First Helium Secures Rig to Drill Two Wells Targeting Leduc Light Oil at Worsley

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has engaged the services of a drilling contractor to drill its 7-15 high- impact exploration location, along with its proven undeveloped ("PUD") 7-30 oil location 1,2 . The contractor's drilling rig (the "Rig") is currently working for another operator in the region. The Company expects the Rig to arrive at the 7-30 location and begin drilling within two weeks, subject to weather and any unforeseen delays. Following drilling of the 7-30 well, the Rig will be released and mobilized directly to the 7-15 location to begin drilling in early February, barring any unforeseen delays. The Company will continue to provide regular updates on these field activities.

"We are very excited to be moving ahead with the drilling of our 7-30 PUD well along with our high impact Leduc anomaly, 7-15, which on seismic is approximately 5X the areal extent of our successful 1-30 light oil pool discovery. Securing a rig that has been active in the region and drilling the 7-30 and 7-15 locations ‘back-to-back' will help minimize mobilization costs and ensure a smooth drilling operation," said Ed Bereznicki, President & CEO of First Helium. "With success, the combined oil potential from these two operations would provide immediate cash flow and meaningful near-term value for our shareholders," added Mr. Bereznicki.

Work has begun at both the 7-30 and 7-15 vertical well locations (see Figure 1) to prepare the respective leases for drilling. The 7-15 location is located approximately 6 kilometers southeast of the 7-30 location which will help facilitate an efficient move between drilling locations. Pending results, necessary preparations are being made to complete, equip and tie-in the two wells prior to spring break up in Alberta (a period from mid/late March through May when Provincial highway restrictions limit heavy equipment movement).

Figure 1:
Worsley Project Inventory

Notes:
(1) Prepared by Sproule Associates Limited ("Sproule"), independent qualified reserves evaluator, in accordance with COGE Handbook.
(2) Assigned 196,700 Barrels of Gross Proved plus Probable Undeveloped reserves, per Sproule, Evaluation of the P&NG Reserves of First Helium Inc. in the Beaton Area of Alberta (as of March 31, 2023). See First Helium's SEDAR+ profile at www.sedarplus.ca .

ABOUT First Helium

Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America.

First Helium holds over 53,000 acres along the highly prospective Worsley Trend in Northern Alberta which has been the core of its exploration and development drilling activities to date.

Building on its successful 15-25 helium discovery well, and 1-30 and 4-29 oil wells at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development across its Worsley land base. Cash flow from its successful oil wells at Worsley has helped support First Helium's ongoing exploration and development growth strategy. Further potential oil drilling locations have also been identified on the Company's Worsley land base.

For more information about the Company, please visit www.firsthelium.com .

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznicki
President, CEO and Director

CONTACT INFORMATION

First Helium Inc.
Investor Relations
Email: ir@firsthelium.com
Phone: 1-833-HELIUM1 (1-833-435-4861)

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

FORWARD LOOKING STATEMENTS

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the completion of future planned activities. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the state of the equity financing markets and regulatory approval.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

SOURCE: First Helium Inc.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5de39ea5-a8a0-454f-bd49-48cb50e82221

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First Helium Completes Drilling 7-15 Well & Cases for Completion and Testing

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed drilling its 7-15 exploration well at its Worsley Property in Northern Alberta. The 7-15 well has been cased for completion and testing. The Company is now proceeding with a plan to complete and test both the 7-30 and 7-15 wells.

"We are pleased to have completed drilling our 7-15 well which was delivered on time and within budget, despite drilling during challenging winter conditions. We look forward to completing and testing both wells over the coming weeks," said Ed Bereznicki, President & CEO of First Helium.

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First Helium Spuds 7-15 Exploration Well

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has begun drilling its high impact Leduc anomaly, the 7-15 well, at its Worsley Property in Northern Alberta. The location was identified on proprietary 3D seismic data interpreted last spring. In addition to the primary Leduc formation target, the Company will be evaluating multiple uphole zones for oil, natural gas and helium. These zones have been previously identified on First Helium wells and in other existing well bores on, and around the Company's Worsley land base. The Company will continue to provide regular updates on ongoing field activities.

