Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), announced today a correction to its press release issued June 8, 2022 under the same headline to include the price per Unit at $0.40. Complete and corrected text follows.

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, has entered into an agreement with North American Helium Inc. (" NAH ") with respect to a proposed farmout agreement (the " Farmout Agreement ").

NAH is a private helium company which is engaged in the exploration, development, production, refining and marketing of helium in North America. Concurrently with the entering into of the Farmout Agreement, the Company intends to complete (i) a private placement of units (" Units ") at a price of $0.40 per Unit (the " Offering Price ") to NAH for total gross proceeds of $3.5 million (the " Strategic Investor Private Placement "), (ii) an insider private placement of Units at the Offering Price to directors, officers and employees of the Company for gross proceeds of approximately $500,000 (the " Insider Private Placement "), and (iii) a brokered commercially reasonable efforts private placement, with Peters & Co. Limited (" Peters & Co. " or the " Agent ") at the Offering Price for up to $4.5 million (the " Brokered Offering ", and combined with the Strategic Investor Private Placement and Insider Private Placement, the " Offering "), for combined aggregate gross proceeds of up to $8.5 million. In connection with the Brokered Offering, the Company has granted the Agent an option to sell up to an additional 15% of the Units issued under the Brokered Offering (up to 1,687,500 Units) at the Offering Price, exercisable in whole or in part at any time until 48 hours prior to the time of closing of the Brokered Offering. The Offering will close on or about June 28, 2022 (the " Closing Date ").

Each Unit will consist of one common share of the Company (a " Common Share ") and one third of one Common Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant shall entitle the holder thereof to purchase one Common Share of the Company at a price of $0.70 at any time on or before the date which is 24 months after the Closing Date (the " Expiry Date "). If the 30-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the " TSXV ") is at or above $1.20 per share, the Company may accelerate the Expiry Date by giving notice thereof to the holders of the Warrant, and in such case the Expiry Date will be the day that is 30 calendar days after the date on which such notice is given by the Company. Notwithstanding any of the foregoing, the Expiry Date will be no less than six months from the Closing Date.

Farmout Agreement with North American Helium

NAH will drill a total of five wells, incurring 100% of the drill expenditures, on three predetermined blocks of land in Saskatchewan comprising approximately 2.3 million acres located west of the third meridian (the " Blocks "). For each well, NAH shall have earned an 80% operated interest in the section on which the well was drilled plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. The Farmout Agreement specifically excludes HEVI's current drilling focus in the McCord area. The Company will retain a 20% working interest in the earned lands and each successful well drilled by NAH (the " HEVI Working Interest ").

NAH must notify HEVI of its five drilling targets within six months following the execution date of the Farmout Agreement, with a requirement to drill all five wells within 24 months. NAH must drill one well in each of the three Blocks, with no more than three wells drilled in any given Block. HEVI remains on track to spud our first McCord well in June, with up to six potential targets identified.

"This Farmout Agreement with North American Helium truly sets us apart, as we are able to work with one of the helium industry's leading operators, and to welcome them as a strategic equity investor," said HEVI CEO, Greg Robb. "Having this Farmout Agreement validates our original strategy to acquire sizeable acreage in Saskatchewan in regions featuring a high probability of helium reserves, while the Offering allows HEVI to successfully fund the farmout arrangement with North American Helium and provides substantial financial flexibility to continue executing our overall strategy."

Pursuant to the Strategic Investor Private Placement, NAH will subscribe for 8.75 million Units for total gross proceeds of $3.5 million. In connection with the Strategic Investor Private Placement, the Company will pay a finder's fee on terms compliant with the policies of the TSXV.

HEVI and NAH will enter into a standstill agreement pursuant to which NAH will be subject to certain standstill restrictions relating to, among other things, the acquisition of HEVI securities for a 24-month period following completion of the Offering. In addition, HEVI and NAH have entered into a pro rata participation and board nomination agreement pursuant to which NAH will be permitted to maintain its pro rata undiluted percentage of HEVI Common Shares following completion of the Offering for a 24-month period. Furthermore, should NAH's ownership reach over 10% in the next two years, NAH will have a right to appoint a nominee to the HEVI board of directors.

Use of Proceeds of the Offering

The Offering is integral to funding the Company's obligations with respect to the HEVI Working Interest and as such the Company will be relying on the 'part and parcel pricing' exemption allowed by the TSXV with respect to the pricing of the Offering. The net proceeds of the Offering will be used to fund HEVI's obligations with respect to the HEVI Working Interest, including with respect to drilling and facilities, the ongoing drilling and development capital expenditure program of the Company and for general corporate purposes.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV.

The Common Shares, Warrants and any Common Shares issued upon exercise of the Warrants will be subject to a four month and one day hold period under applicable Canadian securities laws from the Closing Date.

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.

For further information, please contact:

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 commencement of drilling by the Company, the closing of the transactions disclosed in the press release, including the completion of the Offering (including the approval of the TSXV with respect thereto) and the entering into of the Farmout Agreement, the use of proceeds from the Offering 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 TSXV may refuse to grant approval of the Offering; the transactions described in this press release may not close; the Company may reallocate the proceeds of the Offering for reasons that management believes are in the Company's best interests; the Company may choose to defer, accelerate or abandon its drilling 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; 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.

This press release is not for distribution to U.S. news services or for dissemination in the United States. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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Helium is an essential resource required in numerous industrial applications, including modern MRI systems, , fiber-optics production, semiconductors, space exploration and arc welding. The more high-tech the world becomes, the more helium its going to need, and for most uses, there is no available substitute. A recent study suggests that global demand for helium may outpace production until 2025, potentially even lasting until 2030, driven by expanding Internet access, increased demand for semiconductors, and even advances in quantum computing.

North America has historically represented the largest source of helium consumption, with the United States consuming 74 million cubic meters of helium, and Qatar in second place at almost half the consumption at 45 million cubic meters.

