Mr. Greg Robb reports

HELIUM EVOLUTION CONFIRMS ADDITIONAL DRILLING OF UP TO 9 NEW WELLS ON JOINT LAND AND PROVIDES OPERATIONS UPDATE

Helium Evolution Inc. has entered into a joint initiative with its partner and the operator, North American Helium Inc. (NAH), to embark on an ambitious drilling program in the Mankota area of Saskatchewan.

Helium Evolution and NAH are planning to drill up to nine joint development wells (the new wells) which are expected to spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions. With Helium Evolution's 20-per-cent working interest in the new wells, the company is positioned to capitalize on this strategic expansion, building upon three existing helium discoveries at Mankota, including the commercially viable 2-31 well, as defined herein and as outlined in the company's press release on Feb. 26, 2024. The company intends to work with NAH over the coming months to determine specific well locations and timelines.

"NAH's decision to pursue drilling of an incremental six to nine wells demonstrates confidence in our ongoing partnership, builds on our existing three helium discoveries at Mankota, and highlights the opportunity to unlock value from Helium Evolution's 5.6 million acres of prospective land in Saskatchewan," said Greg Robb, chief executive officer of the company. "HEVI is truly unique among our peer group, offering investors access to a very active, growth-oriented company with indirect exposure to the industry's leading Canadian helium producer in privately held NAH. Further, we are the only public helium company with three helium discoveries, an additional six to nine new wells targeted to commence drilling within the next year, and a healthy balance sheet with positive working capital."

The additional drilling and development of the new wells provides Helium Evolution multiple catalysts and potential news events from now until the company achieves first helium sales, expected in 2025. The company is also pleased to confirm that Helium Evolution has acquired an additional four sections of land (four Crown sections) that was previously unleased, and is adjacent to existing Helium Evolution and NAH development in the Mankota area, effectively filling in an area near the heart of existing helium activity.

Helium Evolution upcoming milestones and catalysts -- 2024/2025:

• 2-31 well:
  • Helium Evolution's first helium discovery well at 2-31-2-8W3 (2-31 well) was successfully stimulated and tested at economic rates with a helium concentration of 0.95 per cent, more than three times the 0.3-per-cent level deemed commercially viable.
  • Negligible volumes of water were produced at the 2-31 well, a positive indication for helium recovery and processing.
• 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.
  • The 9-18 well is awaiting stimulation, with timing subject to surface conditions.
• 9-35 well:
  • Helium Evolution's discovery well at 9-35-3-9W3 (9-35 well) has been shut-in for the requisite 21-day period to collect reservoir pressure data for interpretation. The company and NAH are currently evaluating the results to determine next steps.
• 14-20 location:
  • Helium Evolution and NAH intend to drill an offset location to the 2-31 well (the 14-20 location), designed to further delineate the helium pool. Due to environmental restrictions, the 14-20 location will not be drilled until after Sept. 15, 2024.
• New well drilling program:
  • Helium Evolution and NAH intend to drill six to nine new wells, inclusive of the 14-20 location, placing the new wells in proximity to NAH's producing Mankota pool and as a continuation of the trend being developed at Mankota.
• 12-30 facility:
  • NAH has received approval for a facility licence at 12-30-2-8W3 (the 12-30 facility), approximately 1,500 metres from the 2-31 well.
  • A final investment decision (FID) on the 12-30 facility is expected subsequent to further delineation of the adjacent helium pool, followed by construction and commissioning, with the goal of supporting first helium sales in 2025.

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

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 an updated 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 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.

We seek Safe Harbor.