North American Helium (NAH) is a pure-play helium exploration and production company. NAH has accumulated the world’s largest contiguous helium land position in Saskatchewan, Canada, leading to the first major discovery of helium deposits in North America in the last 45 years. More than 80% of the world’s helium is supplied by five producers, two of which are almost depleted. Such producers supply helium only as a byproduct of conventional hydrocarbon-based projects.

Due to the opacity, relatively small size and oligopolistic nature of the helium market and because of helium’s historical production being linked to hydrocarbons, there is a limited group of people that truly understand helium. In some respects, helium is pre-institutional or too small for significant institutional focus, a characteristic that Off Road likes to target. Off Road found that traditional commodity investors were often negatively biased towards helium as they were burdened with preconceived notions and experiences with other commodities. At the time of Off Road’s investment, NAH was pre-revenue. However, Off Road could visualize meaningful near-term cash flows as an existing helium field had proven reserves and was within months of completing an offtake contract to monetize 10 years of helium production.