Helium Evolution Provides Update on Recent Wells and Highlights Planned Q4/23 Drilling

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today provides an update on the status of two recently drilled wells, along with upcoming planned drilling for the fourth quarter of 2023.

As announced on September 25, 2023 , HEVI and farm-in partner, North American Helium Inc. (" NAH ") successfully drilled and cased the first joint well to encounter helium at 2-31-2-8W3 (" Joint Well #1 ") on lands within Block 1 at Mankota in Saskatchewan. HEVI has a 20% working interest in Joint Well #1. NAH has indicated their intention to proceed with completion and production testing of Joint Well #1 in the coming weeks, after which HEVI will provide an update on the well's performance.

As previously announced on September 19, 2023, NAH spud the farmout well at 11-13-13-29W3 (" Test Well #4 "), on farmout lands within Block 3 at Fox in Saskatchewan. Test Well #4 was drilled and fully funded by NAH pursuant to a previously announced farmout arrangement (see news releases dated October 21, 2022 , and June 28, 2022 ). After reaching total depth, NAH notified HEVI that the open hole portion of Test Well #4 will be abandoned, but that NAH is electing to suspend the cased hole portion of the well to afford optionality and the ability to re-enter it at a later date. Test Well #4 was the first well drilled to the geological basement NW of Maple Creek, Saskatchewan in approximately 70 years and represented a true wildcat exploration well.

In addition, pursuant to the seismic option agreement which was announced October 21, 2022 , the Mankota location selected by NAH at 12-36-3-9W3 ( "Test Well Area #1 ") is scheduled to be spud by NAH on or before November 1, 2023, subject to surface conditions. Test Well Area #1 is located approximately five kilometers south of the NAH Mankota helium pool. NAH is responsible for 100% of the drilling costs for Test Well Area #1, while HEVI retains a 20% working interest in the well, 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.

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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 timing of spud for Test Well Area #1, the timing of the completion and production testing of Joint Well #1, NAH's plan for and/or potential re-entry of Test Well #4 including the timing thereof, 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 Company may elect not to participate in the completion and production testing of Joint Well #1; the drilling/completion/production testing dates and success for wells identified in this news release; 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.