sagebrush-1 is an existing drilled and cased well, giving Quantum the opportunity to directly evaluate the Leadville reservoir without the cost and time associated with drilling a new appraisal well. The EPT was designed to improve the Company's understanding of reservoir behaviour, fluid composition, connectivity and productive characteristics and to provide the engineering information required to determine the most appropriate pathway towards commercial development. Initial operations included well preparation, casing integrity work, isolation and perforation of targeted Leadville intervals, followed by an acid stimulation programme designed to improve communication between the wellbore and the naturally fractured carbonate reservoir. Testing demonstrated high injectivity and strong connectivity with the Leadville natural fracture system, providing important information regarding reservoir characteristics and the effectiveness of stimulation. Laboratory analysis subsequently confirmed helium concentrations of approximately 2.5%, consistent with the historic 2.76% helium concentration recorded from Sagebrush-1. The recovered gas composition was also broadly consistent with historic testing, further supporting the continuity of the helium-bearing accumulation. Pressure behaviour during the programme provided another important technical result. Following stimulation, the reservoir demonstrated rapid pressure recovery, with subsequent analysis providing further evidence of strong connectivity within the natural fracture network. These results materially improved Quantum's understanding of the Leadville reservoir and provided an important technical basis for optimisation and future development planning. Commercial Leadville Oil Discovery One of the most significant and unexpected outcomes of the EPT was the identification of commercial oil within the Leadville Formation. More than 80 barrels of oil had been recovered during testing by mid-June 2026. Commercial production from the Leadville had not previously been demonstrated in the Sagebrush area and the oil opportunity had therefore not been included in the earlier independent helium resource assessment. The discovery has added a potentially important new dimension to Sagebrush. Alongside the helium resource, the Leadville oil provides an additional potential revenue opportunity and has broadened the Company's understanding of the hydrocarbon system across the project. The data generated through the EPT is being incorporated into the broader engineering and commercial evaluation of Sagebrush, including assessment of the most appropriate integrated helium and oil development pathway. Reservoir Optimisation The initial EPT confirmed helium, established connectivity with the natural fracture network, demonstrated significant reservoir pressure recovery and identified commercial oil. It also provided important information regarding the level of reservoir contact required to achieve stronger and more sustainable flow performance. During the initial programme, representative sustained gas flow rates were not established, due in part to liquid build-up and the continuing recovery of stimulation fluids from the fracture network. Rather than being viewed in isolation, the initial EPT was designed to generate the reservoir and production information required to determine the optimal engineering solution for future development. This work now forms the basis of the engineering and reservoir optimisation programme being undertaken by the Company. Existing Sagebrush Oil Production
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Existing oil production remained an important component of the Sagebrush Project throughout FY26. During the six months to 31 December 2025, approximately 5,500 barrels of oil were produced from the Sagebrush field on a gross basis, generating gross revenue of US$259,744. Oil production continued during calendar 2026. For the six months to 30 June 2026, Sagebrush produced 5,141 barrels of oil on a gross basis, generating gross revenue of US$316,263. Second-quarter gross revenue increased to US$207,975 compared with US$108,288 in the first quarter, reflecting continued production, oil recovered during Sagebrush-1 testing and stronger realised oil prices. For the purposes of this section, "gross" refers to 100% field production and revenue before adjustment for Quantum's 90% working interest and associated royalties. Existing oil production continues to provide revenue while the Company progresses its helium development programme and demonstrates the value of maintaining a diversified helium and hydrocarbon strategy. The commercial Leadville oil identified during the EPT creates an additional opportunity to expand this revenue base in the future. Coyote Wash Project Coyote Wash developed materially during FY26 and now represents the second major pillar of Quantum's Colorado strategy. During the first half of the year, Sproule ERCE completed an independent assessment of the project, confirming 0.97 Bcf of 2U gross helium resources within the Leadville Formation. Together with the independently assessed Sagebrush resource, this increased Quantum's combined Colorado helium position to 1.104 Bcf. The independent assessment also identified prospective oil resources within the Ismay Formation, providing further development optionality alongside helium. In February 2026, the BIA formally approved the Coyote Wash Indian Mineral Development Agreement ("IMDA"), providing the regulatory framework required to advance future drilling and development. Subsequent integrated technical evaluation has identified six Leadville prospects at Coyote Wash, providing a substantial inventory of potential future drilling opportunities. Quantum believes that Coyote Wash has the potential to become a significant standalone project while also forming part of the Company's broader multi-field Colorado development strategy. Corporate and Strategic Progress The operational progress achieved during FY26 was accompanied by continued rationalisation of the Company's portfolio and corporate structure. Following disappointing drilling results, Quantum elected not to commit further capital to the Vecta Project, enabling the Company to focus management attention and financial resources on the opportunities considered capable of delivering the greatest potential value. The Company also continued to strengthen its balance sheet and capital markets position. On 17 April 2026, Quantum announced a £5 million institutional equity placing, which provided additional funding to progress development planning and engineering at Sagebrush, permitting and drill planning at Coyote Wash and ongoing seismic interpretation and subsurface modelling. During June 2026, the Board also proposed a 100-for-1 consolidation of the Company's ordinary shares. The Boardconsidered the consolidation appropriate for Quantum's stage of development and intended to establish a moresuitable capital structure and share price level for the Company. Post Period End On 1 July 2026, shareholders approved the proposed 100-for-1 Share Consolidation. The consolidated shares commenced trading on AIM on 3 July 2026, following which Quantum had 499,853,967 ordinary shares in issue. Board Update FY26 saw a significant strengthening of Quantum's Board and senior leadership structure. Howard McLaughlin was formally appointed Chief Executive Officer in September 2025, having already played animportant role in advancing the Company's US activities. Howard brings more than 45 years of oil and gas industryexperience, including significant international exploration and operational experience. Carl Dumbrell transitioned to Executive Chairman and Andrew Scott became Executive Director, strengthening theCompany's corporate, capital markets and investor engagement capabilities. Nigel Harvey and Graham Duncan
