Half-Year Results

Quantum Helium Limited

31 March 2026

 

31 March 2026

Quantum Helium Limited

("Quantum" or the "Company")

Half Year Results for the Six Months to 31 December 2025

Quantum Helium Limited (AIM: QHE), announces its Half Year results for the six months to 31 December 2025.

Summary

The Company's principal focus during the period was on advancing and de-risking its existing helium portfolio in the USA, including increasing its interest in the Sagebrush Project and delivering independent third-party validation of its resources. This resulted in (compared to same half year period in the 2025 Financial Year, "H125"):

·	Revenue: $322,858 (HY:24 $64,542)
·	Gross loss: $394,493 (HY:24 $18,955)
·	Net loss: $1,557,571 (HY:24 $2,537,131)

The Company's cash and cash equivalents as at 31 December 2025 was $3,398,391. 

All amounts are in Australian Dollars

Operational Review

·      Continued strategic repositioning to a helium-focused US portfolio

·   Company rebranded to Quantum Helium Limited, reflecting its strategic focus on helium exploration and development

·      Completion of high-resolution 3D seismic acquisition at the Sagebrush Project

·      Increase in working interest at Sagebrush to 90%, enhancing exposure to project upside

·  Independent Sproule ERCE resource reports validates over 1 BCF of 2U gross helium prospective resources across Sagebrush and Coyote Wash

·    Coyote Wash established as a material standalone helium project with 0.97 BCF 2U gross helium prospective resource

·  Ongoing oil production from Sagebrush wells, with approximately 5,500 barrels gross produced between July and December 2025, generating US$259,744 gross revenue to help support helium exploration and development

·      Significant progress towards Sagebrush-1 extended production test, with all long-lead items secured

·     Successful capital raise of approximately £2.17 million (before expenses), strongly supported by both institutional and retail investors

·      Strengthened Board and management team aligned with next phase of growth

Post-Period End

·    BIA approval received for the Coyote Wash IMDA, unlocking the pathway to drilling and  testing

·      Formal BIA approval of the Sagebrush lease assignment, a major regulatory milestone

·   All documentation for Sagebrush operatorship confirmed in good standing, with final designation expected shortly

·   High-resolution 3D seismic interpretation confirms a large, well-defined structure at Sagebrush

·     Company now fully prepared to commence extended production test at Sagebrush-1 upon operatorship approval

·   Executive team site visit to Colorado, advancing technical alignment and stakeholder engagement

·   Directors increased shareholdings, demonstrating continued confidence in the Company's strategy and outlook

Carl Dumbrell, Executive Chairman of Quantum Helium, commented: "The six-month period to 31 December 2025 represents a transformational phase for Quantum Helium Limited. During this time, the Company repositioned its strategy, strengthened its Board and management team, and delivered a series of significant technical, operational and corporate milestones that have materially advanced our Colorado helium portfolio.

Key changes during the period included the formal the appointment of Howard McLaughlin as Chief Executive Officer in September 2025  alongside my transition to Executive Chairman and the appointment of Andrew Scott as Executive Director. These changes have strengthened both the technical and capital markets capabilities of the Company at a critical stage of its development.

Operationally, the Company made substantial progress across both Sagebrush and Coyote Wash. We completed a high-resolution 3D seismic acquisition programme at Sagebrush, increased our working interest to 90%, and received independent resource validation from Sproule ERCE across both projects. Notably, the Sproule report for Coyote Wash confirmed 2U gross helium prospective resources of 0.97 BCF, taking total independently verified helium resources across the portfolio to over 1 BCF.

In parallel, the Company progressed key regulatory milestones required to commence operations at Sagebrush, including completion of bonding requirements and continued engagement with the Bureau of Indian Affairs ("BIA"). We also successfully completed a capital raise during the period, ensuring the Company is well funded to advance its near-term objectives.

Post period end, the Company has continued to build strong momentum. The Irrevocable Letter of Credit has been approved by the BIA, 3D seismic interpretation has confirmed a large structure at Sagebrush we believe is helium-bearing, and approval of the Coyote Wash IMDA has been secured. Importantly, the Company has also received formal BIA approval for the assignment of the Sagebrush lease, representing a major regulatory milestone and clearing the way for the final step of operatorship designation.

