Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce a joint initiative with its partner and the operator, North American Helium Inc. (" NAH "), to embark on an ambitious drilling program in the Mankota area of Saskatchewan.

HEVI and NAH are planning to drill up to nine joint development wells (the " New Wells ") which are expected to spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions. With HEVI's 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion, building upon three existing helium discoveries at Mankota, including the commercially viable 2-31 Well, as defined herein and as outlined in the Company's press release on February 26, 2024 . The Company intends to work with NAH over the coming months to determine specific well locations and timelines.

"NAH's decision to pursue drilling of an incremental six to nine wells demonstrates confidence in our ongoing partnership, builds on our existing three helium discoveries at Mankota, and highlights the opportunity to unlock value from HEVI's 5.6 million acres of prospective land in Saskatchewan," said Greg Robb, CEO of the Company. "HEVI is truly unique among our peer group, offering investors access to a very active, growth-oriented company with indirect exposure to the industry's leading Canadian helium producer in privately-held NAH. Further, we are the only public helium company with three helium discoveries, an additional six to nine new wells targeted to commence drilling within the next year, and a healthy balance sheet with positive working capital."

The additional drilling and development of the New Wells provides HEVI multiple catalysts and potential news events from now until the Company achieves first helium sales, expected in 2025. The Company is also pleased to confirm that HEVI has acquired an additional four sections of land (" 4 Crown Sections ") that was previously unleased and is adjacent to existing HEVI and NAH development in the Mankota area, effectively filling in an area near the heart of existing helium activity.

HEVI Upcoming Milestones and Catalysts - 2024 / 2025

The accompanying map provides a visual overview of the Mankota area, showing existing wells and the location of the proposed 12-30 helium processing facility.

2-31 Well

• HEVI's first helium discovery well at 2-31-2-8W3 (" 2-31 Well ") was successfully stimulated and tested at economic rates with a helium concentration of 0.95%, 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.

9-18 Well

• After initial testing, HEVI's discovery well at 9-18-3-8W3 (" 9-18 Well ") had a preliminary helium concentration of 0.78% and no water.
• The 9-18 Well is awaiting stimulation, with timing subject to surface conditions.

9-35 Well

• HEVI's discovery well at 9-35-3-9W3 (" 9-35 Well ") has been shut-in for the requisite 21-day period to collect reservoir pressure data for interpretation. The Company and NAH are currently evaluating the results to determine next steps.
  

14-20 Location

• HEVI and NAH intend to drill an offset location to the 2-31 Well (the " 14-20 Location ") designed to further delineate the helium pool. Due to environmental restrictions, the 14-20 Location will not be drilled until after September 15, 2024.
  

New Well drilling program

• HEVI and NAH intend to drill six to nine New Wells, inclusive of the 14-20 Location, on the joint lands noted in the accompanying map, placing the New Wells in proximity to NAH's producing Mankota pool and as a continuation of the trend being developed at Mankota.
  

12-30 Facility

• NAH has received approval for a facility license at 12-30-2-8W3 (the " 12-30 Facility "), approximately 1,500 metres from the 2-31 Well.
• A final investment decision (" FID ") on the 12-30 Facility is expected subsequent to further delineation of the adjacent helium pool, followed by construction and commissioning, with the goal of supporting first helium sales in 2025.

HEVI intends to continue updating the market on significant events and developments as information becomes available.

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 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:

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 future production from the 2-31 Well, the 9-35 Well and the 9-18 Well, the Company's expectations regarding scalable helium production and unlocking value from its land generally, the Company and/or NAH's plans with respect to shutting in the 9-35 Well for a 21-day period and the interpretation of results, the Company and/or NAH's plans with respect to the drilling of the New Wells inclusive of the 14-20 Location including the timing, the Company and/or NAH's plans with respect to stimulation operations on the 9-18 Well including the timing, timing of the FID, the Company and/or NAH's plans with respect to drilling an offset location and constructing a facility, the Company's intention to provide further updates regarding catalysts and significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, 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 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; the Company and/or NAH may abandon or defer plans for continuing the completion, testing and evaluation of the 9-35 Well and/or the 2-31 Well and/or the 9-18 Well; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans, including the drilling of the New Wells and the 14-20 Location; the Company and/or NAH may determine not to bring the 9-35 Well, the 9-18 Well or the 2-31 Well onto production; the Company and/or NAH may decide not to construct the 12-30 Facility; 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   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   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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