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continued as Non-Executive Directors, providing significant financial, governance, banking and capital marketsexperience. The Board believes the current leadership structure brings together the technical, operational, corporate and financialexpertise required to execute the next stage of Quantum's strategy. Directors also demonstrated continued alignmentwith shareholders through further purchases of Quantum shares during FY26. Outlook Quantum enters FY27 from a materially stronger position than twelve months earlier. The Company now has 1.104 Bcf of independently assessed 2U gross helium resources, a proven helium discovery at Sagebrush with approximately 2.5% helium reconfirmed through testing, existing oil production, a newly identified commercial Leadville oil opportunity, and a substantially expanded inventory of future drilling opportunities. The Company expects to complete the Sagebrush engineering and reservoir optimisation programme during the current quarter, with the recommended larger stimulation and testing programme to follow thereafter. At the same time, Quantum will continue advancing permitting and planning for Little Ute SE and Yellow Jacket SE, progressing technical work on Mariano Wash SE, Lula and Sagebrush East and evaluating further opportunities to expand its Colorado acreage and production base. The Company will also continue assessing the most appropriate commercialisation pathway for Sagebrush helium, including processing, separation and routes to market. Longer term, Quantum's ambition is clear: to progress from a single helium discovery into a multi-field Colorado helium and oil business, supported by disciplined development of its existing portfolio, organic growth and selective value- accretive acquisitions. In addition to advancing its existing helium and oil portfolio, Quantum continues to assess selective investment opportunities across the broader resources sector. This includes opportunities where the Company can gain exposure to attractive resource projects at an early stage and apply its technical, commercial and capital markets experience to support value creation. Any such investment will be considered on a disciplined basis, with a focus on strategic fit, capital efficiency and the potential to enhance shareholder returns. The helium market provides a supportive backdrop to that strategy. Helium remains a critical commodity for sectors including semiconductor manufacturing, medical imaging, aerospace and advanced technology, while constrained global supply continues to increase the strategic importance of secure domestic US resources. We believe Quantum is well positioned to benefit from these fundamentals as it advances its portfolio towards commercial development. Acknowledgements On behalf of the Board, I thank our management team, our CEO and US technical and operational team for their work during what has been a highly active year. I would also like to acknowledge the Ute Mountain Ute Tribe and the Bureau of Indian Affairs for their constructive engagement throughout the Sagebrush regulatory and operational process and we look forward to continuing to build upon this partnership. Finally, I would like to thank our shareholders for their continued support. FY26 established the foundations of the Quantum Helium business. We enter FY27 with a stronger balance sheet, a substantially improved technical understanding of our assets and a significantly broader pipeline of development and drilling opportunities. A summary of the current oil and gas projects as at 10 September 2026: US PROJECTS Asset/ Project Quantum Interest Location Status Sagebrush 90% Colorado DrilledCoyote Wash 100% Colorado Undrilled AUSTRALIAN EXPLORATION PROJECTS Asset/Project QuantumInterest Location Status PermitNumber Licence RenewalDate Comments
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Australia,Amadeus Basin 100%(subjecttofarm-in dilution) NT Exploration EPA 155 Application stage Negotiating landaccess with CLC ROYALTIES Asset/ Project Quantum Royalty Interest Location Status Vecta Helium - Billy Goat 5% Colorado, USA DrilledEP 145 5% NT, Aus Undrilled Consolidated Statement of Profit or Loss and Other Comprehensive Income Year Ended 30 June2026 All amounts are in Australian Dollars Notes Consolidated 2026 $ Consolidated 2025 $ Revenue from continuing operations 725,208 503,573 Cost of sales 2 (1,783,916) (222,089) Gross profit (1,058,708) 281,484 Interest income 66,686 58 Other income 159,482 60,000 Administrative expenses (416,620) (246,816) Corporate expenses 3 (1,205,676) (1,600,179) Directors' fees 19 (340,702) (196,333) Exploration expenses incurred, not capitalised (200,380) (598,921) Finance costs (2,895) (5,066) Amortisation expense 11 - (225,260) Depreciation expense 13 (3,934) - Share based payment expense 19 (180,000) (169,662) Impairment expense 11, 12 - (4,718,502) Gains / (loss) on foreign exchange (240,914) 133,672 Loss before income tax expense from continuingoperations (3,423,661) (7,285,524) Income tax expense 5 - - Loss after income tax expense from continuingoperations (3,423,661) (7,285,524) Loss after income tax expense from discontinuedoperations 10 - (3,032,184) Net loss after income tax expense for the year (3,423,661) (10,317,708) Other comprehensive income Items that may be reclassified to profit or loss: - Foreign currency gains/(loss) 4 (58,614) 170,259 Total comprehensive income /(loss) attributable to members of the entity (3,482,275) (10,147,449) Total comprehensive income (loss) for the year attributable to: Continuing operations Discontinued operations (3,482,275) (7,115,265) (3,032,183) (3,482,275) (10,147,449) The accompanying notes form part of these financial statements.
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Consolidated Statement of Profit or Loss and Other Comprehensive Income Year Ended 30 June2026 All amounts are in Australian Dollars Notes Consolidated 2026 $ Consolidated 2025 $ Basic and diluted loss per share from continuing operations (cents per share) 22 (1.035) cents (3.900) cents Basic and diluted loss per share from discontinued operations (cents per share) 22 - (1.600)cents Basic and diluted loss per share (cents per share) 22 (1.035) cents (5.500) cents The accompanying notes form part of these financial statements. Consolidated Statement of Financial Position As at 30 June 2026 All amounts are in Australian Dollars Notes Consolidated30 June 2026 Consolidated30 June 2025 $ $ Current Assets Cash and cash equivalents 7 10,542,583 3,939,471 Trade and other receivables 8 385,576 153,768 Other assets 9 325,218 33,082 Total Current Assets 11,253,377 4,126,321 Non-Current Assets Property, plant & equipment 13 26,659 - Oil and gas assets 11 3,570,194 961,832 Capitalised oil and gas exploration 12 150,000 150,000 Total Non-Current Assets 3,746,853 1,111,832 Total Assets 15,000,231 5,238,153 Current Liabilities Trade and other payables 14 833,205 876,607 Provisions 15 1,144 3,630 Total Current Liabilities 834,349 880,237 Non-Current Liabilities Provisions 15 39,040 40,941 Total Non-Current Liabilities 39,040 40,941 Total Liabilities 873,389 921,178 Net Assets 14,126,842 4,316,975 Shareholders' Equity Contributed equity 16 62,997,120 49,704,978
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Other contributed equity - - Reserves 17 1,289,140 1,347,754 Accumulated losses 18 (50,159,418) (46,735,757) Total Shareholders' Equity 14,126,842 4,316,975 The accompanying notes form part of these financial statements. Consolidated Statement of Changes in Equity Year Ended 30 June 2026 All amounts are in Australian Dollars Accumulated Losses Contributed Equity OtherContributedEquity Reserves Total $ $ $ $ $ Balance at 1 July 2025 (46,735,757) 49,704,978 - 1,347,754 4,316,975 Comprehensive income Loss for the period (3,423,661) - - - (3,423,661) Other comprehensive income for the period - - - (58,614) (58,614) Total comprehensive loss forthe period (3,423,661) - - (58,614) (3,482,275) Transactions with owners, in their capacity as owners, and other transfers: New shares issued - 14,226,191 - - 14,226,191 Cost of raising equity - (934,049) - (934,049) Total transactions with owners and other transfers - 13,292,142 - - 13,292,142 Balance at 30 June 2026 (50,159,418) 62,997,120 - 1,289,140 14,126,824 Accumulated Losses Contributed Equity OtherContributedEquity Reserves Total $ $ $ $ $ Balance at 1 July 2024 (36,418,049) 42,404,962 145,029 904,732 7,036,674 Comprehensive income Loss for the period (10,317,708) - - - (10,317,708) Other comprehensive income for the period - - - 170,259 170,259 Total comprehensive loss forthe period (10,317,708) - - 170,259 (10,147,449) Transactions with owners, in their capacity as owners, and other transfers: New shares issued - 7,635,010 - - 7,635,010 Cost of raising equity - (480,023) - (480,023) Warrants issued - - - 272,763 272,763 Transfer from other contributedequity - 145,029 (145,029) - - Total transactions with owners and other transfers - 7,300,016 (145,029) 272,763 7,427,750 Balance at 30 June 2025 (46,735,757) 49,704,978 - 1,347,754 4,316,975 These accompanying notes form part of these financial statements
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Consolidated Statement of Cash Flows Year Ended30 June 2026 All amounts are in Australian Dollars Notes Consolidated 2026 Consolidated 2025 $ $ Cash flows from operating activities Receipts from customers 491,730 479,521 Interest received & other income 226,166 - Payments to suppliers and employees (3,901,768) (1,999,261) Interest paid (2,894) (5,065) Net cash outflow from operating activities 23 (3,186,766) (1,524,805) Cash flows from investing activities Payments for oil and gas assets (2,657,181) (2,790,024) Deposits paid (227,310) - Payments for property, plant & equipment (30,593) - Proceeds from sale of investments - 755,386 Net cash outflow from investing activities (2,915,084) (2,034,638) Cash flows from financing activities Proceeds from shares issued 13,592,104 6,971,920 Proceeds from other contributed equity - - Payments for costs of capital (646,227) (480,023) Net cash inflow from financial activities 12,945,877 6,491,879 Net increase in cash and cash equivalents 6,844,027 2,932,436 Effects of exchange rate changes on cash and cash equivalents (240,915) 133,670 Cash and cash equivalents at the beginning of the financial year 3,939,471 873,365 Cash and cash equivalents at the end of the financial year 7 10,542,583 3,939,471 The accompanying notes form part of these financial statements Notes to the Financial Statements YearEnded 30 June 2026 All amounts are Australian Dollars 1 Statement of Accounting Policies The principal accounting policies adopted in preparing the financial statements of Quantum Helium Limited (or "the Company'') and Controlled Entities ("Consolidated entity" or "Group"), are stated to assist in a general understanding of the financial report. These policies have been consistently applied to all the years presented, unless otherwise indicated. Quantum Helium Limited is a Company limited by shares incorporated and domiciled in Australia.
