HEVI Helium Evolution Incorporated

Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, 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.

Pursuant to the seismic review agreement (the “Seismic Review Agreement”) which was also announced on October 21, 2022, NAH has informed the Company that it will not be proceeding with the option to select a drilling location in the McCord area. As such, all selection milestones have been completed under the Farmout, Seismic Review Agreement and seismic option agreement (the “Seismic Option Agreement”), the latter of which was also announced on October 21, 2022. This fully releases HEVI’s entire land base of 5.6 million acres, which enables the Company to pursue its own development program, further details of which will be released by HEVI in the coming months.

Stay Connected to Helium Evolution

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes HEVI’s current corporate presentation, and are invited to follow the Company on LinkedIn and Twitter for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent media articles, HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

About Helium Evolution Incorporated

Helium Evolution is a Canadian-based helium exploration 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.

For further information, please contact:

Greg Robb, President & CEOKristi Kunec, CFO	Phone: 1-587-330-2459Email:info@heliumevolution.caWeb: https://www.heliumevolution.ca/
Cindy Gray, Investor Relations	info@5qir.com| 1-403-705-5076

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 ability to identify and execute on its own development plan, including the timing of updates thereof, the timing of future NAH drilling under the Farmout Agreement and the Seismic Option Agreement, the Company's ability to preserve capital, the Company's expectations regarding the Company becoming a leading supplier of sustainably-produced helium, the Company's beliefs regarding growth of the global helium market 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: NAH may be unsuccessful in drilling commercially productive wells, NAH may choose to defer or accelerate the drilling of wells, the Company may choose to defer, accelerate or abandon its own development plans; 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; 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 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.