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First Helium Completes Drilling 7-30 Well & Cases for Completion and Testing

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed drilling its proven undeveloped ("PUD") 7-30 oil location at its Worsley Property in Northern Alberta 1,2 . The 7-30 well has now been cased for completion and testing. In addition to the targeted Leduc formation, the Company encountered multiple uphole, shallower zones with prospectivity for oil, natural gas and helium. These zones have been previously recognized and mapped on the Worsley land base. The drilling rig is now being mobilized to the 7-15 location to begin drilling over the next few days, barring any unforeseen delays. The Company will continue to provide regular updates on ongoing field activities.

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First Helium Spuds 7-30 Undeveloped Light Oil Well at Worsley

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has begun drilling its proven undeveloped ("PUD") 7-30 oil location at its Worsley Property in Northern Alberta 1,2 . Following drilling of the 7-30 vertical well, the contractor's drilling rig will move directly to the 7-15 location to begin drilling in early February, barring any unforeseen delays. The Company will continue to provide regular updates on ongoing field activities.

"We are excited to be drilling again - starting with our 7-30 light oil development well which spudded this past weekend. We will follow up by drilling our high impact Leduc anomaly, 7-15, which on seismic is approximately 5X the areal extent of our successful 1-30 light oil pool discovery. Favorable results from these two wells will further de-risk our Leduc Play, where we have identified 10 additional primary locations on proprietary 3D seismic, and potential for further southeast extension across our 100% owned lands," said Ed Bereznicki, President & CEO of First Helium. "With success, the combined oil potential from these two operations would provide immediate cash flow and meaningful near-term value for our shareholders," added Mr. Bereznicki.

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Closeup of gallium on the periodic table with atomic details.

China's Gallium Export Ban Creates Opportunity for Australian Miners

Scientists from Curtin University believe China’s export ban on gallium and recent global trade tensions are highlighting more opportunities for Australia, particularly the Western Australian region.

ABC News quotes Andrew Bell, deputy director of Curtin University’s Trailblazer Program, as saying that mining companies have been looking at the silvery-blue metal more since the ban.

"I definitely don't think that it's the be-all and end-all of critical mineral production in Australia,” he said.

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Ontario Earmarks C$3.1 Billion to Boost Critical Minerals and Indigenous Partnerships

Ontario is making a significant investment in the development of a homegrown critical minerals supply chain, unveiling a nearly C$3.1 billion funding package as part of its 2025 budget, "A Plan to Protect Ontario."

The initiative aims to foster a more competitive, resilient and self-sufficient economy while placing Indigenous partnerships at the forefront of the province’s resource development strategy.

Announced by Minister of Finance Peter Bethlenfalvy on Wednesday (May 21), the investment is centered on unlocking the province’s critical mineral reserves, many of which are located in Northern Ontario.

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Vibrant coral reef with colorful fish swimming in clear blue water.

Deep-Sea Crisis: Can the ISA Regain Control of the Deep Ocean?

The world’s oceans are increasingly becoming an important new frontier in the geopolitical and economic race for critical minerals, with countries fast-tracking plans for deep-sea mining.

Meanwhile, the global body tasked with regulating such activities is struggling to keep pace.

As sovereign states ramp up efforts to access seabed resources crucial for clean energy and defense technologies, the International Seabed Authority (ISA) finds itself sidelined — raising alarms among environmentalists and nations alike.

Stoking these tensions, US President Donald Trump signed an executive order earlier this month with the aim of expediting deep-sea mineral extraction in both national and international waters.

The directive, which calls for faster permitting and exploration, bypasses multilateral negotiations at the ISA and uses a 1980 domestic statute — the Deep Seabed Hard Mineral Resources Act — to justify the unilateral action.