The Company is now fully prepared to commence the extended production test at Sagebrush-1, with all long-lead items secured. Upon confirmation of operatorship, which is expected in the near term, the Company intends to move immediately into testing operations.

On behalf of the Board, I would like to thank our shareholders for their continued patience and support as we have worked through what has been a detailed but necessary regulatory process. We believe the Company is now exceptionally well positioned, and we expect the remainder of 2026 to be a significant and highly active period for Quantum as we move into testing, development and further value creation".

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service ('RIS'), this information is now in the public domain

Enquiries:

Quantum Helium Limited Carl Dumbrell Chairman	NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl [phone]
Brand Communications Alan Green Tel: [phone]	Joint Broker CMC Markets UK Plc Douglas Crippen [phone]

Updates on the Company's activities are regularly posted on its website: www.quantum-helium.com

Notes to editors

Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum's strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia

Operations Review

 

Sagebrush Project

The Sagebrush Project remained the Company's primary focus during the period.

A high-resolution 3D seismic acquisition programme was successfully completed, providing a step change in subsurface understanding and enabling improved structural definition across both helium and oil targets. This dataset forms the foundation for future drilling and development planning.

During the period, Quantum increased its working interest in Sagebrush from 82.5% to 90%, materially enhancing its exposure to future project upside.

The Company also progressed all key regulatory and operational preparations required for the extended production test at the Sagebrush-1 well, including completion of bonding requirements and ongoing engagement with the BIA and Tribal stakeholders.

In addition to its helium potential, the Sagebrush Project continues to generate oil production forming an important part of the Company's broader development strategy. Between June and December 2025, the Sagebrush wells produced approximately 5,500 barrels of oil (gross after 16.67% land royalties and certain deductions), with consistent monthly output and regular sales. This production provides a valuable source of revenue to help offset operational costs and support ongoing helium exploration and appraisal activities, reinforcing the Company's strategy of leveraging hydrocarbon production to advance its helium portfolio.

Coyote Wash Project

At Coyote Wash, the Company achieved a major milestone with the completion of the independent Sproule ERCE resource report.

The report confirmed 2U gross helium prospective resources of 0.97 BCF, establishing Coyote Wash as a significant helium project in its own right and increasing Quantum's total independently verified helium resources across its Colorado portfolio to over 1 BCF.

In addition to the helium potential, the report also highlighted prospective oil resources within the Ismay Formation, providing additional development optionality.

Corporate and Strategic Progress

In addition to advancing its core Colorado helium portfolio, the Company undertook a strategic rationalisation of its asset base during the period. This included the decision to exit the Vecta Project following disappointing drilling results, allowing the Company to limit further capital exposure and refocus on higher-impact opportunities.

Overall, the Company exited the period with two independently validated helium projects, a completed 3D seismic programme, and all major components in place to transition into the next phase of operations.

Post Period End

Since 31 December 2025, Quantum has continued to deliver strong operational and regulatory progress.

In January 2026, the Company received BIA approval of the Irrevocable Letter of Credit, representing a key prerequisite for advancing operations at Sagebrush.

Subsequently, interpretation of the Sagebrush 3D seismic dataset confirmed the presence of a large, well-defined helium-bearing structure within the Leadville Formation, significantly increasing confidence in the scale and integrity of the discovery and materially de-risking the planned extended production test.

In February 2026, the Company received confirmation that all documentation relating to the Sagebrush IMDA and operatorship process had been reviewed and approved, with the agreement progressing to final execution.

The Company also announced formal approval of the Coyote Wash IMDA, providing the regulatory framework required to advance drilling and development activities at the project.

Subsequently, in March 2026, the Company received formal approval from the BIA for the assignment of the Sagebrush lease to Quantum, representing a major regulatory milestone and clearing the way for the final step of operatorship designation.

With assignment now approved and all long-lead items secured, the Company is fully prepared to commence the extended production test at Sagebrush-1 following confirmation of operatorship, which is expected in the near term.

In addition, Directors demonstrated continued confidence in the Company through on-market share purchases in late December 2025 and early January 2026.

