Notes

{"date":"2026-09-04","close":477.43,"sma20":483.171,"sma50":499.9026000000001,"sma200":477.27869999999996,"ATR14_Wilder_ewm":8.007402719163581,"ADR20":6.595499999999999,"ADR20_pct":1.3814590620614537,"return20_pct":-2.2160778289810557,"return60_pct":-5.923269424028055,"vol20_ann_pct":14.809841482765352,"whole_shares_cap":0} All-adjustedIEXdailybars;fetchedSep6,lastSep4. ADRarithmeticH-L20,ATRWilderEWMA14initializedfirstTR. Researchonly,notexecutablequote/stoptest. https://runway.adityaperswal.workers.dev/data/stock-bars

Arithmeticrefinementof5398:2220*1493=3,314,460Luseslowerbound2220+,notexactinstalledcount. DoesNOTcontradictclaim>6millionL;greateractualcountorcohortdefinitioncanmakebothtrue. Do not infer inaccurateissuerclaimfromlowerboundarithmetic. Retainonly7vs1500initialfillsensitivity,noglobaldemandforecast. https://www.philips.com/a-w/about/news/archive/standard/news/articles/2026/why-resilience-in-mri-now-matters-as-much-as-performance.html

Shelloperator/partnerMarch20sectionofdatedrollingupdateconfirmsQatarallLNGshutdownMarch2;N4notdamagedMarch18. LaterJuly30linksquarterlyvolumeoutlook. Distinguishshutdownfromphysicaldamageandinitialeventfromlatestpageupdate. Supportsretrospectiveeventdateonly,notSeptemberheliumrestart. https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2026/impact-of-middle-east-conflict-on-shell-activities.html

IssuerAug20:commissioningstarted;firstheliumshipmentexpectedSeptember,ramp2H2026;15%helium75%LNGcontracted. At70Mcf/day365days600/Mcf,helium15.33m/yhypotheticalfullrun;15%portion2.2995m/yat600floor,notall27mcombinedLNG/heliumforecastcontracted. Phase2~44monthsconstructionandup750mdebtpursuitnotbindingfunding. ActualSeptemberfirstshipmentnotyetverified. https://www.sec.gov/Archives/edgar/data/1921865/000119312526358072/aspi-ex99_1.htm

IssuerJune23:5year takeorpaywithAsianindustrialgasbuyer>600USD/Mcfplantgate,~15%Phase1expected70Mcf/dayhelium;LNG2500GJ/day. HigherthanBSIN285butdifferentplant/productprocessing/geography/startdate/clauses,notfungiblepriceindexorautomaticarbitrage. Remaining85%notsecuredinthisnotice. https://www.sec.gov/Archives/edgar/data/1921865/000147793226003952/aspi_ex991.htm

IssuerAug11 Q2andH12026confirmsBSINticker. H1OCF-3.315m,investing-10.031m,financing+18.905m;cash0.429mto5.987m. Equityproceeds8.086+9.103=17.189m. Aug4cash4.9m,liquidity16.4mafter4mextraborrowing. Q2cashG&A1.8m. Contractrevenuecapacity4.104myrcannotbyitselfcoverannualized7.2mG&Abeforeplantcosts;otheroil/CO2incomeandlowerfutureG&Apossible,soNOTinsolvencyassertion. https://ir.bigskyindustrialinc.com/news-releases/news-release-details/big-sky-industrial-inc-reports-second-quarter-2026-results-and

IssuerApr27underformerUSEG:5year100%takeorpayupto14.4mcfannualhelium285USD/Mcfallinplantgate;buyertransport/processing/downstreamcosts;CPIfromMar2028,year3redeterminationandROFR;firstoperationsQ12027target,outsidecommencementJuly12027risk. Counterpartyunnamed,noguessLIN/APD. Fullcapacitygrossannualrevenue4.104mcalculated,notEBITDA/cashguaranteeifproducerfailsdeliver. https://www.sec.gov/Archives/edgar/data/101594/000143774926013368/ex_950842.htm

ReadSep6;renderedrelative5moage,exactpost/commentdatesunverifiedthusNOTeligibleeventtimestamp. Pseudonymousselfreportedbuyer:LINallowedyearssupplywithcontract;OPaskedfor5yearagreement;anotherLINbuyerneveraskedlongterm;Airgasuserreports50%allocationdespitecontract. Unverifiedidentity,geography/contracts/preferencesdiffer,selfselection;nocountofrepresentativecustomersandnocompanywideshortageestimate. Usefulcounterexampletolongtermcontractguaranteeingunlimiteddelivery. https://www.reddit.com/r/CHROMATOGRAPHY/comments/1slkdxq/need_ultra_pure_helium_supplier_in_njpany_without/

