Proton Green released its annual financial results for the year ended Dec'23. The company started producing helium from the St. Johns Field in Q2'23 and has produced a total of 677mcf of helium during the year. The company sold this for US$313k which translates to a helium price of US$463/mcf. During Q4'23, Proton Green sold 427mcf of helium at a rate of US$448/mcf (-9% q/q). The first helium plant has a current processing capacity of ~4mmcf/d of inlet gas during the initial long term process testing phase. The company's total operating costs were US$1,202/mcf. The company ended the year with a net loss of US$11.7mm, cash position of US$1.2mm, and total assets of US$17.2mm. The independent auditor has determined proven helium reserves of ~20.6mmcf which has a NPV10 of US$6mm and contingent resources of helium and CO2 of 8.2mmcf and 610mmcf (~35kt) respectively, which present a combined NPV10 of US$3.4bn, reflecting high potential value. The representative helium and CO2 prices used in estimating its January 1, 2024 reserves were $610 per MCF for helium and $200 per ton of CO2.
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