Board Update

The period saw significant strengthening of the Company's Board and leadership structure.

Andrew Scott was appointed as Executive Director, bringing extensive experience in capital markets, investor relations and corporate strategy across listed resource companies.

At the same time, Carl Dumbrell transitioned to the role of Executive Chairman, providing increased leadership and strategic oversight during a critical phase of the Company's development.

In September 2025, Howard McLaughlin was formally appointed as Chief Executive Officer, having already played a key role in advancing the Company's US operations. Howard brings over 45 years of oil and gas industry experience, including senior roles with major international operators.

The Board also continues to benefit from the experience of its Non-Executive Directors, including Nigel Harvey and Graham Duncan, who bring significant financial, governance and capital markets expertise.

These changes have aligned the Company with a leadership team that combines strong technical capability with capital markets experience, positioning Quantum to execute its strategy and deliver growth.

Outlook

With key approvals nearing completion and the Company fully prepared for testing, Quantum is entering a highly active phase with multiple value-driving catalysts ahead.

·    Commencement of the extended production test at Sagebrush-1, subject to final operatorship approval

·   Delivery of initial flow and composition data, providing a key step towards commercial validation

·      Continued technical work to refine drilling targets across Sagebrush and Coyote Wash

·      Progression towards future drilling and development programmes across the portfolio

·   Ongoing engagement with stakeholders and regulators to advance project approvals and timelines

·   Focus on delivering value from a +1 BCF helium resource base in a strengthening helium market

Results

The loss for the Group for the six months to 31 December 2025 amounted to $1,557,571 (31 December 2024: $2,537,131).

 On 17 October 2025, the Company announced it had raised £1.6675 million (before expenses) by way of a fundraising undertaken by SP Angel and CMC Markets through the issue of 7,411,111,110 new ordinary shares at a price of 0.0225 pence per share. 

On 22 October 2025, the Company further announced that, from the retail offer, it had raised £500,000 (before expenses) by way of a fundraising undertaken by SP Angel and CMC Markets through the issue of 2,222,222,222 new ordinary shares at a price of 0.0225 pence per share. 

The Company's cash and cash equivalent as at 31 December 2025 was $3,398,391. 

Projects in the USA

A summary of the current oil and gas projects as at 28 March 2026:

US PROJECTS
Asset/ Project	Mosman Interest1	Location	Status
Coyote Wash Project	100%	Colorado	Exploration
Sagebrush Project	90%	Colorado	Producing

Matters subsequent to the reporting period

Subsequent to the end of the reporting period the Company announced the following material matters occurred:

·   On 4 March 2026, the U.S. Bureau of Indian Affairs ("BIA") has formally approved the assignment of the Sagebrush lease to Quantum, where the Company holds a 90% working interest.

·   On 25 February 2026, the company received confirmation from the U.S. Bureau of Indian Affairs ("BIA") that the Indian Mineral Development Agreement ("IMDA") relating to the Coyote Wash Project has been formally approved.

·      There were no other material matters that occurred subsequent to 31 December 2025.

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For The Half Year Ended 31 December 2025

		Notes	Consolidated 6 months to 31 December 2025	Consolidated 6 months to       31 December 2024
			$	$
Revenue			322,858	64,542
Cost of sales		2	(717,351)	(45,587)
Gross profit/(loss)			(394,493)	18,955
Interest income			13,658	58
Other income			136,772	10,000
Loss on sale of investments			-	(477,047)
Administrative expenses			(215,847)	(161,762)
Corporate expenses		3	(598,360)	(584,411)
Directors' fees			(160,702)	(90,000)
Exploration expenses incurred, not capitalised			-	(112,104)
Finance costs			(971)	(5,066)
Share based payments expense		9	(180,000)	(81,486)
Amortisation expense			-	(110,297)
Depreciation expense			(3,934)	-
Impairment expense			-	(1,066,176)
Gain/(loss) on foreign exchange			(153,695)	122,205
Loss before income tax expense from continuing operations			(1,557,571)	(2,537,131)
Income tax expense			-	-
Loss after income tax expense from continuing operations			(1,557,571)	(2,537,131)
Loss after income tax expense from discontinued operations			-	-
Net loss after income tax expense for the year			(1,557,571)	(2,537,131)
Other comprehensive profit
Items that may be reclassified to profit or loss
-	Foreign currency gain/(loss)		(12,903)	278,774
Total comprehensive income attributable to members of the entity			(1,570,474)	(2,258,357)

