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Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, is pleased to provide a corporate update that outlines the upcoming milestones and catalysts anticipated through the balance of the year, including those related to our Amended and Restated Farmout Agreement (the " Farmout Agreement "), seismic option agreement (the " Seismic Option Agreement ") and the seismic review option agreement (the " Seismic Review Option Agreement "), (collectively, the " Agreements ") with North American Helium (" NAH "), announced October 21, 2022.
"As HEVI continues to map out the upcoming operational milestones coming up through the balance of 2023, we have been able to maintain a strong cash and liquid asset base," said Greg Robb, CEO of HEVI. "Our numerous operational milestones related to drilling and seismic/shooting review activities by NAH are expected to support a steady stream of updates. The HEVI team has also been working hard to develop new prospects on our 100% working interest land, having recently acquired approximately 1,000km of 2D seismic trade data over our exploration acreage in the last six months. We remain excited about the prospect of realizing a commercial helium development on our expansive land base and continuing to benefit from our mutually beneficial farmout with NAH."
Farmout Agreement with NAH Continues to Progress
The key operational dates and catalysts pertaining to the Agreements with NAH are presented below, with certain future events predicated on past decisions as indicated. NAH currently has committed to a minimum of five, and up to eight potential wells that can be drilled and will be fully funded by NAH, along with the shooting and review of additional seismic data. These milestones and catalysts are supplemented by HEVI's internal activities related to exploration of the Company's 100% working interest lands, financial reporting and other corporate updates.
HEVI Milestones and Catalysts Through 2023 and Mid-2024
The map below should be reviewed in concert with the table above and provides a visual characterization of the working areas and position of each block of land and referenced area.
Details on Lobbying Activities for Flow-through Share Financing
HEVI and other helium developers, through a third-party, have been actively lobbying the Canadian Government to have helium be eligible under the Critical Mineral Exploration Tax Credit (the " CMETC ") and thereby helium be included as a resource eligible for flow-through share financing (" Flow-through "). A Flow-through share is a type of common share that permits the initial purchaser to claim a tax deduction for a portion of the amount invested, positioning companies who produce the eligible resources more attractive to investors.
Additionally, HEVI is aware that other third parties, such as PearTree Financial Services Ltd., have made similar submissions to the Canadian Government recommending that all 31 critical minerals identified by Natural Resources Canada, including helium, be eligible products under the CMETC and eligible for Flow-through. This is supported by the fact that all critical minerals are essential to Canada's economic and national security, and required for Canada's transition to a low-carbon economy.
A decision on the matter is expected to be included in the April 2023 Federal Government Budget.
HEVI to Attend the 2023 North American Helium Conference
Greg Robb, CEO, and Pat Mills, COO, will be attending the 2023 North American Helium Conference in Denver, Colorado from March 22-23, 2023, to network, engage with stakeholders and peers, and hear more than 40 presentations covering all the latest industry trends and insights, including exploration methods, reservoir characteristics, markets, regulation, financing and more. Additional information on the conference, including a list of companies attending, can be found here .
2022 Financial and Operating Results to be Released
HEVI expects to release and file its 2022 full year financial and operating results on or around April 25, 2023. The news release and associated documents will be available on the Company's SEDAR profile and its website at heliumevolution.ca.
About Helium Evolution Incorporated
HEVI 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.
For further information, please contact:
| Greg Robb, President & CEO Kristi Kunec, CFO | Phone: 1-587-330-2459 Email: info@heliumevolution.ca Web: https://www.heliumevolution.ca/ |
| Cindy Gray, Investor Relations | info@5qir.com | 403-705-5076 |
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 exploration plans, expected updates regarding the Company's activities, arrangements with NAH pursuant to the Agreements, timing and content of the April 2023 Federal Government Budget, attendance and activities at the North American Helium Conference, success and timing of drilling and exploration wells, NAH elections under the Seismic Option Agreement and the Seismic Review Option Agreement, timing of the release of 2022 financial and operating results 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 exploration plans; the Company and NAH may determine to amend the farmout agreement; new laws or regulations, or the failure of governments to adopt 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.
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.
Infographics accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6fa4d17e-f18e-468d-88ef-4bb512f18ee0
https://www.globenewswire.com/NewsRoom/AttachmentNg/59389872-56cb-4ceb-8e7d-9964ecd18318