OperatorundatedlegacyfacilitypageobservedSep6:Helium2customersAirLiquide50%,Linde30%,Iwatani20%,capacity1.3bnscf/y;Helium1contractsLIN/AirLiquide. Pageonlydescribes2plantsand25%worldshare,sohistoricalcontractstructureNOTcurrent2026marketshareoractualdeliveredvolumes. CompareUSGS2025Qatar63/19033.16%;differentvintageandscope,notcontradiction. https://www.qatarenergylng.qa/english/operations/ras-laffan-helium

IssuerApr20 2026marketingarticle:BlueSeal7Linitialfillvs1500Ltraditional,no lifetime refillsclaimed;2220+installedsince2018and6m+Lsavedclaimed. Arithmetic2220*1493=3.314mLdoesnotreproduce6mfigure;likelyscope/countdefinitionmissing,donotuse6mforforecast. 7vs1500=99.533%initialfillreductionnot99.533%globaldemandreduction. ExistingMRIreplacementtakescapital/time. https://www.philips.com/a-w/about/news/archive/standard/news/articles/2026/why-resilience-in-mri-now-matters-as-much-as-performance.html

2025estimates mcm:US81,Qatar63,Russia18,Algeria11,Canada6,China3,Poland3,SouthAfrica<.5;worldrounded190. USsales81+imports8-exports38=apparentconsumption51;netexporter30. USvalue970m,baseGradeA12USD/m3or330/Mcf excludestransport. USproductionincludesCanadianheliumpurifiedUS. Countryrowssum185plus<.5vsrounded190;retainpublisheddenominatorwithrounding/coveragecaveat,noinvented5mcmproducer. pypdfrecoveredfailedwebPDF;superscript3onUS81isfootnoteNOT381. PrewarannualbaselinenotSepinventory. https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-helium.pdf

July31Q2CFOQ&A pp8–9 explicitly reports positive dollar contribution despite higher dislocationcostsandmarginpercentagegross-updilution;Julyguidanceheliumassumptionunchanged. This refinesobs5202: costsabsorbPARTbutnotALLpricingbenefit;rejectclaimLINhasnoprofitcapture. CEOdoesnotguarantee2027tailwind—volume/pricemixuncertain. Relevantcounterexampleto'margin%dilution=>negativeincrementalprofit'. https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/quarterly-earnings/investor-call-transcript-2q26.pdf

MOFCOM/GACCactualnotice2026No29 publishedJuly10 17:00Beijing:temporarybanonheliumHS2804290010effectivepublication;changesseparateannouncement;pagecurrentvalidlabel. July16ministryQ&AconfirmsChinamajorimporter. Banisnotimportbananddoesnotquantifyglobalmissingvolume;AIpolicysummaryexcludedasorigin. https://wms.mofcom.gov.cn/zcfb/wmgl/art/2026/art_2a795a0d55df4cada91c9fbd2a2cc13a.html

DirectdistributorPSHelium&Balloons noticeeffectiveMarch5 2026:3%heliumsurcharge,citesadditionalpurchasecostsandnotificationfromunnamedsupplier. Closestsourceforitsownpricing,secondhandforQataroutage;noquantity/fulfillmentorprovideridentity,currentcontinuationnotindependentlyverified. Notglobalspotpriceindex. https://pshelium.com/pages/helium-contingency-event

IssuerJuly28H12026:heliumsourceinterruptionfollowingMiddleEastconflicthurtvolumes. EMEAIndustrialMerchantH1+0.2%vs+1.9%excludinghelium;Q2+1.4%vs+3.6%excludinghelium. AmericasH1+5.3%vs+6.7%excludinghelium. Differentdenominatorsprecludeidentifyingheliumsalesdeclinefromsubtractionalone. Formalfinancialreportrepeatsorigin,notindependentcorroboration. https://www.airliquide.com/sites/airliquide.com/files/2026-07/air-liquide-pr-h1-with-an-acceleration-in-the-second-quarter-air-liquide-combines-growth-with-continuous-performance-improvement.pdf

FY2025 10K filedFeb25 2026:merchantcustomercontractsusually3–7years,heliumsourcedUSheliumrichnaturalgasandforeignsources;gascantravellongerdistancesthanoxygen/nitrogen. Merchanttermnothelium-specificquantifiedcontractmaturityschedule. Otheroperatingprofitfell68m in2025 partlyheliumandpriorinsurance;notall68mhelium. https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm

