Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Health and Safety
• Community Investment

Environmental Achievements

• Minimised or eliminated negative environmental impacts and maximised positive environmental impacts.

Social Achievements

• Ongoing engagement with all stakeholders and governments to ensure sustainable operations and benefit local communities.
• Strengthened the team at Board level with the appointment of Nigel Friend as an Independent Non-Executive Director.

Governance Achievements

• Continued to seek ways to improve its Environment, Social and Governance (“ESG”) impact.
• Reviewed the Group’s control environment and any related shortfalls during the year.
• Implemented adequate internal controls.

Climate Goals & Targets

Environmental Challenges

• Company’s reliance on its assets in Tanzania, its sole country of operation
• Competitors with significantly greater financial and technical resources
• No history of production and no assurance commercial quantities of Helium will be discovered at any of the Group’s licences
• Difficulty raising external funding for exploration activities in volatile capital markets
• The Groups business may require significant capital expenditure and the future expansion and development of its business could require future debt and equity financing. The future availability of such financing is uncertain.
• Operations may have to be delayed or suspended due to COVID-19 restrictions
• The availability of third-party support services and the ability to readily move equipment to and from the exploration activity may become restricted and inhibit normal operations.
• Staff and third-party contractors may become ill or be required to quarantine, excessive numbers of which will have an impact on exploration activity
• Ability to find and develop helium resources that are economically recoverable
• Dependence on availability of drilling rigs and other related equipment and services for exploration programme
• Material incidents while drilling such as unexpected formations, adverse weather conditions or mechanical difficulties.
• Dependent on other operators for the performance of exploration activities
• Fraud and corruption
• Increased third party and jurisdictional exposure
• AIM Rules or Financial Conduct Authority Rule breaches
• Relationship with Tanzanian Government and other stakeholders
• Governments, regulations and the security environment may adversely change
• Inadvertent non-compliance with regulatory or legal obligations may result in sanction, loss of licences, loss of integrity and reputation
• Licence renewal and operating permit uncertainty
• Sovereign risk including political, economic or social uncertainty, changes in policy, law or regulation

Mitigation Strategies

• Board actively seeking to diversify current portfolio risk by acquiring further assets.
• Adding to the Group’s technical team capability and deploying capital prudently to maximise return for shareholders.
• Utilising the Group’s technical expertise to de-risk the exploration programme by ensuring robust and accurate data is used for prospect targeting.
• Regular review of cashflow, working capital and funding options.
• Build strong and sustainable relationships with key shareholders
• Prudent approach to budgeting and strong financial stewardship - managing commitments and liquidity to ensure the Group has sufficient capital to meet spending commitments.
• While the duration of the pandemic is not yet known, the Group does have sufficient working capital reserves to maintain its licence position and team for a period of more than one year.
• Utilising the Group’s technical expertise to de-risk the exploration programme by ensuring robust and accurate data is used for prospect targeting.
• Careful consideration and assessment of third-party contractors technical, financial and HSSE capabilities prior to entering into contracts for services
• Ensure that all stages of the exploration work programme have been rigorously stress tested and risk assessed
• The Group places the highest importance on corporate governance and high ethical standards
• Employment of suitably qualified staff and external advisers to ensure full compliance
• Risk assessment and due diligence of all counterparties that the Group deals with
• Engaging in constructive discussions with Government and key stakeholders
• Employment of suitably qualified staff and external advisers to ensure full compliance
• Risk assessment and due diligence of all counterparties that the Group deals with
• Regular monitoring of political, regulatory and HSSE changes
• Board actively seeking to diversify current portfolio risk by acquiring further assets.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SECR

Environmental Metrics

ESG Focus Areas

• Climate Change
• Community Investment
• Health and Safety
• Corporate Governance

Environmental Achievements

• Planned minimal environmental impact from operations, including emissions and social impacts. Produced water will feed into a local irrigation system.

Social Achievements

• Engaged with local communities, sourcing goods and services locally and enacting initiatives focused on education, healthcare, security, and sports.
• Further consultations with impacted communities planned as the company moves towards mining operations.

Governance Achievements

• The Board regularly reviews risks and uncertainties, ensuring high ethical standards and compliance. Established a comprehensive health and safety program.
• Regular review of cash flow, working capital and funding options. Prudent approach to budgeting and strong financial stewardship.

Climate Goals & Targets

Environmental Challenges

• Limited geographical spread of assets.
• No history of production and no assurance commercial quantities of Helium will be discovered.
• Complexity of developing non-commercial helium resources in remote locations.
• Difficulty raising external funding for exploration activities in volatile capital markets.
• Dependence on availability of third-party equipment and services for exploration programme.
• Material incidents while drilling.
• Relationship with Tanzanian Government and other stakeholders.
• Governments, regulations and the security environment may adversely change.
• Licence renewal and operating permit uncertainty.
• Sovereign risk including political, economic or social uncertainty, changes in policy, law or regulation.

Mitigation Strategies

• Board actively seeking to diversify current portfolio risk by acquiring further assets.
• Adding to the Group’s technical team capability and careful deploying of capital to maximise returns to shareholders.
• Accessing external consultants with significant expertise in developing helium resources.
• Utilising the Group’s technical expertise to de-risk the exploration programme by ensuring robust and accurate data is used for prospect targeting.
• Acquisition of drilling rig to reduce dependence on third-party drilling contractor.
• Careful consideration and assessment of third-party contractors technical, financial and HSSE capabilities prior to entering into contracts for services.
• Ensure that all stages of the exploration work programme have been rigorously stress tested and risk assessed.
• Engaging in constructive discussions with Government and key stakeholders.
• Employment of suitably qualified staff and external advisers to ensure full compliance.
• Risk assessment and due diligence of all counterparties that the Group deals with.
• Regular monitoring of political, regulatory and HSSE changes.

Supply Chain Management

Responsible Procurement

• Actively sourcing goods and services from the local community as far as feasible.

Climate-Related Risks & Opportunities

Physical Risks

• Erratic rainfall, flooding, water stress