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(a) Basis of Preparation These financial statements have been prepared in accordance with Australian Accounting Standards (including Australian Interpretations) adopted by the Australian Accounting Standards Board and the Corporations Act 2001. Compliance with Australian Accounting Standards ensures that the financial statements also comply with International Financial Reporting Standards. The financial statements have been prepared on the basis of historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Going Concern The financial statements have been prepared on the going concern basis. As at 30 June 2026, the consolidated entityincurred a net loss of $3,423,661 during the year ended 30 June 2026 and, as of that date, the group had a cash balanceof $10,542,583. The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realization of assets and settlement of liabilities in the normal course of business. In arriving at this position, the Directors have had regard to the fact that the Group has, or in the Directors' opinion will have access to, sufficient cash to fund administrative and other committed expenditure for a period of not less than 12 months from the date of this report. In forming this view the directors have taken into consideration the following: • The ability of the Group to obtain funding through various sources, including equity raised which arecurrently being investigated by management; • The Group has the capacity, if necessary, to reduce its operating cost structure in order to minimize itsworking capital requirements; and • The Directors have reasonable expectations that they will be able to raise additional funding needed for theGroup to continue to execute against its milestones in the medium term. Should the Company or the Group not be able to achieve the matters set out above, there is a significant uncertainty related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern, and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements were authorised for issue by the Directors on 10 September 2026. (b) Principles of Consolidation and Equity Accounting The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Quantum Helium Limited at the end of the reporting period. A controlled entity is any entity over which Quantum Helium Limited has the ability and right to govern the financial and operating policies so as to obtain benefits from the entity's activities. Where controlled entities have entered or left the Group during the year, the financial performance of those entities is included only for the period of the year that they were controlled. Details of Controlled and Associated entities are contained in Note 27 to the financial statements. In preparing the consolidated financial statements, all inter-group balances and transactions between entities in the consolidated group have been eliminated in full on consolidation. Under AASB 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the
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legal structure of the joint arrangement. Quantum Helium Limited has a working interest in joint operations. Joint ventures Joint operations represent arrangements whereby joint operators maintain direct interests in each asset and exposure to each liability of the arrangement. The Group's interests in the assets, liabilities, revenue and expenses of joint operations are included in the respective line items of the financial statements. Interests in joint ventures are accounted for using the equity method (see below), after initially being recognised at cost in the consolidated balance sheet. Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses of the investee in profit or loss, and the group's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group's interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 1(q). (c) Use of Estimates and Judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Critical Accounting Estimates and Judgements Impairment of Exploration and Evaluation Assets The ultimate recoupment of the value of exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets. Impairment tests are carried out when there are indicators of impairment in order to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the
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inputs and assumptions used in determining the recoverable amounts. The key areas of judgement and estimation include: • Recent exploration and evaluation results and resource estimates; • Environmental issues that may impact on the underlying tenements; • Fundamental economic factors that have an impact on the operations and carrying values of assets andliabilities. Taxation Balances disclosed in the financial statements and the notes related to taxation, are based on the best estimates of directors and take into account the financial performance and position of the Group as they pertain to current income tax legislation, and the directors understanding thereof. No adjustment has been made for pending or future taxation legislation. The current tax position represents the best estimate, pending assessment by the tax authorities. Exploration and Evaluation Assets The accounting policy for exploration and evaluation expenditure results in expenditure being capitalised for an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. This policy requires management to make certain estimates as to future events and circumstances. Any such estimates and assumptions may change as new information becomes available. If, after having capitalised the expenditure under the policy, a judgement is made that the recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to profit and loss. (d) Income Tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amounts are those that are enacted or substantively enacted at the balance sheet date. Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences. Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised; The carrying amount of deferred income tax assets is reviewed at each balance sheet date reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
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Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Income taxes relating to items recognised directly in equity are recognised in equity and not in the income statement. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority. (e) Discontinued operations A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately on the face of the statement of profit or loss and other comprehensive income. (f) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST except: (i) Where the GST incurred on a purchase of goods and services is not recoverable from the taxationauthority, in which case the GST is recognised as part of the cost of acquisition of the asset, or as part ofthe expense item as applicable; (ii) Receivables and payables are stated with the amount of GST included; (iii) The net amount of GST recoverable from, or payable to, the taxation authority is included as part ofreceivables or payables in the Statement of Financial Position; (iv) Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cashflows arising from investing and financing activities, which is recoverable from, or payable to, thetaxation authority, are classified as operating cash flows; and (v) Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to,the taxation authority. (g) Exploration and Evaluation Assets Mineral exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest and is subject to impairment testing. These costs are carried forward only if they relate to an area of interest for which rights of tenure are current and in respect of which: • Such costs are expected to be recouped through the successful development and exploitation of the areaof interest, or alternatively by its sale; or• Exploration and/or evaluation activities in the area have not reached a stage which permits a reasonableassessment of the existence, or otherwise, of economically recoverable reserves and active or significantoperations in, or in relation to, the area of interest is continuing. In the event that an area of interest is abandoned, accumulated costs carried forward are written off in the year in which that assessment is made. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.