IssuerJuly31Q2call:existingcustomerssupplied,newlongtermcontractssigned;heliumpriceimprovedbutdislocationcostspreventfullmarginrecoveryyet. Managementexpectsnextcouplequartersbenefit,notobservedprofit. Broadsourcebase,cavern,tanklogistics;normalizationcouldextendearly2027conditionalonHormuzresolution. NoquantifiedheliumEBITbridge. ConsolidatedmargindropprimarilyUSHomecarenothelium. https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/quarterly-earnings/investor-call-transcript-2q26.pdf

FY2025 10K filedNov20:~USD5bnunconditionalheliumpurchaseobligations,majorityafterFY2030;medium/longtermsourcingtake-if-tendered;customermediumtermrequirementscontractsshorterthansourcing. Risk:crudebyproductavailabilitydependsonnaturalgasproduction,transportandsupplieroperation. $5bnisfuturecommitmentnotcurrentinventoryorannualcost;historicalrisknotnewoutage. https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm

IssuerJuly30 forquarterendedJune30:EPSbridge3.09-0.07helium+0.08FX+0.37base=3.47adjustedEPS. Lowerheliumpricespartlyoffsetelectronicsvolume. FY26heliumheadwindupdatedto~3%;Q4~2%. Q2bridgewas-0.06/share,soimprovedannualoutlookdoesnotmeanpositiveYoYheliumprofitcontribution. Slidesdirectprimary. https://investors.airproducts.com/static-files/873bd766-037f-459f-8a09-ac5bff2165b1

Issuer April30 2026 Q2 slides, FY2025 exposure/current contracting disclosure: ~90% helium volume contracted, average3–5years; primarilyUS supply, Algeria/Qatarsecondary, dedicatedUScavern,~500ISOcontainers endFY25. Helium high-single-digit%FY25sales; endmarkets35%electronics18%medical16%aerospace31%other. Marketing/managementbias;capacitybufferquantitynotdisclosed. https://investors.airproducts.com/static-files/1c55c69d-3196-4a46-b646-fd85adeec0f2

A 10K report from February 26 for the fiscal year 2025 shows that historical concentrate sales were concentrated with Shenghe, but sales in China ceased in July 2025. The company has stockpiles of unprocessed and unsold concentrate. Sumitomo has an exclusive distribution agreement in Japan through 2030, which poses a risk to magnet volume and quality in meeting contracts with companies like DoW, Apple, and GM. This is not the current sales concentration with Shenghe. In the issuer's August 6 Q2 report, NdPr production was 840 tons, a 41% increase, and sales were 1006 tons, a 127% increase, with revenue of USD 108.5 million plus USD 17.6 million in PPA income, totaling USD 126.1 million combined, and an adjusted net loss of 2.1 million. Price protection income is not from product sales, and downstream qualification and working capital remain a challenge. A historical favorable policy does not guarantee a shareholder payoff, and a fixed holdout of 6 trades CI crosses zero, with no entry, which means that the company will not enter into trades that would result in a loss. https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm ; https://investors.mpmaterials.com/investor-news/news-details/2026/MP-Materials-Reports-Second-Quarter-2026-Results/default.aspx

The company that produces memory, Micron Technology, filed its financial report for the year 2025 on October 3, 2025. This report states that while the company generally has multiple sources for its materials and services, certain materials and components are limited to a single source, which can cause delays in qualification. These materials include chemicals, wafers, gases, photoresists, substrates, printed circuit boards, and reticle glass. This is a historical risk disclosure and does not prove a specific outage in September 2026. On June 24, the company reviewed its financial table for the third quarter of the fiscal year 2026, which showed revenue of 41.46 billion US dollars, compared to 23.86 billion US dollars in the prior period, and a 9.3 billion US dollar year-over-year increase. The company's net income was 28.24 billion US dollars, with earnings per share of 24.67 US dollars. The operating cash flow was 25.39 billion US dollars, capital expenditures were 7.1 billion US dollars, and the adjusted free cash flow was 18.3 billion US dollars. These quarterly metrics are not current and do not reflect the company's current order allocation, and need to be normalized for profit, capacity, and customer contracts before any news of scarcity can affect the valuation of the company's stock. The current price diagnosis shows a fresh cross, but the confidence interval includes zero and the whole price exceeds the capital. https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/mu-20250828.htm ; https://investors.micron.com/financials/quarterly-results/