Helium Evolution Confirms Plans to Spud Second Well Following Casing of First Well

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to confirm that we have mobilized a rig to commence drilling our second helium well, HEI 06-2-006-06W3M (" HEI-2 ") at the Company's 100% owned and operated McCord property in southern Saskatchewan. This is HEVI's second well of up to six licensed wells in our program, and is expected to spud on or around July 15 th 2022. Drilling of HEI-2 follows closely after HEI-1, which has been cased for further evaluation.

Second Helium Well to be Spud at McCord

Drilling of HEI-2 is expected to take approximately 15 days from the spud date to reach total depth of approximately 2,670 metres targeting the Deadwood formation. Other operators have drilled offsetting wells in the immediate area of HEI-2. HEVI's internal program will be complemented by North American Helium Inc.'s (" NAH's ") plans under our farmout agreement . Under the farmout agreement, NAH will drill five, 100% funded wells across other land blocks in HEVI's portfolio, with each well drilled earning NAH an 80% operated interest in the section on which the well was drilled, plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. HEVI retains a 20% working interest in the earned lands and each successful well drilled by NAH. In preparation for planned commercialization in 2023, HEVI has also been advancing the engineering and design required for processing facilities while also engaging in discussions to secure an offtake agreement.

About Helium Evolution Incorporated

Helium Evolution is a Canadian-based helium exploration and production 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, offering a compelling opportunity for investors.

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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 drilling plans, timing for completion of the HEI-2 well, the arrangements with NAH pursuant to the farmout agreement 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: the Company may choose to defer, accelerate or abandon its drilling plans; the Company and NAH may determine to amend the farmout agreement; 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 and 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.

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