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For The Half Year Ended 31 December 2025

Total comprehensive income for the year attributable to:	Notes	Consolidated 6 months to 31 December 2025	Consolidated 6 months to 31 December 2024
Continuing operations		(1,570,474)	(2,258,357)
Discontinued operations		-	-
		(1,570,474)	(2,258,357)
Basic and diluted loss per share from continuing operations (cents per share)		(0.0047) cents	(0.015) cents
Basic and diluted loss per share from discontinued operations (cents per share)		(0.000) cents	(0.000) cents
Basic and diluted loss per share (cents per share)		(0.0047) cents	(0.015) cents

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

Consolidated Statement of Financial Position

As at 31 December 2025

	Notes	Consolidated 31 December 2025	Consolidated 30 June 2025
		$	$
Current Assets
Cash and cash equivalents		3,398,391	3,939,471
Trade and other receivables	4	1,473,627	153,768
Other assets	5	139,717	33,082
		5,011,736	4,126,321
Total Current Assets		5,011,736	4,126,321
Non-Current Assets
Plant & Equipment		26,659	-
Oil and gas assets	6	2,435,737	961,832
Capitalised oil and gas exploration	7	150,000	150,000
Total Non-Current Assets		2,522,396	1,111,832
Total Assets		7,534,132	5,238,153
Current Liabilities
Trade and other payables	8	298,810	876,607
Provisions		1,144	3,630
		299,954	880,237
Total Current Liabilities		299,954	880,237
Non-Current Liabilities
Provisions		40,349	40,941
Total Non-Current Liabilities		40,349	40,941
Total Liabilities		340,304	921,178
Net Assets		7,193,828	4,316,975
Shareholders' Equity
Contributed equity	9	54,152,305	49,704,978
Reserves	10	1,334,850	1,347,754
Accumulated losses		(48,293,327)	(46,735,757)
Total Shareholders' Equity		7,193,828	4,316,975

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

Consolidated Statement of Changes in Equity

For the Half Year Ended 31 December 2025

	Accumulated Losses	Contributed Equity	Other Contributed Equity	Reserves	Total
	$	$	$	$	$
Balance at 1 July 2024	(36,418,049)	42,404,962	145,029	904,732	7,036,674
Comprehensive income
Loss for the period	(2,537,131)	-	-	-	(2,537,131)
Other comprehensive income for the period	-	-	-	278,774	278,774
Total comprehensive loss for the period	(2,537,131)	-	-	278,774	(2,258,357)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued	-	4,389,733	-	-	4,389,733
Cost of raising equity	-	(277,709)	-	-	(277,709)
Transfer other contributed equity into contributed equity	-	145,029	(145,029)	-	-
Warrants/options issued	-	-	-	184,587	184,587
Total transactions with owners and other transfers	-	4,257,053	(145,029)	184,587	4,296,611
Balance at 31 December 2024	(38,955,180)	46,662,015	-	1,368,093	9,074,928
Balance at 1 July 2025	(46,735,757)	49,704,978	-	1,347,754	4,316,975
Comprehensive income
Loss for the period	(1,557,571)	-	-	-	(1,557,571)
Other comprehensive income for the period	-	-	-	(12,903)	(12,903)
Total comprehensive loss for the period	(1,157,571)	-	-	(12,903)	(1,570,474)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued	-	4,767,411	-	-	4,767,411
Cost of raising equity	-	(320,083)	-	-	(320,083)
Transfer other contributed equity into contributed equity	-			-	-
Warrants/options issued	-	-	-
Total transactions with owners and other transfers	-	4,447,328			4,447,328
Balance at 31 December 2025	(48,293,328)	54,152,306	-	1,334,851	7,193,829

The accompanying notes form part of these consolidated financial statements. All amounts are in Australian Dollars