Western Canada is in a perfect position to capitalize on the surge in demand caused by increased high-tech usage along with the US Bureau of Land Management (“BLM”) announcing it will dispose of all remaining helium assets and helium in storage which previously accounted for 25% of global helium supply. Saskatchewan is home to one of the most highly concentrated helium resources in the world. A ‘land rush’ has taken place in Saskatchewan to secure land rights to previously untapped helium resources which arise due to decaying uranium and thorium deposits. To further accelerate this rush, the Government of Saskatchewan has created the Helium Action Plan, setting the lofty goal of going from ~20 helium wells currently to 150+ helium production wells and producing 10 percent of the global helium market.

Helium Evolution Incorporated (TSXV:HEVI) is a Canadian-based helium exploration and development company that is focused on helium extraction, which offers a ‘green’ alternative to harvesting helium as a byproduct of natural gas. HEVI owns land rights to over 5 million acres, and an incremental 1 million acres of permits under application, representing the largest land package in Canada controlled by a public entity.

HEVI’s land package is located in a helium-rich area and in close proximity to the U.S. market, facilitating easier trade. Additionally, the Company plans to acquire more potentially prospective land rights in the Saskatchewan fairway.

HEVI selected southern Saskatchewan for a variety of reasons. First, the decaying uranium in the area’s basement rocks has produced significant helium reserves throughout southern Saskatchewan. Second, Helium Evolution’s target geological formation, known as The Deadwood, contains up to 2.0 percent proven helium content alongside 95+ percent nitrogen content. Existing geophysical data is readily available and will help Helium Evolution select the best drill targets.

Why does this matter? The presence of nitrogen as the carrier gas allows Helium Evolution to vent the gas in an environmentally-friendly manner while also providing cost advantages during the helium extraction and liquefaction processes. Additionally, drilling for helium is similar to extracting conventional natural gas, meaning there’s no need for specialized equipment and management’s existing oil and gas development expertise can be leveraged. Low-cost vertical drilling is all that’s required for HEVI to begin extraction.

HEVI is led by an impressive management team with a combined 150 years of resource development experience, including engineering, geological and executive management across the corporate landscape. CEO Greg Robb boasts 35 years of direct experience in Western Canada where he focused on the acquisition and development of natural resources in the region. Patrick Mills, COO, brings over three decades of executive, managerial, and engineering experience in Western Canada as well. Meanwhile, VP John Kanderka has 40 years of directly applicable experience in the energy and mineral sectors, serving as an officer in both public and private entities. The management team is complemented by a very strong board, which includes the former premier of Saskatchewan, Brad Wall and senior energy executives Mike Graham, Philip Hughes and James Baker

Helium Evolution is targeting a geological formation known as The Deadwood Sand Reservoir for its initial exploration and development. Multiple drilling targets for near-term development have already been identified. Seismic data for these targets is undergoing analysis before drilling begins.

Greg Robb brings over 35 years of experience across all facets of Western Canadian energy resource activity, including exploration and development, acquisitions & dispositions, and reserve valuations. He previously held executive positions in several E&P companies, and founded Salvo Energy Corp. in 2006. He has extensive experience in heavy oil, shallow gas, coal bed methane, deep basin tight gas, and conventional oil and gas plays, evaluating over $500MM of acquired assets.

Patrick Mills has over 36 years of executive, managerial, and engineering & operational experience in the Western Canadian Sedimentary Basin. He previously founded Mustang Resources and Pegasus Oil & Gas where he held executive and board positions, as well as technical and managerial positions with Texaco, Imperial Oil Ltd, and Startech Energy.

Ryan Tomlinson holds the Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA) designations. He has extensive financial accounting experience with domestic and international private and public oil and gas companies and has raised equity in both private and public markets. He has held key roles with increasing responsibility serving as Controller and CFO.

John Kanderka has over 40 years of experience in the energy and mineral sectors as both an officer and director of private and public entities. He previously founded multiple companies leading to a wide array of experience in corporate finance, mergers and acquisitions, buyouts, and corporate restructuring. He is currently a Director of Orestone Mining Corp. and Chairman & Founder of Visionary Gold Corp.

Heather Isidoro has over 20 years of experience in the energy industry, the last 17 of which were focused on business development, most recently as the Vice President of Business Development with Pine Cliff Energy Ltd. She brings a broad range of energy industry experience with specialization in acquisitions and divestitures, reserves valuations, and financial modeling. Ms. Isidoro is President and a Director of the Petroleum Acquisitions and Divestitures Association, and a Trustee on the University of Saskatchewan Engineering Advancement Trust. She has a B.Sc. in Geological Engineering from the University of Saskatchewan, and an MBA from Athabasca University. In addition, Ms. Isidoro has completed the Not-For-Profit Board Governance Essentials program from The Institute of Corporate Directors and the Rotman School of Management.

Helium Evolution Incorporated (TSXV:HEVI) (" Helium Evolution " or the "Company") announces that it has granted stock options (the " Options ") under the Company's stock option plan (the " Option Plan ") to certain directors, officers and consultants (the " Option Recipients ").

In aggregate, 4,000,000 Options have been granted, with each Option representing the right to receive one common share of the Company upon vesting, exercisable at a price of $0.385. The Options will vest as to 20% on each of the 6 th , 12 th , 18 th , 24 th and 30 th month anniversaries of the date of grant. The Options will expire on June 30 th , 2027.

These grants represent compensation to the Option Recipients for their respective service to the Company as directors, officers and consultants of the Company and as an incentive mechanism to foster the interest of such persons in the success of the Company.

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. Additional information is available on the Company's website , including a current corporate presentation and a ‘deep-dive' research report commissioned by Helium Evolution, and we encourage you to follow the Company on LinkedIn and Twitter for ongoing corporate updates and helium industry information.

For further information, please contact:

Cautionary Note Regarding Forward Looking Statements

Certain disclosure in this release, including statements regarding the vesting of the Options, constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including, but not limited to Option Recipients continuing in their service to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. 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.

