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 www.sedarplus.ca, and on HEVI's website .

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

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.

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.

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 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.