HeliumEvolution Incorporated provides an update on the fifth farmout well at 6-13-5-7W3 (?Test Well Area #2?), on farmout lands within the McCord block in Saskatchewan. Test Well Area #2 was drilled and fully funded by HEVI?s farmout partner, North American Helium Inc. (?NAH?), pursuant to a previously announced farmout arrangement (the ?Farmout?). After reaching total depth, NAH notified HEVI that Test Well Area #2 will be abandoned.Upcoming Drilling Catalysts and Key Dates; On or before November 1, 2023: The Mankota location selected at 5-36-3-9W3 (?Test Well Area #1?) 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 spud by NAH.

NAH is responsible for 100% of the drilling costs for Test Well Area #1 and Test Well #4, while HEVI retains a 20% working interest in the wells, supporting the Company?s continued financial flexibility and capital conservation.