Ann: Voyager Resources Update, page-13

At least BNL is getting some media attention.

Great to see that new life has been breathed into the SP. Hopefully, a bit of FOMO will keep the momentum going in the right direction.

Then, the announcement of actual drilling will get the SP over 6 cents - and beyond perhaps

Blue Star updates Voyager resources by 33% ahead of commercial helium production - *

Blue Star updates Voyager resources by 33% ahead ofcommercial helium production

Energy

6 hoursago | Special Report

• Blue Star Helium updates to 2C contingent resource of 857MMscf at Voyager project in US
• Company targeting commissioning of helium production facility in Q1 2024
• BNL also just successfully spudded the second well at Voyager

Special Report: BlueStar Helium is inching closer to becoming the next helium producer, releasingan updated independent assessment of the resources at its Voyager project inColorado, USA, of a 2C net unrisked contingent helium resource of 857 MMscf.

A 2Ccontingent resource is one with an ~50% chance of being economically recovered.

Notably,the update also includes 1C contingent resources of 388MMscf, which means a~90% chance of economic recovery.

Overall,that’s a 33% bump on the previous contingent resource, thanks to the company’sacquisition of additional mineral leases in Las Animas Country during 2023 – aregion which is home to the historical Model Dome field (just 6 miles fromVoyager) which hosts amongst the top three highest helium concentrations in theworld.

Theultimate goal of bringing the project into production would make Blue Star Helium(ASX:BNL) one of the first ASX-listed primary helium plays to enter production, allowing it to tap into high helium prices due to a critical lack of supply.

“This is atimely update to the contingent resources at our Voyager helium developmentproject as we move the project into commercial production,” MD and CEO TrentSpry said.

The world’s next helium producer

The timingof the update couldn’t be better, as the company eyes commissioning of itshelium production facility during Q1 CY2024 by IACX Energy – who will providegas processing services via an owned and operated helium recovery plant.

“Developmentwell drilling restarts in January 2024 where we plan to convert the contingentresources into reserves and production,” Spry said.

“It is anexciting time for Blue Star as we await the results of production drillingahead of commissioning of our first helium production facility during Q1 CY2024by IACX.

“Blue Staris looking forward to becoming a new helium producer right in the middle of thelargest helium market in the world, the US.”

Totalfield and plant operating cost is highly attractive at around US$100-120/Mcf ofhelium product gas (full capacity) with targeted helium production of 38 MMcfin the first full capacity year.

Pic: Voyager is just6 miles from the Model Dome Field in Colorado. Source: BNL.

Six wells approved for drilling

Last monthBNL securedregulatory approval to drill four additional wells at Voyager, which means the company now has a robust inventory of six wells approved for drilling.

Thisallows flexibility to optimise early drilling of the discovered resource atVoyager and for BNL to expand its initial Voyager development well drillingprogram early Q1 CY2024.

To date,BNL has successfully spudded the second well at Voyager and expects the projectwill ultimately utilise a 20-well development inventory to maximise thecontingent resource.