Mendell Helium plc
("Mendell Helium" or the "Company")
Warrant Extension
Director/PDMR Shareholding
Related Party Transaction
Mendell Helium (LON: MDH) provides the following update on certain of its outstanding warrants.
Warrants Extension
The Company announces that it has agreed to renew the period within which the 4p 2025 Warrants (defined below) may be exercised by an additional six months expiring on 26 December 2026. If the 4p 2025 Warrants have not been exercised by 26 December 2026, the 4p 2025 Warrants will lapse. As part of this renewal, the Company has also made it a term of the 4p 2025 Warrants that they must be exercised into new Ordinary Shares in the event that the closing mid market price of an Ordinary Share is above 7 pence for a period of ten trading days. The terms of the 6p 2025 Warrants (defined below) Warrants have not been amended.
The Company announces that it has also agreed to renew the period within which the 6p 2024 Warrants (defined below) and Broker Warrants (defined below) may be exercised by an additional approximately five months to also expire on 26 December 2026. If the 6p 2024 Warrants and Broker Warrants have not been exercised by 26 December 2026, the 6p 2024 Warrants and Broker Warrants will lapse.
In aggregate, the Company has extended the exercise period for 25,955,553 warrants, all of which will expire on 26 December 2026.
Nick Tulloch, CEO, and Eric Boyle, Chairman, hold 1,735,283 and 416,666 6p 2024 Warrants respectively and, accordingly, excused themselves from the Board's decision in respect of the 6p 2024 Warrants.
Related Party Transaction
The participation of Nick Tulloch and Eric Boyle in the 6p 2024 Warrants extension is a "related party transaction" for the purposes of Rule 13 of the AIM Rules (the "Transaction"). Paul Mendell and John Brown, being directors of the Company independent of the Transaction, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider that the terms of the Transaction are fair and reasonable in so far as the Company's shareholders are concerned.
Background
On 23 June 2025, the Company announced a £515,000 gross fundraise through a subscription (the "Subscription") for ordinary shares of 1p each ("Ordinary Shares"). For every two new Ordinary Shares issued pursuant to the Subscription, investors received one warrant allowing the holder to subscribe for an additional new Ordinary Share in the Company at an exercise price of 4 pence per Ordinary Share, exercisable within one year of Admission ("4p 2025 Warrants") and one warrant allowing the holder to subscribe for an additional new Ordinary Share in the Company at an exercise price of 6 pence per Ordinary Share, exercisable within three years of Admission ("6p 2025 Warrants"). There are 10,647,750 4p 2025 Warrants outstanding representing 3.1% of the Company's issued share capital which expired on 26 June 2026. There are 13,522,750 6p 2025 Warrants outstanding and the terms of these warrants have not been amended.
On 27 June 2024, the Company announced a £864,468 gross fundraise through a subscription (the "2024 Subscription") for Ordinary Shares. For every two new Ordinary Shares issued pursuant to the 2024 Subscription, investors received one warrant allowing the holder to subscribe for an additional new Ordinary Share in the Company at an exercise price of 6 pence per Ordinary Share, exercisable within two years of Admission ("6p 2024 Warrants"). The Company also issued 900,000 warrants to the brokers who facilitated this fundraising ("Broker Warrants"). The Broker Warrants allow the holder to subscribe for an additional new Ordinary Share in the Company at an exercise price of 3 pence per Ordinary Share, exercisable within two years of Admission. There are 14,407,803 6p 2024 Warrants and 900,000 Broker Warrants outstanding representing, in aggregate, 4.5% of the Company's issued share capital which expired on 19 July 2026.
The Company's fundraising that was announced on 30 April 2026 (the "April 2026 Fundraising") limited the ability for certain investors to exercise their 4p 2025 Warrants, 6p 2024 Warrants and Broker Warrants.
As at the date of this announcement, there are 108,533,799 warrants over new Ordinary Shares outstanding in the Company.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENDS
Engage with the Mendell Helium management team directly by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor website here: https://mendellhelium.com/link/PKa6Ve
Enquiries:
Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor website https://mendellhelium.com/s/a6a55a | Mendell Helium plc Nick Tulloch, CEO Via our website | Cairn Financial Advisers LLP (Nominated Adviser) Ludovico Lazzaretti / Liam Murray Tel: +44 (0) 20 7213 0880 | SI Capital Limited (Broker) Nick Emerson Tel: +44 (0) 1483 413500 | Fortified Securities Guy Wheatley Tel: +44 (0) 203 4117773 | OAK Securities Jerry Keen / Calvin Man Tel: +44 (0) 20 3973 3678 | AlbR Capital Limited Gavin Burnell / Colin Rowbury / Jon Belliss Tel: +44 (0) 207 4690930 | Brand Communications (Public & Investor Relations) Alan Green Tel: +44 (0) 7976 431608 |
Overview of Mendell Helium
Mendell Helium is a helium producer in Kansas, USA where it operates through its wholly owned subsidiary M3 Helium.
M3 Helium's flagship well, Rost 1-26, is in Fort Dodge, just to the east of Dodge City, Kansas. It has been tested as containing 5.1% helium composition and a drill stem test yielded a maximum flow rate of approximately 2,900 Mcf per day. Water removed from Rost 1-26 is delivered to Brobee, a nearby disposal well that has been permitted at 10,000 barrels of water per day at 1,200 psi. Production at Rost 1-26 commenced in early November 2025 and the most recently recorded flow rate in December 2025 was 250 Mcf per day equating to approximately $1.4 million of helium per year (at $300/Mcf helium).
M3 Helium has subsequently drilled a second well, Rost 2-26, which is currently being completed. It also owns additional leases in the Fort Dodge area capable of supporting up to eight new production wells. It has also agreed a joint venture with Ritchie Exploration, Inc. to recomplete the Schneweis Ventures 13A, a well with a drill stem test of over 10,000 Mcf per day and a historic flow rate of 300 Mcf per day.
At the Rost wells in Fort Dodge, M3 Helium treats the raw gas on site to concentrate the helium and has leased two tube trailers which it uses for deliveries to its offtaker.
M3 Helium also has interests in five producing wells (Peyton, Smith, Nilson, Bearman and Dimmitt) within the Hugoton gas field in South-Western Kansas, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells are all tied into the infrastructure.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | 1 Details of the person discharging managerial responsibilities/person closely associated | a. Name A) Nick Tulloch B) Eric Boyle | 2 Reason for notification | a. Position/Status A) Director B) Director | b. Initial notification/ Amendment Initial notification | 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | a. Name Mendell Helium PLC | b. LEI 213800XIUQ3AHRZ6UF89 | 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | a. Description of the financial instrument, type of instrument Identification Code Warrants over new ordinary shares ISIN: GB00BLD3FF28 | b. Nature of the transaction Extension of 6p 2024 Warrants | c. Price(s) and volume(s) | Price(s) Volume(s) | 6 pence 1,735,283 | 6 pence 416,666 | d. Aggregated information - Aggregated Volume - Price See above | e. Date of the transaction 27 July 2026 | f. Place of the transaction Off-Market |
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