Helium Market on the Verge of Change as Demand Grows

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, today announced the filing of our unaudited financial results for the three and nine- month periods ended September 30, 2022, along with a corporate update on activities that have occurred subsequent to the end of the period.

For complete details of the condensed interim consolidated financial statements and the associated management's discussion and analysis, please refer to the Company's filing on SEDAR ( www.sedar.com ).

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, today provides an update on the first of two wells that will be drilled by year end 2022 (the " First Test Well "), NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan.

The First Test Well was drilled and fully funded by HEVI's farmout partner, North American Helium (" NAH "), pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 , and June 28, 2022 ). After reaching total depth over the weekend, NAH has informed HEVI that the open hole portion of the First Test Well 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, potentially to drill a sidetrack to another target. NAH is expected to spud its second licenced location on HEVI lands at NAH 1-1-6-10W3 (the " Second Test Well ") in mid-December.

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium (" NAH "), has spud the first well (the " First Test Well "), NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan, pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 and June 28, 2022 ). This First Test Well is situated due south of the NAH helium discovery at Mankota.

Drilling at the 13-30 location is expected to take approximately 14 days to reach a total depth of 2,720 metres. Once drilling has concluded, the rig is expected to move to NAH's second licenced location at NAH 1-1-6-10W3 (the " Second Test Well "). Preliminary flow test results from the First Test Well are anticipated to be available before the end of December, 2022.

• First two test wells to be drilled on HEVI lands in Q4/22 by North American Helium (NAH) with third test well to be drilled in first half 2023; costs funded 100% by NAH and HEVI retains a 20% working interest
• Based on success of the three test wells, NAH commits to expeditiously drill development wells on the earned farmout blocks
• New seismic option and seismic review option agreements with NAH could expand number of wells to be drilled by ~60%, from five to up to eight
• At no cost, HEVI to receive NAH's proprietary seismic recently used to drill three successful NAH wells

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce enhancements and amendments to the existing farmout agreement with North American Helium (" NAH "), through the execution of an Amended and Restated Farmout Agreement dated October 20 th 2022 (the " Amended Farmout "). The Amended Farmout offers HEVI near-term drilling catalysts that can accelerate cash flow generation without incurring up-front capital costs and allows the Company to retain 99% of its land base. At no cost, HEVI will also receive NAH's proprietary seismic that was recently used to drill three successful and producing NAH wells in the Mankota area, giving HEVI greater insight and valuable data that can be used in identifying future targets.

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce the appointment of Ms. Kristi Kunec to the role of Chief Financial Officer, effective September 12, 2022.

Ms. Kunec brings over 15 years of financial experience to HEVI, with a proven track record that includes leading the corporate finance, organizational planning and financial reporting functions for growing resource companies. Over the last 13 months, she has served as part-time Controller for Kanata Clean Power & Climate Technologies Corp., and prior thereto was Chief Financial Officer and Corporate Secretary for Pine Cliff Energy Ltd. (TSX:PNE). Ms. Kunec directly contributed to the growth of the company from approximately 100 boe/d to 24,000 boe/d, which included closing four equity offerings that raised more than $170 million, and the completion of two corporate and seven asset acquisitions. Prior to Pine Cliff, Ms. Kunec was Controller for North American Oil Trust, Corporate Controller for Orion Oil & Gas Corporation, and Manager of Financial Reporting for TransGlobe Energy Corporation. After earning a Bachelor of Commerce degree from the University of Saskatchewan, she began her career at PriceWaterhouseCoopers LLP in 2003, earning her CPA, CA designation in May of 2006.