Helium Evolution Provides Update From North American Helium's Fifth Farmout Well

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today provides an update on the fifth farmout well at 6-13-5-7W3 (" Test Well Area #2 "), on farmout lands within the McCord block in Saskatchewan.

Test Well Area #2 was drilled and fully funded by HEVI's farmout partner, North American Helium Inc. (" NAH "), pursuant to a previously announced farmout arrangement (the " Farmout ") (see news releases dated October 21, 2022 , and June 28, 2022 ). After reaching total depth, NAH notified HEVI that Test Well Area #2 will be abandoned.

Upcoming Drilling Catalysts and Key Dates

• On or before November 1, 2023 : The Mankota location selected at 5-36-3-9W3 (" Test Well Area #1 ") is scheduled to be spud by NAH; and
• On or before March 31, 2024 : The Fox location selected at 11-13-13-29W3 (" Test Well #4 ") is scheduled to be spud by NAH.

NAH is responsible for 100% of the drilling costs for Test Well Area #1 and Test Well #4, while HEVI retains a 20% working interest in the wells, supporting the Company's continued financial flexibility and capital conservation.

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 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

HEVI 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.

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 set forth under the heading "Upcoming Drilling Catalysts and Key Dates", the Company's expectations regarding the Company becoming a leading supplier of sustainably-produced helium, 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: the Company or NAH may choose to defer, accelerate or abandon its exploration plans; the drilling date for wells identified in this news release; the Company and NAH may amend the Farmout; 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 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 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.