Desert Mountain Energy (DME) retracted key statements regarding elevated helium and hydrogen percentages from its February 2023 gas tests on its New Mexico project - the Pecos Slope West Abo Gas Field, casting doubt on the development potential of its New Mexico assets. This clarification undermines previous optimism about the company's helium production capabilities. Given that the company has already abandoned one asset at the McCauley field in Arizona, the uncertainty surrounding its New Mexico project is a significant concern and it is surprising the shares only fell 2% on the news. DME also reported its Q2’24 results; it made several plant modifications to enhance safety and accommodate upcoming regulatory changes in 2024. It said in June that it plans to start-up its helium plant in 60-90 days. It ended Q2 with a net loss of C$1mm, cash position of C$3.2mm, and total assets of C$56.8mm. G&A in Q2 was high at C$1.8mm.
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See AllDesert Mountain Energy has successfully disassembled and transported of its helium processing plant to the West Pecos Slope Abo Gas Field...
Desert Mountain Energy is making progress in reassembling its helium processing facility in New Mexico, with plans to add a dehydration...
Desert Mountain Energy (DME) commenced operations at its helium processing facility in the West Pecos Field, New Mexico. Based on its...
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