First Helium Inc. provided an update regarding its Worsley helium production facility ("Production Facility") and further highlights of its exploration and development program. Among the oil opportunities are several lower risk development operations, including a booked, proven undeveloped oil drill location and a completion in an existing well bore for light oil, and natural gas with helium potential. The Company is reviewing plans to accelerate the development of these two opportunities to provide near term additional production, and cash flow to support the Company's ongoing helium program, including initial funding for equipment related to the Production Facility.

Progress also continues at the helium exploration play in Southern Alberta where First Helium has licensed a drill location. The Company has also recently completed the required design work on its helium and natural gas Production Facility and has received firm price indications from specialized manufacturers in connection with the fabrication and delivery of long lead-time gas processing equipment. In addition, the Company has completed its planning for standard, ancillary equipment requirements and construction of the Production Facility.

The Company is proceeding to secure key equipment vendors and other service providers in preparation for construction, targeted to commence early 2024, with expected on-stream timing within 9 to 12 months of project commencement. With plant design complete and vendors selected, First Helium is evaluating financing alternatives to fund the installation of the Production Facility. These include, but are not limited to, debt, project financing, leasing, and midstream processing solutions.

Further updates will be provided next quarter. Worsley is a historically active oil & gas exploration area that is very attractive for multi-product exploration including oil, helium, and natural gas. To date, the Company has enjoyed a 100% success rate in drilling its first two Leduc oil discoveries based on its geologic model, which has also been correlated to the successful Leduc 15-25 helium and natural gas well.

The given geology of the area provides multi-zone and multi-product target exposure with each drill. This sets the Company apart from other helium competitors. First Helium has identified and intends to test 2 new hydrocarbon bearing formations by recompleting two existing wells.

These recompletions present a cost-effective opportunity to evaluate "upside" potential across the extensive Worsley land base. In addition to the recompletion opportunities, First Helium has identified 13 highly prospective drill targets that the Company expects to be a mix of oil, and natural gas with potential helium content. All have the potential to add significant value and cash flow to the Company for ongoing exploration and development activities.

The Company has also identified other regions where its proven multi commodity approach to helium exploration can be applied.