Mr. Greg Robb reports

HELIUM EVOLUTION PROVIDES OPERATIONS UPDATE FEATURING PRELIMINARY PRODUCTION TEST DATA FROM TWO HELIUM DISCOVERY WELLS

Helium Evolution Inc. has provided an operational update on three Mankota area wells in which the company maintains a 20-per-cent working interest alongside its partner and the operator, North American Helium Inc. (NAH), including preliminary test results from two wells and confirmed stimulation of a third well.

Operations overview

Greg Robb, chief executive officer of the company, commented: "The HEVI team is very encouraged by what we're seeing from the production tests to date out of our Mankota area wells, which will continue to be evaluated before and after the requisite shut-in period. In addition, we look forward to seeing how a third well responds to stimulation efforts, which have proven successful in enhancing flow rates in other Mankota wells. We are pleased to be partnered with NAH and we look forward to ongoing discussions regarding plans for near- and longer-term development, along with gaining visibility into timelines for achieving various milestones necessary to realize commercial production."

2-31 well

Following the successful stimulation of Helium Evolution's first helium discovery well at 2-31-2-8W3 (2-31 well), the 2-31 well was production tested at approximately four million standard cubic feet per day (MMscf/d) at 5,500 kilopascal (kPa) flowing tubing pressure from the deadwood formation on a three-day extended test, with a helium concentration of 0.95 per cent, more than three times the 0.3-per-cent level deemed commercially viable. The 2-31 well continued to increase in both flow rate and surface flowing pressure throughout the flow test period. Productivity of the 2-31 well increased threefold following stimulation, representing a meaningful rise from the 1.3 MMscf/d previously announced. The 2-31 well also produced negligible volumes of water, a positive indication for helium recovery and processing.

Helium Evolution continues to work with NAH to determine optimal next steps, which may include the drilling of an offset location designed to further delineate the pool during the latter half of 2024. In addition, NAH has received approval of a facility licence at 12-30-2-8W3, approximately 1,500 metres from the 2-31 well, the construction of which would represent another significant milestone on Helium Evolution's path to commercialization.

9-35 well

Completion, perforation and initial production testing of Helium Evolution's discovery well at 9-35-3-9W3 (9-35 well) is continuing. The 9-35 well was producing approximately seven MMscf/d at 9,000 kPa flowing tubing pressure at the end of a six-day extended flow period, with a helium concentration of 0.64 per cent and no water. After the extended production flow period, the 9-35 well will be shut in for a 21-day period to collect reservoir pressure data for interpretation.

9-18 well

After initial testing, Helium Evolution's discovery well at 9-18-3-8W3 (9-18 well) had a preliminary helium concentration of 0.78 per cent and no water. In an effort to enhance productivity, as was successfully done on the 2-31 well, the 9-18 well will be stimulated in the coming weeks, subject to surface conditions.

Helium Evolution intends to continue updating the market on significant events and developments as information becomes available.

Conference participation

Helium Evolution is also pleased to confirm that the company will be participating in a conference in Houston, Tex., hosted by the Pickering Energy Partners team along with representatives from Saskatchewan's Ministry of Energy & Resources and Ministry of Trade & Export Development on Feb. 27, 2024. During this event, Helium Evolution's chief executive officer, Mr. Robb, and chief financial officer, Kristi Kunec, will present the company's story, and conduct one-on-one meetings with invited members of the investment community. A copy of the company's presentation being given at the event is available on its website.

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 over five 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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