News Provided by GlobeNewswire via QuoteMedia

Not for distribution to U.S. news services or for dissemination in the United States

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that our first helium well, HEI 06-12-006-05W3M (" HEI-1 "), was spud on June 25, 2022 at the Company's 100% owned and operated McCord property in southern Saskatchewan, described in more detail below. In addition, further to our news release dated June 9, 2022 the Company has closed our non–brokered, brokered and strategic investor private placements raising aggregate gross proceeds of $6,918,200 through the issuance of 17,295,500 total units (" Units ") at $0.40 per Unit.

First Well Spud at McCord Property

Drilling of HEI-1 is expected to take approximately 15 days from the spud date to reach total depth of approximately 2,670 metres targeting the Deadwood formation. The HEI-1 well location targets a structural high, a geological characteristic typically associated with high concentrations of helium, and was selected based on detailed geological and geophysical seismic interpretation of the Deadwood formation. Offsetting wells have been drilled in the immediate area by other operators.

"Spudding our first well at McCord is another significant milestone for HEVI. The HEI-1 drill represents one of six locations already identified on the McCord property in our inaugural 2022 drilling campaign," said Greg Robb, President & CEO of HEVI. "Our drilling program is a critical step in successfully proving up our acreage at McCord and supporting our broader commercialization plans. As a result of our farmout agreement , HEVI's program will be complemented by North American Helium Inc. (" NAH ") drilling five, 100% funded wells across other land blocks in HEVI's portfolio, with the view to validating the prospective nature of our overall helium land base."

Once drilling concludes, the HEI-1 well will be completed over a 14-day period, during which the Company will conduct flow testing. Preliminary results from the flow test are anticipated by the end of July, with further wells expected to be drilled predicated on the success of HEI-1. Since the spring of 2022, HEVI has also been advancing the engineering and design required for processing facilities while also engaging in discussions to secure an offtake agreement.

F armout Agreement with North American Helium Inc.

As announced on June 9 th , the Company has entered into a farmout agreement with NAH pursuant to which NAH will drill a total of five wells, incurring 100% of the drill expenditures, on three predetermined blocks of land in Saskatchewan comprising approximately 2.3 million acres located west of the third meridian (the " Blocks "). For each well drilled, NAH will earn an 80% operated interest in the section on which the well was drilled plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. The farmout agreement specifically excludes HEVI's current drilling focus in the McCord area. The Company will retain a 20% working interest in the earned lands and each successful well drilled by NAH (the " HEVI Working Interest ").

NAH must notify HEVI of its five drilling targets within six months following the execution date of the Farmout Agreement, with a requirement to drill all five wells within 24 months. NAH must drill one well in each of the three Blocks, with no more than three wells drilled in any given Block.

In connection with the entering into of the farmout agreement, HEVI and NAH have entered into a standstill agreement pursuant to which NAH will be subject to certain standstill restrictions relating to, among other things, the acquisition of HEVI securities for a 24-month period following completion of the Offerings (as defined herein). In addition, HEVI and NAH have entered into a pro rata participation and board nomination agreement pursuant to which NAH will be permitted to maintain its pro rata undiluted percentage of HEVI Common Shares following completion of the Offering for a 24-month period. Furthermore, should NAH's ownership reach over 10% in the next two years, NAH will have a right to appoint a nominee to the HEVI board of directors.

Pursuant to the Offering, HEVI issued: (i) 8,750,000 Units to NAH for total gross proceeds of $3,500,000 (the " Strategic Investor Private Placement "); (ii) 3,175,500 Units via a non-brokered private placement for gross proceeds of $1,270,200 (the " Non-Brokered Private Placement "); and (iii) 5,370,000 Units via a brokered private placement with Peters & Co. Limited (" Peters & Co. " or the " Agent ") acting as sole bookrunner, for gross proceeds of $2,148,000 (the " Brokered Offering " and combined with the Strategic Investor Private Placement and Non-Brokered Private Placement, the " Offering s ").

Each Unit is comprised of one common share of HEVI (" Common Share ") and one third of one Common Share purchase warrant (each whole warrant, a " Warrant ") with each whole Warrant entitling the holder thereof to purchase one Common Share of the Company at a price of $0.70 at any time on or before the date which is 24 months from today (the " Expiry Date "). If the 30-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the " TSXV ") is at or above $1.20 per Common Share, the Company may accelerate the Expiry Date by giving notice thereof to the holders of the Warrants, and in such case the Expiry Date will be the day that is 30 calendar days after the date on which such notice is given by the Company. Notwithstanding any of the foregoing, the Expiry Date will be no less than six months from today.

All Common Shares (including any Common Shares issuable on exercise of the Warrants) and Warrants issued under the Offerings are subject to a hold period expiring four months and one day from closing in accordance with applicable securities laws.

Pursuant to the Offerings, a total of 17,295,500 Common Shares and 5,765,152 Warrants were issued to subscribers. In connection with the Offerings, the Company paid commissions and finders fees totalling $349,960. In addition, the Company issued 175,000 Warrants to a finder in connection with the Strategic Investor Private Placement.

The net proceeds of the Offerings will be used to fund HEVI's obligations with respect to the HEVI Working Interest (as defined below), including with respect to drilling and facilities, the ongoing drilling and development capital expenditure program of the Company and for general corporate purposes.

Certain directors and officers of the Company (the " Related Parties ") subscribed for an aggregate of 2,130,000 Units pursuant to the Non-Brokered Private Placement, with such subscriptions constituting, in each case, a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (" MI 61-101 "). The Company intends to rely on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the subject matter of, and the consideration paid in the Offerings, in relation to the Related Parties, does not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101. The participation by each of the Related Parties in the Offerings has been approved by directors of the Company who are independent with respect to such transactions. The Company did not file a material change report more than 21 days before the expected closing of the Offerings, as the details of the Offerings were not finalized until immediately prior to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.

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.

For further information, please contact:

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 drilling plans , timing for completion of the HEI-1 well, the arrangements with NAH pursuant to the farmout agreement , the use of proceeds from the Offering 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 reallocate the proceeds of the Offering for reasons that management believes are in the Company's best interests; the Company may choose to defer, accelerate or abandon its drilling plans ; 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.

