The evidence should remain inspectable after the conclusion is published.

Relevant finding

Corrects the prior model denominator by adding the full PSU balance and anchors the current fully diluted share count at 228.810 million.

Review notes

Company-reported capitalization cross-check showing 214.197 million basic shares, 10.000 million options, 2.584 million PSUs, 1.050 million RSUs, 0.979 million warrants and 228.810 million fully diluted shares.

Relevant pages: Issued securities and delayed market-data section.

Relevant finding

Supports inclusion of the offering cash and shares in the pro forma capitalization, with a visible status caveat.

Review notes

Company announcement for gross proceeds and issued shares. It continued to describe final TSXV approval as a condition; no later approval announcement was located in the model review.

Relevant pages: Closing terms, share issuance, admissions and approval conditions.

Relevant finding

Supports the post-financing liquidity bridge and planned six-well program, while requiring separate modeling of the remaining plant, field, infrastructure and contingency funding need.

Review notes

Primary filed source for the 25.393 million-share offering, offer price, estimated net proceeds, proposed use of proceeds, plant scope, drilling program and pro forma working capital. Forward-looking uses and cost estimates are not commitments.

Relevant pages: Offering terms, capitalization, use of proceeds, plant procurement, development work and risk-factor sections.

Relevant finding

Anchors the model timeline while retaining explicit delay and execution-risk adjustments.

Review notes

Company source for the planned six-well program and Q4 2027 first-production target. The schedule, costs, permits, financing and commissioning remain forward-looking.

Relevant pages: Development plan, plant pathway, drilling program, timetable and use of proceeds.

Relevant finding

Provides the core plant-capacity anchor but does not establish a fixed all-in installed cost or completed purchase contract.

Review notes

Supports the 940 litre-per-hour helium nameplate, 300 tonne-per-day CO2 capacity, US$78.7 million indicative equipment-package price and reservation-payment schedule. Final scope, definitive documentation, financing, approvals, delivery and commissioning remained conditions.

Relevant pages: Equipment capacity, price, payment milestones, exclusions and contemplated definitive agreement.

Relevant finding

Improves the mineral-rights and royalty bridge but does not establish reserves or sustained commercial rates across the field.

Review notes

Supports seven drilled wells, approximately 690 net fee-simple royalty-free acres, approximately 4,941 net leasehold acres, the majority 3% royalty burden and the company's then-current two-to-four production-well planning range.

Relevant pages: Land ownership, royalties, well count, pressure correlation and production-well planning.

Relevant finding

Provides the pre-financing balance-sheet anchor and confirms that material external capital remains necessary for development.

Review notes

Balance-sheet and expenditure source preceding the July financing. The July offering and subsequent payments are incorporated separately in the pro forma liquidity bridge.

Relevant pages: Selected financial information, liquidity, exploration spending, subsequent events and going-concern disclosures.

Relevant finding

Anchors the model's resource-constrained case and shows that the strategic development case requires substantial appraisal, conversion, recovery and scale-up evidence.

Review notes

Primary technical source for gross and net contingent and prospective helium and CO2 resource ranges, effective October 1, 2024. The disclosed quantities are resources, not reserves.

Relevant pages: Resource tables, classifications, assumptions, contingencies and risk discussion.

Relevant finding

Anchors the lower sustained-rate cases and the field-supported utilization constraint; it does not prove commercial decline behavior.

Review notes

Reports 7%–8% helium, approximately 75%–80% CO2 and roughly 150–300 Mcf/day natural flow for 12–18 hours on smaller chokes. Jetstream #2 remained mechanically restricted and required remediation.

Relevant pages: Gas composition, choke-dependent flow, test duration and Jetstream #2 blockage discussion.

Relevant finding

Supports the Bull per-well rate only as an upside test anchor; the model does not treat the compressed peak as a multi-year plateau.

Review notes

Reports an approximately 501 Mcf/day natural maximum and a 1.3 MMcf/day compressed peak at Jetstream #1, plus an initial restricted Jetstream #2 flow. Peak and short-duration test rates are not long-term production forecasts.

Relevant pages: Flow-test setup, natural and compressed rates, pressure behavior and drilling plan.