Helium Evolution Confirms Positive 9-35 Well Results

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 provide an update on our helium discovery following the completion of the Deadwood zone and initial testing of the joint well drilled at 9-35-3-9W3 (" 9-35 Well ").

On February 26, 2024 , the Company outlined that the 9-35 Well flow tested at approximately 7 million standard cubic feet per day (" MMscf/d ") and 9,000 kiloPascals flowing tubing pressure during the six-day extended flow period. The gas composition of the 9-35 Well is 0.64% helium and 96.7% nitrogen, with the balance comprised of fractional percentages of minor component gases. Helium concentrations over 0.3% are deemed commercially viable.

Since HEVI's initial announcement, a post-flow pressure transient analysis (" PTA ") conducted by Petro Management Group Ltd. has revealed positive insights. A composite reservoir model was used to determine pressure response, flow rates, reservoir properties and potential pool boundaries, all of which represent important data points to help inform future development plans in the area. The PTA indicated no reservoir pressure depletion or reservoir boundaries, highlighting a potentially expansive and productive reservoir. The PTA also calculated an absolute open flow potential of 13.3 MMscf/d. Additionally, the absence of water during the test period is a favorable factor for helium recovery and processing.

We are very encouraged by these results, which confirm the potential of the Deadwood formation as a significant source of helium in the region. As outlined in the Company's news release on April 2, 2024 , HEVI and North American Helium Inc. (" 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 upon three existing helium discoveries, including the 9-35 Well, in the Mankota area of Saskatchewan. The Company anticipates the New Wells will spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions, positioning HEVI to capitalize on this strategic expansion given our 20% working interest in the New Wells.

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 "). The 4 Crown Sections are strategically located in a central portion of the Mankota helium fairway; and
• HEVI anticipates that the 9-18-3-8W3 well (" 9-18 Well ") stimulation will take place in the second quarter of 2024, subject to surface conditions, with similar stimulation having improved the performance of the Company's well located at 2-31-2-8W3.

As always, HEVI is committed to 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 the Company's current 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 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.

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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 and/or NAH's development and exploration plans, the Company's expectations regarding the Mankota helium fairway, the Company and/or NAH's   ability to identify future exploration and drilling targets including the New Wells, increasing shareholder value, the Company's expectations regarding the Deadwood formation as a significant source of helium in the region, potential drilling locations on the 4 Crown Sections, the productivity of the 9-35 Well, the stimulation of the 9-18 Well including the timing and the achievable results, the Company's expectations regarding recoverability of helium, the size and nature of the reservoir,   the Company's   ability   to   preserve capital   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   exploration and development plans including the New Wells and/or the 4 Crown Sections; the Company and/or NAH may choose to not bring the 9-35 Well onto production; the Company and/or NAH may abandon plans to stimulate the 9-18 Well; 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.