First Helium Announces Private Placement

• Most Recent News (2026-04-28): First Helium Inc. announced a non-brokered private placement of 40,000,000 units at $0.05 per unit, raising C$2 million gross proceeds. Each unit includes one common share and one transferable warrant (exercise price $0.10-$0.15, term 36 months). Proceeds are designated for Worsley project asset development, operating expenses, and working capital. Securities carry a four-month hold period.
• Historical Context (2026-04-01): CEO update highlighted strategic positioning of oil and helium assets amidst global supply uncertainty. Disclosed $18M NPV10 for helium resource, completed FEED for processing facility, and outlined ongoing development plans including potential financing/partnership opportunities. Drilling results showed 1.0–1.3% He assays in multiple wells and successful heavy-oil well testing.
• Progression: The April 28th financing directly follows the April 1st statement regarding "evaluating partnerships and financing alternatives." It validates the strategic plan to fund the Worsley project development mentioned previously.

• Expectation vs. Reality: The financing was anticipated following the April 1st CEO update which explicitly stated management was evaluating financing options. Therefore, this is not an unexpected surprise but a confirmation of execution on their stated strategy.
• Materiality: The raise of C$2 million is material for a junior explorer to continue operations and development (FEED completion noted previously), but it does not fundamentally alter the company's asset base or valuation profile significantly enough to be classified as a "Game Changer."
• Pricing Impact: The offering price ($0.05) aligns with the recent trading high of the stock, indicating management believes the current market value is fair and avoids significant discounting that would heavily dilute existing shareholders. However, it confirms the company's reliance on external capital to fund development rather than cash flow from operations (which does not yet exist).
• Dilution Risk: Issuance of 40 million units represents a notable increase in share count. While warrants are deep out-of-the-money ($0.10-$0.15 vs $0.05 current price), the immediate equity dilution is present. The four-month hold period mitigates immediate selling pressure from these specific investors but does not eliminate long-term supply overhang.

• Company: First Helium Inc. is an exploration company focused on North American oil and helium assets.
• Flagship Project: Worsley Project (Alberta).
  • Helium: Contingent resource estimate of 323 mmcf He, 12.6 Bcf NG, 372 mbbl NGL. NPV10 approx US$18M based on C$500/mcf He price assumption.
  • Oil: Charlie Lake Shallow Heavy Oil Project with over 30 horizontal locations identified. Recent well testing showed ~50 bbls recovered from acid stimulation.
• Infrastructure: 46 km of gas pipelines installed; FEED completed for dedicated helium processing facility (15-25 well).
• Status: Development stage, contingent resources not yet reserves. No commercial production reported in the provided news cycle.