This press release is not for distribution to U.S. news services or for dissemination in the United States. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company " ), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, has entered into an agreement with North American Helium Inc. (" NAH ") with respect to a proposed farmout agreement (the " Farmout Agreement "). NAH is a private helium company which is engaged in the exploration, development, production, refining and marketing of helium in North America. Concurrently with the entering into of the Farmout Agreement, the Company intends to complete (i) a private placement of units (" Units ") to NAH for total gross proceeds of $3.5 million (the " Strategic Investor Private Placement "), (ii) an insider private placement of Units to directors, officers and employees of the Company for gross proceeds of approximately $500,000 (the " Insider Private Placement "), and (iii) a brokered commercially reasonable efforts private placement, with Peters & Co. Limited (" Peters & Co. " or the " Agent ") for up to $4.5 million (the " Brokered Offering ", and combined with the Strategic Investor Private Placement and Insider Private Placement, the " Offering "), for combined aggregate gross proceeds of up to $8.5 million. In connection with the Brokered Offering, the Company has granted the Agent an option to sell up to an additional 15% of the Units issued under the Brokered Offering (up to 1,687,500 Units), exercisable in whole or in part at any time until 48 hours prior to the time of closing of the Brokered Offering. The Offering will close on or about June 28, 2022 (the " Closing Date ").

Each Unit will consist of one common share of the Company (a " Common Share ") and one third of one Common Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant shall entitle the holder thereof to purchase one Common Share of the Company at a price of $0.70 at any time on or before the date which is 24 months after the Closing Date (the " Expiry Date "). If the 30-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the " TSXV ") is at or above $1.20 per share, the Company may accelerate the Expiry Date by giving notice thereof to the holders of the Warrant, and in such case the Expiry Date will be the day that is 30 calendar days after the date on which such notice is given by the Company. Notwithstanding any of the foregoing, the Expiry Date will be no less than six months from the Closing Date.

Farmout Agreement with North American Helium

NAH will drill a total of five wells, incurring 100% of the drill expenditures, on three predetermined blocks of land in Saskatchewan comprising approximately 2.3 million acres located west of the third meridian (the " Blocks "). For each well, NAH shall have earned an 80% operated interest in the section on which the well was drilled plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. The Farmout Agreement specifically excludes HEVI's current drilling focus in the McCord area. The Company will retain a 20% working interest in the earned lands and each successful well drilled by NAH (the " HEVI Working Interest ").

NAH must notify HEVI of its five drilling targets within six months following the execution date of the Farmout Agreement, with a requirement to drill all five wells within 24 months. NAH must drill one well in each of the three Blocks, with no more than three wells drilled in any given Block. HEVI remains on track to spud our first McCord well in June, with up to six potential targets identified.

"This Farmout Agreement with North American Helium truly sets us apart, as we are able to work with one of the helium industry's leading operators, and to welcome them as a strategic equity investor," said HEVI CEO, Greg Robb. "Having this Farmout Agreement validates our original strategy to acquire sizeable acreage in Saskatchewan in regions featuring a high probability of helium reserves, while the Offering allows HEVI to successfully fund the farmout arrangement with North American Helium and provides substantial financial flexibility to continue executing our overall strategy."

Pursuant to the Strategic Investor Private Placement, NAH will subscribe for 8.75 million Units for total gross proceeds of $3.5 million. In connection with the Strategic Investor Private Placement, the Company will pay a finder's fee on terms compliant with the policies of the TSXV.

HEVI and NAH will enter into a standstill agreement pursuant to which NAH will be subject to certain standstill restrictions relating to, among other things, the acquisition of HEVI securities for a 24-month period following completion of the Offering. In addition, HEVI and NAH have entered into a pro rata participation and board nomination agreement pursuant to which NAH will be permitted to maintain its pro rata undiluted percentage of HEVI Common Shares following completion of the Offering for a 24-month period. Furthermore, should NAH's ownership reach over 10% in the next two years, NAH will have a right to appoint a nominee to the HEVI board of directors.

Use of Proceeds of the Offering

The Offering is integral to funding the Company's obligations with respect to the HEVI Working Interest and as such the Company will be relying on the 'part and parcel pricing' exemption allowed by the TSXV with respect to the pricing of the Offering. The net proceeds of the Offering will be used to fund HEVI's obligations with respect to the HEVI Working Interest, including with respect to drilling and facilities, the ongoing drilling and development capital expenditure program of the Company and for general corporate purposes.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV.

The Common Shares, Warrants and any Common Shares issued upon exercise of the Warrants will be subject to a four month and one day hold period under applicable Canadian securities laws from the Closing Date.

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.

For further information, please contact:

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 commencement of drilling by the Company, the closing of the transactions disclosed in the press release, including the completion of the Offering (including the approval of the TSXV with respect thereto) and the entering into of the Farmout Agreement, the use of proceeds from the Offering 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 TSXV may refuse to grant approval of the Offering; the transactions described in this press release may not close; the Company may reallocate the proceeds of the Offering for reasons that management believes are in the Company's best interests; the Company may choose to defer, accelerate or abandon its drilling 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; 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.

This press release is not for distribution to U.S. news services or for dissemination in the United States. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

News Provided by GlobeNewswire via QuoteMedia

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, today announced the filing of our audited financial results for the three-month period ended March 31, 2022.

For complete details of the consolidated financial statements and the associated management's discussion and analysis ("MD&A"), please refer to the Company's filing on SEDAR ( www.sedar.com ).

1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.

On March 16, 2022, Helium Evolution concluded our transaction with Duckhorn Ventures Ltd. ("Duckhorn") which resulted in a reverse takeover of Duckhorn by the shareholders of HEVI, enabling our shares to commence trading on the TSX Venture Exchange on Wednesday, March 30, 2022. As at the end of the quarter, we had 78,738,474 common shares issued and outstanding on an undiluted basis, of which 15,950,094 (representing 20.3% on an undiluted basis) are held by our senior executive and our board of directors.

