Mendell Helium is pleased to provide an update on both progress and additional plans to commence Bitcoin mining. In addition to conducting a feasibility study to determine whether excess methane produced from the wells could provide energy for a cryptocurrency / Bitcoin mining operation, the Company is also planning to complete the onboarding process through a digital assets custodian and incorporate a new subsidiary as the holding vehicle for the Company’s Bitcoin mining operations.

As announced on 27 June 2024, the Company has an option (the “Option”) to acquire M3 Helium, a producer of helium which is based in Kansas and holds an interest in ten wells.  There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete a re-admission. As announced on June 23^rd 2025, the Company and M3 Helium have agreed to extend the date on which the Option should be exercised to 30 September 2025

Bitcoin Mining Initiative

The Company’s Bitcoin mining initiative was first announced on 1 April 2025 when the Company outlined that it was working on a feasibility study to use the excess methane produced at either the Rost 1-26 well or future offset wells in the Fort Dodge area to provide energy for a cryptocurrency/Bitcoin mining operation.  This work has advanced over the past month and Mendell Helium is currently modelling different opportunities to determine the optimum location for its first Bitcoin mining operation.  As well as Fort Dodge, the Company is also examining trapped gas assets in other locations – being methane resources which are not within gathering systems and therefore which could provide a low cost energy for Bitcoin mining.  In anticipation of commencing these operations, Mendell Helium is pleased to report two preparatory steps.

Custodian appointed

The Company has successfully completed the onboarding process with Bitgo Inc. (“Bitgo”) and its account can be configured to include multiple wallets to receive Bitcoin that may be successfully mined by the Company in the future.  Mendell Helium’s account is serviced by Bitgo’s South Dakota facility, the location being chosen in anticipation of its impending US-based Bitcoin mining operations.  The account includes full trading capabilities and secure storage in cold wallets.

BitGo was founded in 2013 and launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow and lend. It services more than 2,000 institutional clients in over 90 countries and processes approximately 8% of all global Bitcoin transactions by value.

New subsidiary incorporated

Mendell Helium has also established a new wholly owned subsidiary, Mendell Digital LLC, a Kansas registered entity that will work alongside M3 Helium and be the vehicle for the Company’s Bitcoin mining operations.

Nick Tulloch, Chief Executive Officer of Mendell Helium and Chairman of M3 Helium, said: “I’m pleased to report that our plans for Bitcoin mining since publishing our Bitcoin treasury management policy are gathering pace. As well as Fort Dodge, where we anticipate having excess methane as part of our helium production operations, we are also looking at more focused sites where known methane resources exist but the access to market is not available.  These sites could potentially provide very low cost methane and house generators and servers at the wellhead.”

“We are also pleased to have established an account with Bitgo which can be configured to receive any Bitcoin that we successfully produce and which includes a trading facility.  Furthermore the establishment of our new operating subsidiary, Mendell Digital LLC, will demonstrate to investors that we expect operations to commence in the coming months.”

ENDS

Engage with the Mendell Helium management team directly by asking questions, watching video
summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor
website here:https://mendellhelium.com/s/a6a55a

Enquiries:

Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor website	https://mendellhelium.com/s/a6a55a
Mendell Helium plc Nick Tulloch, CEO	Via our website investors@mendellhelium.com
Cairn Financial Advisers LLP (AQSE Corporate Adviser) Ludovico Lazzaretti / Liam Murray	Tel:  +44 (0) 20 7213 0880
SI Capital Limited (Broker) Nick Emerson	Tel:  +44 (0) 1483 413500
Stanford Capital Partners Ltd (Broker) Patrick Claridge/Bob Pountney	Tel:  +44 (0) 203 3650 3650/51
Fortified Securities Guy Wheatley	Tel: +44 (0) 203 4117773
Brand Communications (Public & Investor Relations) Alan Green	Tel: +44 (0) 7976 431608

Overview of M3 Helium

Mendell Helium announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders.  The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.

M3 Helium has interests in ten wells in South-Western Kansas of which five (Peyton, Smith, Nilson, Bearman and Demmit) are in production.  Eight of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America.  Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.

The ninth well, Rost, is in Fort Dodge, just to the east of Dodge City, Kansas.  It was tested in July 2024 as containing 5.1% helium composition and a previous drill stem test yielded a maximum flow rate of approximately 2,900 Mcf per day.  M3 Helium owns a mobile Pressure Swing Adsorption production plant which has been installed on site and will be used to purify the produced helium.  The plant is capable of processing up to 800 Mcf per day of raw gas and purifying it up to 99.999% helium.

The tenth well, Brobee, is a disposal well that has been authroised at 5,000 barrels of water per day at 1,200 psi.