CALGARY, Alberta, May 21, 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 interim condensed financial statements and associated management’s discussion and analysis for the three months ended March 31, 2024 (the “Q1 Report”).

Complete details of the Q1 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

Three Months Ended March 31, 2024 Highlights:

¹The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.

During the three months ended March 31, 2024, HEVI continued to execute on its focused strategy of developing the Company’s 5.6 million acres of helium rights in southern Saskatchewan. With three recent helium discoveries and a six to nine well drilling program as announced on April 2, 2024, HEVI has made considerable progress on 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 $5.0 million at March 31, 2024, excluding $0.8 million of tubing and casing that was pre-purchased and not utilized.

HEVI wishes to thank all shareholders and stakeholders for their continued support and as always, HEVI is committed to 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 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 media articles, HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

About Helium Evolution Incorporated

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,identified bythe words"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'sultimategoalofproducingandsellinghelium,generatingcashflowanddrivingpositivereturnsforshareholders,the Company's expectations regarding scalable helium production from its land generally,the Company's expectations regarding recoverabilityofheliumanddevelopmentofthethreerecentheliumdiscoveries, the Company’sability to preserve capital,the drilling ,timeline for and success of any future drills, and other statements that are not historical facts. By their nature, forward-lookingstatementsinvolveknownandunknownrisks,uncertaintiesandotherfactorswhichmaycauseactualresults, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.Such factors and risks include, among others: the Companyand/oritspartnermaybeunsuccessfulindrillingcommerciallyproductivewells;theCompanyand/oritspartnermay choosetodefer,accelerateorabandonitsdrillingplans;theCompanyand/oritspartnermaydeterminenottobringwellsonto production; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations;stockmarketshaveexperiencedvolatilitythatoftenhasbeenunrelatedtotheperformanceofcompaniesandsuch 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 theavailability of services;commodity priceandexchangerate fluctuations; adverse weatherorbreak- upconditions;anduncertaintiesresultingfrompotentialdelaysorchangesinplanswithrespecttoexplorationordevelopment projects or capital expenditures.

Whenrelyingonforward-lookingstatementsandinformationtomakedecisions,investorsandothersshouldcarefullyconsider the foregoing factors andrisks,other uncertainties and potential events.The Company has assumed 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 contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

NeithertheTSXVentureExchange noritsRegulationServicesProvider(asthattermisdefinedinthepoliciesoftheTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.