The Company's first quarter 2022 activities were largely focused on concluding our reverse takeover transaction and undertaking the required preparations for a public listing. From an operational perspective, capital expenditures through the first three months of 2022 totaled $946,000, largely directed to ongoing evaluation and assessment of prospects on existing helium permits during the quarter.

The Company continued to evaluate prospects on existing helium permits during the quarter, leveraging the 750 km of 2D seismic that HEVI has purchased and shot since inception. This led to the identification of numerous drilling targets in the Mankota/McCord area of south-central Saskatchewan, which will be the Company's first core area. HEVI retains considerable flexibility in managing capital given the long tenure of helium permits granted by the Government of Saskatchewan, as commitments related to the lease and permit terms are incorporated into the capital budget.

The Company acquired additional helium permits in Saskatchewan during Q1 2022, increasing our land position to approximately 5.5 million acres. HEVI is positioned as the largest holder of helium exploration rights in North America among publicly listed helium companies.

We are extremely proud of the success our team has realized to date in 2022, and excited about commencing our drill program in the first half of June. Looking ahead to the second quarter of 2022, we have contracted a drilling rig for up to four wells and have secured the required production casing, which helps mitigate risk due to supply chain issues.

As we execute on our drilling program, we will continue to provide shareholders with updates on results, capital expenditure plans and expectations for securing processing facilities and off-take agreements that can support our commercialization over the near and longer-term. Based on an initial spud date of mid-June, we anticipate being able to share preliminary results on the well by the middle to end of July and keep our shareholders apprised of continued operational advancements.

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to read an extensive, ‘deep-dive' research report commissioned by Helium Evolution and prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition, HEVI is profiled on the Investing News Network platform, where further information, editorial pieces and industry reviews are available and has been featured in recent news media articles. Additional information is available on the Company's website , including a current corporate presentation , and we encourage you to follow the Company on LinkedIn and Twitter for ongoing corporate updates and helium industry information.

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.

For further information, please contact:

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 commencement of drilling by the Company and timing of results therefrom, increasing shareholder value, the provision of operational updates to shareholders 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 drilling 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; 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.

This press release is not for distribution to U.S. news services or for dissemination in the United States. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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Helium Evolution Incorporated (TSXV: HEVI) ("HEVI", "Helium Evolution" or the "Company"), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that we have engaged Native Ads Inc. ("Native Ads") to execute a comprehensive digital media marketing campaign for the Company, supporting HEVI's ongoing efforts to increase awareness. This comprehensive advertising program is designed to build brand familiarity, general recognition, and raise awareness within online investor content platforms. Native Ads will employ state-of-the-art digital advertising, paid distribution, media buying and content creation to execute this important initiative.

This programmatic digital advertising campaign will run for up to 12 months, or until budget exhaustion, at the cost of approximately $232,500 (CAD). Services provided pursuant to the agreement will include media placements and distribution and strategic services, including content creation, web development, advertising creative development, search engine optimization and strategic digital advertising consulting. HEVI retains the option to extend both the campaign's duration and budget. The campaign will commence in May or June of 2022, with exact timelines to be agreed upon by HEVI and Native Ads. The Company and Native Ads act at arm's length, and Native Ads has no present interest, directly or indirectly, in the Company or its securities. The appointment of Native Ads is subject to approval by the TSX Venture Exchange.

Native Ads is a full-service ad agency that owns and operates a proprietary ad exchange with over 80 integrated SSPs (supply-side platforms) resulting in daily access to three to seven billion North American ad impressions.

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.

Background and Materials for HEVI

HEVI commissioned an extensive, ‘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, the Company is profiled on the Investing News Network platform, where further information, editorial pieces and industry reviews are available and has been featured in recent news media articles . Additional information is available on the Company's website , including a current corporate presentation , and we encourage you to follow the Company on LinkedIn and Twitter for ongoing corporate updates and helium industry 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 provision of services to the Company by Native Ads, the costs related thereto, the approval of the TSX Venture Exchange of the Company's agreement with Native Ads, 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 plans with respect to Native Ads and their services; and the TSX Venture Exchange may refuse to grant approval of the agreement with Native Ads.

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.

This press release is not for distribution to U.S. news services or for dissemination in the United States. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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Wade Dawe has filed an early warning report announcing that, on May 31, 2022, he indirectly acquired an additional 1,647,940 common shares of E-Tech Resources Inc. ("E-Tech") in a private transaction. Prior to acquiring these additional common shares, Mr. Dawe indirectly owned 7,282,002 common shares through Brigus Capital Inc., a company controlled by Mr. Dawe.

Upon purchase of these additional common shares, Mr. Dawe and indirectly holds 8,929,942 common shares of E-Tech, representing approximately 10.76% of the 82,971,530 issued and outstanding common shares of E-Tech.

The common shares of E-Tech were acquired for investment purposes. Mr. Dawe may increase or decrease his investment in E-Tech depending upon future market conditions or any other relevant factors.

This news release is being issued as required by National Instrument 62-103 - The Early Warning System and Related TakeOver Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report dated June 7, 2022. The Early Warning Report respecting this acquisition has been filed on the System for Electronic Document Analysis and Review ("SEDAR').

For further information, please contact:

Mr. Wade Dawe (902) 422-1421 2001-1969 Upper Water Street, Halifax, NS B3J 3R7

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126769

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Net Present Value NPV ( 8 ) of $2.23 B (pre-tax) and NPV ( 8 ) of $1.31 B (after-tax) Internal Rate of Return (IRR) 55.3% (pre-tax) and 41.5% (after-tax) Capital Payback Period 1.5 Years (pre-tax) and 1.8 Years (after-tax) Initial Capital Costs - $ 422M Approx. Annual production- 1437t - Magnet Rare Earths Oxides (Nd+Pr:1291t Dy:125t Tb:21t)

VANCOUVER, British Columbia, June 07, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) ("Search" or the "Company"), is pleased to announce the results of its Preliminary Economic Assessment ("PEA") for the development of its Deep Fox and Foxtrot Rare Earth Element (REE) deposits located in Labrador, Canada and the establishment of a Direct Extraction Hydrometallurgical processing facility on the Island of Newfoundland. The PEA was prepared by SLR Consulting (Canada) Inc. The technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

Key Financial Metrics (Unless otherwise indicated all values expressed in CDN$, Exchange rate CDN$1 = US$0.80) :

Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.

