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

CALGARY, Alberta, Aug. 22, 2023 (GLOBE NEWSWIRE) — 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 six month periods ended June 30, 2023 (the “Quarterly Report”).

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

Three and Six Month Periods Ended June 30, 2023 Highlights:

¹The 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 half 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 $8.8 million at June 30, 2023. In the first half of 2023, the Company added significantly to its seismic database, which now totals approximately 2,000 kilometers. Using the seismic data HEVI has accumulated to date, the Company’s team is actively working on developing prospective helium targets and internally generated drilling opportunities that can be pursued through Q4/23 and Q1/24. As plans are solidified later in 2023, the Company looks forward to providing stakeholders with further updates.

Operations Update

The Company is also pleased to announce that its farm-in partner, North American Helium Inc. (“NAH”), has confirmed the spudding of the farmout well at 6-13-5-7W3 (“Test Well Area #2”), pursuant to a previously announced seismic agreement (the “Seismic Agreement” or “SA”) (see news releases dated October 21, 2022, and June 28, 2022). Test Well Area #2 is situated approximately 20 kilometers northeast of the NAH helium discovery at Mankota. NAH is responsible for 100% of the drilling costs for Test Well Area #2, while HEVI retains a 20% working interest in that well, supporting the Company’s continued financial flexibility and capital conservation.

NAH has also informed HEVI of its intention to amend one of its previously selected locations from 5-36-3-9W3 to 12-36-3-9W3 (“Test Well Area #1”), due to surface issues at the originally selected location. As Test Well Area #1 is now relocated on native prairie with regulatory requirements only allowing drilling access on frozen ground conditions, HEVI has granted NAH an extension of the spud date from the original August 31, 2023 to a date that is on or before November 1, 2023.

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 the Company’s current corporate presentation, and are invited to follow the Company on LinkedIn and Twitter for ongoing 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. In addition to recent media articles, HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

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.

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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 Company’s ability to identify future exploration and drilling targets, increasing shareholder value, 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; 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.