Ann: 1.9% HELIUM SURPRISE IN P12 AT VIRGINIA GAS PROJECT, page-47

As a first step, the website has it all: helium market analyses and projections by academics, the blue gem reports, etc. Management seem to be aware that they are working within what is usually something of an opaque market, and so have commissioned/provided a lot of detail.

Going beyond that (as everyone should), if you search there are reports by other firms on helium pricing which talk about containers (standard ISO sizing: 1mmcf) selling at retail prices of up to $500k USD. Tenement / production rights maps are available via the SA government petroleum agency websites for doing that side of the due diligence.

From there, the annual report was just recently published and that takes a deep (albeit integrated with some marketing) dive into everything as expected.

From there, do the back-of-the-napkin math yourself and see if you think they'll be able to cover their debts based on the various projections. Keep in mind of course that at the end of the day it's a gas project and so it front-loads a lot of the spending in exchange for very low opex later on. Worth doing some reading as well into the current state of affairs in South Africa and Southern Africa in general with regards to LNG and energy.

After all of that, watch/listen to the interviews and get acquainted with the unique character that is Stefano Marani.