Greg Andrews, President and CEO of Search Minerals states: "This PEA marks the achievement of a significant milestone in Search's pursuit of establishing a secure and reliable REE mining and process industry in the province of Newfoundland and Labrador. The strong economic case supports the development of mining and primary production of the Deep Fox and Foxtrot deposits in Labrador and further refining of concentrate into REE mixed oxides and carbonates on the Island of Newfoundland."

Andrews added: "We believe Search is well positioned to attract strategic partners and investment as we move forward with the next steps of development including completing a bankable feasibly study and initiating the approvals process for this project. Our goal is to be in production by 2025. The existence of other highly prospective targets within our District provides flexibility to ramp up future development to respond to increasing market demands for our permanent magnet material."

Search has completed an updated Mineral Resource estimate on Deep Fox and Foxtrot. ( April 11, 2022 - Search Minerals Announces Increased Deep Fox and Foxtrot Mineral Resource Estimates ).

Summary of Mineral Resources as of December 31, 2021 Search Minerals Inc. – Deep Fox and Foxtrot Project

Mining will be carried out using open pit and underground methods at a rate of 2,000 tpd starting at Deep Fox and followed by Foxtrot. Deep Fox will be mined over an 11 year period (7 years open pit and 4 years underground) and Foxtrot will be mined over a 16 year period (7 years open pit and 9 years underground) for a total mine life of 26 years (Foxtrot open pit and Deep Fox underground will both be mined in year 11).

A total of 18.137 million tonnes (Mt) of mineral will be mined at average grades of 1,416 ppm Nd, 379 ppm Pr, 188 ppm Dy, and 32 ppm Tb.

The open pit mines are planned to be mined using conventional truck and shovel operations.

The underground mines are planned to be mined with conventional longhole mining methods.

Mineralized material from the Deep Fox and Foxtrot deposits will be processed through a grinding and magnetic separation primary processing operation. The operation will take place in a facility constructed near the deposits in Labrador.

Primary processing will produce a REE concentrate, by-product iron concentrate, and dry stackable tailings.

The REE concentrate will be stockpiled in Labrador and seasonally transported to a secondary hydrometallurgical processing plant on the Island of Newfoundland for further processing.

The hydrometallurgical Direct Extraction Process facility will be sited on the Island of Newfoundland and will produce a mixed carbonate precipitate as the final purified mixed rare earth product.

Operating costs for the separation of the mixed rare earth product to final saleable individual rare earth oxides are based on a tolling fee for REE separation by a third party.

Ongoing laboratory and pilot plant test work are being conducted to optimize separation processing with the goal of decreasing separation operating costs. Search will complete an engineering study to determine the feasibility of building a separation facility on the Island of Newfoundland.

Search has increased its internal capacity and is enhancing its corporate policies, procedures and practices to ensure compliance with industry Corporate Social Responsibility (CSR) best practices.

Improvements to the process flow sheet have resulted in design changes which reduce both the footprint of the operations and the potential adverse effects of processing.

Search has initiated environmental baseline studies over both deposit areas and continues to expand its baseline data set. Discussions with the NunatuKavut Community Council ("NCC") department of Environment and Natural Resources have identified opportunities to collaborate on further regional study initiatives. It is anticipated that joint environmental studies, Traditional Knowledge studies and monitoring programs will be undertaken during the 2022 field season and carry on throughout the life of the project.

All exploration permits are in place. Search continues to work directly with the St. Lewis Town Council, Port Hope Simpson Town Council and the Mary's Harbour Town Council to ensure that residents are informed of activities and that their concerns are addressed in a timely manner.

Search entered into a Mining Exploration Activities Agreement with the NCC on August 27, 2012 which remains in good standing. Additional social uplift initiatives include providing scholarships to local students, donating to community projects, and working with the NCC to provide local employment opportunities.

Search is also collaborating with government agencies to seek opportunities to provide renewable energy alternatives in the communities where we work.

After-Tax Cash Flow, Capital and Operating Costs Summary

After-Tax Cash Flow Summary Deep Fox and Foxtrot

Overall Capital Cost Summary Deep Fox and Foxtrot Project

LOM Operating Costs Deep Fox and Foxtrot Project

Pre-Tax Sensitivity Analyses Deep Fox and Foxtrot

Ian Weir, P.Eng., SLR Technical Manager - Mining, is a "qualified person" (as defined by NI 43-101) and has supervised the preparation of and approved all scientific and technical information herein and has conducted appropriate verification on the underlying data. Tudorel Ciuculescu, M. Sc., P. Geo. is a "qualified person" (as defined by NI 43-101) and has reviewed and verified all scientific and technical information herein relating to the Mineral Resource estimates.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search has continued to optimize our patented Direct Extraction Process technology with support from the Department of Industry, Energy and Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed rare earth concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.

Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service ("AGS") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

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.

Cautionary Statement Regarding "Forward-Looking" Statements:

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to the timing of a technical report summarizing the results of the PEA, the development, operational and economic results of the PEA, including cash flows, capital expenditures, development costs, recovery rates, operating costs, estimation of mineral resources and anticipated advancement of the Company's exploration, production and processing plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would".

Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources, the realization of resource estimates, change in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in project parameters as plans continue to be refined, changes in relationships with local communities, changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of minerals, unexpected changes in the regulatory environment, environmental hazards, unanticipated changes in key management personnel and general economic conditions. In addition, mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Reference should be made to the Company's public filings available under its profile on www.sedar.com for further risk factors.

These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to provide the following update related to our planned 2022 activities.

Greg Andrews, President/CEO comments: "Our team will be working very hard to advance these 2022 activities. Activities needed to continue our "Sprint to Production" as Search seeks to build a secure, sustainable rare earth supply chain in Newfoundland and Labrador to supply Canada and our trading partners. Our goal is to be in production by the year 2025."

