Helium Evolution Incorporated provided an update on the fourth farmout well that was drilled and fully funded by HEVI's farmout partner, North American Helium Inc. at 12-13-10-8W3 ("Test Well #5"). Test Well #5 was drilled on farmout lands within Block 2 at Gravelbourg in Saskatchewan pursuant to a previously announced farmout arrangement (the "Farmout"). After reaching total depth, NAH notified HEVI that the open hole portion of the Test Well #5 will be abandoned, but that NAH is electing to suspend the cased hole portion of the well to afford optionality and the ability to re-enter it at a later date, potentially to drill a sidetrack to another target.

On or before August 31, 2023: the Mankota location selected at 5-36-3-9W3 ("Test Well Area #1") is scheduled to be spud by NAH; On or before August 31,2023: the McCord location selected at 6-13-5-7W3 ("Test Well area #2") is scheduled to be spUD by NAH; and On or before March 31, 2024: the Fox location selected at 11-13-13-29W3 ("Test Well #4") is scheduled to be sp Bud by NAH. NAH is responsible for 100% of the drilling costs for Test Well #4, Test Well Area #1 and Test Well Area #2, while HEVI retains a 20% working interest in said wells, supporting the Company's continued financial flexibility and capital conservation.