D3 Energy has lifted its combined 2C recoverable helium resource by 65% to 35.6 BCF while securing A$6.12 million in fresh capital. The annual report also shows the cost of advancing the portfolio, with the FY2026 loss widening to A$6.11 million and operating cash outflow reaching A$3.84 million.
- Combined 2C recoverable helium resource rises 65% to 35.6 BCF
- 2U prospective helium resource increases 94% to 52.5 BCF
- A$6.12 million placement completed at A$0.36 per share
- FY2026 loss widens to A$6.11 million
- Nooitgedacht two-well programme reaches total depth on time and budget
Helium resource base expands across South Africa
D3 Energy Limited (ASX:D3E) finished FY2026 with a substantially larger helium inventory, but not yet a producing business. The addition of a maiden independently certified resource at ER386 lifted the company’s combined 2C recoverable helium resource across ER315, PR016 and ER386 by 65% to 35.6 BCF, while the combined 2U prospective resource rose 94% to 52.5 BCF.
ER386 contributed a 14.0 BCF 2C recoverable helium resource and sits along the Virginia and Ventersburg fault corridor that also underpins D3’s Free State assets. The company says the result supports the geological continuity of the wider province, although contingent and prospective resources are not reserves and remain subject to further appraisal, discovery and development.
The distinction matters. D3’s unchanged 2P net helium reserve stands at 0.706 BCF, covering less than 1% of the company’s acreage under tenure or application. The larger resource figures describe potential across a much broader exploration and development pipeline rather than confirmed commercial production.
Regulatory progress moves ER315 toward production
The Petroleum Agency of South Africa formally accepted D3’s Production Right Application over part of ER315 in September 2025, triggering environmental authorisation and public consultation. Applications covering ER391, ER392 and ER393 were also accepted during February 2026, while a new Technical Cooperation Permit adjacent to ER315 took the company’s Free State acreage position to approximately 479,409 acres.
D3 also completed a re-test of the RBD10 well after observing unusual pressure increases while it was shut in. The company reported significantly higher gas flow rates than in the initial test, which it said further supported its model of reservoir recharge and fault-hosted helium and methane accumulations.
Subsequent to year-end, D3 commenced a two-well drilling programme at Nooitgedacht in north-western ER315. Both wells reached total depth on time and on budget, with production testing to follow. The programme is intended to extend the company’s reserve base north from Bloemskraal and support the conversion of additional exploration-right areas to production rights.
Capital funds a larger development workload
D3 raised A$6.12 million through an oversubscribed placement of 17 million shares at A$0.36, well above its A$0.20 IPO price. The company said the proceeds would fund South African drilling, front-end engineering and design work for a proposed helium and natural gas processing facility, and seismic acquisition across its South African and Australian permits.
The balance sheet was stronger at 30 June, with cash of A$6.76 million compared with A$5.27 million a year earlier and net working capital of A$6.43 million. That improvement came alongside an operating cash outflow of A$3.84 million and a loss of A$6.11 million, up from A$4.08 million in FY2025. Income included A$1.19 million from a solar-farm project and A$46,488 of interest, while exploration expenses rose to A$2.88 million and share-based payment expenses reached A$1.99 million.
South Australian permits add another exploration front
The January acquisition of Unleash Energy gave D3 full ownership of PEL 121 and PEL 122 in the Arckaringa Basin. The company is planning seismic work across the permits and has identified prospects including Hydrohelix. After year-end, it reported a maiden prospective resource at Hydrohelix and Cootanoorina within PEL121 of 54 BCF of helium on a 2U basis, alongside 88 BCF of hydrogen and 226 BCF of methane.
That Australian portfolio broadens D3’s exposure beyond the Free State, but it also adds another set of technical and funding demands to a company that continues to consume cash. The immediate test is whether Nooitgedacht production testing, the ER315 approval process and South Australian target maturation can convert a growing resource story into a clearer development case.
Bottom Line?
D3 now has more resources, more acreage and cash to advance its programmes, but the next valuation step depends on drilling results, production testing and regulatory conversion rather than resource size alone.
Questions in the middle?
- What will Nooitgedacht production testing show about recoverable helium and methane volumes?
- How quickly can the ER315 Production Right and the ER391 to ER393 applications progress through environmental and consultation stages?
- At the current exploration pace, how long will the A$6.76 million cash balance fund operations before further financing is required?