Helium Evolution Announces Filing of Q1-2024 Financial Results

CALGARY, Alberta, May 21, 2024 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company’s interim condensed financial statements and associated management’s discussion and analysis for the three months ended March 31, 2024 (the “Q1 Report”).

Complete details of the Q1 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

Three Months Ended March 31, 2024 Highlights:

	Three months ended
Tabular amounts in thousands of Canadian Dollars, except share and per share amounts	March 31, 2024	March 31, 2023
Financial
Net loss	239	311
Net loss per share, basic and diluted	0.00	0.00
Cash	5,304	8,229
Working capital	4,992	9,226
Total assets	11,293	13,094
Total liabilities	668	356
Weighted average shares outstanding
Basic and diluted1	96,033,974	96,033,974

¹The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.

During the three months ended March 31, 2024, HEVI continued to execute on its focused strategy of developing the Company’s 5.6 million acres of helium rights in southern Saskatchewan. With three recent helium discoveries and a six to nine well drilling program as announced on April 2, 2024, HEVI has made considerable progress on its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. HEVI has remained committed to maintaining ongoing financial flexibility, demonstrated by a positive working capital position of $5.0 million at March 31, 2024, excluding $0.8 million of tubing and casing that was pre-purchased and not utilized.