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Where a resource has been identified and where it is expected that future expenditures will be recovered by future exploitation or sale, the impairment of the exploration and evaluation is written back and transferred to development costs. Once production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. Costs of site restoration and rehabilitation are recognised when the Company has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be reliably estimated. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Wherea provisionis measuredusingthe cashflows estimatedtosettle the present obligation, its carrying amount is the present value of those cash flows. Exploration and evaluation assets are assessed for impairment if facts and circumstances suggest that the carryingamount exceeds the recoverable amount. For the purpose of impairment testing, exploration and evaluation assets are allocated to cash- generating units to which the exploration activity relates. The cash generating unit shall not be larger than the area of interest. (h) Non-current assets or disposal groups classified as held for sale Non-current assets and assets of disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continued use. They are measured at the lower of their carrying amount and fair value less costs of disposal. For non-current assets or assets of disposal groups to be classified as held for sale, they must be available for immediate sale in their present condition and their sale must be highly probable. An impairment loss is recognised for any initial or subsequent write down of the non-current assets and assets of disposal groups to fair value less costs of disposal. A gain is recognised for any subsequent increases in fair value less costs of disposal of a non-current assets and assets of disposal groups, but not in excess of any cumulative impairment loss previously recognised. Non-current assets are not depreciated or amortised while they are classified as held for sale. Interest and otherexpenses attributable to the liabilities of assets held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of disposal groups classified as held for sale are presented separately on the face of the statement of financial position, in current assets. The liabilities of disposal groups classified as held for sale are presented separately on the face of the statement of financial position, in current liabilities. (i) Accounts Payable These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. (j) Contributed Equity Issued Capital Incremental costs directly attributable to the issue of ordinary shares and share options and warrants are recognised as a deduction from equity, net of any related income tax benefit. (k) Earnings Per Share Basic earnings per share ("EPS") are calculated based upon the net loss divided by the weighted average number of shares in issue. Diluted EPS are calculated as the net loss divided by the weighted average number of shares and dilutive potential shares. (l) Share-Based Payment Transactions
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The Group provides benefits to Directors, KMP and consultants of the Group in the form of share-based payment transactions, whereby employees and consultants render services in exchange for shares or rights over shares ("equity settled") transactions. The value of equity settled securities is recognised, together with a corresponding increase in equity. Where the Group acquires some form of interest in an exploration tenement or an exploration area of interest and the consideration comprises share-based payment transactions, the fair value of the assets acquired are measured at grant date. The value is recognised within capitalised mineral exploration and evaluation expenditure, together with a corresponding increase in equity. (m) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (n) Financial Risk Management The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework, to identify and analyse the risks faced by the Group. These risks include credit risk, liquidity risk and market risk from the use of financial instruments. The Group has only limited use of financial instruments through its cash holdings being invested in short term interest bearing securities. The Group has no debt, and working capital is maintained at its highest level possible and regularly reviewed by the full board. (o) Financial Instruments Recognition, initial measurement and derecognition Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities are described below. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and subsequent measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with AASB 9, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Hybrid contracts If a hybrid contract contains a host that is a financial asset, the policies applicable to financial assets are applied consistently to the entire contract. Subsequent measurement of financial assets For the purpose of subsequent measurement, financial assets, other than those designated and effective as hedging instruments, are classified into the following categories upon initial recognition: • financial assets at amortised cost• financial assets at fair value through profit or loss (FVPL) • debt instruments at fair value through other comprehensive income (FVOCI)• equity instruments at fair value through other comprehensive income (FVOCI) Classifications are determined by both: • the entity's business model for managing the financial asset • the contractual cash flow characteristics of the financial assets
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All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL): • they are held within a business model whose objective is to hold the financial assets and collect itscontractual cash flows• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal andinterest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables fall into this category of financial assets. Financial assets at fair value through profit or loss (FVPL) Financial assets that are held within a business model other than 'hold to collect' or 'hold to collect and sell' are categorised at fair value through profit and loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Debt instruments at fair value through other comprehensive income (Debt FVOCI) Financial assets with contractual cash flows representing solely payments of principal and interest and held within a business model of collecting the contractual cash flows and selling the assets are accounted for at FVOCI. Any gains or losses recognised in OCI will be recycled upon derecognition of the asset. Equity instruments at fair value through other comprehensive income (Equity FVOCI)Investments in equity instruments that are not held for trading are eligible for an irrevocable election at inception to be measured at FVOCI. Under this category, subsequent movements in fair value are recognised in other comprehensive income and are never reclassified to profit or loss. Dividend income is taken to profit or loss unless the dividend clearly represents return of capital. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12- month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset's carrying value with a corresponding expense through profit or loss. (p) Oil and gas assets The cost of oil and gas producing assets and capitalised expenditure on oil and gas assets under development are accounted for separately and are stated at cost less accumulated amortisation and impairment losses. Costs include
