Ann: Las Animas Helium Portfolio Development Strategy, page-18

I think a less risky route is proving up reserves then committing to production as per the chart below.

Voyager had contingent resources which are still in a "sub-commercial" category. In this case Voyager hadn't yet been flow-tested for instance in order if successful to upgrade some contingent resources to reserves..

However given capex wasn't needed for a production plant as it could be leased from IACX BNL were trying the risky process to try to fast-track the process to production. If capex was needed for a plant usually its possible to get debt underpinned by proven commercial reserves and/or offtakes maybe in conjunction with some equity injected also.

Galactica-Pegasus is still in the lower category of prospective resources? Even though four wells were drilled there BNL still hasn't released a Sproule report for contingent resources at Galactica/Pegasus?