Noble Helium to acquire Earth Source Hydrogen and expand WA exploration portfolio

Noble Helium to acquire Earth Source Hydrogen and expand WA exploration portfolio

Proactive

Fri, August 21, 2026 at 2:36 AM GMT+3 3 min read

Noble Helium Ltd (ASX:NHE, OTC:NBHEF, FRA:GN1) has entered into a binding agreement to acquire Earth Source Hydrogen Limited (ESH), giving the company access to around 40,000 square kilometres of helium-prospective acreage in Western Australia's Southern Carnarvon Basin.

The acquisition covers 100% of ESH's issued share capital, including its Australian subsidiaries and two existing Special Prospecting Authorities (SPAs), SPA-47 AO and SPA-44 AO.

The licences provide ESH with the exclusive right to apply for exploration licences over the respective areas.

ESH is also in the process of applying for a third SPA. Its 2 existing authorities are adjacent to EP512 and together cover about 40,000 square kilometres.

Consequently, the acquisition would broaden its exploration portfolio beyond its existing operations in Tanzania, where drilling preparations are underway at Kinambo.

Executive chairman Dennis Donald said the Western Australian acreage complemented the company's existing assets.

"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," Donald said.

Borehole sampling completed

ESH has completed an extensive water borehole sampling and testing program across both SPAs.

Noble Helium plans to undertake detailed independent analysis and evaluation of the samples, with a summary of results to be released following completion of the acquisition and assessment work.

ESH managing director David Biggs said the combination brought together complementary acreage and technical capabilities, with ESH intending to progress applications for exploration permits over both SPA areas.

Acquisition consideration

Under the agreement, Noble Helium will issue shares to ESH shareholders, directors in satisfaction of outstanding director loans, and ESH loan noteholders following conversion of their notes.

The number of Noble Helium shares issued will be calculated using a 10% premium to the company's 30-day volume-weighted average price at completion, although the premium will not apply to conversion of the directors' loans.

Based on a 30-day VWAP of $0.0285 as at August 17, 2026, Noble Helium estimates it would issue 88,867,333 shares under the transaction.

Of these, around 77.32 million shares are expected to be issued to unrelated parties using the company's existing placement capacity, while shareholder approval will be sought for the issue of about 11.55 million shares to Condor Energy Investments LLP.

The deal values the illustrative ESH share conversion component at around $2.27 million, based on the stated exchange rate and share-price assumptions.

Next Steps

Completion remains subject to conditions including satisfactory due diligence by both parties, ESH board resignations taking effect at completion and acceptance of the acquisition by at least 75% of ESH shareholders.

The acquisition is expected to be completed on September 7, 2026, with the new shares to unrelated parties expected to begin trading the same day. Shareholder approval for the related-party shares is expected to be sought at the company's AGM in November 2026.