Helium Evolution today provides an update on the third farmout well that was drilled and fully funded by HEVI’s farmout partner, North American Helium Inc. (“NAH”), at 12-11-05-10W3 (“Test Well #3”).

Helium Evolution is pleased to announce that its farm-in partner, North American Helium Inc. (“NAH”), has confirmed that NAH has spud the third farmout well at 12-11-05-10W3 (“Test Well #3”) on farmout lands within Block 1 at Mankota in Saskatchewan, pursuant to a previously announced farmout arrangement (the “Farmout”) (see news releases dated October 21, 2022, and June 28, 2022). Test Well #3 is the third of seven wells to be drilled by NAH on HEVI lands by March 31, 2024. Test Well #3 is situated approximately 10 kilometers northwest of the NAH helium discovery at Mankota. NAH is responsible for 100% of the drilling costs for Test Well #3, while HEVI retains a 20% working interest in said well, supporting the Company’s continued financial flexibility and capital conservation.