Mr. Greg Robb reports

HELIUM EVOLUTION ANNOUNCES EXPANSION OF ENEOS XPLORA FINANCING

Helium Evolution Inc. has made a $1.8-million expansion of the initial financing of $2.7-million with Eneos Xplora Inc. through its affiliated company, Eneos Xplora USA Ltd., as first announced on March 10, 2025. This expanded investment will bring Eneos Xplora's total investment in the company to $4.5-million. Eneos Xplora and Eneos USA are both wholly owned subsidiaries of Eneos Group, Japan's largest energy, resources and materials conglomerate, with current revenue of $91-billion (U.S.).

This expanded financing continues to mark a significant milestone in Helium Evolution's strategic growth trajectory within the helium sector, further strengthening the company's financial foundation and unlocking new opportunities for both companies. The deal underscores the company's increasing momentum and its position as a leader in the Canadian helium exploration market.

Private placement

Helium Evolution and Eneos USA have signed an investment agreement that includes a private placement of 9,422,000 units at a price of 19 cents per unit, for total gross proceeds of $1.8-million. Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share of the company at a price of 30.5 cents for a period of one year from the closing date, as defined herein, with an acceleration feature if the closing price over a 30-day period remains at or above 57 cents per common share at any time following the six-month anniversary of the closing date.

Additionally, Helium Evolution plans to conduct a concurrent private placement of one million units at the offering price raising approximately $200,000, involving units sold to insiders of Helium Evolution. Together, these transactions represent a robust investment in the company's future growth.

Following the closing of the offering, Eneos USA will own approximately 28 per cent of Helium Evolution's issued and outstanding shares on a diluted basis as a result of which Eneos USA will become a control person of the company (as such term is defined in the policies of the TSX Venture Exchange). As required by the policies of the TSX-V, Helium Evolution intends to seek approval for Eneos USA to become a control person at the company's upcoming annual general meeting scheduled for May 21, 2025 (the control person resolution).

The net proceeds from the offering will be used to finance Helium Evolution's 2025 exploration and development program and for general corporate purposes. If shareholders approve the control person resolution, the offering is expected to close on or about May 31, 2025, subject to requisite approvals by the TSX-V. The unit shares, warrants and warrant shares issued pursuant to the strategic investor private placement will be subject to a six-month hold period from the closing date, in accordance with the terms of the investment agreement. Unit shares, warrants and warrant shares issued pursuant to the concurrent private placement will be subject to a statutory holder period of four months plus one day.

Helium Evolution's remarks

"We are thrilled to expand our strategic partnership with Eneos Xplora, a globally recognized leader in energy resources," said Greg Robb, chief executive officer of Helium Evolution. "This expanded investment further strengthens our position in the helium market, enabling us to accelerate our exploration and development initiatives. With the support of Eneos, we are poised for significant growth as we work toward becoming a leading supplier of sustainably produced helium to meet the rising global demand."

About Eneos Xplora Inc.

Eneos Xplora is engaged in the development and production of oil and natural gas in Japan and around the world as one of the principal operating companies of the Eneos Group, Japan's largest energy, resources and materials conglomerate.

In response to the global movement toward carbon neutrality, Eneos Xplora is promoting a two-pronged approach, through which Eneos Xplora aims to cultivate and enhance environment-friendly business as well as focus on their conventional oil and natural gas development and production.

While the safe and stable supply of energy has always been and will continue to be Eneos Xplora's mission, in order to create greater social value within the carbon neutral trend, guided by its corporate philosophy, "explore the Earth and create value," Eneos Xplora will leverage its subsurface technology and innovative creativity to be a key player working toward a sustainable society.

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.

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.

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