PERTH: Noble Helium Limited announced Friday it has entered into a binding agreement to acquire Earth Source Hydrogen Limited, a move that significantly expands the company’s exploration portfolio into Western Australia’s Southern Carnarvon Basin.
The all-share transaction will give Noble Helium access to two large onshore Special Prospecting Authorities, or SPAs, covering approximately 40,000 square kilometers. The acreage, which straddles the Yilgarn craton and western sedimentary basins, exhibits geological characteristics that indicate strong potential for significant helium resources, the company said.
Noble Helium will issue 88.9 million fully paid ordinary shares to Earth Source Hydrogen shareholders, directors and loan noteholders as part of the acquisition. Based on Noble Helium’s 30-day volume-weighted average price of $0.0285 as of Aug. 17, the transaction values the consideration at approximately $2.8 million, according to the company’s filing with the Australian Securities Exchange.
The acquisition is expected to close Sept. 7, subject to conditions including satisfactory due diligence, board resignations and acceptance by at least 75% of Earth Source Hydrogen shareholders.
Of the total shares to be issued, approximately 77.3 million will go to unrelated parties using Noble Helium’s existing placement capacity. The remaining 11.5 million shares, to be issued to Condor Energy Investments LLP, will require shareholder approval under ASX Listing Rule 10.11 because the entity is associated with Noble Helium Executive Chairman Dennis Donald.
“The combined helium exploration portfolio of Noble Helium and Earth Source Hydrogen is compelling,” Donald said in a statement. “Earth Source Hydrogen 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 company noted that an extensive water bore hole sampling and testing program has already been completed at both SPAs. Detailed independent analysis of the samples will be undertaken, with results to be provided to the market after the acquisition is finalized and the assessment is complete.
David Biggs, managing director of Earth Source Hydrogen, said the combination benefits both companies by bringing complementary acreage and technical skills to the merger.
“Earth Source Hydrogen is excited about the prospectivity it has worked up in each of its two Western Australia SPAs and looks forward to moving to apply for an exploration permit in each SPA area,” Biggs said.
Noble Helium said the regulatory framework for helium exploration and development in Western Australia follows the familiar petroleum model. The company described the acquisition as a timely investment in its long-term future and international aspirations amid high global demand for helium.
Noble Helium is also advancing its North Rukwa project in Tanzania’s East African Rift System, where the company is targeting a large-scale, geopolitically independent source of helium. The industrial gas is considered tech-critical and is used in applications ranging from medical imaging to semiconductor manufacturing.
The company’s annual general meeting to approve the related-party share issuance is expected in November 2026. Shareholders will also consider a proposal to issue shares to Condor Energy Investments LLP at that time.
Completion of the acquisition remains subject to the satisfaction or waiver of the conditions precedent. If those conditions are not met, either party may terminate the agreement by written notice, the company said.
Noble Helium Limited is an Australian-listed exploration company focused on developing large-scale, geopolitically independent sources of helium. The company’s North Rukwa project in Tanzania is located along the East African Rift System.
