Ms. Kristi Kunec reports

HELIUM EVOLUTION PROVIDES UPDATE ON THIRD FARM-OUT WELL AND UPCOMING CATALYSTS

Helium Evolution Inc. is providing an update on the third farm-out well that was drilled and fully financed by the company's farm-out partner, North American Helium Inc. (NAH), at 12-11-05-10W3 (test well No. 3).

Test well No. 3 was drilled on farm-out lands within Block 1 at Mankota in Saskatchewan pursuant to a previously announced farm-out arrangement (see news releases dated Oct. 21, 2022, and June 28, 2022 ). After reaching total depth, NAH notified Helium Evolution that test well No. 3 will be abandoned. NAH also informed the company that pursuant to the farm-out, NAH has expedited the drilling of the farm-out well at 12-13-10-8W3 (test well No. 5), on farm-out lands within Block 2 at Gravelbourg in Saskatchewan. Since test well No. 5 was originally scheduled to spud by March 31, 2024, this represents an acceleration of drilling by over eight months. Test well No. 5 is the first of three additional test drills that NAH will undertake on Helium Evolution lands, prior to Aug. 31, 2023.

Upcoming drilling catalysts and key dates

July 25, 2023:  test well No. 5 spud by NAH

On or before Aug. 31, 2023:  the Mankota location selected at 5-36-3-9W3 (test well area No. 1) is scheduled to be spud by NAH

On or before Aug. 31, 2023:  the McCord location selected at 6-13-5-7W3 (test well area No. 2) is scheduled to be spud by NAH

On or before March 31, 2024:  the Fox location selected at 11-13-13-29W3 (test well No. 4) is scheduled to be spud by NAH

NAH is responsible for 100 per cent of the drilling costs for test well No. 4, test well No. 5, test well area No. 1 and test well area No. 2, while Helium Evolution retains a 20-per-cent working interest in said wells, supporting the company's continued financial flexibility and capital conservation.

About Helium Evolution Inc.

Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly traded companies, focused on developing assets in Southern Saskatchewan. The company has 5.6 million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. Helium Evolution's management and board are executing a differentiated strategy to become a leading supplier of sustainably produced helium for the growing global helium market.

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