Consolidated Statement of Cash Flows

For the Half Year Ended 31 December 2025

		Consolidated 6 months to 31 December 2025	Consolidated  6 months to 31 December 2024
		$	$
Cash flows from operating activities
Receipts from customers		196,384	74,854
Other income		85,807	10,000
Payments to suppliers and employees		(2,092,396)	(1,148,990)
Interest paid		(971)	(5,065)
Net cash outflow from operating activities		(1,811,176)	(1,069,201)
Cash flows from investing activities
Proceeds from disposal of subsidiaries		-	755,385
Deposits paid		(237,758)
Payments for oil and gas assets		(1,397,798)	(457,084)
Payments for other assets		(30,593)	-
Payments for exploration and evaluation		-	(112,251)
Net cash inflow/(outflow) from investing activities		(1,666,149)	186,050
Cash flows from financing activities
Proceeds from shares issued		3,410,025	3,623,524
Payments for costs of capital		(320,083)	(174,606)
Net cash inflow from financial activities		3,089,942	3,448,918
Net increase/(decrease) in cash and cash equivalents		(387,383)	2,565,767
Effects of exchange rate changes on cash and cash equivalents		(153,695)	42,015
Cash and cash equivalents at the beginning of the period		3,939,470	873,365
Cash and cash equivalents at the end of the period		3,398,392	3,481,147

The accompanying notes form part of these consolidated financial statements. All amounts are in Australian Dollars

Condensed Notes to the Financial Statements

For the Half-Year Ended 31 December 2025

All amounts are Australian Dollars

1.      Summary of Significant Accounting Policies

Statement of Compliance

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report.

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group's 2025 annual financial report for the financial year ended 30 June 2025, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards (IFRS).

Going Concern

The condensed consolidated financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and the discharge of liabilities in the normal course of business.

In arriving at this position, the Directors have had regard to the fact that the Group has, or in the Directors' opinion will have access to, sufficient cash to fund administrative and other committed expenditure for a period of not less than 12 months from the date of this report.

In forming this view the directors have taken into consideration the following:

•             The ability of the Group to obtain funding through various sources, including equity raised which are currently being investigated by management;

•             The Group has the capacity, if necessary, to reduce its operating cost structure in order to minimize its working capital requirements; and

•             The Directors have reasonable expectations that they will be able to raise additional funding needed for the Group to continue to execute against its milestones in the medium term.

Should the Company or the Group not be able to achieve the matters set out above, there is a significant uncertainty related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern, and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Exploration and Evaluation Costs

Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are carried forward in respect of an area for which the rights to tenure are current and that has not at reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or relating to, the area of interest are continuing.

Impairment of Exploration and Evaluation Assets

The ultimate recoupment of the value of exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets.

Impairment tests are carried out when there are indicators of impairment in order to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts. If, after having capitalised the expenditure under the policy, a judgement is made that the recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to profit and loss.

The key areas of judgement and estimation include:

·	Recent exploration and evaluation results and resource estimates;
·	Environmental issues that may impact on the underlying tenements; and
·	Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities.

Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Group's activities as described below. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Revenue from joint operations is recognised based on the Group's share of the sale by the joint operation.

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument.

Oil and Gas assets

The cost of oil and gas producing assets and capitalised expenditure on oil and gas assets under development are accounted for separately and are stated at cost less accumulated amortisation and impairment losses. Costs include expenditure that is directly attributable to the acquisition or construction of the item as well as past exploration and evaluation costs.

When an oil and gas asset commences production, costs carried forward are amortised over the expected life of the economically recoverable reserves. Changes in factors such as estimates of economically recoverable reserves that affect amortisation calculations do not give rise to prior financial period adjustments and are dealt with on a prospective basis.

Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance.

