Mr. Greg Robb reports

HELIUM EVOLUTION PROVIDES ENCOURAGING PRELIMINARY UPDATE ON 10-1 WELL

Helium Evolution Inc. has released preliminary test results from its 10-1-4-9W3 helium discovery well (the 10-1 well) along the Mankota helium fairway. Helium Evolution holds a 20-per-cent working interest in the 10-1 well, in partnership with the operator, North American Helium Inc. (NAH).

Completion, perforation and initial production testing of the 10-1 well is continuing. At the end of a four-day extended flow testing period, the 10-1 well was producing approximately 9.5 million standard cubic feet per day (MMscf/d) at 10,800 kilopascal (kPa) flowing tubing pressure. The preliminary test also confirmed a helium content of 0.75 per cent, significantly higher than the commercially viable threshold of 0.3 per cent. Additionally, the 10-1 well produced negligible water, indicating strong potential for efficient helium recovery and processing.

After the extended production flow period, the 10-1 well will be shut in for 14 days to collect reservoir pressure data, which will be analyzed to further evaluate the resource's potential.

Looking ahead, Helium Evolution continues to work closely with NAH to plan the next phase of development. This includes the drilling of a joint well at 10-36-3-9W3 (the 10-36 well), which is expected to spud on or around Jan. 2, 2025, subject to surface conditions. The 10-36 well is designed to further delineate the helium pool and support the continued expansion of the project. Helium Evolution intends to participate in the 10-36 well, with the estimated total cost for Helium Evolution's share being approximately $400,000. A portion of this cost will be paid for in-kind, with Helium Evolution contributing spare casing inventory to the project.

In addition to drilling activities, NAH is evaluating the installation of processing facilities in the area, which Helium Evolution fully supports. The installation of a processing facility will be contingent upon positive evaluation of results in Q1 2025. The establishment of processing facilities is an essential step in Helium Evolution's broader strategy to move toward commercial helium production.

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 X 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.

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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