Mr. Andrew Davidson reports

ROYAL HELIUM RECEIVES INDEPENDENT HELIUM RESOURCES ASSESSMENT AND EVALUATION FOR STEVEVILLE AND NAZARE

Royal Helium Ltd. has received a competent person's report (CPR) from GLJ Ltd. of Calgary, Alta., Canada, dated Aug. 19, 2022, with an effective date of July 31, 2022, which provides an independent resources assessment and evaluation of Royal's material helium assets to date. This CPR has been compiled in accordance with the guidelines and scope as set out in the AIM Note for Mining and Oil & Gas Companies (which forms part of the AIM rules for companies) in connection with the proposed listing of company's shares on the AIM of the London Stock Exchange (see the news release dated Aug. 17, 2022).

Resources highlights from Royal's Steveville and Nazare helium assets, and net present values of future net revenue for Steveville are in the associated tables. The company also intends to obtain reports on its Climax conventional, Ogema and Val Marie wells in due course as additional work and testing data is compiled.

Andrew Davidson, president and chief executive officer, Royal, comments: "We are pleased to receive this independent third party evaluation from GLJ Ltd. In addition to being a regulatory requirement as part of the company's proposed listing on AIM, for us, it affirms initial resources and economics that substantiates our first off-take sales agreement with a minimum delivery (no maximum) to our off-take partner of approximately 40 per cent of the Steveville plant capacity. As for Nazare, a P50 at 114 metres (375 feet) of pay thickness, 1.298 billion cubic feet of helium is extraordinary, considering it is still constrained to 27 square kilometres (14 square miles) with limited 3-D seismic area. We look to drill our first horizontal well into Nazare between Q4 2022 and Q1 2023, and, additionally, we have only explored 6 per cent of the Climax land block with an additional 10 conventional targets in our near-term drill plans."

The associated table highlights the unrisked and risked net present values, at discount rates of zero per cent to 20 per cent (before income taxes) associated with the marketable resource values attributed to the Steveville, Alta., asset indicated in the associated table.

Shayne Neigum, chief operating Officer, Royal, comments: "The best estimate of risked contingent resources -- development pending for Steveville has a risked net present value at 10 per cent (before income taxes) of $22,192,000 for the 145 million cubic feet of company interest risked contingent marketable helium resources, which equates to an in-the-ground value of $153 per thousand cubic feet, after accounting for future capital expenditures, including the construction of a helium processing plant and all pipelines, as well as future royalties, operating and maintenance expenses. This risked metric gives Royal the confidence to proceed with the installation of a gathering system and processing infrastructure at Steveville. The metrics provided by the GLJ Ltd. report are a compelling incentive to accelerate the development of Nazare as well as Climax conventional, Ogema, Val Marie and other land blocks in Saskatchewan and Alberta."

About Royal Helium Ltd.

Royal controls over one million acres of prospective helium land across southern Saskatchewan and southeastern Alberta. All of Royal's lands are in close vicinity to highways, roads, cities and, importantly, close to existing oil and gas infrastructure, with a significant portion of its land in close proximity to existing helium-producing locations. With stable, rising prices and limited, non-renewable sources for helium worldwide, Royal intends to become a leading North American producer of this high-value commodity. Royal's helium reservoirs are carried primarily with nitrogen. Nitrogen is not considered a greenhouse gas (GHG) and, therefore, has a low GHG footprint when compared with other jurisdictions that rely on large-scale natural gas production for helium extraction. Helium extracted from wells in Saskatchewan and Alberta can be up to 99 per cent less carbon intensive than helium extraction processes in other jurisdictions.

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