Sagebrush-1 Testing Progress and Leadville Plan

Quantum Helium Limited

16 April 2026

 

16 April 2026

Quantum Helium Limited

("Quantum" or the "Company")

Operational Update

Sagebrush-1 Testing Progresses; Key Leadville Perforation Next Week

Quantum Helium Limited ("Quantum" or the "Company") is pleased to provide an operational update on the extended production test at the Sagebrush-1 well, Colorado.

Highlights

·      Extended production test program progressing well, with operations advancing in line with plan

·      Lower Leadville perforation scheduled for next week, targeting the primary helium-bearing interval

·      Key well preparation milestones are progressing, including cementing, casing integrity testing and drill-out operations

·      Testing programme designed to test flow rates and confirm historical helium concentrations of 2.76%

·      Critical step towards converting prospective helium resources into reserves and commercial development

Operational Update

Operations at Sagebrush-1 continue to progress well, with the extended production test now actively underway.

Over the past week, the Company has successfully completed key preparatory and completion activities, currently completing cementing operations across the currently producing Ismay zone, pressure testing of casing, and drill-out of cement and bridge plug. These works are essential to ensure well integrity and optimise conditions ahead of flowing the primary target interval.

The next phase of operations will focus on the perforation and testing of the Lower Leadville Formation, the principal helium-bearing reservoir at Sagebrush, with perforation operations scheduled to start over the coming week as the programme moves into its key testing phase.

The Leadville test is designed to evaluate flow characteristics and confirm helium concentrations, building on historic testing at the Sagebrush-1 well, which recorded helium concentrations of 2.76%.

The Company will continue to provide updates as operations progress through this critical phase of testing.

Project Progress to Date

Quantum has delivered a series of significant milestones to reach this stage of operations, including:

·      Acquisition and consolidation of the Sagebrush Project

·      Approval of key agreements with the Ute Mountain Ute Tribe

·      Securing and funding of the Irrevocable Letter of Credit for bonding purposes

·      Approval of lease assignments and operatorship by the BIA and relevant regulators

·      Completion of 3D seismic across the project area, identifying a large, well-defined structure

·      Final regulatory approvals enabling commencement of field operations

These achievements position the Company strongly as it moves into the most critical stage of the extended production test.

Strategic Context

The extended production test at Sagebrush-1 represents a key step in Quantum's strategy to unlock the value of its helium portfolio.

The Company holds over 1 Bcf of 2U prospective recoverable helium resources across Sagebrush and Coyote Wash, representing one of the largest independently assessed helium portfolios among London-listed companies.

The current testing programme is focused on advancing Sagebrush from a resource-stage asset towards reserves, development and ultimately commercial production, while further growth potential exists across multiple drill-ready prospects at Coyote Wash.

This strategy is supported, in part, by Quantum's existing oil production at Sagebrush, which has continued to generate revenue and contribute towards funding helium-focused operations.

Quantum Chief Executive, Howard McLaughlin, commented: "We are very pleased with the progress being made at Sagebrush-1, with operations advancing smoothly through the initial phases of the extended production test program.

What sets Quantum apart from many of our peers is that we are not searching for helium - we already have a significant, independently assessed helium resource base. Our focus now is on confirming the historical helium concentration of 2.76% recorded at Sagebrush-1, and moving the resource into reserves, through appraisal and ultimately commercial development.

The upcoming perforation of the Lower Leadville Formation is a major milestone for the Company and marks the transition into the key testing phase. This is the interval we believe holds the greatest potential, and we are excited to now be entering this stage of operations.

Importantly, Sagebrush is just one part of a much larger growth story. With a substantial prospective helium resource base and multiple drill-ready targets at Coyote Wash, we believe Quantum is uniquely positioned in the London market as we move into the next stage of value creation.

We look forward to keeping shareholders updated as the flow testing program and results become available in due course."

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.

 

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