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Total Helium Pinta South Acquisition and Equity Raise

Total Helium is acquiring interests in the Pinta South Project, Arizona for US$12mm in cash, which is being funded by a US$20mm equity raise at C$0.5/sh plus a warrant at C$1/sh. This includes 20% interest in 2 producing wells (265mcf/d gross gas production and 21mcf/d gross helium production) and a 50% interest in eight additional existing wells which are being connected to a helium processing plant. Total plans to complete ten additional wells by the end of Q2 2023 funding a US$2mm capital development. We estimate that this could bring gross production to ~2.5mmcf/d or ~160mcf/d of helium (60mmcf annualised). The project comprises 27,192 acres with the potential to drill 150+ wells; the helium concentration is 5-8% with the gas stream predominately nitrogen. Sproule has prepared a competent person's report to validate the existing helium reserves on the Pinta South Project. Total Helium's existing production Total Helium is currently selling its existing helium production at US$212/mcf.

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