Mr. Jim Baker reports

HELIUM EVOLUTION ANNOUNCES SEISMIC PROGRAM, POOLING AGREEMENT AND PROVIDES OPERATIONS UPDATE

Helium Evolution Inc. has commenced two significant seismic programs, executed a pooling agreement with North American Helium Inc. (NAH) and provided an operational update.

Pooling agreement and 3-D seismic program -- Grasslands/Mankota area

The company is pleased to announce that Helium Evolution and NAH have entered into a pooling agreement covering certain lands in the Grasslands/Mankota area. Under the agreement, approximately 40,000 acres of pooled land will be shared 51 per cent by NAH and 49 per cent by Helium Evolution. The pooled lands include 100-per-cent-owned acreage being contributed by each party and undeveloped acreage previously held at a working interest of 80 per cent NAH/20 per cent Helium Evolution, which will be revised to the 51-per-cent/49-per-cent split. Developed sections in the pooled lands will remain unchanged at 80 per cent NAH and 20 per cent Helium Evolution. NAH is the designated operator of all the operations in the pooled lands area.

Concurrently, Helium Evolution and NAH are initiating an approximately 170-square-kilometre, NAH-operated 3-D seismic program across the pooled lands. The 3-D seismic is expected to significantly enhance subsurface understanding by supplementing existing 2-D seismic data, providing seismic coverage over lands with identified helium leads, reducing drilling risk and expanding the inventory of prospective drill targets.

The 3-D seismic is expected to be completed over the next six weeks, with data processing and interpretation planned for Q2 2026. Subject to results, Helium Evolution and NAH anticipate commencing a drilling program on the pooled lands as early as Q3 2026.

The 3-D seismic is expected to cost approximately $4.9-million (gross), or $2.4-million net to Helium Evolution.

Glenbain 2-D seismic shoot

In December, 2025, the company completed an approximately 60-kilometre 2-D seismic program over its 100-per-cent lands in the Glenbain area. The data are currently undergoing processing and are expected to be interpreted in Q1 2026, with the objective of firming up a drilling location for a future drilling program in 2026 or 2027, subject to capital availability.

Operations update

The company is also providing an update on the status of its helium processing facility in the Mankota area, located at 1-2-4-9W3 (the Soda Lake facility). During the fourth quarter of 2025, production from the wells tied into the Soda Lake facility fell below the levels required to support sustained facility operation. A workover program was carried out on the affected wells; however, further optimization will be required to achieve consistent production volumes. As a result, the Soda Lake facility has been temporarily placed on standby while the company and NAH evaluate optimization options and advance the 3-D seismic program and development plans, including the integration of future drilling opportunities, to support reactivation of the Soda Lake facility.

Importantly, the company's 3-D seismic directly offsets the Soda Lake facility, which is expected to further inform and accelerate the company's development strategy. Following data acquisition and interpretation in Q2 2026, drilling targets are expected to be finalized, with drilling scheduled to commence around Sept. 1, 2026. Successful wells, in combination with the previously flow-tested well located at 5-30-3-8W3 well (5-30 well) and potentially the previously flow-tested wells located at 2-31-2-8W3 (the 2-31 well) and 9-18-3-8W3 (the 9-18 well), are expected to be tied into the Soda Lake facility in the fall of 2026. Continued drilling success could allow for near-term reactivation of the Soda Lake facility and production from the Mankota/Grasslands area utilizing existing infrastructure.

Looking ahead

Helium Evolution remains confident in its growth prospects. Helium Evolution's strategy partnership with NAH enables cost and risk sharing on key development activities, allowing the company's current cash position to support a broader scope of exploration and development initiatives in 2026.

"The pooling agreement with NAH represents a meaningful step forward in maximizing the value of our Mankota lands," said Jim Baker, interim president and chief executive officer of Helium Evolution. "By aligning interests and deploying high-quality 3-D seismic, we are enhancing our ability to identify and prioritize high-confidence drilling targets while managing risk and capital efficiency. While the temporary standby of the Soda Lake facility is disappointing, its proximity to the 3-D seismic program positions us to quickly tie in future successful wells, potentially avoiding the typical 18-month facility construction timeline. HEVI remains focused on the bigger picture-building a scalable helium asset base in one of Canada's most prospective helium-producing regions."

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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