Mr. Greg Robb reports

HELIUM EVOLUTION PROVIDES UPDATE ON 5-30 AND 10-36 WELLS

Helium Evolution Inc. has provided an update on two of the company's helium discovery wells: the 5-30-3-8W3 well (5-30 well) and the 10-36-3-9W3 well (10-36 well), both located along the Mankota helium fairway. Helium Evolution holds a 20-per-cent working interest in both the 5-30 well and the 10-36 well, in partnership with the operator, North American Helium Inc. (NAH).

5-30 well test results

On Feb. 25, 2025, the company announced preliminary results from the 5-30 well including production of approximately 9.7 million standard cubic feet per day (MMscf/d) at 10,700 kiloPascal (kPa) flowing tubing pressure after a five-day extended flow period. The preliminary test results also confirmed a helium content of 0.76 per cent, significantly higher than the commercially viable threshold of 0.3 per cent. Additionally, negligible water was observed, signalling strong potential for efficient helium recovery and processing.

Since Helium Evolution's initial announcement, a postflow pressure transient analysis (PTA) of the 5-30 well, conducted by Petro Management Group Ltd. (PMG), has provided promising data. The PTA utilized a composite reservoir model to assess pressure response, flow rates and other reservoir properties, all of which are important data points for guiding future development plans in the area. The PTA indicated a calculated absolute open flow potential (AOFP) of 20.7 MMscf/d.

Moreover, bottom-hole pressures recorders were installed in the nearby 9-35-3-9W3 well (9-35 well), 10-1-4-9W3 well (10-1 well) and the 10-36 well during the 5-30 well's flow test. Pressure data analysis indicated the 5-30 well is a new pool discovery. The PTA radius of investigation was almost three kilometres and further drilling will be necessary to determine the size of the helium reservoir.

10-36 well

On Feb. 10, 2025, Helium Evolution announced that the 10-36 well was producing approximately 11.5 MMscf/d at 13,100 kPa flowing tubing pressure following a five-day extended flow testing period. The preliminary test results confirmed a helium content of 0.81 per cent, again well above the commercially viable threshold of 0.3 per cent. Similar to the 5-30 well, negligible water was produced, signalling strong potential for efficient helium recovery and processing.

After the extended production flow period, the well was shut-in for 14 days to gather reservoir pressure data, followed by a PTA conducted by PMG. The PTA, which again employed a composite reservoir model, assessed pressure response, flow rates and other pertinent reservoir properties. The PTA indicated no reservoir pressure depletion and a high permeability reservoir, with a calculated AOFP of 38.0 MMscf/d, Helium Evolution's largest AOFP to date.

Notably, bottom-hole pressures recorders were also installed in both the offsetting 9-35 well and 10-01 well, located approximately one to two kilometres away. Analysis of this pressure data confirmed communication between the three wells, suggesting the presence of a potentially large, expansive and productive reservoir.

"Both the 5-30 and 10-36 wells have exceeded initial expectations, with strong helium content, minimal water production and promising pressure data indicating the potential for large, productive reservoirs," said Greg Robb, chief executive officer of Helium Evolution. "With five positive flow tests, HEVI remains committed to advancing the development of these discoveries, with further drilling and the installation of facilities expected in later in 2025."

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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