Noble Helium Expands Western Australia Helium Portfolio with Earth Source Hydrogen Deal

Significant Expansion into Western Australia Helium Exploration

Noble Helium Limited (ASX:NHE) has taken a decisive step to broaden its helium exploration portfolio by agreeing to acquire Earth Source Hydrogen Limited (ESH), a UK-registered company with substantial helium prospective acreage in Western Australia. The acquisition grants Noble Helium exclusive rights to apply for exploration licences over two Special Prospecting Authorities (SPAs) covering approximately 40,000 square kilometres in the Southern Carnarvon Basin, a region notable for its geological potential to host helium resources.

The Southern Carnarvon Basin's geology, straddling the Yilgarn craton and adjacent sedimentary basins, presents a compelling confluence of factors that underpin the prospectivity of the ESH blocks. Noble Helium’s Executive Chairman, Dennis Donald, highlighted the strategic value of this addition, noting that it complements the company’s ongoing Tanzania project, where drilling preparations are advancing at the Kinambo site.

Transaction Structure and Share Issuance Details

Under the binding acquisition agreement, Noble Helium will acquire 100% of ESH’s issued shares. In consideration, the company will issue approximately 88.9 million fully paid ordinary shares to ESH shareholders, directors (in satisfaction of outstanding loans), and loan noteholders, based on a 10% premium to Noble Helium’s 30-day volume-weighted average price (VWAP) of $0.0285 as of 17 August 2026.

The issuance includes about 77.3 million shares to unrelated parties using Noble Helium’s existing placement capacity, while roughly 11.5 million shares will be issued to Condor Energy Investments LLP (a related party via director association) subject to shareholder approval. Completion is contingent on satisfactory due diligence by both parties, execution of director resignations at ESH, and acceptance by at least 75% of ESH shareholders.

Exploration Progress and Next Steps

ESH has completed an extensive water bore hole sampling and testing program across its SPAs. Noble Helium plans to undertake detailed independent analysis of these samples post-acquisition, with a summary of results to be released to the market in due course. This technical evaluation will be critical in assessing the helium resource potential before moving forward with exploration licence applications.

David Biggs, Managing Director of ESH, expressed optimism about the merger, emphasizing the complementary nature of the combined acreage and technical expertise. He signaled readiness to progress applications for exploration permits in the SPA areas, which could unlock significant helium discoveries in Western Australia.

Strategic Implications for Noble Helium

This acquisition marks a strategic diversification for Noble Helium, which has so far concentrated on its North Rukwa project in Tanzania, a site aimed at addressing global helium supply constraints. By securing a strong foothold in Western Australia’s Southern Carnarvon Basin, Noble Helium is positioning itself to capitalize on the escalating global demand for helium, a scarce and critical industrial gas.

The company’s move aligns with industry trends where exploration and development models mirror those of petroleum, suggesting a commercially prudent approach to helium resource development in Australia. Investors will be watching how the integration of ESH’s assets influences Noble Helium’s exploration timeline and capital deployment, especially as drilling at North Rukwa is set to commence imminently with the contracted rig Schramm T130 XD rig for two confirmed wells plus two options.