Mr. Greg Robb reports

HELIUM EVOLUTION ANNOUNCES FILING OF THIRD QUARTER 2023 FINANCIAL RESULTS AND PROVIDES OPERATIONS UPDATE

Helium Evolution Inc. today filed the company's interim condensed financial statements and associated management's discussion and analysis for the three and nine month periods ended Sept. 30, 2023 (the quarterly report).

Complete details of the quarterly report are available on SEDAR+ and on Helium Evolution's website.

During the first three quarters of 2023, Helium Evolution continued to execute on its focused strategy of developing the company's 5.6 million acres of helium rights in southern Saskatchewan and advancing its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. Helium Evolution has remained committed to maintaining continuing financial flexibility, demonstrated by a positive working capital position of $7.8-million at Sept. 30, 2023.

Operations update

As announced earlier today, the company is pleased to reconfirm Helium Evolution's first joint helium discovery with its partner, North American Helium Inc. (NAH), following completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 (joint well No. 1). Joint well No. 1 underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint well No. 1 had helium concentrations of 0.95 per cent, more than three times the 0.3 per cent level deemed commercially viable, and 96 per cent nitrogen, with the balance comprising fractional percentages of minor component gases.

Joint well No. 1 demonstrated rates and pressures that remained steady throughout the entire flow test period, indicating a stable and productive reservoir, and the well flow tested at 1.3 million standard cubic feet per day (MMscf/d) and 6,000 kiloPascals (kPa) flowing tubing pressure. A postflow pressure transient analysis evaluated by a third party was positive, suggesting the deliverability of joint well No. 1 could potentially increase by four to six times with stimulation. Further, negligible water (0.6 cubic metre) was produced by the well during the test period, which is favourable for helium recovery and processing.

The company is very encouraged by the results of joint well No. 1, which confirm the potential of the Deadwood formation as a significant source of helium in the region. Helium Evolution is currently in discussions with the operator, NAH, regarding the next steps on joint well No. 1, as well as future exploration and development plans in the area.

Given unseasonably warm weather across the western prairies and forecasts for above normal temperatures, surface access issues have delayed the drilling of two wells previously announced by the company and its farm-in partner, NAH, at 9-18-3-8W3 (joint well No. 2), of which Helium Evolution has a 20-per-cent working interest, and the NAH farm-out well at 9-35-3-9W3 (test well area No. 1). Since both joint well No. 2 and test well area No. 1 are located on native prairie lands, regulatory requirements restrict drilling access during periods when the ground is not frozen. NAH and Helium Evolution anticipate drilling the wells as soon as possible, subject to rig availability.

Stay connected to Helium Evolution

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the company's website, which includes the company's current corporate presentation, and are invited to follow the company on LinkedIn and Twitter for continuing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned deep-dive research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent media articles, Helium Evolution maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

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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