Nine Month Oil Revenues and Helium Super Summit

Quantum's oil revenue for 2026 already surpasses all of 2025, with further growth likely.

What the company is saying

Quantum Helium Limited highlights that its Sagebrush Project generated US$500,765 in gross oil revenue for the first nine months of 2026, already exceeding the US$408,532 achieved in all of 2025. The company frames this as a 23% year-on-year increase, attributing the improvement to a stronger oil price environment. Quantum emphasizes its 90% working interest, with its share of nine-month revenue at US$450,688, and notes that all oil sales remain unhedged. The announcement positions ongoing oil production as a strategic revenue stream supporting its primary focus on helium development, referencing more than 1 Bcf of independently assessed helium resources across Sagebrush and Coyote Wash, though without supporting data. CEO Howard McLaughlin and the executive team are attending the Helium Super Summit in Houston to discuss the company's Colorado helium portfolio and the imminent larger-volume stimulation programme at Sagebrush-1, which is in its final preparatory phase and expected to commence in November 2026.

What the data suggests

The reported figures show clear operational and financial progress. Gross oil revenue for the first nine months of 2026 reached US$500,765, already 23% higher than the full-year 2025 revenue of US$408,532, with three months of production still to be counted. Quantum's 90% share of this revenue is US$450,688. Oil production for the nine months totaled 7,771 barrels, including 2,630 barrels in Q3, with realized oil prices rising from US$57.44/bbl in Q1 to US$78.29/bbl in Q2, and settling at US$71.28/bbl in Q3. All oil sales remain unhedged, and revenue figures are before lease operating expenses and not adjusted for the 16.67% land royalty. The company provides no quantitative data on helium resources or the economic impact of the planned Sagebrush-1 stimulation, limiting assessment of future upside. The operational update is detailed for oil, but helium claims remain qualitative.

Analysis

The announcement provides detailed, realised operational and revenue data for the Sagebrush Project, including oil production volumes, realised prices, and revenue figures for Q3 and the first nine months of 2026. These disclosures are factual and supported by specific numbers, with a clear year-over-year improvement in revenue (up 23% over 2025). The only forward-looking element is the planned larger-volume stimulation programme at Sagebrush-1, which is described as entering its final phase with commencement expected in November 2026—placing it in the near-term. While the tone is positive, it is proportionate to the disclosed results, and there is no evidence of narrative inflation or exaggerated claims regarding realised performance. The capital intensity flag is set to true due to the upcoming stimulation programme, but the benefits are expected soon and the update does not overstate future outcomes. The absence of profitability metrics (net income, EBITDA, etc.) means the signal cannot be strong_positive, but the operational and revenue growth is credible and well-supported.

Risk flags

• ●Quantum's oil revenue and production are exposed to commodity price volatility, as all oil sales remain unhedged, which could impact future revenue if prices decline.
• ●The company's reported revenue figures are before lease operating expenses, royalties of 16.67%, severance taxes, and other deductions, so actual net cash flow will be lower than headline numbers.
• ●The announcement provides no quantitative details on helium resource economics or the expected impact of the Sagebrush-1 stimulation, making it difficult to assess the scale and timing of future helium-driven value.
• ●Operational execution risk exists for the upcoming Sagebrush-1 stimulation programme, as final preparations are ongoing and the outcome is not guaranteed.

Bottom line

Quantum Helium Limited is delivering strong oil revenue growth from its Sagebrush Project, with US$500,765 in gross revenue for the first nine months of 2026—already 23% above last year's total. The company is benefiting from higher realized oil prices and consistent production, but all sales are unhedged and net proceeds will be reduced by royalties and operating costs. While the oil business provides recurring cash flow, the main forward-looking catalyst is the larger-volume stimulation programme at Sagebrush-1, now in its final preparatory phase and expected to start in November 2026. The announcement is credible for oil operations but lacks quantitative detail on helium resources or the economic impact of upcoming activities. Investors should focus on the results of the Sagebrush-1 stimulation and any future disclosures quantifying helium upside, as these will determine whether the company can transition from oil-supported to helium-driven growth.

Announcement summary

(AIM:QHE) Quantum Helium Limited provided an update on oil production and revenue from its Sagebrush Project, in which it holds a 90% working interest, for the third quarter and nine months ended 30 September 2026. The company reported that gross oil revenue for the first nine months of calendar 2026 was US$500,765, which is approximately 23% higher than the US$408,532 generated during the entire 2025 calendar year. Quantum's 90% share of revenue for the first nine months reached US$450,688. Third quarter project oil revenue was US$184,502, with Quantum's 90% share amounting to US$166,052. Gross oil production for the first nine months of 2026 totaled 7,771 barrels, including 2,630 barrels in Q3. The average realized oil price in Q3 2026 was US$71.28 per barrel. Oil production figures are reported on a 100% gross project basis, and project oil revenue figures are reported before lease operating expenses and are not adjusted for Quantum's 90% working interest. Production and revenue figures net to Quantum's 90% working interest are not adjusted for land royalties payable of 16.67%, severance taxes, and other applicable deductions. All oil sales remain unhedged. Oil production from the existing Sagebrush wells continued throughout Q3 2026, generating project revenue of US$184,500 and bringing total revenue for the first nine months to US$500,765. The stronger oil price environment during 2026 contributed positively to revenues. Oil production remains an important component of Quantum's broader Colorado strategy, providing ongoing revenues alongside its primary focus on helium exploration, appraisal, and development. The company has more than 1 Bcf of independently assessed helium resources across Sagebrush and Coyote Wash. Additional commercial oil potential was confirmed during testing at Sagebrush-1. Members of Quantum's executive and technical team are attending the Helium Super Summit in Houston, Texas, commencing 20 October 2026, to discuss the company's Colorado helium portfolio and the planned larger-volume stimulation programme at Sagebrush-1. Preparations for the larger-volume stimulation programme at Sagebrush-1 have entered their final phase, with detailed engineering substantially complete and final operational and logistical arrangements progressing towards commencement in November 2026. Howard McLaughlin is the Chief Executive Officer of Quantum Helium Limited.

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