Helium Evolution Announces Filing of First Quarter 2023 Financial Results

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 (" MD&A ") for the three month period ended March 31, 2023 (the " Quarterly Report ").

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

Three Month Period Ended March 31, 2023 Highlights:

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 quarter 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. In the first quarter of 2023, the Company acquired approximately 600 kilometers of 2D seismic, further enhancing our geophysical database, which is essential for the identification and de-risking of HEVI's Q4/23 and Q1/24 drilling targets. Consistent with prior quarters, the Company maintained ongoing financial flexibility, demonstrated by a positive working capital position of $9.2 million at March 31, 2023.

Outlook

HEVI remains optimistic about the prospect of a commercial helium development on its expansive land holdings and looks forward to benefitting from the near-term exploration of the Company's asset base by North American Helium (" NAH "). Aligning with NAH as a partner through various farmout arrangements has afforded HEVI the ability to conserve capital, while also securing the right to participate in future development wells drilled on the Company's lands, providing a truly differentiated position to support HEVI's path towards commercial helium production.

Numerous meaningful operational milestones are ahead of HEVI in the near term, including a third test well at 12-11-05-10W3 (" Test Well #3 "), which is expected to be spud by NAH on or before July 14, 2023. While NAH is responsible for 100% of the drilling costs for Test Well #3, HEVI retains a 20% working interest in the well, along with all further associated development wells as per the enhanced farm-out agreement (the " Amended Farmout Agreement ") announced on October 21, 2022 . In addition, there are several other key milestones under the Amended Farmout Agreement which are expected to take place throughout the second and third quarters of 2023. These include the selection of two further test wells at Fox and Gravelbourg (" Test Well #4 " and " Test Well #5 ") and the option for NAH to select up to three additional drilling locations under two separate seismic agreements (collectively, the " Seismic Agreements "), also announced on October 21, 2022 .

Upon confirmation of the drilling location selections by NAH under the terms of the Agreements, HEVI's remaining lands will be fully released, allowing the Company to pursue its own development program designed to support organic growth. Using the seismic data HEVI has accumulated to date, which totals approximately 2,000 kilometers, the HEVI team is intently working on developing prospective helium targets and internally generated drilling opportunities that can be pursued over and above activities under the Amended Farmout Agreement.   The Company expects to identify 10 to 12 prospective drilling targets by the end of 2023 and looks forward to providing stakeholders with further updates on its plans through the second half of 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 an updated 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.

For   further   information,   please   contact:

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 and NAH's   exploration   and drilling plans, the Company's   ability to identify future exploration and drilling targets, activities related to the Amended Farmout Agreement and Seismic Agreements,   increasing shareholder value,   the Company's   ability   to   preserve capital,   spud date   of   Test   Well #3 and the drilling timeline for any future NAH and/or HEVI drills, the timeline for the selection of Test Well #4, Test Well #5 and locations under the Seismic Agreements, timing of ongoing updates to shareholders, participation in future NAH wells, success of NAH and/or HEVI wells 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:   NAH   may   be unsuccessful   in   drilling   commercially   productive wells, NAH   may   defer   the   drilling   of   the   Test   Well #3 and or the selection and drilling of Test Well #4, Test Well #5, HEVI may defer the drilling of wells on its 100% lands, any wells under the Seismic Agreements and subsequent wells; the   Company   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; the current COVID-19 pandemic; 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.