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expenditure that is directly attributable to the acquisition or construction of the item as well as past exploration and evaluation costs. When an oil and gas asset commences production, costs carried forward are amortised on a units of production basis over the life of the economically recoverable reserves. Changes in factors such as estimates of economically recoverable reserves that affect amortisation calculations do not give rise to prior financial period adjustments and are dealt with on a prospective basis. (q) Impairment of Assets At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the income statement. Impairment testing is performed annually for goodwill and intangible assets with indefinite lives. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. (r) Employee Entitlements Liabilities for wages and salaries, annual leave and other current employee entitlements expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable. Contributions to employee superannuation plans are charged as an expense as the contributions are paid or become payable. (s) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will be the result and that outlay can be reliably measured. (t) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet. (u) Revenue and Other Income Revenue and other income is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Group's activities as described below. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue from Joint Operations is recognised based on its share of the sale by joint operation. Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. (v) Business combinations
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The acquisition method of accounting is used to account for business combinations regardless of whether equityinstruments or other assets are acquired. The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest in the acquiree. For each business combination, the non- controlling interest in the acquiree is measured at either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss. On the acquisition of a business, the consolidated entity assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the consolidated entity's operating or accounting policies and other pertinent conditions in existence at the acquisition- date. Where the business combination is achieved in stages, the consolidated entity remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying amount is recognised in profit or loss. Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquiree. Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value. (w) Acquisition of Subsidiary Not Deemed a Business Combination When an acquisition of assets does not constitute a business combination, the assets and liabilities are assigned a carrying amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to the acquired assets and assumed liabilities as the initial exemption for deferred tax under AASB 112 applies. No goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of the asset. (x) Foreign Currency Translation Functional currency Items included in the financial statements of the Group's operations are measured using the currency of the primary economic environment in which it operates ('the functional currency'). The functional currency of the Company and controlled entities registered in Australia is Australian dollars (AU$). The functional currency of the controlled entities registered in the US is United States dollars (US$). Foreign currency transactions are translated into the functional currency using the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of
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exchange ruling at the end of the reporting period. Foreign exchange gains and losses resulting from settling foreign currency transactions, as well as from restating foreign currency denominated monetary assets and liabilities, are recognised in profit or loss, except when they are deferred in other comprehensive income as qualifying cash flow hedges or where they relate to differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the datewhen fair value was determined. Presentation currency The financial statements are presented in Australian dollars, which is the Group's presentation currency. Functional currency balances are translated into the presentation currency using the exchange rates at the balance sheet date. Value differences arising from movements in the exchange rate is recognised in the statement of comprehensive income. (y) Joint operations A joint arrangement in which the Group has direct rights to underlying assets and obligations for underlying liabilities is classified as a joint operation. Interests in joint operations are accounted for by recognising the Group's assets (including its share of any assets held jointly), its liabilities (including its share of any liabilities incurred jointly), its revenue from the sale of its share of the output arising from the joint operation, its share of the revenue from the sale of the output by the joint operation and its expenses (including its share of any expenses incurred jointly). (z) New standards and interpretations Standard and interpretation The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the AustralianAccounting Standards Board ('AASB') that are mandatory for the current reporting period. Consolidated 2026 Consolidated 2025$ $ 2 Cost of sales Cost of sales 1,238,290 4,863 Lease operating expenses 545,626 217,226 1,783,916 222,089 3 Corporate Costs Accounting, Company Secretary and Audit fees 267,481 238,309 Rent 12,380 - Consulting fees - board 406,679 361,200 Consulting fees - other 96,017 479,409 NOMAD and broker expenses 212,965 155,349 Legal and compliance fees 210,154 305,911 1,205,676 1,540,179 4 Other comprehensive profit Foreign currency gains/(losses) (58,614) 170,259 (58,614) 170,259 5 Income Tax No income tax is payable by the Group as it has incurred losses for income tax purposes for the year,therefore current tax, deferred tax and tax expense is $NIL (2025 - $NIL).
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(a) Numerical reconciliation of income tax expense to prima facie tax payable Consolidated 2026 Consolidated 2025$ $ Loss before tax (3,423,661) (10,317,708) Income tax calculated at 25% (2025: 25%) (855,915) (2,564,427) Tax effect of amounts which are deductible/non- deductibleIn calculating taxable income: Impairment expense - 1,123,721 Upfront exploration expenditure claimed - (64,266) Other 4,820 107,725 Effects of unused tax losses and tax offsets not recognised as deferred tax assets 851,095 1,412,247 Income tax expense attributable to operating profit NIL NIL (b) Tax Losses As at 30 June 2026 the Company had tax losses of $41,824,875 (2025: $38,413,978). The benefit of deferred taxassets not brought to account will only be realised if: • Future assessable income is derived of a nature and of an amount sufficient to enable the benefit to berealised; and• The conditions for deductibility imposed by tax legislation continue to be complied with and no changesin tax legislation adversely affect the Company in realising the benefit. (c) Unbooked Deferred Tax Assets and Liabilities Deferred tax assets are estimated but not recognised at $10,456,219 at 30 June 2026 (2025: $9,603,494) soas to enable the Board to determine more reliably the probability of utilising these tax assets in theforeseeable future. Consolidated2026 Consolidated2025 $ $ 6 Auditors Remuneration Audit - Elderton Audit Pty Ltd Audit of the financial statements 36,135 35,600 36,135 35,600 7 Cash and Cash Equivalents Cash at Bank 10,542,583 3,939,471 10,542,583 3,939,471 8 Trade and Other Receivables Joint interest billing receivables* 302,780 27,844 Deposits - 56,056 GST receivable - - Accrued revenue 79,885 65,231 Other receivables 2,911 4,580 385,576 153,768 * When appropriate, unpaid joint interest billing receivables are recovered from the interest holders share of production income.
