Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, today provides an update on the first two exploration wells drilled at the Company’s 100% owned and operated McCord property, HEI-1 (HEI 06-12-006-05W3M) and HEI-2 (HEI 06-2-006-06W3M).

Following casing and evaluation of both wells, initial results did not return sufficient quantities of helium to warrant production testing. As such, field operations on both wells have been halted in order to conduct further analysis on the results and the Company’s planned operations program. HEVI has released the contracted rig and is currently reviewing all information gathered during the drilling operations to reassess its exploration model before undertaking additional drilling.

“Although these initial results are disappointing, they do not change our positive long-term outlook for our asset base given the strong indications of helium in the area based on adjacent operators’ success,” said Greg Robb, President & CEO of HEVI. “We are analyzing all of the data we have collected to assist us in planning our operations program as we move forward, and will pursue the acquisition of additional seismic to support our efforts. The HEVI team maintains confidence in the prospectivity of our large land package and will regroup to determine the optimal path forward to generate maximum value for our shareholders.”

With approximately $10 million in cash on the balance sheet, HEVI has sufficient liquidity to pause on its planned six-well drilling program. The Company intends to direct a portion of available funds to a seismic program that can facilitate further evaluation and drilling target identification. In addition to the Company’s operations in the Mankota/McCord area, HEVI also has a five-well commitment from North American Helium Inc. ("NAH") following the execution of a farmout agreement that was finalized on June 28^th, 2022. It is anticipated that the NAH drilling program will provide HEVI with valuable data to help expand understanding of the play. Should NAH elect to drill development wells, HEVI expects to allocate a portion of funds towards those projects and would retain a 20% working interest in both the lands earned and each successful well drilled by NAH.

About Helium Evolution Incorporated

Helium Evolution is a Canadian-based helium exploration and production company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market, offering a compelling opportunity for investors.

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Statement Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company's exploration plans, arrangements with NAH pursuant to the farmout agreement and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may choose to defer, accelerate or abandon its exploration plans, including the proposed seismic purchase; the Company and NAH may determine to amend the farmout agreement; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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