Helium Evolution Confirms Additional Drilling of Up to 9 New Wells on Joint Land and Provides Operations Update - Seite 2

HEVI Upcoming Milestones and Catalysts - 2024 / 2025

The accompanying map provides a visual overview of the Mankota area, showing existing wells and the location of the proposed 12-30 helium processing facility.

2-31 Well

• HEVI’s first helium discovery well at 2-31-2-8W3 (“2-31 Well”) was successfully stimulated and tested at economic rates with a helium concentration of 0.95%, more than three times the 0.3% level deemed commercially viable.
• Negligible volumes of water were produced at the 2-31 Well, a positive indication for helium recovery and processing.

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.
• The 9-18 Well is awaiting stimulation, with timing subject to surface conditions.

9-35 Well

• HEVI’s discovery well at 9-35-3-9W3 (“9-35 Well”) has been shut-in for the requisite 21-day period to collect reservoir pressure data for interpretation. The Company and NAH are currently evaluating the results to determine next steps.
  

14-20 Location

• HEVI and NAH intend to drill an offset location to the 2-31 Well (the “14-20 Location”) designed to further delineate the helium pool. Due to environmental restrictions, the 14-20 Location will not be drilled until after September 15, 2024.
  

New Well drilling program

• HEVI and NAH intend to drill six to nine New Wells, inclusive of the 14-20 Location, on the joint lands noted in the accompanying map, placing the New Wells in proximity to NAH’s producing Mankota pool and as a continuation of the trend being developed at Mankota.
  

12-30 Facility

• NAH has received approval for a facility license at 12-30-2-8W3 (the “12-30 Facility”), approximately 1,500 metres from the 2-31 Well.
• A final investment decision (“FID”) on the 12-30 Facility is expected subsequent to further delineation of the adjacent helium pool, followed by construction and commissioning, with the goal of supporting first helium sales in 2025.

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

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.