Mr. Greg Robb reports

HELIUM EVOLUTION CONFIRMS POSITIVE 9-35 WELL RESULTS

Helium Evolution Inc. has provided an update on its helium discovery following the completion of the Deadwood zone and initial testing of the joint well drilled at 9-35-3-9W3.

On Feb. 26, 2024, the company outlined that the 9-35 well flow tested at approximately seven million standard cubic feet per day and 9,000-kilopascal flowing tubing pressure during the six-day extended flow period. The gas composition of the 9-35 well is 0.64 per cent helium and 96.7 per cent nitrogen, with the balance composed of fractional percentages of minor component gases. Helium concentrations over 0.3 per cent are deemed commercially viable.

Since Helium Evolution's initial announcement, a postflow pressure transient analysis conducted by Petro Management Group Ltd. has revealed positive insights. A composite reservoir model was used to determine pressure response, flow rates, reservoir properties and potential pool boundaries, all of which represent important data points to help inform future development plans in the area. The PTA indicated no reservoir pressure depletion or reservoir boundaries, highlighting a potentially expansive and productive reservoir. The PTA also calculated an absolute open flow potential of 13.3 million standard cubic feet per day. Additionally, the absence of water during the test period is a favourable factor for helium recovery and processing.

The company is very encouraged by these results, which confirm the potential of the Deadwood formation as a significant source of helium in the region. As outlined in the company's news release on April 2, 2024, Helium Evolution and North American Helium Inc. are strategically planning to embark on an ambitious drilling program, with up to nine joint development wells that are expected to build upon three existing helium discoveries, including the 9-35 well, in the Mankota area of Saskatchewan. The company anticipates the new wells will spud between third quarter 2024 and second quarter 2025, subject to surface and environmental restrictions, positioning Helium Evolution to capitalize on this strategic expansion given its 20-per-cent working interest in the new wells.

In addition to the new wells:

• Helium Evolution is finalizing potential drilling locations on four sections of recently acquired land, in which the company holds a 100-per-cent working interest. The four Crown sections are strategically located in a central portion of the Mankota helium fairway.
• Helium Evolution anticipates that the 9-18-3-8W3 well stimulation will take place in the second quarter of 2024, subject to surface conditions, with similar stimulation having improved the performance of the company's well located at 2-31-2-8W3.

As always, Helium Evolution is committed to updating the market on significant events and developments as information becomes 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 5.6 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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