Helium Evolution Reports Q1'23 Results and Outlook

HEVI’s Q1'23 net loss was C$0.3mm, cash position C$8.2mm, and total assets C$13.1mm. The company continued its focused strategy of developing its extensive helium rights in southern Saskatchewan, with the acquisition of 600km of 2D seismic data to enhance its geophysical database. With a positive working capital position of C$9.2mm, HEVI maintains financial flexibility. The company remains optimistic about the commercial development potential of its land holdings and expects significant operational milestones in the near future. A third test well by partner North American Helium is expected to be spudded on or before 14th July and the selection of two additional test wells in Q2/Q3. HEVI aims to identify 10 to 12 prospective drilling targets by the end of 2023.

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