Ann: Annual Report to shareholders, page-2

Interesting enough not a lot of posts into this thread but plenty on the last drilling announcement.

And as they deem its fine to post the Australian review article to thier X. Let's lay out some ground work and see if they can actually produce tangable shareholder value results this year..

So here is a comprehensive review for shareholders,
incorporating key information from the annual report:

As long-term investors in Blue Star Helium (BNL), we have patiently supported the company and management through an eventful and transformative 2023. While the year presented both encouraging developments and unexpected challenges, we remain focused on BNL's potential to become a major supplier in the constrained helium market.

Key 2023 Developments:In 2023, BNL took crucial steps to transition from a pure-play explorer to a helium developer and producer. The company signed a milestone agreement with experienced producer IACX to establish our maiden helium processing facility at the Voyager project. Engineering and permitting work advanced rapidly, positioning Voyager to be BNL's first producing asset.

However, initial flow rates from two development wells at Voyager were highly anomalous compared to discovery wells and analog fields. While follow-up testing confirmed the Lyons formation can flow at robust rates, the need for compression and lower pressures is expected to impact production volumes and costs.

Management made the prudent decision to pause Voyager development to thoroughly re-assess project economics.Pivoting Quickly:The Galactica/Pegasus project emerged as an exciting alternative to maintain our momentum. With four discoveries in 2022 exhibiting strong flow rates up to 412 mcf/d and helium concentrations up to 6.1%, Galactica/Pegasus was already being matured as a follow-on development to Voyager.

Importantly, an adjacent third-party project recently commenced commercial production, significantly de-risking the play.BNL is now accelerating plans to drill a maiden development well at Galactica/Pegasus in Q2 2024.

The project has the scale for helium and CO2 production, with 11 drilling permits approved and gas gathering plans being optimized. The Voyager facility remains a valuable asset that can be deployed rapidly once either Voyager or Galactica/Pegasus are ready for development.

This flexibility allows BNL to allocate capital efficiently to the highest-return projects.

Shareholder Value:As committed shareholders, we are eager to realize the value of BNL's world-class acreage position. While the Voyager delays were disappointing, the agility the team displayed in quickly advancing an alternative path is commendable.

We recognize a renewed sense of focus is required to deliver the results shareholders expect. With extensive and substantially de-risked prospects in an extremely favorable helium market, the ingredients are in place for value creation.

The coming year will be pivotal as BNL aims to join the elite ranks of commercial helium producers. We recognise they have the assets, partnerships and experience to achieve this goal but and can they deliver long-awaited shareholder returns.?

Short-Term Goals:

1. Conduct detailed evaluation of revised development and operating parameters for the Voyager project to determine optimal path forward there..
2. Drill the maiden development well at Galactica/Pegasus in Q2 2024 to advance production objectives.

3. Define development plans for Galactica/Pegasus, including potential helium and CO2 processing routes and production estimates..
4. Maintain optionality to deploy the IACX helium processing facility as Galactica/Pegasus or other projects are matured.

5. Continue to provide updates to shareholders on progress in achieving the goal of becoming a sustainable, low-cost, high-grade helium producer in the U.S..

Not a lot to ask for really is it.. Let's see how well they do.