CALGARY, Alberta — January 19, 2026 — Leads & Copy — Helium Evolution Incorporated (TSXV:HEVI) has announced the commencement of two seismic programs and a pooling agreement with North American Helium Incorporated (NAH), along with an operational update.
HEVI and NAH have entered into a pooling agreement covering land in the Grasslands/Mankota area. Under the agreement, approximately 40,000 acres of pooled land will be shared 51% by NAH and 49% by HEVI. The pooled lands include 100%-owned acreage contributed by each party and undeveloped acreage previously held at an 80% NAH / 20% HEVI working interest, which will be revised to the 51% / 49% split. Developed sections in the pooled lands will remain unchanged at 80% NAH and 20% HEVI. NAH is the designated operator.
HEVI and NAH are initiating an approximately 170-square kilometer 3D seismic program across the pooled lands. The 3D seismic is expected to enhance subsurface understanding, supplement existing 2D seismic data, provide seismic coverage over lands with identified helium leads, reduce drilling risk, and expand the inventory of prospective drill targets.
The 3D seismic is expected to be completed over the next six weeks, with data processing and interpretation planned for Q2-2026. Subject to results, HEVI and NAH anticipate commencing a drilling program on the pooled lands as early as Q3-2026. The 3D seismic is expected to cost approximately $4.9 million (gross), or $2.4 million net to HEVI.
In December 2025, the company completed an approximately 60-kilometer 2D seismic program over its 100% lands in the Glenbain area. The data is undergoing processing and is expected to be interpreted in Q1-2026, with the objective of firming up a drilling location for a future drilling program in 2026 or 2027, subject to capital availability.
Production from the wells tied into the Soda Lake Facility fell below the levels required to support sustained facility operation during Q4 2025. A workover program was carried out on the affected wells; however, further optimization will be required to achieve consistent production volumes. As a result, the Soda Lake Facility has been temporarily placed on standby while the company and NAH evaluate optimization options, advances the 3D seismic program and development plans, including the integration of future drilling opportunities to support reactivation of the Soda Lake Facility.
The company’s 3D seismic directly offsets the Soda Lake Facility, which is expected to further inform and accelerate the company’s development strategy. Following data acquisition and interpretation in Q2-2026, drilling targets are expected to be finalized, with drilling scheduled to commence around September 1, 2026. Successful wells, in combination with the previously flow tested well located at 5-30-3-8W3, and potentially the previously flow tested wells located at 2-31-2-8W3 and 9-18-3-8W3, are expected to be tied into the Soda Lake Facility in fall 2026. Continued drilling success could allow for near-term reactivation of the Soda Lake Facility and production from the Mankota/Grasslands area utilizing existing infrastructure.
HEVI’s strategy partnership with NAH enables cost and risk sharing on key development activities, allowing the company’s current cash position to support a broader scope of exploration and development initiatives in 2026.
Jim Baker, Interim President and CEO of HEVI, said the pooling agreement with NAH represents a meaningful step forward in maximizing the value of the company’s Mankota lands. He added that by aligning interests and deploying high-quality 3D seismic, the company is enhancing its ability to identify and prioritize high-confidence drilling targets while managing risk and capital efficiency.
Baker also noted that while the temporary standby of the Soda Lake Facility is disappointing, its proximity to the 3D seismic program positions the company to quickly tie in future successful wells, potentially avoiding the typical 18-month facility construction timeline. HEVI remains focused on building a scalable helium asset base in one of Canada’s most prospective helium-producing regions.
For further information, please contact Jim Baker, Interim President & CEO, Kristi Kunec, CFO, Phone: 1-587-330-2459, Email: info@heliumevolution.ca
Source: Helium Evolution Incorporated
