Five years ago, London had one listed helium company. Today it has ten, pure-play or helium-adjacent developers and producers, with more in the wings.
Most people know helium as the stuff that makes balloons float, but investors are starting to see it differently.
The gas cools MRI scanners, keeps semiconductor fabs running and chills the quantum computers underpinning the AI revolution. Demand is surging and no substitute exists.
Supply squeeze
The supply squeeze has been building for years, with the United States winding down its Federal Helium Reserve in 2024, removing a long-standing market buffer.
Then, in March, Iranian strikes on Qatar's Ras Laffan complex knocked out roughly a third of global production overnight. Spot prices doubled. Airgas declared force majeure.
Helium went from niche industrial concern to full-blown strategic issue almost overnight.
AIM becomes the helium exchange
AIM has become the exchange of choice for helium explorers looking to raise capital, with a growing peer group and a ready audience of risk-tolerant investors.
At the front of the pack, Helix Exploration began selling gas from its Montana field in July and has since acquired the Keyes liquefaction complex in Oklahoma.
Helium One is also in production, selling gas from its Galactica project in Colorado while advancing a landmark mining licence in Tanzania.
H1's shares were down a third this week as it tapped the market for around £3 million. But this is a case of short-term nip for longer-term gain, as the company aims to reach nameplate production in the US and drive forward work in Tanzania.
Helix advanced 11% after restarting operations at its Rudyard facility.
So, the race is very much on.
October blues continue
Turning to the wider market, the AIM All-Share continued its slow October slide, falling 0.7% this week to 771. Its benchmark, the FTSE 100, enjoyed a strong week as it rose 2.7%, gaining haven status against the backdrop of a tech rout in the US and Asia.
Blackbird, the cloud video technology group, surged 63% to top the week’s risers after announcing that its collaborative content platform, elevate.io, would be available to Chromebook users in the UK through Google Perks.
Shares in Corero Network Security, the AIM-listed DDoS protection specialist, jumped 30% after the company reported a 50% surge in third-quarter order intake to $11.1 million.
Year-to-date orders rose 28% to $25.4 million, driven by two Tier-1 contract wins: a $3.4 million five-year deal with a UK telecoms provider and a $1.4 million three-year contract with a major US wireless carrier.
One customer, half the value
ActiveOps, the decision intelligence software group, halved over the week after warning that a major customer does not intend to renew its contract in March 2027.
That will strip £3.8 million of annual recurring revenue and hit earnings expectations. Octopus Investments, the fund manager, presumably thinks the market has overreacted, snapping up shares to lift its stake from around 14% to almost 16%.
EnergyPathways shares fell 27% after it raised £1.75 million from a single institutional investor to advance its MESH long-duration energy storage project, which has been designated of national significance by the UK government. Another case of short-term pain for longer-term gain.
Later in the week, EP announced plans to accelerate a low-carbon hydrogen and graphite production facility at Barrow-in-Furness, which uses methane splitting technology. It is targeting revenue by 2029, without requiring government commercial support.
Shares in Fusion Antibodies, the Belfast-based antibody engineering specialist, fell 36% after the company reported a sharp drop in first-half revenues to £457,000 from £838,000 a year earlier, with gross margin shrinking to 10% from 30% and cash falling to just £135,000.
The company has implemented a recruitment freeze and said it is actively reviewing its working capital requirements.
Jarvis left holding the shell
Finally, Jarvis Securities tumbled 50% after the AIM-listed stockbroker confirmed it has become a cash shell following the special administration of its main operating subsidiary, Jarvis Investment Management.
The company, which held approximately £2.5 million in cash at the end of September, has six months to complete a reverse takeover or raise at least £6 million to qualify as an investing company, or face suspension from AIM.
Directors had planned to cancel the AIM listing and return remaining cash to shareholders, but say they will now consider credible acquisition proposals before making a final decision.
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