CALGARY, Alberta, April 22, 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 annual financial statements and associated management’s discussion and analysis for the year ended December 31, 2024 (the “Annual Report”).
Complete details of the Annual Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.
Three Months and Year Ended December 31, 2024 Highlights
| Three months ended | Year ended | |||
| Tabular amounts in thousands of Canadian Dollars, except share and per share amounts | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 |
| Financial | ||||
| Net loss | 713 | 1,719 | 1,391 | 2,953 |
| Net loss per share, basic and diluted | 0.01 | 0.02 | 0.01 | 0.03 |
| Cash | 3,829 | 6,330 | 3,829 | 6,330 |
| Working capital | 3,166 | 5,743 | 3,166 | 5,743 |
| Total assets | 10,601 | 11,639 | 10,601 | 11,639 |
| Total liabilities | 906 | 872 | 906 | 872 |
| Weighted average shares outstanding | 96,033,974 | 96,033,974 | ||
| Basic and diluted1 | 96,033,974 | 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 year ended December 31, 2024, HEVI remained focused on operational execution and disciplined growth. The Company closed the year with a strong financial foundation, including a positive working capital position of $3.2 million. Underscoring its momentum, HEVI announced a combined $4.8 million financing on March 10, 2025 and April 7, 2025, positioning the Company for additional development and drilling activity throughout 2025.
Building upon past successes, HEVI, together with its partner, North American Helium Inc. (“NAH”), plan to expand its development efforts in the Mankota region, as shown in the adjacent map. To date, HEVI and NAH have successfully drilled six helium discovery wells, further validating the potential of the region. Additional drilling is scheduled for the second half of 2025.
To support future production, NAH is actively pursuing the installation of a helium facility to tie-in the wells in the northern part of the discovery. The helium facility is expected to be operational in the fourth quarter of 2025, marking a major milestone for HEVI.
“We are incredibly proud of the progress we made in 2024 and the strong foundation we’ve built for 2025,” said Greg Robb, President and CEO of HEVI. “With our helium discoveries, our strategic partnership with our newest shareholder and the anticipated commissioning of a helium facility later this year, HEVI is well-positioned to become a key player in the North American helium industry.”
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.
For further information, please contact:
| Greg Robb, President & CEO Kristi Kunec, CFO | Phone: 1-587-330-2459 Email: info@heliumevolution.ca Web: https://www.heliumevolution.ca/ |
Statement Regarding Forward-Looking 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 future production from the helium discovery wells, 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, installation of production facilities including the timing thereof, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, 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 production facilities; 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 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42ee5d3a-97d0-432b-8d88-13e070ae7bf3
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