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9 Other Assets Prepayments 95,369 30,543 Deposits paid 227,310 - Incorporation costs 2,539 2,539 325,218 33,082 10 Assets and Liabilities Classified as Held For Sale Discontinued operations (a) Financial performance Consolidated 2026 Co $Revenue - Cost of sales - Gross profit - Administrative expenses - Amortisation expense - Impairment expense - Loss on sale of Nadsoilco, LLC - Impairment of interest in EP145 - Loss before income tax expense - Income tax expense - (b) Cash flow information Consolidated2026 Consolidated 2025 $ $Net cash from operating activities - - Net cash from investing activities - 771,367 Net cash used in investing activities Net increase/(decrease) in cash and cash equivalentsfrom discontinued operations - 771,367 Lossafter income tax expense from discontinued operations - Consolidated 2026$ Consolidated 2025$ 11 Oil and Gas Assets
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Cost brought forward 961,832 3,685,367 Acquisition of oil and gas assets during the year 127,896 2,175,287 Capitalised expenses during the period (Coyote Wash andSagebrush) 2,529,286 Amortisation for the year - (225,260) Transfer to assets held for sale Impairment of oil and gas assets1 - (4,767,026) Impact of Foreign Exchange on amortisation/impairment - 51,828 Impact of Foreign Exchange on opening balances (48,820) 41,636 Carrying value at end of year 3,570,194 961,832 1. Impairment of $4,767,026 was recognized in relation to capitalized oil and gas assets held in Mosman Texas and Mosman Helium, being the carrying value of Cinnabar, Arkoma and Vecta (US Oil and Gas Assets). The Board has carried out an impairment assessment of the Oil and Gas Assets and have concluded that these assets have nil carrying value. Consolidated 2026 $ Consolidated 2025 $12 Capitalised Oil and Gas Expenditure Cost brought forward 150,000 1,503,925 Exploration costs incurred during the year - - Impairment of oil and gas expenditure1 - (1,353,925) Carrying value at end of year 150,000 150,000 1. Impairment of $1,353,925 was recognized in relation to exploration permit EP 145, bringing down the carrying value of the asset to $150,000, which represent value of the long lead items. Quantum will retain 5% of helium and hydrogen royalty over the project (based on sales price, no deduction of costs), however this does not form part of the carrying value of the asset, despite the potential future upside. 13 Property, Plant & Equipment Website 30,594 - Less: Accumulated depreciation (3,934) - 26,659 - 14 Trade and Other Payables CURRENT Trade creditors1 270,620 156,611 Other creditors and accruals 562,585 719,996 833,205 876,607 1. The balance includesamounts payable on behalf of other royalty holders for which there are also receivables owing for their share of the workover costs (refer Note 8). 15 Provisions CURRENT Provision 1,144 3,630 NON-CURRENT Provision for abandonment 39,040 40,941 40,184 44,571
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Consolidated 2026 Consolidated 2025 $ $ 16 Contributed Equity Ordinary Shares: Value of Ordinary Shares fully paid Movement in Contributed Equity Number of shares Contributed Equity $ Balance as at 1 July 2025: 22,981,521,662 49,704,977 23/10/2025 27/11/2025 27/11/2025 23/04/2026 Shares issued (i) Sharesissued (ii) Shares issued(iii) Shares issued (i) $0.00046 $0.00049 $0.00049 $0.00055 9,633,333,332 365,703,702 338,171,359 16,666,666,667 4,421,145 180,000 166,267 9,458,780 Capital raising costs (934,049) Balance at end of year 49,985,396,722 62,997,120 Subsequent to 30 June 2026, the Company completed a consolidation of its ordinary share capital on the basis of one (1) ordinary share for every one hundred (100) ordinary shares held. The consolidation became effective on 3 July 2026 and reduced the number of ordinary shares on issue from 49,985,396,722 to 499,853,967, subject to the treatment of fractional entitlements. The share consolidation did not result in any change to the contributed equity of the Company. n accordance with AASB 133 Earnings per Share, the weighted average number of ordinary shares used in calculating basic and diluted earnings per share for the current and comparative periods has been adjusted retrospectively to reflect the share consolidation. (i) Placements via capital raising as announced (ii) Placements to Directors and PDMR (iii) Shares issued to suppliers 17 Reserves Consolidated 2026$ Consolidated 2025$ Foreign currency translation reserve 1,016,377 1,074,991 Warrants reserve 272,763 272,763 1,289,140 1,347,754 The warrant reserve represents the fair value of equity instruments issued to employees as compensation and issued to external parties for the receipt of goods and services. This reserve will be reversed against issued capital when the underlying shares are converted and reversed against retained earnings when they are allowed to lapse. Movement in Warrants Reserve Warrants reserve at the beginning of the year 272,763 - Warrants issued - 272,763 Warrants expired - - Warrants reserve at the end of the year 272,763 272,763 As of the date of signing this report, unissued ordinary shares of the Company under option were: Grant Date Number of Warrants on Issue Exercise Price Expiry Date 19 September 2024 254,571,428 0.035 Great British Pence 19 September 2026 10 December 2024 194,942,200 0.077 Great British Pence 10 December 2027
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30 June 2025 229,815,217 0.077 Great British Pence 4 July 2028 Total Unlisted Warrants 679,328,845 The Company did not issue any warrants during the period. The above warrants represent unissued ordinary shares of the Company under option as at the date of this report. No person entitled to exercise any option has or had, by virtue of the option, a right to participate in any share issue of any other body corporate. Following the 100:1 consolidation of the Company's ordinary shares effective on 3 July 2026, the number of warrants on issue and their respective exercise prices were adjusted in accordance with the terms of the warrants. The number of warrants on issue following the consolidation was 6,793,288. Foreign Currency Translation Reserve Nature and purpose of the Foreign Currency Translation Reserve Functional currency balances are translated into the presentation currency using the exchange rates at the balance sheet date. Value differences arising from movements in the exchange rate is recognised in the Foreign Currency Translation Reserve. Movement in Foreign Currency Translation Reserve Consolidated2026 $ Consolidated2025 $ Foreign Currency Translation Reserve at the beginning of the year 1,347,754 904,732 Current year movement (58,614) 443,022 Foreign Currency Translation Reserve at the end of the year 1,289,140 1,347,754 18 Accumulated Losses Accumulated losses at the beginning of the year 46,735,757 36,418,049 Net loss attributable to members 3,423,661 10,317,708 Accumulated losses at the end of the year 50,159,418 46,735,757 Consolidated2026 $ Consolidated2025 $ 19 Related Party Transactions Key Management Personnel Remuneration Cash Payments to Directors and Management (i) 933,142 695,033 Non-cash payment to Directors and Management (ii) 180,000 169,662 Total 1,113,142 864,695 i. During the year to 30 June 2026: a. Director fees of $60,022 were paid or are payable to Mr Nigel Harvey; b. Director fees of $680 were paid or are payable to Mr Andrew Carroll (resignation 4 July 2025);c. Director fees of $110,000 were paid or are payable to Mr Carl Dumbrell; d. Director fees of $60,000 were paid or are payable to Mr Graham Duncan; e. Director fees of $110,000 were paid or are payable to Mr Andrew Scott;