The order “establishes the US as a global leader in seabed mineral exploration and development both within and beyond national jurisdiction," signaling Washington’s intent to secure independence from Chinese mineral supply chains.

But the move has drawn fierce criticism from multiple fronts.

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Australia flag puzzle piece fitting into a white puzzle.

Opportunity or Overreach: Is Australia Making the Right Moves for Critical Minerals?

Australia is currently betting big on critical minerals.

Government support is growing, with the country positioning itself as a key player in the global energy transition; however, some are convinced that the nation is rushing into a crowded race.

The Albanese government recently vowed to establish a critical minerals strategic reserve upon re-election, pledging an initial investment of A$1.2 billion. In an April 24 announcement, the government outlines that the reserve would build on the Australian government's extensive investment in critical minerals through two new mechanisms.

Does an Australian critical minerals reserve make sense?

National offtake agreements are one of the planned mechanisms. These would allow the government to acquire agreed-upon volumes of critical minerals from commercial projects via voluntary agreements, or to establish an option to purchase at a given price, holding security over these assets as part of the strategic reserve.

The second mechanism outlined is selective stockpiling, wherein the government promises to establish Australian stockpiles of certain key critical minerals produced under offtake agreements as required.

Following the government's announcement, Tania Constable, CEO of the Minerals Council of Australia, published a piece on the move, questioning whether a critical minerals strategic reserve is the best approach.

In her view, the initiative is “certainly not without domestic risk,” and “may impact the commercial viability of operations through continued downward pressure on commodity prices.”

She recommends that Australia focus on fundamentals that will give it back an edge over other mining nations.

“That means lower energy prices, a windback of draconian industrial relations laws, and faster environmental approval times," Constable's statement reads.

Australia's current critical minerals strategy

Australia’s current Critical Minerals Strategy is focused on the period from 2023 to 2030, and is centred on developing strategically important projects, attracting and unlocking investment and promoting the country as a world leader in environmental, social and governance (ESG) performance.

It also includes a commitment to reviewing the country's critical minerals and strategic materials list every three years, updating it in response to global strategic, technological, economic and policy changes.

As of writing, 31 critical minerals were recognised in Australia, plus six strategic materials.

AU$4 billion in total commitments are covered under the strategy, including AU$2 billion from the Critical Minerals Facility via Export Finance Australia, and an extra AU$2 billion in 2024.

In an article in the Australian, Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF) CEO Amanda Lacaze criticises the government's critical minerals policy, arguing that it is “flawed and uneconomical.”

She notes that even a significant portion of the fund wouldn't match Lynas' annual production costs. Lynas is recognised as the largest separated rare earths producer outside of China.

In a separate article written by the Australia-China Relations Institute, James Laurenceson, director at the University of Technology Sydney, says that the current strategy may be too optimistic.

In his view, the real problem is that Australia’s strategic partners aren’t delivering on their end of the supply chain further downstream. His recommendation is to focus on upstream activities like mining and processing, where Australia has a clear comparative advantage.

Critical minerals deals and funding heat up in Australia

Since the announcement of the Critical Minerals Strategy, Australia's critical minerals industry has seen various developments in mergers and acquisitions, as well as government project funding.

Notable M&A activity includes mining giant Rio Tinto's (ASX:RIO,NYSE:RIO,LSE:RIO) acquisition of Arcadium Lithium, first announced as an all-cash transaction for US$6.7 billion in October 2024.

Another is the AU$560 million deal between Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) and Latin Resources, made legally effective last January. The transaction gives Pilbara ownership of Latin’s Salinas lithium project in Brazil.

On top of these acquisitions are government funding to accelerate critical minerals projects.

Under the Critical Minerals Facility, Iluka Resources (ASX:ILU,OTC Pink:ILKAF) received AU$400 million from the Australian government in December, granted for the Enneaba rare earths refinery.

According to Iluka, the refinery will establish Western Australia as a strategic hub for the downstream processing of rare earths. It is expected to produce neodymium, praseodymium, dysprosium, terbium and more starting in 2027.

