Global Helium Corp. Provides Update on North American Helium’s Test Well

Rhea-AI Summary

Global Helium Corp. (CSE: HECO, OTC: HECOF) has provided an update on North American Helium Inc.'s (NAH) test well drilling activities in the Vermillion Hills area of HECO's Saskatchewan acreage. The drilling was conducted under a seismic review option agreement announced on April 8, 2024. NAH has decided to abandon the test well after reaching total depth. As a result of drilling before December 30, 2024, NAH has earned an 80% working interest in 72 sections of HECO's land. Despite the abandonment, HECO views this as confirmation of their strategy to preserve capital and derisk exploration assets through joint ventures. The company plans to continue its partnership with NAH on other structures across the Saskatchewan land base. The test well has provided valuable geological data that will guide HECO's future exploration efforts.

Positive

• NAH fully funded the test well, preserving HECO's capital
• HECO maintains a partnership with NAH for future exploration
• Valuable geological data obtained from the test well to guide future exploration

Negative

• Test well abandoned after reaching total depth
• HECO's working interest reduced to 20% in 72 sections of Saskatchewan land

CALGARY, Alberta, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") (CSE: HECO, OTC: HECOF) provides an update on the recent drilling activities by North American Helium Inc. ("NAH") under a seismic review option agreement (the “Agreement”) between the two parties that was announced by the Company in a press release dated April 8, 2024.

As HECO previously announced in a press release dated May 22, 2024, pursuant to the Agreement, NAH elected to drill and fully fund a test well (the “Test Well”) in the Vermillion Hills area of HECO’s Saskatchewan acreage. After reaching total depth, NAH notified the Company that the Test Well will be abandoned. As a result of the Test Well being drilled on an accelerated timeframe prior to December 30, 2024, NAH has now earned an 80% working interest in 72 sections of HECO’s land. Further, the results of the Test Well confirm the Company’s strategy of preserving capital and derisking exploration assets through joint venture, while allocating capital to HECO’s proven assets on the Manyberries trend in Alberta.

With an expanded joint acreage position, the Company is pleased to continue its partnership with NAH on multiple other structures across the Saskatchewan land base moving forward. In addition, the Test Well has provided both parties with valuable geological data and information that is expected to be instrumental in guiding HECO’s ongoing future exploration efforts.

About Global Helium Corp.

Global Helium is one of Canada’s largest helium exploration and development companies, focused on the exploration, acquisition, development, and production of helium, done right. The Company has carved out a differentiated position through a unique Farm-In Agreement with industry veteran, Perpetual Energy Inc., through which HECO can access approximately 369,000 acres in Alberta’s Manyberries helium trend via joint venture. The Company has also captured 100%-owned permits encompassing over 820,000 acres prospective for helium in Saskatchewan’s well-established helium fairway and has recently acquired three significant assets with proven helium tests in the State of Montana. HECO brings a seasoned team of industry professionals and technical experts who have established connections with North American and international helium buyers. Learn more at https://globalhelium.com/ and follow us on LinkedIn and Twitter (now X).

For further information please contact:

Jesse Griffith, President & CEO Cindy Gray, Investor Relations	Telephone: +1 705-5076 ext. 1 Email: HECOinfo@5qir.com

READER ADVISORIES

Forward Looking Statements

No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this internal announcement are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.

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 internal announcement are expressly qualified by this cautionary statement. The forward-looking statements contained in this internal announcement are made as of the date of this internal announcement and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

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IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE

FAQ

What was the outcome of North American Helium's test well on Global Helium Corp's (HECOF) Saskatchewan acreage?

North American Helium decided to abandon the test well after reaching total depth in the Vermillion Hills area of Global Helium Corp's Saskatchewan acreage.

How did the test well drilling affect Global Helium Corp's (HECOF) land ownership in Saskatchewan?

As a result of drilling the test well before December 30, 2024, North American Helium earned an 80% working interest in 72 sections of Global Helium Corp's Saskatchewan land.

What are Global Helium Corp's (HECOF) future plans following the test well results?

Global Helium Corp plans to continue its partnership with North American Helium on multiple other structures across their Saskatchewan land base and use the geological data obtained from the test well to guide future exploration efforts.