Mr. Malcolm Adams reports

HELIUM EVOLUTION ANNOUNCES COMPLETION OF GRASSLANDS 3D SEISMIC PROGRAM, BOARD UPDATE AND STRENGTHENING HELIUM MARKET OUTLOOK

Helium Evolution Inc. has provided an operational and corporate update, including the successful completion of its 3-D seismic program in the Grasslands/Mankota region, changes to its board of directors and commentary on strengthening helium market fundamentals.

3-D seismic program -- Grasslands/Mankota area

The company, in partnership with North American Helium Inc. (NAH), has successfully completed its approximately 170-square kilometre 3-D seismic program across its Mankota/Grasslands core area in Saskatchewan (49-per-cent working interest Helium Evolution/51-per-cent working interest NAH). Processing and interpretation of the seismic data are currently under way and will take approximately six weeks to complete. The program represents a key milestone in sharpening structural mapping and high-grading Helium Evolution's helium targets ahead of planned drilling activity later this year.

Board of directors update

The company is pleased to announce the nomination of Dustin Duncan to its board at the coming annual general meeting.

Mr. Duncan brings extensive public policy and leadership experience, having served 18 years as a senior member of the government of Saskatchewan, including as Minister of Energy and Resources and Minister of Environment. During his tenure, he played a key role in advancing Saskatchewan's energy and resource sectors, with a focus on regulatory development, sustainability and economic growth. Mr. Duncan's deep understanding of Saskatchewan's resource landscape and stakeholder environment will be a valuable addition to the board.

"We are excited to welcome Dustin to the HEVI team. His experience in energy policy and strong relationships across Saskatchewan will be invaluable to HEVI as we continue to grow and execute our development plans," said Jim Baker, chair of the board.

Mr. Duncan's nomination follows Brad Wall's decision to step down from the board to focus on other board and professional commitments.

"On behalf of the board and management team, I would like to sincerely thank Brad for his leadership, insight and meaningful contributions to the company over the past five years," said Mr. Baker.

Helium market strength continues

Global helium markets are experiencing significant supply disruption following two major developments in the past six weeks. In March, 2026, an attack on Qatar's Ras Laffan Industrial City -- one of the world's most critical helium processing hubs, responsible for approximately 33 per cent of global helium supply -- took production off-line, with repairs expected to take three to five years before full production is restored. Separately, Russia, which accounts for approximately 10 per cent of global helium supply, has announced restrictions on helium exports to prioritize domestic needs and those of its closest allies, with that restriction expected to remain in place through at least the end of 2027. Combined, these two developments have removed over 40 per cent of global helium supply from the market simultaneously.

The real-world impact is already being felt in Canada. The Saskatchewan Health Authority has been warned of a 50-per-cent cut to its helium supply, putting MRI (magnetic resonance imaging) machines and critical medical infrastructure at risk. University research facilities across the country are experiencing similar disruptions. This is the fifth global helium shortage in the past 20 years, and the most severe to date.

Against this backdrop, Canadian helium exploration and development, particularly in the stable jurisdiction of Saskatchewan, has become increasingly strategic and has recently grown to approximately 3 per cent of global supply. The company believes these market conditions reinforce the long-term importance of Helium Evolution's Saskatchewan-based helium assets and position the company to benefit from a strengthening and potentially sustained favourable pricing environment.

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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