Mr. Jesse Griffith reports

GLOBAL HELIUM CORP. ANNOUNCES OPERATIONAL UPDATE AND SHARES INDEPENDENT RESOURCE ESTIMATE FROM FIRST MANYBERRIES WELL

Global Helium Corp. has provided an operational update highlighting recent drilling activity, along with confirming receipt of an evaluation of contingent helium resources related to the company's second-half 2023 drilling on its core Manyberries asset situated in the Medicine Hat region in southeast Alberta.

Operations overview

Manyberries update

During the second half of 2023, Global Helium drilled and completed two exploratory wells on the Manyberries helium trend, the first of which is located at 09-04-12-04W4 (09-04), with the second located at 10-08-012-04W4/00 (10-08). The 09-04 well had an absolute open flow test (AOF) of 11.6 million cubic feet per day and a stabilized flow test of 2.8 million cubic feet per day from the Beaverhill Lake formation, with 1.1 per cent helium. The 10-08 well sustained reasonably high near-wellbore damage as a result of drilling fluid and cement entering the formation during drilling operations and, as such, it could not be tested from the same interval as the 09-04 well, despite showing net gas pay in the logs. However, Global Helium was able to test a thinner, stratigraphically lower-porosity streak in the 10-08 well, which confirms the presence of helium. Test results from the 10-08 well showed a stabilized flow rate of 400,000 cubic feet per day from the thinner Beaverhill Lake zone at 0.65 per cent helium. With the drilling and testing of both the 09-04 and 10-08 wells now complete, Global Helium has satisfied the terms of the farm-in and option agreements as announced Jan. 17, 2023, and Jan. 10, 2023. The company now has a 75-per-cent lease interest in 22 sections of helium prospective land in the Manyberries area.

Jesse Griffith, chief executive officer of Global Helium, commented: "The results and learnings from our first two exploration wells have exceeded our expectations. The geologic data and helium concentrations we've encountered support the viability of further development in this area, and we are proceeding with the necessary steps for expanded operations, along with the planning of future production facilities. We look forward to keeping our shareholders updated on HECO's continued progress."

Saskatchewan update

With the success realized to date at Global Helium's Manyberries asset in Alberta, the company has prudently undertaken a review of its acreage portfolio to ensure resources are allocated to the highest-potential-return projects. Due to increasing helium activity by peers in Saskatchewan, there is a meaningful amount of seismic and geological data available. After extensive review of these data, Global Helium will be prioritizing its Saskatchewan landholdings, with this process allowing management to focus on the high-graded Saskatchewan and proven Alberta land base, which offer greater prospectivity and value potential. As a result of this undertaking, Global Helium successfully streamlined its landholdings from approximately 1.8 million acres to approximately 660,000 acres. This enables the company to eliminate $550,000 in permit leasehold obligations over the next two years while still maintaining a majority of the land that Global Helium deems prospective for helium development.

Helium contingent resource report prepared by independent evaluator

Global Helium has shared summary estimates from its contingent resource report prepared by McDaniel & Associates Consultants Ltd., an independent qualified reserve evaluator, dated Jan. 16, 2024, for the company's first helium wells at 09-04 and 10-08, drilled in the Beaverhill Lake zone on the farm-in land block of Perpetual Energy Inc. within the Manyberries helium trend.

"I am pleased to share HECO's first resource estimate from the McDaniel report which demonstrates our progress to date in developing the emerging and exciting Manyberries helium trend," continued Mr. Griffith. "This initial assessment of the Beaverhill Lake formation marks a key step in advancing this asset from a discovery through to reserves, and we are pleased with the numbers despite the estimate not reflecting any contingent resource value for the 10-08 well. Regardless, we have successfully proven the aerial extent of the helium resource in place and look forward to continuing our work to expand the size of this asset moving forward."

Outlook

Building on Global Helium's momentum exiting 2023, the company remains committed to continuing asset development, value creation and prudent capital allocation through 2024. With a healthy cash position of approximately $2.8-million at year-end, the company has sufficient financial flexibility and working capital to advance its immediate strategic initiatives. Global Helium's near-term focus will be on facilities planning for the Medicine Hat area based on the company's results achieved to date in Alberta, along with pursuing potential offtake partners. Management is also exploring options to finance development of its streamlined Saskatchewan landholdings, along with existing drill-ready opportunities in Montana.

Additional information and cautionary statements

The resource is contingent on financing for development and production.

There is uncertainty that the project will be commercially viable to produce any portion of the contingent resources.

The estimates presented in this release are based on data and test results from one well. There is potential for future drilling activity to materially impact the estimated volumes based on additional geological data and production testing. Estimated pool volumes may increase or decrease in the future.

The contingent resources estimated for 09-04 and offsetting locations rely on comparisons with analogous wells, and no production data are available from the well included in this estimate.

The reader is cautioned that disclosure of helium in place volumes is not included in National Instrument 51-101 guidelines.

About Global Helium Corp.

Global Helium is one of Canada's largest helium exploration and development companies, focused on the exploration, acquisition, development and production of helium -- done right. The company has carved out a differentiated position through a unique farm-in agreement with industry veteran, Perpetual Energy, through which Global Helium can access approximately 369,000 acres in Alberta's Manyberries helium trend through a joint venture. The company has also captured 100-per-cent-owned permits encompassing over 660,000 acres prospective for helium in Saskatchewan's well-established helium fairway and has recently acquired three significant assets with proven helium tests in the state of Montana. Global Helium brings a seasoned team of industry professionals and technical experts who have established connections with North American and international helium buyers.

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