Helium Evolution Provides Operations Update Featuring Preliminary Production Test Data from Two Helium Discovery Wells

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 operational update on three Mankota-area wells in which the Company maintains a 20% working interest alongside HEVI's partner and the operator, North American Helium Inc. (" NAH "), including preliminary test results from two wells and confirmed stimulation of a third well.

Operations Overview

Greg Robb, CEO of the Company, commented, "The HEVI team is very encouraged by what we're seeing from the production tests to date out of our Mankota-area wells, which will continue to be evaluated before and after the requisite shut-in period. In addition, we look forward to seeing how a third well responds to stimulation efforts, which have proven successful in enhancing flow rates in other Mankota wells. We are pleased to be partnered with NAH and we look forward to ongoing discussions regarding plans for near and longer-term development, along with gaining visibility into timelines for achieving various milestones necessary to realize commercial production."

2-31 Well

Following the successful stimulation of HEVI's first helium discovery well at 2-31-2-8W3 (" 2-31 Well "), the 2-31 Well was production tested at approximately 4 million standard cubic feet per day (" MMscf/d ") at 5,500 kilopascal (" kPa ") flowing tubing pressure from the deadwood formation on a three-day extended test, with a helium concentration of 0.95%, more than three times the 0.3% level deemed commercially viable. The 2-31 Well continued to increase in both flow rate and surface flowing pressure throughout the flow test period. Productivity of the 2-31 Well increased threefold following stimulation, representing a meaningful rise from the 1.3 MMscf/d previously announced. The 2-31 Well also produced negligible volumes of water, a positive indication for helium recovery and processing.

HEVI continues to work with NAH to determine optimal next steps, which may include the drilling of an offset location designed to further delineate the pool during the latter half of 2024. In addition, NAH has received approval of a facility license at 12-30-2-8W3, approximately 1,500 metres from the 2-31 Well, the construction of which would represent another significant milestone on HEVI's path to commercialization.

9-35 Well

Completion, perforation and initial production testing of HEVI's discovery well at 9-35-3-9W3 (" 9-35 Well ") is ongoing. The 9-35 Well was producing approximately 7 MMscf/d at 9,000 kPa flowing tubing pressure at the end of a six-day extended flow period, with a helium concentration of 0.64% and no water. After the extended production flow period, the 9-35 Well will be shut in for a 21-day period to collect reservoir pressure data for interpretation.

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. In an effort to enhance productivity, as was successfully done on the 2-31 Well, the 9-18 Well will be stimulated in the coming weeks, subject to surface conditions.

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

Conference Participation

HEVI is also pleased to confirm that the Company will be participating in a conference in Houston, Texas, hosted by the Pickering Energy Partners team along with representatives from Saskatchewan's Ministry of Energy & Resources and Ministry of Trade & Export Development on February 27, 2024. During this event, HEVI's Chief Executive Officer, Greg Robb and Chief Financial Officer, Kristi Kunec will present the Company's story, and conduct one-on-one meetings with invited members of the investment community. A copy of the Company's presentation being given at the event is available on its website at https://www.heliumevolution.ca/ .

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.

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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 future production from the 2-31 Well, the 9-35 Well and the 9-18 Well, the Company's expectations regarding scalable helium production 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 stimulation operations on the 9-18 Well, 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 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; 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;   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.