Deep Fox Drill Program, Property Purchase and Community engagement

All necessary permits and licences to commence the 2022 Deep Fox exploration program have been obtained. Our drill contractor, Springdale Forest Resources, has been mobilized on site and drilling will commence on June 1 st . Exploration and infill drilling at Deep Fox will consist of approximately 11,000m of NQ drilling; Search hopes to expand the REE resource that was recently published ( Search News Release – April 11, 2022 - Search Minerals Announces Increased DEEP FOX and FOXTROT Mineral Resource Estimates ).

In addition to the exploration drilling program, a 3,000m geotechnical drill program at Deep Fox has been planned for the 2022 season. This work will support the design of an open pit and underground mine, as well as the environmental review process.

Search has also mobilized the exploration team on site consisting of 11 geologists and 12 support staff to carry out the 2022 field program. This team led by Dr. Randy Miller, will oversee the execution of the program that will include drilling, channelling, field mapping and magnetometer surveying.

Search has completed the purchase of additional property in the community of St. Lewis. This property will be the location of a 12-person camp that will be used to support the 2022 exploration program. Permission to operate this facility has been received from the St Lewis Town Council and will be ready for occupancy on or about June 7 th .

Additional environmental baseline data collection programs, including water sampling, have been designed for this season. These programs will support the initiation of the approvals process for the proposed mine and concentrator.

The Company has also started construction of an additional 40' x 40' sample storage facility to enable the secure storage of drilling and exploration samples. This storage facility is located next to Fox Harbour House, the Company's field house, office and core facility in St. Lewis. This new infrastructure is part of the overall development planning and will accommodate the rapid growth of Search's exploration and development activities.

Search has initiated its community engagement program and will be holding community information sessions in Port Hope Simpson, St. Lewis and Mary's Harbour, in early June. Search continues to work with stakeholders and the NunatuKavut Community Council department of Environment and Natural Resources to seek opportunities to collaborate on environmental baseline data collection and regional studies.

The Preliminary Economic Assessment Report ("PEA"), which combines both Deep Fox and Foxtrot resource estimates, announced on April 11, 2022 is in the final stage of technical review. A news release highlighting key findings is expected on or around June 07, 2022. As previously outlined, the key variables addressed in this PEA include:

Phase 1 - 70t of bulk sample using grinding/magnetic separation.

We are nearing completion of the testing of our 70t bulk sample from Deep Fox and Foxtrot at SGS Canada, through our new grinding and magnetic flowsheet (see February 16, 2022 - Search Minerals magnetic separation of bulk samples commences at SGS Canada ). Phase 2 will process approximately 20t of the prepared concentrate through the proprietary direct extraction flowsheet. The Company will be submitting a Letter of Intent as outlined in a Call for Proposal from the Federal Government for demonstration plants from advanced critical minerals projects in Canada.

Fox Meadow 6000m drill program in Fall 2022.

The Company anticipates commencing a 6000m drill program on our highly prospective Fox Meadow Project. Mapping, prospecting, trenching, channeling, and geophysical surveys confirm the current known extent of two mineralized zones at FOX MEADOW : the NW zone is up to 175m wide , and the SE zone is up to 154m wide . Combined, known mineralization is at least 790m long , and is open to the NW and SE. The drill program will test for mineralization at depth below the current known strike length. This drill program will commence after the Deep Fox program and will require additional funding.

All matters were approved at the Company's Annual General shareholders meeting (the " Meeting ") held on May 25, 2022. At the Meeting the Company's shareholders re-elected all of the Company's current board of directors, Greg Andrews, David Dreisinger, Leo Power, Jocelyn Bennett and George Molyviatis as well as approved the re-appointment of the Company's current auditor, Mao & Ying LLP. The Company's shareholders also approved the adoption of a new 10% rolling stock option plan in accordance with the requirements of the TSX Venture Exchange.

Qualified Person: Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is a "qualified person" (as defined by NI 43-101) and has supervised the preparation of and approved all scientific and technical information herein and has conducted appropriate verification on the underlying data. The Company will endeavor to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search has continued to optimize our patented Direct Extraction Process technology with support from the Department of Industry, Energy and Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed rare earth concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.

Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service ("AGS") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

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.

Cautionary Statement Regarding "Forward-Looking" Statements:

This news release contains "forward-looking information "and "forward looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to anticipated advancement of the Company's exploration, production and processing plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would".

Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources, the realization of resource estimates, change in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of minerals, unanticipated changes in key management personnel and general economic conditions. In addition, mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Reference should be made to the Company's public filings available under its profile on www.sedar.com for further risk factors.

These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company ") is pleased to acknowledge receipt of a grant of $90,000 from the Province of Newfoundland and Labrador towards exploration work completed in 2021 on the Company's Critical Rare Earth Element (CREE) claims located near the communities of St. Lewis and Port Hope Simpson in Southeastern Labrador.

Greg Andrews, President and CEO of Search Minerals states, "Search is very appreciative of the Junior Exploration Assistance Program (" JEA ") funds granted by the Province of Newfoundland and Labrador Department of Natural Resources. These funds allowed us to hire local personnel and continue to explore and advance the delineation of resources in Labrador's Critical Rare Earth Element District (the " District ") in 2021. The Company controls a belt 63 km long and 2 km wide and there are still 20 showings within this belt to be assessed and maintained."

Andrews added: "The results from the 2021 exploration program has allowed Search to significantly increase our resource base and will form part of the updated Preliminary Economic Assessment report which will be released in Q2, 2022. We are in the process of mobilizing for our upcoming 2022 drill and exploration program, which will include approximately 14000m of drilling at Deep Fox to commence in June. The drill program is fully funded with our recent flow-through funding completed in December 2021. We will also continue our exploration work along the District at Silver Fox and Fox Meadow prospects. Fox Meadow is "Drill Ready" and we look forward to commencing a 6000m drill program in the Fall 2022."

