Three  and  Six  Months  Ended  June  30,  2024  Highlights:
| Three  months  ended | Six  months  ended |
| Tabular  amounts  in  thousands  of  Canadian  Dollars,  except  share  and  per share  amounts |
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
| Financial | | | | |
| Net loss | 254 | 331 | 493 | 642 |
| Net loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash | 4,766 | 7,728 | 4,766 | 7,728 |
| Working capital | 4,708 | 8,781 | 4,708 | 8,781 |
| Total assets | 10,863 | 13,027 | 10,863 | 13,027 |
| Total liabilities | 374 | 375 | 374 | 375 |
| Weighted average shares outstanding | | | | |
| Basic and diluted 1 | 96,033,974 | 96,033,974 | 96,033,974 | 96,033,974 |
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 three and six months ended June 30, 2024, HEVI continued to execute on its focused strategy of developing the Company's 5.6 million acres of helium rights in southern Saskatchewan. With three recent helium discoveries, HEVI has made considerable progress on 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, as evidenced by the Company's positive working capital position of $4.7 million at June 30, 2024, excluding $0.8 million of tubing and casing that was pre-purchased but not yet utilized.
Operations  Update
HEVI is also pleased to provide an operations update, including stimulation results from the helium discovery well at 9-18-3- 8W3 (the " 9-18 Well ") at Mankota, in which HEVI maintains a 20% working interest alongside its partner and the operator of the 9-18 Well, North American Helium Inc. (" NAH ").
HEVI and NAH are strategically planning to embark on an ambitious drilling program, with up to nine joint development wells (the " New  Wells ") that are expected to build on the three existing helium discoveries in the Mankota area of Saskatchewan, each of which is described in more detail below. To date, surface and environmental restrictions have prevented access to certain parts of Mankota, resulting in some deferrals of drilling, testing and other operating activities in the area. Given this seasonal shift, go forward development at Mankota will be targeted through the upcoming winter months, when restrictions are eased and access allowed.
For context, the map shown here demonstrates the positioning of each of HEVI's helium discovery wells, future drilling targets and the processing facility licensed at 12-30-2-8W3 (the " 12- 30 Facility ").
Helium  Discovery  -  9-18  Well
- Following stimulation in July 2024, the 9-18 Well achieved a last flowing rate of 685 thousand standard cubic feet per day (" Mscf/d ") at 690 kilopascal (" kPa ") flowing tubing pressure with a helium concentration of 0.87%, a 12% increase from the initially measured helium concentration of 0.78%.
- Preliminary results indicate no formation water, which suggests a positive outlook for the future productive potential of the well.
- Several positive strategic and geological advancements have been provided through the 9-18 Well results, including:
- Trap  confirmation : The existence of a trap, or cap rock, has been proven, which helps to further derisk the Mankota land base and solidify the potential for future helium extraction;
- Multiple helium-bearing zones : Three distinct helium-bearing zones have been confirmed at Mankota, highlighting the rich helium potential across HEVI's land base in the area;
- Helium-charged fairway: A helium charged fairway, extending over 20 kilometers, has been identified, emphasizing the extensive nature of helium deposits in the Mankota area; and
- Validation of exploration strategies: the 9-18 Well was drilled on a structural high, mirroring other successful helium discoveries that have been delineated downdip into onlapping sands, which have proven to be productive and commercial reservoirs.
Helium  Discovery  -  2-31  Well
- HEVI's helium discovery well at 2-31-2-8W3 (" 2-31 Â Well ") tested at approximately 4,000 Mscf/d at 5,500 kPa flowing tubing pressure with a helium concentration of 0.95% after stimulation, more than three times the 0.3% level deemed commercially viable. Negligible volumes of water were produced at the 2-31 Well, a positive indication for helium recovery and processing.
Helium  Discovery  -  9-35  Well
- HEVI's helium discovery well at 9-35-3-9W3 (" 9-35 Well ") flow tested at approximately 7,000 Mscf/d and 9,000 kPa flowing tubing pressure with a helium concentration of 0.64%.
