Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2026drilling result● Neutral
Dry Wash rock-chip assays from 20 samples returned up to 26 ppm antimony and 6,588 ppm arsenic. The company says it is comparable to zones above ore at Antimony Canyon but does not confirm economic mineralisation; antimony values are very low.
11 Feb 2026drilling result▲ Good
First field work at Dry Wash found visible stibnite in several samples from the Flagstaff Formation, with similarities to neighbouring Antimony Canyon. 20 samples await assay; visual observations are not grades and are early-stage.
15 Apr 2024resource reserve update▲ Good
Company identifies three deeper potential helium targets below the Leadville, bringing zones to be tested to five. No resource figure is added; the 12.7 bcf gross P50 prospective estimate is unchanged. No sub-Leadville gas sample has been analysed, so this is upside, not a result.
7 Feb 2024drilling scheduled● Neutral
Walsh finished the Jesse-1A sidetrack design: a cased and perforated well about 700 feet deeper than the original, allowing focused acid stimulation and testing of deeper zones including the McCracken sandstone. Approvals and long-lead items are due before end Q1 2024. This replaces the earlier plan of re-completing the existing wellbore.
4 Dec 2023drilling progress report● Neutral
The Drake rig is on site at Jesse-1A and operations to check wellbore integrity, isolate the lower Leadville and flow-test the upper Leadville have started. No results yet.
30 Nov 2023drilling progress report● Neutral
The Drake rig began moving to the Jesse-1A site for the low-cost isolation and flow-test operation. No results yet.
22 Nov 2023drilling scheduled● Neutral
Walsh's review of Jesse-1A recommends a December 2023 re-entry to isolate the lower Leadville, which is now interpreted as potentially water-bearing, and flow-test the upper Leadville. Cost is called modest and met from existing funds. This continues the earlier water-ingress problem.
22 June 2023resource reserve update▲ GoodMajor
Sproule-reviewed estimate adds a McCracken gross P50 prospective helium resource of 1.8 BCF (1.3 BCF net to Valence), lifting the project total to 12.7 BCF from 10.9 BCF. These are unrisked, undiscovered volumes, with Jesse-3 positioned to test them.
8 June 2023drilling scheduled● Neutral
Jesse-3 location chosen on a seismic high 1,300 ft from the old Redd-1 well, potentially up to 70 ft higher than Jesse-1A, with McCracken Sandstone as a secondary target. Permit approval takes 60-70 days, so spud is planned for Q3/Q4 2023.
24 Apr 2023drilling result● NeutralMajor
Jesse-2 reached total depth with a 192 ft gross gas column, flowing gas to surface at up to 0.9% helium with no water, confirming the Jesse discovery. But only 23 ft net pay and lower secondary porosity than Jesse-1A; well suspended. Valence interest rises to 77.5%.
13 Apr 2023drilling progress report● Neutral
Jesse-2 has cemented 7-inch casing across the roughly 1,900 ft Paradox salt into the top of the Leadville, on schedule. Drilling and testing of the primary Leadville target is next. No reservoir result yet.
11 Apr 2023drilling progress report▲ Good
Jesse-2 drilled through the roughly 1,900 ft Paradox salt and reached the top of the Leadville target, in line with prediction, with elevated helium shows throughout. It is now setting 7-inch casing before drilling and testing the Leadville. No reservoir result yet.
3 Apr 2023drilling progress report▲ Good
Jesse-2 is drilling at 7,050 ft in the salt seal. Gas analysis shows several zones with helium above background, up to 15 times at 6,308 ft. The company says these are not commercial targets but suggest a working helium system.
29 Mar 2023drilling progress report● Neutral
Jesse-2 reached the top of the Paradox Formation salt seal at 5,928 ft, in line with the geological prediction. The rig is tripping to change the drilling assembly before drilling on towards the Leadville target. Drilling is described as on schedule.
21 Mar 2023drilling progress report● Neutral
Jesse-2 reached 3,135 ft, the end of the surface hole section, and is running 9.625-inch casing. Drilling is described as on schedule, with about a month still expected to the 8,150 ft target depth.
15 Mar 2023drilling spud▲ GoodMajor
Jesse-2 helium well spudded on 14 March 2023, two days after the 12 March target. Aim is 8,150 ft in the Leadville Dolomite, about a month of drilling. This is the second well under the Valence earn-in, following the Jesse-1A discovery.
10 Mar 2023drilling progress report● Neutral
Aztec 1099 rig mobilised on 9 March 2023 for Jesse-2. Long lead items bought, site complete and surface conductor installed, with spud still targeted for 12 March. No new results.
7 Mar 2023drilling scheduled● Neutral
Jesse-2 spud set for 12 March 2023. Site construction is complete, the conductor rig mobilised on 6 March, and the drill rig is to move in later that week after an 8 March pre-spud meeting.
3 Mar 2023drilling progress report● Neutral
Jesse-2 site works due to finish this weekend, with a conductor rig to install an 80-foot surface conductor next week. Mid-March spud unchanged.
1 Mar 2023drilling progress report● Neutral
Jesse-2 site construction is over 70% complete and the mid-March spud is unchanged. No new results.
27 Feb 2023drilling scheduled● Neutral
Jesse-2 spud now guided for mid-March 2023, with long lead items bought, rig contracted and site over 50% built. This firms up the Q1 timing after the earlier slip from late Q4 2022.
17 Jan 2023drilling progress report● Neutral
Well pad construction began at Jesse-2, expected to take about three weeks. Spud is still said to be on schedule for the current quarter. No new results.
7 Nov 2022drilling scheduled▲ Good
Jesse#2 location finalised 1.5 miles south-east of Jesse#1A, for drilling in Q4 2022. It will stop at least 50 feet above the gas/water contact to limit water ingress. A third well is planned for early 2023.
19 Oct 2022drilling result▲ Good
Downhole gas samples from Jesse#1A returned 0.89-0.96% helium, above the 0.8% announced in September and the earlier 0.44-0.65%. The company calls them the most representative of reservoir gas. Second well still on schedule for Q4 2022.
9 Sept 2022drilling progress report● Neutral
Flow testing of Jesse#1A began this week after downhole data runs including a borehole optical log; initial results are expected as early as next week. Earlier helium (up to 0.65%) and 2,280 psi pressure are repeated. Second well still planned for Q4 2022.
31 Aug 2022drilling progress report● Neutral
The work-over rig reached Jesse#1A on 29 August and is rigging up to flow test several zones. Flow rates and helium concentration are still pending. The next well remains planned for Q4 2022.
25 Aug 2022drilling progress report● Neutral
A work-over rig will mobilise to Jesse#1A on 29 August to flow test several zones for gas rate and helium concentration. The next helium well has moved from Q3/Q4 to Q4 2022. No new results.
5 Aug 2022drilling progress report▼ Bad
Jesse#1A flow test has slipped again, to late August or early September, using packers to test several zones. Previous helium and pressure results are repeated. The next helium well is still planned for Q3/Q4 2022.
20 July 2022farm in farm out completion▲ GoodMajor
Grand Gulf lifted its stake in Valence Resources, which operates the Red Helium project, from 55% to 70% after contributing the first US$1.5m for the first well. It can reach 85% by funding US$1.5m on each of two more wells. Work-over is on schedule for mid-August.
13 July 2022drilling progress report● Neutral
Jesse#1A will be re-entered in August with a production log, gas column isolation and flow test to establish a stable flow rate. This delays the earlier early to mid Q3 timing. Locations are being ranked for a second well in Q3/Q4 2022.
