Noble Helium : Investor Presentation

SECURING THE FUTURE OF HELIUM

Investor Presentation

April 2022

Disclaimer

Helium Volumes

Low Estimate	Best Estimate	High Estimate	Mean
19.6 Bcf	100.7 Bcf	405.7 Bcf	175.5 Bcf

Helium Prospective Volumes for the North Rukwa Project have been independently provided by Netherland Sewell and Associates (NSAI) of Houston, Texas, in accordance with the Society of Petroleum Engineers Petroleum Resource Management System (SPE-PRMS). The SPE-PRMS is widely accepted as the standard for hydrocarbon resource and reserve estimation, including by the ASX. The SPE-PRMS is specifically designed for hydrocarbons, which helium is not, however the principles and methods for hydrocarbon gas resource estimation are directly applicable to helium gas volume estimation. NSAI estimates the following helium Unrisked Gross Summed Prospective Volumes within the North Rukwa Project, within 9 structures:

The prospective helium volumes included in this presentation and the Independent Technical

Expert's Report included in the Prospectus should not be construed as petroleum reserves, petroleum contingent resources, or petroleum prospective resources. They represent exploration opportunities and quantify the development potential in the event a helium discovery is made. The Company notes the North Nyasa Basin Project, Eyasi Basin Project and the Manyara Basin Project are not as advanced as the North Rukwa Basin Project and are considered to be early stage exploration projects.

Disclaimer

This presentation has been prepared by Noble Helium Limited (ACN 603 664 268) (Noble Helium or Company) and contains background information about Noble Helium's current situation at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete.

Noble Helium has issue a prospectus dated 18 February 2022 in connection with its proposed initial public offering of shares and listing on the Australian Securities Exchange (Prospectus). Accordingly, this presentation should be read in conjunction with the Prospectus. Any person who wishes to apply for shares in Noble Helium will need to apply under the Prospectus by completing an application form accompanying the Prospectus. Comprehensive details regarding Noble Helium and its projects are set out in the Prospectus.

Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares or other securities in any jurisdiction. This presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

This presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments. Details regarding the risks associated with an investment in the Company are set out in the Prospectus.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Noble Helium. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements.

No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. Unrisked Prospective Helium Volumes have been defined. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that Noble Helium will successfully convert its helium resource to reserves and produce that estimated volume.

Competent Person's Statement

The prospective volumes are for helium, which are not hydrocarbons. However, Netherland, Sewell & Associates, Inc. have used the definitions and guidelines set forth in the 2018 Petroleum

Resources Management System (SPE-PRMS) approved by the Society of Petroleum Engineers as the framework to classify these helium volumes as "prospective". The SPE-PRMS is specifically designed for hydrocarbons, which helium is not, however the principles and methods for hydrocarbon gas resource estimation are directly applicable to helium gas volume estimation.

The prospective helium volumes included in this presentation should not be construed as petroleum reserves, petroleum contingent resources, or petroleum prospective resources. They represent exploration opportunities and quantify the development potential in the event a helium discovery is made. The information in this presentation which relates to prospective helium volumes is based on, and fairly represents, in the form and context in which it appears, information and supporting documents prepared by, or under the supervision of, Alexander Karpov and Zachary Long .

Alexander Karpov is an employee of Netherland, Sewell & Associates, Inc. Alexander Karpov attended Texas A&M University and graduated in 2001 with a Master of Science Degree in Petroleum Engineering, and attended the Moscow Institute of Oil and Gas and graduated in 1992 with a Bachelor of Science Degree in Petroleum Geology. Alexander Karpov is a Licensed Professional Engineer in the State of Texas, United States of America and has in excess of 26 years of experience in petroleum engineering studies and evaluations. Alexander Karpov has sufficient experience to qualify as a qualified petroleum reserves and resources evaluator as defined in the ASX Listing Rules.

Zachary Long is an employee of Netherland, Sewell & Associates, Inc. Zachary Long attended Texas A&M University and graduated in 2005 with a Master of Science Degree in Geophysics, and attended the University of Louisiana at Lafayette and graduated in 2003 with a Bachelor of Science Degree in Geology. Zachary Long is a Licensed Professional Geoscientist in the State of Texas, United States of America and has in excess of 16 years of experience in geological and geophysical studies and evaluations. Zachary Long has sufficient experience to qualify as a qualified petroleum reserves and resources evaluator as defined in the ASX Listing Rules.

Alexander Karpov, Zachary Long and Netherland, Sewell & Associates, Inc. have each consented to the inclusion in this presentation of the matters based on this information in the form and context in which they appear.

Highlights

Established in

Helium is a	Noble Helium early mover in	Noble Helium
2017 with	strategic global	recognising the need for	comprised of
onshore	commodity with	helium supply security and	highly respected
Tanzanian	significant supply	aspires to be the world's	team of experts
assets	challenges and	most successful multi-	with a global
prospective	consequent	jurisdictional helium	network in the
for helium.	premium pricing.	exploration company.	helium business.

Four key prospective areas - Northern Rukwa,

North Nyasa, Eyasi and Manyara Basins.

• • Northern Rukwa - 1,467km2 awarded in 2019 => 175.5 Bcf* independently estimated helium resource.

  • • North Nyasa awarded in Nov 21 with the remainder expected to be awarded over next 12-18 months.

*Unrisked summed Pmean net prospective resource, Netherland Sewell and Associates February 2022

Strong news flow expected in 2022, including: drilling on adjacent acreage in H2, confirmation of 2023 drilling locations using new 2D or 3D seismic; award of additional licenses in Tanzania enabling resource upgrades; potential new country entry.

Unique access to global helium database via exclusive agreement:

• • Commissioned world's first helium database with Professor Gluyas (Durham University) and Professor Ballentine (Oxford University).

• • Exclusive Licence for up to 5 years from IPO.

Helium Market

• • Mainly used in MRI machines, rockets, welding, leak detection, lifting/inflation.

• • Recent increased demand from semi conductor chip fabrication at 11% CAGR.

• • Un-substitutable in most applications.

• • Emerging technologies may drive further demand.

Security of Supply Challenges

• • USA major supplier until 2012 with drawdown of strategic reserve.

• • Price has tripled in the last 15 years - long-term contract pricing now US$220/Mscf (50-100x LNG price), current spot pricing US$3000/Mscf

• • New sources from Russia, Qatar and Algeria are unreliable:

  • • Russia - expected 26% of world supply by 2025, now in doubt with Amur plant startup fires and now Ukraine invasion and sanctions

  • • Qatar - 30% of world supply. Embargoed for 6 weeks June 2017

  • • Algeria - 8% of world supply; Skikda LNG feed redirected to Europe.

• • Noble aims to provide large new helium supply, independent of natural gas production, to create much needed stability in the market.

Source: 2022 Helium Market Report, Kornbluth Consulting. NHE Prospectus

Tanzania - Helium in the East Africa Rift System

• • Core asset: Pmean 175.5 Bcf to date from only one of four identified areas - two of which are awarded with two pending.

• • Resource upgrades expected over 6 - 24 months from other areas.

• • Potentially best untested helium geology on earth

• • Proven helium in each of Noble's basins: concentrations in hot springs 4% to 10%.

• • Same geology has given rise to billions of barrels in oil discoveries in recent years.

• • Resource potential at a scale of multiple 'US Federal Reserves' in just one of four basins, independent of NG.

• • Success would secure global supply chain and create substantial returns for Noble shareholders.

Service Layer Credits: Esri, Garmin, GEBCO, NOAA NGDC, and other contributors