- A pressure transient analysis (" PTA ") conducted revealed further positive indications, as announced on April  10, 2024 , indicating no reservoir pressure depletion or reservoir boundaries which highlights a potentially expansive and productive reservoir. The PTA also calculated an absolute open flow potential of 13.3 MMscf/d. Additionally, the absence of formation water during the test period is a favorable factor for helium recovery and processing.
New  Well  Drilling  and  Seismic  Program
- HEVI and NAH intend to drill up to nine New Wells on the joint lands noted in the map herein. The New Wells are expected to be drilled in proximity to NAH's producing Mankota pool and as a continuation of the trend being developed at Mankota.
- As noted above, it is anticipated the New Wells will be drilled in the upcoming winter months, given surface and environmental access restrictions.
- In addition to the New Wells, HEVI is finalizing potential drilling locations on four sections of recently acquired land, in which the Company holds a 100% working interest (" 4  Crown  Sections ") and anticipates shooting additional seismic over the 4 Crown Sections in early 2025. The 4 Crown Sections are strategically located in a central portion of the Mankota helium fairway. In addition, HEVI is pursuing seismic studies in the Fox area and exploring promising leads in both Glenbain and Fox (both outside of the map area shown here), each of which are adjacent to notable NAH discoveries.
Looking ahead, HEVI remains strategically positioned and highly differentiated due to its successful partnership with NAH, Canada's leading helium driller and producer in Saskatchewan. With a sizeable land base, healthy working capital and numerous catalysts on the horizon, the Company remains excited about the future.
HEVI wishes to thank all shareholders and stakeholders for their continued support and looks forward to providing future updates on its exploration and development activities.
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 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 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. 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
Email: info@heliumevolution.ca
Web: https://www.heliumevolution.ca/ |
| |
| Cindy Gray, Investor Relations | heviinfo@5qir.com | 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's ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders, future production from the 9-18 Well, the 2-31 Well and the 9-35 Well, the Company's expectations regarding scalable helium production from its land generally, the Company and/or NAH's plans with respect to the 9-18 Well, the 2-31 Well and the 9- 35 Well, potential drilling locations on the 4 Crown Sections, water production in the 9-18 Well, the 2-31 Well and the 9-35 Well, the Company's expectations regarding recoverability of helium, the size and nature of the reservoir, the Company and/or NAH's  ability  to  identify  future  exploration  and  drilling  targets  including the  New  Wells,  exploration  strategies  and  delineation, productivity  and  commerciality of  downdip  reservoirs, productivity  of  multiple helium  bearing  zones,  presence of  a  trap or  cap rock in the Mankota area, the size of the helium fairway, the Company and/or NAH's plans with respect to drilling the New Wells, the  Company's  ability  to  identify  seismic  studies,  shooting  seismic  over  the  4  Crown  Sections  and  the  timing  thereof, the  success of the partnership with NAH, the Company's intention to provide further updates regarding significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, the timeline of future updates, the Company's beliefs regarding growth of the global helium market 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 our actual results, performance, 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: NAH and/or HEVI may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may abandon  or  defer  plans  for  continuing  the  completion,  testing  and  evaluation  of  the  9-18  Well;  the  Company  and/or  NAH  may choose to defer, accelerate or abandon its exploration and development plans including the New Wells and/or wells on the 4 Crown Sections; the Company may abandon, defer or accelerate its plans to acquire or shoot seismic; the Company and/or NAH may determine not to bring the 9-18 Well, the 2-31 Well and/or the 9-35 Well onto production; the Company may abandon its plans to shoot seismic and/or acquire seismic studies; 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 and the Company's working capital position; 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, 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  news  release  are  expressly  qualified  by  this  cautionary  statement.  The  forward-looking  statements contained in this news release are made as of the date of this news 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.
Photos accompanying this announcement are available at
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 https://www.globenewswire.com/NewsRoom/AttachmentNg/ca6f9f51-b693-4a7b-a99d-e11b64d52f07
