Helium Evolution Inc. confirmed HEVI's first joint helium discovery with partner, North American Helium Inc. ("NAH"), following completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 ("Joint Well #1"), as announced on September 25, 2023. Joint Well #1 underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint Well #1 had helium concentrations of 0.95%, more than three times the 0.3% level deemed commercially viable, and 96% nitrogen, with the balance comprised of fractional percentages of minor component gases.

This gas composition is consistent with NAH's producing helium pool 15 kilometers to the north, supporting HEVI's belief that the area offers meaningful potential for commercial helium development.