#1Developing Canada's Helium Resources Corporate Presentation HELIUM EVOLUTION October 2023 TSXV : HEVI#2Reader Notice HELIUM EVOLUTION Forward-looking Statements Certain statements contained in this corporate presentation may constitute forward-looking information and statements, including "future-oriented financial information" and "financial outlook", under applicable securities laws. All statements in this corporate presentation, other than statements of historical fact that address events or developments concerning Helium Evolution Incorporated (hereinafter referred to as the "Company" and "HEVI") that the Company expects to occur are "forward-looking information and statements". Forward-looking information and statements are often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "execute", "expect", "future", "will", "project", "present", "propose", "potential", "target", "trajectory", "begin", "complete", and "finalize", and similar expressions and variations (including negative variations). The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. In particular, but without limiting the foregoing, this corporate presentation may contain forward-looking information and statements pertaining to the following: the use of proceeds from the offering, the Company's and North American Helium Inc.'s ("NAH") future drilling targets (the "Targets"), the Company's business prospects or opportunities, including information concerning potential technologies, products, services and strategies the Company is pursuing; market trends and size of market projections with respect to commodity supply and demand; obtaining all of the required governmental, regulatory, and board approvals and any other additional approvals in connection with the Targets and the proposed business and financing strategy; chance of success for future drills; number of new drilling Targets; the Company's drilling plans and timing and success thereof; NAH's exploration, drilling and completion plans, including the timing and success thereof; ability of the Company to generate cash flow; NAH's and or the Company's drilling of development wells; future helium pricing; the performance of the Company's business and operations; the intention to grow the business and operations of the Company; the financial success of the Company's commercial arrangements; future liquidity and financial capacity; expectations regarding the Company's ability to raise capital; and projected costs associated with the planned business activities. The forward-looking statements and information are based on certain key expectations and assumptions concerning the Company's ability to (i) complete future capital raising activities and (ii) to execute on the Company and NAH's capital and drilling programs. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based to be reasonable, readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors may include the Company not being able to complete its capital raising activities, the Company and/or NAH not being able to complete its planned capital and drilling programs, the Company not being able to obtain required regulatory and/or governmental approvals for any desired operational activities, operating and capital costs, royalty rates, changes in regulatory policy and compliance requirements, changes in industry conditions, changes in economic conditions in and around target market areas, market and consumer demand for helium, labour and/or equipment shortages, delays or changes in plans with respect to planned capital expenditures, fluctuations in input prices, fluctuations in relationships with potential partners, ability to secure relationships with certain targeted parties, changes in strategy and offerings of competitors, number of competitors in the Company's target markets, fluctuations in business development and supply chain, fluctuations in market prices for helium, fluctuations in foreign currency exchange rates, fluctuations in interest rates, reliance on industry and/or retail partners and other factors that may be beyond the Company's control. Should one or more of the above noted risks or uncertainties materialize, or should any underlying assumptions provide incorrect or materially differ, actual results, performance or achievements of the Company or industry results, may vary materially from those described in this corporate presentation. Readers are cautioned that the foregoing list of factors is not exhaustive. All of the forward-looking information and statements contained in this corporate presentation are qualified by these cautionary statements. The reader of this corporate presentation is cautioned not to place undue reliance on any forward-looking information and statements. Forward-looking information and statements containing future-oriented financial information or financial outlook has only been provided as a forecast for the Company's financial position and such information may not be appropriate for other purposes. