We initiate coverage on Helix Exploration (AIM: HEX) with a risked NAV of GBp27/sh, offering 150% upside from the current share price. Helix is a helium exploration company whose core asset is a highly derisked exploration prospect in Montana, US. Helix listed on the UK AIM market on 9th April through an IPO, raising ~US$9mm in gross proceeds; the IPO was upsized from ~US$4mm given high demand with the additional proceeds providing optionality to increase its resource position. The funds will go ....
