Mr. Greg Robb reports

HELIUM EVOLUTION ANNOUNCES PARTNER TO DRILL JOINT WELL

Helium Evolution Inc.'s partner, North American Helium Inc. (NAH), has served the company notice of its intention to drill a joint well in the Mankota area. This initiative is part of the previously announced development plan for up to nine wells in the Mankota area, as disclosed on April 2, 2024.

The joint well is expected to spud before the end of October, 2024, and is located at 7-2-4-9W3M (the 7-2 well). Helium Evolution is pleased to confirm its participation in the drilling of the 7-2 well, with the company holding a 20-per-cent working interest. The estimated total cost for Helium Evolution's share in the 7-2 well is approximately $400,000 net and is supported by Helium Evolution's strong working capital position, which totalled $4.7-million as of June 30, 2024.

"We are excited to announce the upcoming drilling of a joint well in the Mankota area, a significant step in our strategic development plan," said Greg Robb, president and chief executive officer of Helium Evolution. "Our partnership with NAH underscores our commitment to harnessing the potential of helium resources in Southern Saskatchewan. With our solid financial foundation and collaborative approach, we are poised to make meaningful advancements in our exploration efforts, ultimately contributing to the growth of the helium industry in Canada."

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.

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