New Risk • Jun 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m (AU$23k revenue, or US$17k). Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (AU$21.4m market cap, or US$15.3m). Board Change • May 20
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Executive Chairman Dennis Donald is the most experienced director on the board, commencing their role in 2025. Independent Director Jamie Clarke was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • May 01
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Executive Chairman Dennis Donald is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 03
Noble Helium Limited has filed a Follow-on Equity Offering in the amount of AUD 12 million. Noble Helium Limited has filed a Follow-on Equity Offering in the amount of AUD 12 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 137,931,034
Price\Range: AUD 0.029
Discount Per Security: AUD 0.00174
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 275,862,069
Price\Range: AUD 0.029
Discount Per Security: AUD 0.00174
Transaction Features: Subsequent Direct Listing Announcement • Feb 16
Noble Helium Limited Appoints Amanda Burgess as Non-Executive Director, Effective February 16, 2026 Noble Helium Limited announced the appointment of Ms. Amanda Burgess as Non-Executive Director effective February 16, 2026. Ms. Burgess has been the Company Secretary of Noble Helium since October 17, 2025. Ms. Burgess is an accounting and company secretary professional with over 30 years’ experience. She graduated from University of WA with a Bachelor of Economics degree and is a member of CPA Australia (CPA). She specialises in corporate compliance, statutory reporting and financial accounting. Ms. Burgess currently holds CFO and Company Secretary positions with various Australian companies and is currently Company Secretary for ASX listed company Nico Resources Limited. Announcement • Oct 08
Noble Helium Limited, Annual General Meeting, Nov 27, 2025 Noble Helium Limited, Annual General Meeting, Nov 27, 2025. Board Change • Aug 18
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (4 non-independent directors). Co-Founder & Non-Executive Director Walter Jennings is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Feb 25
Noble Helium Limited Announces Executive Changes Noble Helium Limited announced that Mr. Craig McNab has been appointed as Company Secretary. Mr. McNab is a Chartered Accountant and Fellow member of the Governance Institute of Australia (Chartered Secretary) with over 15 years' experience in the resource industry and accounting profession in Australia, NZ and the UK. McNab initially qualified as an auditor at PricewaterhouseCoopers and his experience includes senior finance positions held at the De Beers Group and various corporate roles at Anglo American plc in London. He now specialises in corporate compliance, governance and financial accounting services for a number of ASX-listed companies. Mr. McNab was previously the Company Secretary of Noble Helium and was a vital part of the Company's successful listing on the ASX in 2022. Mr. McNab is an Australian resident and will be the person responsible for communications with the ASX in relation to listing rule matters under Listing Rule 12.6. Mr. McNab replaces Mr. Duncan Cornish who has now stepped down from his role as Company Secretary. The Board wishes to thank Mr. Cornish for his efforts in assisting the
Company over the last 12 months. Announcement • Dec 10
Noble Helium Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million. Noble Helium Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,069,443
Price\Range: AUD 0.045
Discount Per Security: AUD 0.00135
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,597,224
Price\Range: AUD 0.045
Discount Per Security: AUD 0.00135
Transaction Features: Subsequent Direct Listing Announcement • Oct 09
Noble Helium Limited, Annual General Meeting, Nov 26, 2024 Noble Helium Limited, Annual General Meeting, Nov 26, 2024. New Risk • Aug 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 52% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (32% increase in shares outstanding). Market cap is less than US$100m (AU$28.0m market cap, or US$19.0m). Announcement • Apr 12
Noble Helium Limited has filed a Follow-on Equity Offering in the amount of AUD 3.5 million. Noble Helium Limited has filed a Follow-on Equity Offering in the amount of AUD 3.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,888,888
Price\Range: AUD 0.09
Security Features: Attached Options New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (AU$100k sold). Market cap is less than US$100m (AU$56.0m market cap, or US$36.5m). Announcement • Jan 30
Noble Helium Limited has completed a Follow-on Equity Offering in the amount of AUD 14 million. Noble Helium Limited has completed a Follow-on Equity Offering in the amount of AUD 14 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,824,029
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,868,279
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • Jan 24
Executive Chairman recently sold AU$100k worth of stock On the 17th of January, Shaun Scott sold around 989k shares on-market at roughly AU$0.10 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Shaun's only on-market trade for the last 12 months. Announcement • Dec 13
Noble Helium Limited has filed a Follow-on Equity Offering in the amount of AUD 14 million. Noble Helium Limited has filed a Follow-on Equity Offering in the amount of AUD 14 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,824,029
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,868,279
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 10
Noble Helium Limited, Annual General Meeting, Nov 28, 2023 Noble Helium Limited, Annual General Meeting, Nov 28, 2023. Agenda: To consider the election of Directors; and to consider other issues. New Risk • Sep 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (96% increase in shares outstanding). Revenue is less than US$1m (AU$51k revenue, or US$33k). Minor Risk Market cap is less than US$100m (AU$73.6m market cap, or US$47.5m). Announcement • Sep 21
