Helium Evolution Incorporated provided an operational update on three Mankota-area wells in which the Company maintains a 20% working interest alongside HEVI's partner and the operator, North American Helium Inc. ("NAH"), including preliminary test results from two wells and confirmed stimulation of a third well. HEVI continues to work with NAH to determine optimal next steps, which may include the drilling of an offset location designed to further delineate the pool during the latter half of 2024. In addition, NAH has received approval of a facility license at 12-30-2-8W3, approximately 1,500 metres from the 2-31 Well, the construction of which would represent another significant milestone on HEVI's path to commercialization.

Completion, perforation and initial production testing of HEVI's discovery well at 9-35-3-9W3 ("9-35 Well") is ongoing. The 9-35 Well was producing approximately 7 MMscf/d at 9,000 kPa flowing tubing pressure at the end of a six-day extended flow period, with a helium concentration of 0.64% and no water. After the extended production flow period, the 9-35 Well will be shut in for a 21-day period to collect reservoir pressure data for interpretation.

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. In an effort to enhance productivity, as was successfully done on the 2-31 Well, the 9-18 Well will be stimulated in the coming weeks, subject to surface conditions.