CALGARY, Alberta, May 20, 2025 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company’s interim condensed financial statements and associated management’s discussion and analysis for the three months ended March 31, 2025 (the “Q1 Report”).
Complete details of the Q1 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.
Three Months Ended March 31, 2025 Highlights
Three months ended
Tabular amounts in thousands of Canadian Dollars, except share and per share amounts
March 31, 2025
March 31, 2024
Financial
Net loss
675
239
Net loss per share, basic and diluted
0.01
0.00
Cash
3,004
5,304
Working capital
1,966
4,992
Total assets
11,683
11,293
Total liabilities
1,500
872
Weighted average shares outstanding
Basic and diluted1
97,129,085
96,033,974
1The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.
During the first quarter of 2025, HEVI maintained its focus on disciplined operational execution, closing the quarter with $2.0 million in working capital and a strong cash position. Subsequent to quarter-end, the Company completed or announced equity financings totaling approximately $3.4 million, further strengthening its balance sheet and supporting planned development and drilling initiatives for the remainder of 2025.
figure 1
Operationally, the Company drilled four wells in the Mankota area during the first quarter of 2025, in partnership with North American Helium Inc. (“NAH”), two of which discovered helium. To date, HEVI and NAH have successfully drilled six helium discovery wells, further substantiating the potential of the region.
Building upon this momentum, HEVI and NAH, are progressing with additional development plans in the Mankota area. Notably, NAH has secured a license for a facility (the “Soda Lake Facility”) to tie-in the 9-35 well, the 10-1 well and the 10-36 well in the northern part of the discovery, as shown on the map above. The Soda Lake Facility is expected to be operational in the fourth quarter of 2025, marking a significant milestone for HEVI with its first helium sales volumes. Additional drilling is planned for the second half of 2025 to advance the project further.
Stay Connected to Helium Evolution
Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.
About Helium Evolution Incorporated
Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.
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 Soda Lake Facility including timing, tie-in of wells to the Soda Lake Facility, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans to drill more wells, completion of the financing as announced, the Company becoming a leading supplier of sustainably-produced helium, the Company’s belief regarding becoming a key player in the North American helium industry, the Company's beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including future drilling; the Company and/or NAH may determine not to bring the helium wells onto production;the Company and/or NAH may abandon, defer or accelerate plans and decisions regarding the Soda Lake Facility; 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; the financings may not close as anticipated or at all; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