Noble Helium Limited Appoints Greg Columbus as a Non-Executive Director Noble Helium Limited announced that Mr. Greg Columbus, has been appointed to the Company’s board as a Non-Executive Director, effective immediately. Mr. Columbus has over 30 years of experience in the energy, and oil & gas sectors around the world including technical, commercial, executive and non-executive roles. He is an experienced company Director with commercial, strategy, corporate finance and legal experience. Greg has gained valuable business experience in delivering large, complex energy, and oil & gas projects and has along the course of his career, demonstrated strong strategic vision as well as successfully leading numerous M&A activities. For the past 19 years, Mr. Columbus has served as Managing Director, Australasia for Clarke Energy Global Group, a privately owned multinational energy solutions company specialising in the engineering, installation and maintenance of power solutions and gas compression stations, operating in 28 countries. He was previously the Non–Executive Chairman of Warrego Energy until February this year, whereby he chaired the vision and the strategic sale of the business to Hancock Energy since the Reverse Take Over completed in March 2019. He is currently Non-Executive Chairman of Talon Energy, and a Non-Executive Director of Galilee Energy. New Risk • Aug 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 70% per year over the past 5 years. Shareholders have been substantially diluted in the past year (96% increase in shares outstanding). Revenue is less than US$1m (AU$10k revenue, or US$6.6k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$10m). Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$71.8m market cap, or US$46.0m). New Risk • Aug 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 63% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 70% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m (AU$10k revenue, or US$6.9k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$10m). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$80.7m market cap, or US$54.2m). Announcement • Jun 21
Noble Helium Limited, Annual General Meeting, Jul 27, 2023 Noble Helium Limited, Annual General Meeting, Jul 27, 2023, at 11:00 E. Australia Standard Time. Location: Hall Chadwick, Level 4, 240 Queen Street, Brisbane QLD 4000 BRISBANE Australia Announcement • Feb 04
Noble Helium Limited Provides an Update on its Exploration Activities in Tanzania Noble Helium Limited provided an update on its exploration activities in Tanzania. The Company is advancing preparations to discover gas-phase helium in the subsurface of the Rukwa Basin, SW Tanzania, and narrowing in on drilling candidates for spud in Third Quarter 2023. The 3D seismic program that commenced in 2022 has recommenced following replacement of the source vessel. The remaining 80km2 of the program is being collected for processing and interpretation. The exploration program is on track for the commencement of drilling in Third Quarter 2023, with multiple suitable rig options identified. As announced previously, the Company is seeking partners for the drilling phase of the program in the North Rukwa Basin. Multiple parties have shown an interest in participating, with non-binding offers due by the end of March. The Company is pleased to advise that, on 30th January, company's seismic contractor, BGP, successfully recommenced the final approximately 80km2 3D seismic survey over the Chilichili structures on the eastern side of Lake Rukwa. This is the last of the planned Phase I seismic programs prior to drilling in Third Quarter 2023 and is expected to be completed by late February, retaining Chilichili on the list of potential drilling candidates. The Chilichili structure is currently estimated to host a mean Prospective Helium Resource of 10.5 Bcf primary helium (NSAI 2022), with the full stratigraphic section of the Rukwa Basin, including deeper Karoo sands, offering significant potential for stacked pay. It is highly likely the Chilichili structure would be an economically viable standalone drilling target with long- term liquid helium contracts recently executed at approximately USD 450/Mscf. As previously announced, the fully processed 3D surveys over the three western leads have now been received and are being integrated into company's Petrel subsurface model, with the Mbelele and Kachinga leads expected to mature to drillable Prospects and potential candidates for the upcoming 2023 drilling program (NSAI mean Prospective Helium Resource 10.0 Bcf and 7.9Bcf respectively). The Company is confident that it will be able to announce high quality drilling candidates of potential economic significance in the coming weeks. Preparations for the 2023 maiden drilling campaign are now well underway with company's highly experienced drilling management team fully integrated into the Company and focussed on successfully delivering the well program. The team have networked with other Tanzanian operators to source a suitable drilling rig, resulting in four viable rig options under consideration for NHE's 2023 program, with a rig selection imminent. In parallel, the farm-out process to fund the drilling program continues, with LAB Energy Advisors Ltd. appointed to manage the process. Multiple parties have been engaged and non-binding offers are due at the end of First Quarter 2023. As previously advised, with the Company now preparing to drill in the North Rukwa in Third Quarter 2023, the following activities are expected to be completed over the coming months: Definition of drilling candidates for the 2023 campaign; Finalisation of North Rukwa farm-out process; Execution of rig contract; Commencement of maiden drilling campaign in the North Rukwa Basin. Board Change • Dec 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Eddie King was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