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f. CFO, Company Secretary Fees totaling $180,000 were paid or are payable to Ms T Loh's accountingfirm, CDTL.g. Consulting fees of $412,439 were paid or are payable to Mr Howard McLaughlin, including a bonus of$23,334 paid in January 2026. ii. During the year to 30 June 2026, the Company issued the following shares to directors and management: a. On 27 November 2025, 60,950,617 shares at 0.0243 pence per share to Mr Carl Dumbrell, total fairvalue of these shares were $30,000 AUDb. On 27 November 2025, 60,950,617 shares at 0.0243 pence per share to Mr Nigel Harvey, total fairvalue of these shares were $30,000 AUDc. On 27 November 2025, 60,950,617 shares at 0.0243 pence per share to Mr Andrew Scott, total fairvalue of these shares were $30,000 AUDd. On 27 November 2025, 60,950,617 shares at 0.0243 pence per share to Ms Tina Loh, total fair value ofthese shares were $30,000 AUDe. On 27 November 2025, 60,950,617 shares at 0.0243 pence per share to Mr Howard McLaughlin, totalfair value of these shares were $30,000 AUDf. On 1 December 2025, 60,950,617 shares at 0.0243 pence per share to Mr Graham Duncan, total fairvalue of these shares were $30,000 AUD Movement in Shares and Warrants The aggregate numbers of shares and warrants of the Company held directly, indirectly or beneficially by Key Management Personnel of the Company or their personally-related entities are fully detailed in the Directors' Report. Amounts owing to the Company from subsidiaries: Trident Energy Pty Ltd At 30 June 2026 the Company's 100% owned subsidiary, Trident Energy Pty Ltd, owed Quantum Helium Limited$4,054,198 (2025: $4,053,771). OilCo Pty Ltd At 30 June 2026 the Company's 100% owned subsidiary, OilCo Pty Ltd (OilCo), owed Quantum Helium Limited$715,156 (2025: $714,358). Mosman Oil USA, Inc At 30 June 2026 the Company's 100% owned subsidiary, Mosman Oil USA, Inc, owed Quantum Helium Limited$17,235,980 (2025 $10,774,542). Adagio Resources Limited At 30 June 2026 the Company's 100% owned subsidiary, Adagio Resources Limited, owed Quantum Helium Limited$7,279 (2025: $5,266). 20 Expenditure Commitments Consolidated2026 Consolidated2025 $ $ (a) Exploration The Company has certain obligations to perform minimum exploration work on Oil and Gas tenements held. Theseobligations may vary over time, depending on the Company's exploration programs and priorities. At 30 June 2026, total exploration expenditure commitments for the next 12 months are as follows: Entity Tenement 2026 $ 2025 $ Trident Energy Pty Ltd EP1451 - - Oilco Pty Ltd EPA155 - - - - 1. EP145 is currently under extension until 21 February 2027. (b) Capital Commitments The Company had no other capital commitments at 30 June 2026 (2025: $NIL). 21 Segment Information
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The Group has identified its operating segments based on the internal reports that are reviewed and used by the board to make decisions about resources to be allocated to the segments and assess their performance. Operating segments are identified by the board based on the Oil and Gas projects in Australia and the USA. Discretefinancial information about each project is reported to the board on a regular basis. The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate. The Group has two reportable segments based on the geographical areas of the mineral resource and exploration activities in Australia and the USA. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments. (i) Segment performance United States $ Australia $ Total $ Year ended 30 June 2025 Revenue Revenue 503,573 - 503,573 Other income - 60,000 60,000 Interest income - 58 58 Segment revenue 503,573 60,058 563,631 Segment Result Allocated - Corporate costs (524,335) (1,075,844) (1,600,179) - Administrative costs (67,071) (179,744) (246,816) - Lease operating expenses (217,226) - (217,226) - Cost of sales (4,863) - (4,863) Segment net profit/(loss) before tax (309,922) (1,195,531) (1,505,453) Reconciliation of segment result to net lossbefore tax Amounts not included in segment result butreviewed by the Board - Exploration expenses incurred notcapitalised (598,921) - Amortisation (225,260) - Impairment (4,718,502) Unallocated items - Employee benefits expense (365,995) - Gain/(loss) on foreign exchange 133,672 - Finance costs (5,066)Net Gain/(Loss) before tax from continuing operations (7,285,524) (i) Segment performance United States$ Australia$ Total$ Year ended 30 June 2026 Revenue Revenue 725,208 - 725,208 Other income 159,366 116 159,482 Interest income 30 66,655 66,685 Segment revenue 884,604 66,771 951,375 Segment Result Allocated - Corporate costs (499,891) (705,785) (1,205,676) - Administrative costs (79,504) (337,116) (416,620) - Lease operating expenses (545,625) - (545,625) - Cost of sales (1,238,291) - (1,238,291) Segment net profit/(loss) before tax (1,478,707) (976,130) (2,454,837) Reconciliation of segment result to net lossbefore tax
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Amounts not included in segment result but reviewed by the Board - Exploration expenses incurred notcapitalized (200,380) - Amortisation - - Impairment - Unallocated items - Employee benefits expense (520,702) - Gain/(loss) on foreign exchange (240,912) - Depreciation (3,934) - Finance costs (2,896)Net Gain/(Loss) before tax from continuing operations (3,423,661) 21 Segment Information (continued) (ii) Segment assets United States $ Australia $ Total $ Total assets as at 1 July 2025 1,253,351 3,984,801 5,238,152 Segment asset balances at end of year - Exploration and evaluation - 2,503,943 2,503,943 - Capitalised Oil and Gas Assets 3,572,533 - 3,572,533 - Less: Amortisation (2,339) - (2,339) - Less: Impairment - (2,353,943) (2,353,943) 3,570,194 150,000 3,720,194 Reconciliation of segment assets to total assets: Other assets 847,843 10,432,194 11,280,037 Total assets from continuing operations As at 30 June 2026 4,418,037 10,582,194 15,000,231 United States $ Australia $ Total $ Total assets as at 1 July 2024 6,231,429 2,331,631 8,563,060 Segment asset balances at end of year - Exploration and evaluation - 2,503,943 2,503,943 - Capitalised Oil and Gas Assets 8,382,043 - 8,382,043 - Less: Amortisation (832,869) - (832,869) - Less: Impairment (6,587,341) (2,353,943) (8,941,284) 961,832 150,000 1,111,832 Reconciliation of segment assets to total assets: Other assets 291,519 3,834,801 4,126,320 Total assets from continuing operations As at 30 June 2025 1,253,351 3,984,801 5,238,152
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21 Segment Information (continued) (iii) Segment liabilities United States $ Australia $ Total $ Segment liabilities as at 1 July 2025 705,283 215,894 921,178 Segment liability increases/ (decreases) for the year (14,106) (33,684) (47,790) 691,177 182,211 873,388 Reconciliation of segment liabilities to total liabilities: Other liabilities - - - Total liabilities from continuing operations As at 30 June 2026 681,177 182,211 873,388 Segment liabilities as at 1 July 2024 1,091,441 434,945 1,526,386 Segment liability increases/ (decreases) for the year (386,158) (219,051) (605,208) 705,283 215,894 921,178 Reconciliation of segment liabilities to total liabilities: Other liabilities - - - Total liabilities from continuing operations As at 30 June 2025 705,283 215,894 921,178 22 Loss per share Consolidated 2026 $ Consolidated 2025 $ The following reflects the loss and share data used in thecalculations of basic and diluted loss per share: Loss used in calculating basic and diluted earnings/ loss per share from continuing operations (3,423,661) (7,285,524) Loss used in calculating basic and diluted earnings/ loss per share from discontinued operations - (3,032,183) Number of shares2026 Number of shares2025 Weighted average number of ordinary shares used incalculating basic loss per share: 330,814,648 188,166,146 Basic and diluted loss per share from continuing operations (cents per share) 1.035 3.900 Basic and diluted loss per share from discontinued operations (cents per share) - 1.600 Basic and diluted loss per share (cents per share) 1.035 5.500