New standards and interpretations

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

	Consolidated 6 months to 31 December 2025	Consolidated 6 months to 31 December 2024
	$	$
2     Cost of sales
Cost of sales	1,275	2,984
Workover costs	401,111	-
Lease operating expenses	314,966	42,603
	717,352	45,587

3     Corporate Costs
Accounting, Company Secretary and Audit fees	125,079	117,303
Consulting fees - board	174,891	172,000
Consulting fees - other	98,514	37,030
NOMAD and broker expenses	99,607	72,756
Legal and compliance fees	100,269	185,322
	598,360	584,411
	Consolidated Balance as at 31 December 2025	Consolidated Balance as at 30 June 2025
	$	$
4     Trade and Other Receivables
Current
Joint interest billing receivables	180,620	27,844
Deposits	237,758	56,113
Accrued revenue	38,929	65,231
Other receivables	1,016,320	4,580
	1,473,627	153,768

5     Other Assets
Prepayments		137,178		30,543
Incorporation costs		2,539		2,539
		139,717		33,082

6     Oil and Gas Assets
Cost brought forward		961,832				3,685,367
Acquisition of oil and gas assets during the period		127,896				2,175,287
Capitalised expenses during the period (Coyote Wash and Sagebrush)		1,269,902				-
Amortisation for the period		-				(225,260)
Impairment of oil and gas assets1		-				(4,767,026)
Impact of Foreign Exchange on amortisation/impairment		(13,893)				51,828
Impact of Foreign Exchange on opening balances		-				41,636
Carrying value at the end of the period		2,345,737				961,832
The Board has carried out an impairment assessment of the Oil and Gas Assets and have concluded that no impairment is required.
	Consolidated Balance as at 31 December 2025 $			Consolidated Consolidated Balance as at 30 June 2025 $
7  Capitalised Oil and Gas Expenditure
Cost brought forward	150,000				1,503,925
Impairment of oil and gas expenditure	-				(1,353,925)
Carrying value at end of the period	150,000				150,000
8     Trade and Other Payables
Trade creditors	199,612				156,611
Deposits received	34,504				-
Other creditors and accruals	64,694				719,996
	298,810				876,607

9     Contributed Equity
Ordinary Shares:
Value of Ordinary Shares fully paid
Movement in Contributed Equity				Number of shares	Contributed Equity $
Balance as at 1 July 2024:				12,821,362,930	42,404,962
	01/07/2024 02/07/2024 05/07/2024 05/07/2024 16/07/2024 22/07/2024 26/07/2024 29/07/2024 01/08/2024 16/09/2024 19/09/2024 05/12/2024 22/5/2025 27/5/2025	Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (iii) Shares issued (ii) Shares issued (ii) Shares issued (i) Shares issued (iv) Shares issued (i) Shares issued (i)	$0.00048 $0.00048 $0.00048 $0.00048 $0.00048 $0.00048 $0.00049 $0.00118 $0.00049 $0.00049 $0.00068 $0.00069 $0.00045 $0.00045	224,000,000  80,000,000  220,000,000  600,000,000  80,000,000  340,000,000  120,000,000  650,000,000  16,000,000  100,000,000  4,242,857,144  42,857,144 2,777,777,778 666,666,666	106,834  38,195  104,550  285,136  38,000  163,673  58,294  766,208  7,881  49,171  2,887,420  29,400 2,616,130 629,148
Capital raising costs					(480,023)
Balance as at 1 July 2025:				22,981,521,662	49,704,979
	24/10/2025 27/10/2025 28/11/2025 28/11/2025 28/11/2025	Shares issued (i) Shares issued (i) Shares issued (v) Shares issued (vi) Shares issued (vi)	$0.00046 $0.00046 $0.00048 $0.00048 $0.00049	7,411,111,110  2,222,222,222 365,703,702  24,691,359 313,480,000	3,405,950  1,015,195 180,000  12,008 154,259
Capital raising costs				-	(320,083)
Balance at the end of period				33,318,730,055	54,152,308

(i)            Placements via capital raising as announced

(ii)           Shares issued upon conversion of warrants

(iii)          Shares issued in lieu of cash for acquisition of oil and gas assets

(iv)          Shares issued to Directors as part of placement

(v)           Shares issued to Directors as per AGM notice Nov 25

(vi)          Shares issued to Consultants in lieu of cash payment for services rendered

During the period, shareholders approved the issue of new shares to Directors and Persons Discharging Managerial Responsibilities ("PDMRs") under Resolutions 5 to 10 of the Notice of Annual General Meeting ("AGM"), which was passed at the Company's AGM held on 10 November 2025.  Each PDMR received 60,950,617 shares valued at $30,000, with the total shares being issued of 365,703,702 valued at $180,000.

