CALGARY, Alberta, April 24, 2024 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company’s annual financial statements and associated management’s discussion and analysis for the year ended December 31, 2023 (the “Annual Report”).

Complete details of the Annual Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

Three Months and Year Ended December 31, 2023 Highlights:

During the year ended December 31, 2023, HEVI continued to execute on its focused strategy of developing the Company’s 5.6 million acres of helium rights in southern Saskatchewan and advancing its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. HEVI has remained committed to maintaining ongoing financial flexibility, demonstrated by a positive working capital position of $5.7 million at December 31, 2023, excluding $0.8 million of tubing and casing that was pre-purchased and not utilized.

Operations Update

Looking forward to the remainder of 2024 and into 2025 and as announced on April 2, 2024, the Company is strategically planning to embark upon a drilling program in the Mankota area of Saskatchewan with its partner, North American Helium Inc. (“NAH”), building upon three existing helium discoveries in the region. HEVI 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 HEVI’s 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion.

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 the Company’s current corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing 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 mediaarticles, HEVI maintains a profile on the InvestingNewsNetwork platform, where further information, editorial pieces and industry reviews are available.

AboutHeliumEvolutionIncorporated

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. HEVI’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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StatementRegardingForward-LookingInformation

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developmentsintheindustrytodiffermateriallyfromtheanticipatedresults,performanceorachievementsexpressedorimplied bysuchforward-lookingstatements.Forwardlookingstatementsarestatementsthatarenothistoricalfactsandaregenerally, butnotalways,identifiedbythewords"expects,""plans,""anticipates,""believes,""intends,""estimates,""projects,""potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company and/or NAH’s explorationand drilling plans including the New Wells, the Company's expectations regarding scalable helium production from its land generally, the Company's expectations regarding recoverability of helium, the Company and/or NAH's ability to identify future exploration and drilling targets, the Company’s ability to capitalize upon the New Wells, increasing shareholder value, the Company’sabilitytopreserve capital,the drilling timeline for and success of any future Company and/or NAH drills, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks,uncertaintiesand other factorswhichmaycause actualresults,performance orachievements,or other future events, to bematerially different from any futureresults,performanceor achievements expressed or implied by such forward-looking statements.Suchfactorsand risksinclude,among others:the Companymaybe unsuccessfulindrillingcommerciallyproductive wells; theCompany and/or NAH maychoosetodefer,accelerateorabandonitsdrillingplans, including the New Wells; the Company and/or NAH may determine not to bring wells onto production; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potentialdelays or changes in plans with respect to exploration or development projects or capital expenditures.

Whenrelyingonforward-lookingstatementsandinformationtomakedecisions,investorsandothersshouldcarefullyconsider the foregoing factorsand risks, other uncertainties and potentialevents.The Company hasassumed that the material factors referredtointhepreviousparagraphswillnotcausesuchforward-lookingstatementsandinformationtodiffermateriallyfrom actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place unduerelianceonanyforward-lookinginformation.Suchinformation,althoughconsideredreasonablebymanagementatthe timeofpreparation,mayprovetobeincorrectandactualresultsmaydiffermateriallyfromthoseanticipated.Forward-looking statementscontainedinthispressreleaseareexpresslyqualifiedbythiscautionarystatement.Theforward-lookingstatements containedinthispressreleasearemadeasofthedateofthispressrelease.TheCompanydoesnotintend,andexpressly disclaimsanyintentionorobligationto,updateorreviseanyforward-lookingstatementswhetherasaresultofnew information, future events or otherwise, except as required by law.

NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthatterm isdefinedinthepoliciesoftheTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.