Alongside these moves, Australia is strengthening its rare earths strategy.

On February 12, Australia passed the Critical Minerals Production Tax Incentive, which will provide a refundable tax credit on 10 percent of eligible costs associated with the production of critical minerals and rare earths.

“The incentives are valued at AU$7 billion over the decade,” said Federal Resources Minister Madeleine King.

“The passing of this legislation is a historic moment for the resources industry and a big deal for resource states like Western Australia and Queensland,” she added. “By processing more of these minerals here in Australia we will create jobs and diversify global supply chains.”

Will history repeat itself?

The Australian Strategic Policy Institute (ASPI) states in an article that the critical minerals reserve would be an important step in securing Australia’s economic future, but warns that the nation must learn from “past mistakes.”

It points to the Pinjarra gallium refinery in Western Australia in its May 2 statement, saying that it represented one of the boldest critical minerals initiatives outside China in the late 1980s.

“Designed to produce 50 tonnes of gallium per year, it promised to place Australia at the heart of the global gallium and rare earths value chain, just as the modern world’s appetite for advanced materials was accelerating.”

However, in only a few years, Pinjarra encountered delays due to environmental permits; meanwhile, gallium prices crashed due to oversupply and China’s competitive spirit strengthened.

“Australia’s lack of midstream and downstream refining capacity added crushing costs and complexity,” ASPI explains in its commentary. “In short, Pinjarra had the ambition — but not the resilience — to withstand the inevitable shocks from operating in niche, high-risk commodity markets.”

The question ASPI poses now is: Can Australia guarantee that the same mistake will not be repeated?

According to the institute, Australia has the resources and strategic location.

“It must now summon the strategic patience and coordinated leadership needed to build true critical minerals sovereignty," ASPI concludes.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

Map closeup of Ontario with a red pin marking Albany.

Ontario Tables Sweeping Bill to Restrict Foreign Access to Critical Minerals

Ontario has introduced legislation aimed at tightening control over the province’s mining and energy sectors by limiting foreign involvement, fast-tracking resource development and scaling back species-at-risk protections.

The Protect Ontario by Unleashing Our Economy Act, 2025, also known as Bill 5, was announced at the Toronto Stock Exchange on April 17 by Premier Doug Ford and Energy and Mines Minister Stephen Lecce.

According to the government, the new bill is designed to “safeguard Ontario’s critical minerals, secure the province’s energy infrastructure, and reduce regulatory bottlenecks that hamper development.”

“With President Trump taking direct aim at our economy, it cannot be business as usual,” Ford declared during the announcement, referring to recent US moves to prioritize domestic supply chains for critical resources.

The proposed law would grant the Ontario government sweeping new powers over the mining sector.

These would include the ability to suspend or revoke mining claims, deny transfers or leases and limit access to Ontario’s Mining Lands Administration System — particularly for entities linked to “hostile foreign regimes.”

It would also allow the government to restrict foreign participation in the province’s energy sector.

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Notes:
	(1)	Prepared by Sproule Associates Limited ("Sproule"), independent qualified reserves evaluator, in accordance with COGE Handbook.
	(2)	Assigned 196,700 Barrels of Gross Proved plus Probable Undeveloped reserves, per Sproule, Evaluation of the P&NG Reserves of First Helium Inc. in the Beaton Area of Alberta (as of March 31, 2023). See First Helium's SEDAR+ profile at www.sedarplus.ca .

First Helium Secures Rig to Drill Two Wells Targeting Leduc Light Oil at Worsley

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Gallium's history in Australia

Curtin and Nimy partner on gallium

Norway reverses course on deep-sea mining

India eyes Clarion-Clipperton zone, Pacific Islands at crossroads

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Does an Australian critical minerals reserve make sense?

Australia's current critical minerals strategy

Critical minerals deals and funding heat up in Australia

Will history repeat itself?

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