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Subsequent to 30 June 2026, the Company completed a consolidation of its ordinary share capital on the basis of one (1) ordinary share for every one hundred (100) ordinary shares held. The consolidation became effective on 3 July 2026. In accordance with AASB 133 Earnings per Share, the weighted average number of ordinary shares and loss per share for the current and comparative periods have been retrospectively adjusted to reflect the share consolidation. 23 Notes to the statement of cash flows Reconciliation of loss from ordinary activities after income tax to net cash outflow from operating activities: Consolidated 2026 Consolidated 2025 $ $ Profit/(Loss) from ordinary activities after related income tax (3,423,661) (10,317,708) Depreciation and amortisation 3,934 225,260 Impairment expense - 5,934,490 Decrease/(increase) in trade and other receivables (296,635) 3,372,033 Increase / (decrease) in trade and other payables (47,790) (605,208) Shares issued in settlement to suppliers 346,267 Unrealised FX 231,119 (133,672) Net cash outflow from operating activities (3,186,766) (1,524,805) 24 Financial Instruments The Company's activities expose it to a variety of financial and market risks. The Company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Company. (i) Interest Rate Risk The Company's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market, interest rates and the effective weighted average interest rates on those financial assets, is as follows: 24 Financial Instruments (continued) Consolidated2026 Note Funds Available Fixed Assets/ Total Weighted at a Interest (Liabilities) Average Floating Rate Non Effective Interest Interest Interest Rate Bearing % $ $ $ $ Financial Assets Cash and Cash Equivalents 7 1.95% 10,542,583 - - 10,542,583 Trade and other Receivables 8 - - 385,576 385,576 Other assets 9 - - 325,218 325,218 Total Financial Assets 10,542,583 - 710,794 11,253,377 Financial Liabilities Trade and other Payables 14 - - 833,205 833,205 Provisions 15 - - 40,184 40,184
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Total Financial Liabilities - - 873,389 873,389 Net Financial Assets/(Liabilities) 10,542,583 - (162,595) 10,379,988 Consolidated2025 Note Funds Available Fixed Assets/ Total Weighted at a Interest (Liabilities) Average Floating Rate Non Effective Interest Interest Interest Rate Bearing % $ $ $ $ Financial Assets Cash and Cash Equivalents 7 3.80% 3,939,470 - - 3,939,470 Trade and other Receivables 8 - - 153,768 153,768 Other assets 9 - - 33,082 33,082 Total Financial Assets 3,939,470 - 186,850 4,126,320 Financial Liabilities Trade and other Payables 14 - - 876,607 876,607 Provisions 15 - - 44,571 44,571 Total Financial Liabilities - - 921,178 921,178 Net Financial Assets/(Liabilities) 3,939,470 - (734,328) 3,205,142 24 Financial Instruments (continued) (ii) Credit Risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date, is the carrying amount, net of any provisions for doubtful debts, as disclosed in the balance sheet and in the notes to the financial statements. The Company does not have any material credit risk exposure to any single debtor or group of debtors, under financial instruments entered into by it. (iii) Commodity Price Risk and Liquidity Risk At the present state of the Company's operations it has minimal commodity price risk and limited liquidity risk due to the level of payables and cash reserves held. The Company's objective is to maintain a balance between continuity of exploration funding and flexibility through the use of available cash reserves. (iv) Net Fair Values For assets and other liabilities, the net fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form. The Company has no financial assets where the carrying amount exceeds net fair values at balance date. The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the balance sheet and in the notes to the financial statements. 25 Contingent Liabilities
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There were no material contingent liabilities not provided for in the financial statements of the Company as at 30 June 2026. 26 Quantum Helium Limited - Parent Entity Disclosures 2026 2025 $ $ Financial position Assets Current assets 10,342,497 3,764,101 Non-current assets 20,510,321 15,759,887 Total assets 30,852,818 19,523,989 Liabilities Current liabilities 182,211 206,627 Total liabilities 182,211 206,627 Net assets 30,670,607 19,317,361 Equity Contributed equity 62,996,452 49,704,309 Reserves 272,763 272,763 Accumulated losses (32,598,608) (30,659,711) Total Equity 30,670,607 19,317,361 Financial Performance Loss for the year (1,938,897) (1,562,603) Other comprehensive income - - Total comprehensive loss (1,938,897) (1,562,603) 27 Controlled Entities Investments in group entities comprise: Name Principal activities Incorporation Beneficialpercentageheld byeconomic entity 2026 2025 % % Quantum Helium Limited Parent entity Australia Wholly owned and controlled entities: OilCo Pty Limited Oil & Gas exploration Australia 100 100 Trident Energy Pty Ltd Oil & Gas exploration Australia 100 100 Adagio Resources Pty Ltd Oil & Gas exploration Australia 100 100 Mosman Oil USA, INC. Oil & Gas operations U.S.A. 100 100 Mosman Texas, LLC Oil & Gas operations U.S.A. 100 100 Mosman Operating, LLC Oil & Gas operations U.S.A. 100 100 Mosman Helium, LLC Oil & Gas operations U.S.A. 100 100 Quantum Helium Limited is the Parent Company of the Group, which includes all of the controlled entities. 28 Share Based Payments A summary of the movements of all Company warrant issues to 30 June 2026 is as follows: Company Warrants 2026 Number ofWarrants 2025 Number ofWarrants 2026 WeightedAverageExercise 2025 WeightedAverageExercise
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Price PriceOutstanding at the beginning of the year 1,371,058,168 3,043,157,894 $0.0015 $0.0010 Expired (691,729,323) (571,428,571) $0.0015 $0.0027 Exercised - (1,780,000,000) - $0.0002 Granted - 679,328,845 - $0.0006 Outstanding at the end of the year 679,328,845 1,371,058,168 $0.0006 $0.0010 Exercisable at the end of the year 679,328,845 1,371,058,168 $0.0006 $0.0015 29 Events Subsequent to the End of the Financial Year There were no other material matters that occurred subsequent to 30 June 2026. Place formed Ownership / Country of interest TaxEntity name Entity type incorporation % residency Quantum Helium Limited Body corporate Australia 100% AustraliaOilCo Pty Limited Body corporate Australia 100% Australia Trident Energy Pty Ltd Body corporate Australia 100% AustraliaAdagio Resources Pty Ltd Body corporate Australia 100% Australia Mosman Oil USA, INC. Body corporate USA 100% USAMosman Texas, LLC Body corporate USA 100% USA Mosman Operating, LLC Body corporate USA 100% USAMosman Helium, LLC Body corporate USA 100% USA This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END