Key Highlights

  • it received acceptances from 100 per cent of ESH shareholders.
  • This is a completed corporate transaction, not a discovery, and no helium results from the new acreage have.
  • The Assets are three exploration applications in the Southern Carnarvon Basin, identified in the announcement as SPA-47 AO.
  • that water bore hole sampling has been completed at SPA-47 AO and SPA-44 AO, with independent analysis under.

Noble Helium Limited (ASX:NHE) has announced completion of its Acquisition of Earth Source Hydrogen Limited (ESH), the transaction it first announced on 21 August 2026. The company says it received acceptances from 100 per cent of ESH shareholders. The deal gives Noble access to what it describes as more than 40,000 square kilometres of exploration acreage in Western Australia's Southern Carnarvon Basin, alongside its existing helium exploration interests in Tanzania. This is a completed corporate transaction, not a discovery, and no helium results from the new acreage have been reported.

What Noble acquired

The assets are three exploration applications in the Southern Carnarvon Basin, identified in the announcement as SPA-47 AO, SPA-44 AO and SPA/AO-0145. Noble says the conditions precedent were all satisfied: Due Diligence certification by both parties, execution of ESH board resignation letters, and acceptance by at least 75 per cent of ESH shareholders. The company reports that water bore hole sampling has been completed at SPA-47 AO and SPA-44 AO, with independent analysis under way and results still pending.

How it was paid for

Consideration was in Noble shares. According to the company's Quotation application, 75,879,766 fully paid ordinary shares were issued on 30 September 2026 to unrelated parties, made up of three groups. ESH shareholders received 59,549,402 shares at a deemed price of AUD 0.0317. ESH director loans were converted into 5,030,554 shares at about AUD 0.0288, and ESH Loan note holders received 11,299,810 shares at AUD 0.0285.

A further 11,293,020 shares are earmarked for a related party, Dennis Donald. Those shares cannot be issued until shareholders approve them, and the company says this is to be considered at its Annual General Meeting on 26 November 2026. Counting those shares, the announcement puts the total issue at 87,172,786 shares. Separately, Noble issued 1,460,715 shares at AUD 0.029 on conversion of a loan, together with 730,357 attaching unquoted Options exercisable at AUD 0.029, and 2,000,000 unquoted options with a AUD 0.06 exercise price under its employee incentive scheme. The section 708A notice states the shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act.

Financial position

Noble's Annual Report for the year ended 30 June 2026, lodged the same day, shows a net loss of AUD 4,910,838 compared with AUD 10,969,191 a year earlier. Cash at year-end was AUD 6,689,570, up from AUD 37,087, and net assets were AUD 51,357,407. The report says the company completed a AUD 12 million Capital raising between April and June 2026 and converted AUD 6.6 million of.

What Comes Next

The new shares also increase the number of Noble securities on issue..