The number of shares to be issued under these arrangements has been determined based on the five-day volume weighted average price ("VWAP") of 0.0243 pence per share, being the VWAP for Quantum shares on AIM for the five trading days immediately prior to the AGM.

The company also issued new ordinary shares to two consultants at an issue price of 0.0243 pence per share, in lieu of cash payments for services rendered (to converse cash reserves):

-         Vecta Oil and Gas Ltd  - 313,480,000 shares

-         Brand UK Limited  - 24,691,359 shares.

The number of shares to be issued under the above arrangements has been determined based on the five-day volume weighted average price ("VWAP") of 0.0243 pence per share, being the VWAP for Quantum shares on AIM for the five trading days immediately prior to the AGM on 10 November 2025.

		Consolidated Balance as at 31 December 2025	Consolidated Balance as at 30 June 2025
		$	$
10     Reserves
Foreign currency translation reserve		1,062,087	1,074,991
Warrants reserve		272,763	272,763
		1,334,850	1,347,754

Foreign Currency Translation Reserve
Foreign Currency Translation Reserve at the beginning of the period	1,074,991	904,732
Current movement in the period	(12,904)	170,259
Foreign Currency Translation Reserve at the end of the period	1,062,087	1,074,991

Options Reserve
Options Reserve at the beginning of the period	272,763	-
Warrants/options issued	-	272,763
Options Reserve at the end of the period	272,763	272,763

11     Segment Information
The Group has identified its operating segments based on the internal reports that are reviewed and used by the board to make decisions about resources to be allocated to the segments and assess their performance. Operating segments are identified by the board based on the Oil and Gas projects in Australia the United States. Discrete financial information about each project is reported to the board on a regular basis. The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate. The Group has two reportable segments based on the geographical areas of the mineral resource and exploration activities in Australia, the United States. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.
(i)       Segment performance
		United States $		Australia $		Total $
Period ended 31 December 2025
Revenue
Revenue		322,858		-		322,858
Other income		136,657		13,774		150,431
Segment revenue		322,858		29,696		473,289
Segment Result
Allocated
-      Corporate costs		(218,031)		(380,329)		(598,360)
-      Administrative costs		(58,736)		(157,110)		(215,846)
-      Lease operating expenses		(314,966)		-		(314,966)
-      Cost of sales		(402,386)		-		(402,386)
Segment net profit/(loss) before tax		(534,604)		(523,665)		(1,058,269)
Reconciliation of segment result to net loss before tax
Amounts not included in segment result but reviewed by the Board
-      Evaluation expenses incurred not capitalised
-      Amortisation
-      Impairment
-      Loss on sale of investments
Unallocated items
-      Employee benefits expense						(340,703)
-      Finance costs						(971)
-      Depreciation						(3,934)
-      Gain on foreign exchange						(153,694)
Net Loss before tax from continuing operations						(1,557,57)

