QHE

Quantum Helium Limited

Energy First-pass screen £15m

230/1000 Overall fit

AI beneficiary 35% 20

Operating leverage 25% 15

Valuation 25% 30

Downside protection 15% 30

First-pass take

Mosman is an early-stage helium explorer with zero AI exposure, persistent losses (AU$2.1m FY24), and negative cash flow (AU$1.5m/year). Recent pivot from oil/gas leaves no near-term revenue; exploration campaigns at Vecta and EP-145 are unproven.

Flags

no-valuation-dataloss-makingexploration-stagemicro-capcash-burngoing-concerncommodity-exposedexecution-riskweak-liquiditypivot-stage