Helium Evolution Incorporated announce a joint initiative with its partner and the operator, North American Helium Inc. to embark on an ambitious drilling program in the Mankota area of Saskatchewan. HEVI and NAH are planning to drill up to nine joint development wells which are expected to spud between Third Quarter 2024 and Second Quarter 2025, subject to surface and environmental restrictions. With HEVI?s 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion, building upon three existing helium discoveries at Mankota, including the commercially viable 2-31 Well.

The Company intends to work with NAH over the coming months to determine specific well locations and timelines. The additional drilling and development of the New Wells provides HEVI multiple catalysts and potential news events from now until the Company achieves first helium sales, expected in 2025. The Company is also pleased to confirm that HEVI has acquired an additional four sections of land (?4 Crown Sections?) that was previously unleased and is adjacent to existing HEVI and NAH development in the Mankota area, effectively filling in an area near the heart of existing helium activity.

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 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.