Noble Helium Limited has executed a binding agreement to acquire 100% of Earth Source Hydrogen Limited, expanding its exploration portfolio into Western Australia through approximately 40,000 square kilometres of onshore acreage.

The transaction gives Noble Helium control of two large Special Prospecting Authorities, SPA-47 AO and SPA-44 AO, located in the onshore Southern Carnarvon Basin. The acquisition provides the company with exclusive rights to apply for exploration licences across both areas, which exhibit geological indicators for helium resources.

To fund the buyout, Noble Helium will issue a total of 88,867,333 fully paid ordinary shares to Earth Source Hydrogen shareholders, directors settling outstanding loans, and convertible loan noteholders. The share volume is priced at a 10% premium to the 30-day VWAP of $0.0285, establishing a deemed issue price of $0.0314.

Completion of the agreement is conditional upon mutual due diligence satisfaction, signed board resignation letters from Earth Source Hydrogen directors, and acceptance forms executed by at least 75% of target shareholders. Noble Helium plans to issue 77,318,242 new shares to unrelated parties using existing placement capacity, while an additional 11,549,091 shares directed to related party Condor Energy Investments LLP remain subject to shareholder approval.

The company expects to finalise the acquisition and allot new shares to non-related parties on 7 September 2026. A related-party settlement and shareholder vote are anticipated in November 2026. An extensive water bore hole sampling and testing program across both prospecting authorities has already finished, with independent evaluation results to be released following completion.

“The combined helium exploration portfolio of Noble Helium and ESH is compelling. ESH gives us exposure to a large and highly prospective helium exploration acreage in Western Australia that complements our existing Tanzania project where drilling preparations are underway at Kinambo.”

“The framework for the exploration and development of helium in Western Australia follows the familiar petroleum model, and with helium in such high demand globally, the acquisition of ESH is a timely investment in Noble Helium's long-term future and international aspirations.”

— Dennis Donald, Executive Chairman

Noble Helium holds the Mbelele project in Tanzania as an active helium asset alongside the new Western Australian holdings, with the first well at the Kinambo prospect scheduled to spud in mid-September 2026.

Read the full announcement: NHE to acquire Earth Source Hydrogen Ltd expanding portfolio