For further information, please contact:

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search has continued to optimize our patented Direct Extraction Process technology with the support from the Department of Industry, Energy and Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.

Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service ("AGS") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

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.

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E-Tech Resources Inc., (TSXV: REE), announces that Daniel Whittaker has been appointed as the Corporation's Chief Executive Officer on an interim basis, effective immediately. Mr. Whittaker replaces Berend Gert-Jan Loois as the Corporation's CEO, and as a director and officer of its subsidiaries.

Mr. Whittaker will retain his role as a director and Board Chair of the Corporation. Mr. Whittaker is the current CEO of Antler Gold Inc. and has held senior positions in the mineral industry for the last 25 years. He is a founder of GoGold Resources Inc., a mineral exploration, development and production company, and held senior management positions with GoGold from January 2008 to January 2016 and also served as a director of GoGold from inception to January 2013. He founded Ucore Rare Metals Inc. in 2006 and served as an officer and director to March 2008.

The Corporation also announces the appointment of Christopher Drysdale as interim VP Operations. Mr. Drysdale is an experienced professional with international experience in the mineral and exploration industry. He currently serves as VP Operations and Corporate Development for Antler Gold Inc. and has a progressive and diverse background with extensive work experience in Namibia.

E-Tech Resources Inc. is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka Project is located approximately 250 km north-west of Namibia's capital city Windhoek and 140km east of Namibia's main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia. The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting License ("EPL") number EPL 6762, which covers farms Eureka 99 and Sukses 90. Namibia is recognized as one of Africa's most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law. The Corporation continues to assess new project opportunities and expand its Southern African portfolio.

For further information please contact: Daniel Whittaker contact@etech-resources.com 902-488-4700

This press release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Examples of such statements include events regarding the appointment of a new officers and the status of the Eureka Project. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect. While the Corporation anticipates that subsequent events and developments may cause its views to change, The Corporation specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Corporation's views as of any date subsequent to the date of this press release. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The reader is referred to the Corporation's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Corporation's profile on SEDAR at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124336

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TSXV: HELI    OTCQB: FHELF    FRA: 2MC

Combined April Net Revenue of Approximately $1.4 Million Expected From 1-30 and 4-29 Wells

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC), today announced that it brought the 4-29 light oil well into production on April 8th, 2022 . During the month, the Company produced the well at an average daily rate of 144 barrels per day ('bbld") of 36 degree light oil, with an average oil cut of 50%.  On a combined basis, it is expected that the 1-30 and 4-29 wells will provide net revenue to the Company of approximately $1.4 million for the month of April, which will be received in late May.

"Recognizing initial testing characteristics and flow performance of the 4-29 well, we gradually brought it into production over its first few weeks on-stream, managing total fluid production rates to achieve a stabilized oil production rate.  We are pleased with the initial performance of 4-29, and over the next few months, we will continue to operate the well with a goal to optimizing fluid production rates in order to maximize oil recovery and cash flow," said Ed Bereznicki , President & CEO of First Helium.  "The monthly cash flow from the 1-30 and 4-29 wells continue to strengthen our balance sheet and will help provide the necessary funds for planned helium exploration activities at our Worsley Property and our Southern Alberta Helium Fairway exploration land," added Mr. Bereznicki.

The Company's 1-30 well produced approximately 416 bbl/d of oil for the month of April, down slightly from the prior month due to weather related trucking delays, while maintaining strong, stable performance since it came on-stream in January.  Since bringing 4-29 on-stream, the Company has steadily increased daily production from the well, achieving a stabilized average daily production rate of approximately 155 bbl/d of oil over the last 9 days of April.  The Company expects to continue operating the 4-29 well with a goal to optimizing oil production levels and managing total fluid volumes handled.  The Company also expects to benefit from lower government royalty payments on the 4-29 well until such time as it returns the capital cost of drilling and completion (or "pays out").

Looking forward, strong oil production and cash flow from the Company's early exploration successes in the hydrocarbon rich Worsley area will enable it to focus on its primary goal of helium exploration and development. Correspondingly, the ongoing cash flow from oil operations, which support the ongoing helium business activities, will be presented on an aggregate basis.

Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America .

Building on its successful 15-25 helium discovery well at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development of helium across its Worsley land base.  Cash flow from its successful 1-30 and 4-29 oil wells at Worsley will help support First Helium's ongoing helium exploration and development growth strategy.

First Helium holds over 79,000 acres along the highly prospective Worsley Trend in Northern Alberta , and 276,000 acres in the Southern Alberta Helium Fairway, near existing helium production.  In addition to continuing its ongoing exploration and development drilling at Worsley , the Company has identified a number of high impact helium exploration targets on the prospective Southern Alberta Helium Fairway lands to set up a second core exploration growth area for the Company.

For more information about the Company, please visit www.firsthelium.com .

Edward J. Bereznicki President, CEO and Director

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

This news release contains certain statements or disclosures relating to First Helium that are based on the expectations of its management as well as assumptions made by and information currently available to First Helium which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that First Helium anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "expect", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the timing and rate of production of the 4-29 and 1-30 discovery wells, respectively; anticipated cash flows; the entering into of off-take marketing arrangements; the use of funds and the Company's strategy. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of First Helium including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund First Helium's capital and operating requirements as needed; and certain cost assumptions.

Forward-looking statements are based on estimates and opinions of management at the date the statements are made and are subject to risks, uncertainties and assumptions, including those set out in the Final Prospectus dated June 28, 2021 and filed under the Company's profile on SEDAR at www.sedar.com .  Readers are cautioned that actual results may vary materially from the forward-looking statements made in this news release. Risks that could cause actual events or results to differ materially from those projected in forward-looking statements include, but are not limited to, risks associated with the oil and gas industry; the ability of First Helium to fund the capital and operating expenses necessary to achieve its business objectives; the impact of the COVID-19 pandemic on the business and operations of First Helium; the state of financial markets; increased costs and physical risks relating to climate change; loss of key employees and those risks described in the Final Prospectus dated June 28 , 2021.  First Helium does not undertake any obligation to update forward looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/04/c6461.html

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