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Helium Evolution Announces Filing of Third Quarter 2023 Financial Results and Provides Operations Update

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 and nine month periods ended September 30, 2023 (the ‘ Quarterly Report ‘).

Complete details of the Quarterly Report are available on SEDAR+ at, and on HEVI’s website .

Three and Nine Month Periods Ended September 30, 2023 Highlights:

Three months ended Nine months ended Tabular amounts in thousands of
Canadian Dollars, except share and per share amounts September
30, 2023
30, 2022 September
30, 2023
30, 2022 Financial Net loss 592 3,847 1,234 6,843 Net loss per share, basic and diluted 0.01 0.04 0.01 0.09 Cash 7,072 9,482 7,072 9,482 Working capital 7,766 9,271 7,766 9,271 Total assets 12,720 13,644 12,720 13,644 Total liabilities

496 625 496 625 Weighted average shares outstanding
Basic and diluted 1 96,033,974 96,033,974 96,033,974 72,453,538 1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.

During the first three quarters of 2023, HEVI continued to execute on its focused strategy of developing the Company’s 5.6 million acres of helium rights in southern Saskatchewan and advancing 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 $7.8 million at September 30, 2023.

Operations Update

As announced earlier today, the Company is pleased to re-confirm HEVI’s first joint helium discovery with its partner, North American Helium Inc. (‘ NAH ‘), following completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 (‘ Joint Well #1 ‘). Joint Well #1 underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint Well #1 had helium concentrations of 0.95%, more than three times the 0.3% level deemed commercially viable, and 96% nitrogen, with the balance comprised of fractional percentages of minor component gases.

Joint Well #1 demonstrated rates and pressures that remained steady throughout the entire flow test period, indicating a stable and productive reservoir, and the well flow tested at 1.3 million standard cubic feet per day (MMscf/d) and 6,000 kiloPascals (kPa) flowing tubing pressure. A post-flow pressure transient analysis evaluated by a third-party was positive, suggesting the deliverability of Joint Well #1 could potentially increase by four to six times with stimulation. Further, negligible water (0.6 cubic meters) was produced by the well during the test period, which is favorable for helium recovery and processing.

The Company is very encouraged by the results of Joint Well #1, which confirm the potential of the Deadwood formation as a significant source of helium in the region. HEVI is currently in discussions with the operator, NAH, regarding the next steps on Joint Well #1, as well as future exploration and development plans in the area.

Given unseasonably warm weather across the western prairies and forecasts for above normal temperatures, surface access issues have delayed the drilling of two wells previously announced by the Company and its farm-in partner, NAH , at 9-18-3-8W3 (‘ Joint Well #2 ‘), of which HEVI has a 20% working interest, and the NAH farm-out well at 9-35-3-9W3 (‘ Test Well Area #1 ‘). Since both Joint Well #2 and Test Well Area #1 are located on native prairie lands, regulatory requirements restrict drilling access during periods when the ground is not frozen. NAH and HEVI anticipate drilling the wells as soon as possible, subject to rig availability.

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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.

For further information, please contact:

Greg Robb, President & CEO
Kristi Kunec, CFO Phone: 1-587-330-2459
Web: Cindy Gray, Investor Relations | 1-403-705-5076

Statement Regarding Forward-Looking Information

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 developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the 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 and/or NAH’s exploration and drilling plans, the timing of drilling Joint Well #2 and Test Well Area #1, future production from Joint Well #1, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans with respect to stimulation of the reservoir, the Company’s expectations regarding recoverability of helium, the Company and/or NAH’s ability to identify future exploration and drilling targets, the Company’s expectations regarding the Deadwood formation as a significant source of helium in the region, the Company and/or NAH’s plans regarding future exploration and development in the area of Joint Well #1, increasing shareholder value, the productivity of Joint Well #1 following stimulation, the Company’s ability to preserve capital, the drilling timeline for and success of any future Company and/or NAH drills, timing of ongoing updates to stakeholders and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, 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 Company may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its drilling plans; the Company and/or NAH may determine not to bring Joint Well #1 onto production; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such 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 the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks, other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from 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 undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

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