(i)       Segment performance
				United States $			Australia $				Total $
Period ended 31 December 2024
Revenue
Revenue				64,542			-				64,542
Other income				-			10,058				10,058
Segment revenue				64,542			10,058				74,600
Segment Result
Allocated
-      Corporate costs				(120,473)			(463,938)				(584,411)
-      Administrative costs				(105,263)			(56,499)				(161,762)
-      Lease operating expenses				(42,603)			-				(42,603)
-      Cost of sales				(2,984)			-				(2,984)
Segment net profit/(loss) before tax				(206,781)			(510,379)				(717,160)
Reconciliation of segment result to net loss before tax
Amounts not included in segment result but reviewed by the Board
-     Evaluation expenses incurred not capitalised				(93,804)			(18,300)				(112,104)
-      Amortisation				(110,297)			-				(110,297)
-      Impairment				(1,066,176)			-				(1,066,176)
Unallocated items				(477,047)							(477,047)
-      Employee benefits expense
-      Finance costs											(171,486)
-      Depreciation											(5,066)
-      Loss on foreign exchange											122,205
Net Loss before tax from continuing operations											(2,537,131)
(ii)       Segment assets
			United States $						Australia $				Total $
As at 31 December 2025
Segment assets as at 1 July 2025			1,253,351						3,984,804				5,238,152
Segment asset balances at end of period
-      Exploration and evaluation			-						2,503,943				2,503,943
-      Capitalised Oil and Gas			2,348,155						-				2,348,155
-      Less: Amortisation/Depreciation									(2,418)				(2,418)
-      Less: Impairment									(2,353,943)				(2,353,943)
			2,348,155						147,582				2,495,737
Reconciliation of segment assets to total assets:
Other assets			545,599						4,492,796				5,038,395
Total assets from continuing operations			2,893,754						4,640,378				7,534,132
						United States $				Australia $				Total $
As at 30 June 2025
Segment assets as at 1 July 2024						6,231,429				2,331,631				8,563,060
Segment asset balances at end of period
-      Assets held for sale						-				-				-
-      Exploration and evaluation						-				2,503,943				2,503,943
-      Capitalised oil and gas assets						8,382,043				-				8,382,043
-      Less: Amortisation						(832,869)				-				(832,869)
-      Less: Impairment						(6,587,341)				(2,353,943)				(8,941,284)
						961,832				150,000				1,111,832
Reconciliation of segment assets to total assets:
Other assets						291,518				3,834,801				4,126,320
Total assets from continuing operations						1,253,351				3,984,801				5,238,152
(iii)     Segment liabilities
						United States $				Australia $					Total $
As at 31 December 2025
Segment liabilities as at 1 July 2025						705,283				215,894					921,178
Segment liability increase/(decrease) for the period						(516,638)				(64,235)					(580,873)
						188,645				151,659					340,304
Reconciliation of segment liabilities to total liabilities:
Other liabilities						-				-					-
Total liabilities from continuing operations						188,645				151,659					340,304

As at 30 June 2025
Segment liabilities as at 1 July 2024		1,091,441		434,945		1,526,386
Segment liability increase/(decrease) for the period		(386,158)		(219,051)		(605,208)
		705,283		215,894		921,178
Reconciliation of segment liabilities to total liabilities:
Other liabilities		-		-		-
Total liabilities from continuing operations		705,283		215,894		921,178

12     Expenditure Commitments (a)              Exploration The Company had no expenditure commitments as at 31 December 2025 (2024 - $Nil).

(b)                  Capital Commitments The Company had no capital commitments at 31 December 2025 (2024 - $Nil).

13     Warrants/Options A summary of the movements of all company warrant/option issues to 31 December 2025 is as follows: Company Warrants/Options 31 December 2025 Number of Warrants/Options 30 June 2025 Number of Warrants/Options Outstanding at the beginning of the period 1,371,048,168 3,043,157,894 Expired (508,561,428) (571,427,571) Exercised - (1,780,000,000) Granted - 679,328,845 Outstanding at the end of the period 862,486,740 1,371,048,168 Exercisable at the end of the period 862,486,740 1,371,048,168

14     Subsequent Events Subsequent to the end of the reporting period the Company announced the following material matters occurred: ·      Continued strong operational and regulatory progress post period end ·      BIA approval of Irrevocable Letter of Credit received in January 2026, a key prerequisite for advancing Sagebrush operations ·      Interpretation of Sagebrush 3D seismic confirms a large, well-defined helium-bearing structure within the Leadville Formation, materially de-risking the extended production test ·      Confirmation received that all Sagebrush IMDA and operatorship documentation has been reviewed and approved, progressing to final execution ·      Formal approval of the Coyote Wash IMDA, enabling advancement towards drilling and development ·      BIA approval of the Sagebrush lease assignment received in March 2026, a major regulatory milestone ·      Company now fully prepared to commence extended production test at Sagebrush-1, subject to final operatorship designation ·      Directors demonstrated confidence through on-market share purchases in late December 2025 and early January 2026 ·      Cinnabar Project reviewed and subsequently written off as a non-core asset, allowing focus on high-potential helium projects at Sagebrush and Coyote Wash There were no other material matters that occurred subsequent to 31 December 2025.

15     Dividends No dividends have been paid or proposed during the half year ended 31 December 2025.

 

END