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information and statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. The content of this corporate presentation has not been approved by any securities commission or regulatory authority in Canada, or any other jurisdiction. Statutory rights of action for damages or rescission will apply to a purchase of securities in the event that this document is deemed to be an offering memorandum pursuant to applicable securities legislation in certain Provinces of Canada. These remedies, or notice with respect thereto, must be exercised, or delivered, as the case may be by the purchaser within the time limits prescribed by the applicable provisions of such provincial securities legislation. Purchasers should refer to such applicable securities legislation for the complete text of these rights or consult with a legal adviser. Non-Solicitation This is not an offer to sell or a solicitation of an offer to purchase securities by the Company. By agreeing to receive this corporate presentation, you agree to be bound by the provisions of this disclaimer. Any subsequent offer to sell or solicitation of an offer to purchase securities by the Company will be made by means of offering documents (e.g., term sheet, prospectus, offering memorandum, subscription agreement and or similar documents (collectively, the "Offering Documents")) prepared by the Company for use in connection with such subsequent offer or solicitation and only in jurisdictions where permitted by law. In the event of a subsequent offer to sell or solicitation of an offer to purchase securities by the Company, investors should refer to the Offering Documents for more complete information. This information does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. In the event of a subsequent offer to sell or a solicitation of an offer to purchase securities by the Company, more complete disclosures and the terms and conditions relating to a particular investment will be contained in the Offering Documents prepared for such offer or solicitation. CORPORATE PRESENTATION | TSXV: HEVI | 2#3About Helium Evolution (TSXV:HEVI) HELIUM EVOLUTION A Canadian helium exploration & production company focused on developing assets in southern Saskatchewan, holding ~5.6 million acres of helium land rights: largest position among publicly-traded companies in North America World Class Land Position •Largest publicly traded helium land rights holder •~5.6 MM acres permitted • >185 potential helium anomalies identified Robust Prospect Portfolio & Near Term Catalysts • Numerous targets identified ⚫Building ~2,000 km seismic data base • Nine targets tested; five cased and four drilled & abandoned • North American Helium (NAH) will drill an additional well by Nov 1/23 • Completion and testing of joint well in Q4/23 Strategic Investor Supports Business Model • Land base adjacent to significant discoveries by NAH at Mankota & Cadillac ⚫NAH most active helium driller in SK, drilling up to 30 new wells per year; 50+ wells drilled in total . • NAH farm-in and $3.5MM strategic equity investment with NAH closed June 30, 2022 NAH farm-in on HEVI for seven wells commitment Supportive Regulatory & Operating Jurisdiction • SK government showing significant support for helium. production ⚫SK government's Helium Action Plan aims to secure 10% of global helium market share by 2030 •Attractive SK royalty structure CORPORATE PRESENTATION | TSXV: HEVI | 3#4Growth Trajectory Helium Evolution is executing on a strategically defined path to value creation. HELIUM EVOLUTION CLOSED $12.3MM FINANCING Sets the stage for go-public transaction COMMENCED TRADING ON TSXV Public listing under the symbol 'HEVI' CLOSED $6.9MM FINANCING Secured strategic investment from, and farmout with, NAH INITIAL DRILLS 9 wells drilled; 5 cased and 4 drilled & abandoned FINAL EXPLORATION FARMOUT WELL & COMPLETION NAH will drill final exploration farmout well by Nov 1/23; completion & testing of joint well POTENTIAL DEVELOPMENT PROGRAM & LEVERAGE NAH FARMOUT RESULTS Well results drilled by NAH offer data/insight for potential development program and more targeted exploration Q4 2021 Q1 2022 201 Q2 2022 2H 2022 - 2023 Q4 2023 NEAR TERM CATALYSTS • 2024 Exploration farmout well to be drilled by NAH on or before Nov 1/23 Completion and testing of joint well to be undertaken by NAH in Q4/23 ~2,000 km of 2D seismic data purchased and shot to date, expected to generate 10-12 new targets in 2023/2024 CORPORATE PRESENTATION | TSXV: HEVI | 4#5Unique Competitive Advantage: NAH Farm-in & Strategic Investment Affords HEVI Positive Working Capital Seven well farm-in agreement with NAH (Jun/22 and amended Oct/22), including receipt of ~200km of 2D seismic shot over HEVI lands $3.5MM equity investment by NAH into HEVI in June 2022. NAH holds ~9% of HEVI'S outstanding shares (undiluted) ~$8.8 million in working capital (Jun/23) enables HEVI to potentially bring production on-stream without a dilutive equity financing NORTH AMERICAN Helium HELIUM EVOLUTION ✓ Privately-held company and Canada's largest helium producer ✓ Complementary and contiguous land base to HEVI with proven track record of success developing helium assets CORPORATE PRESENTATION | TSXV: HEVI 1 On July 17, 2023, HEVI announced that NAH confirmed its election not to proceed with drilling a well under the Seismic Review Agreement. | 5#6Exploration Premise on ~5.6MM Acres • Land Acquisition Crown land abundant & low cost 3-year term manageable to evaluate prospects N Government Mapping Highly correlative to helium discoveries -Sawatsky maps Favorable Geology . . Precambrian source with Cambrian Sandstone traps Cambrian Shale seals • Devonian Carbonates with anhydrite seals HELIUM EVOLUTION CORPORATE PRESENTATION | TSXV: HEVI HELIUM EVOLUTION Sawatsky Anomalies Posted as many Sawatsky anomalies as possible on crown lands and evaluate with geology and geophysics Anomalies • ~185 anomalies tied up Competitive Intelligence • Leverage off industry competitors for exploration activity, methods, field practices, processing technology | 6#7HEVI's Saskatchewan Advantage ESG-friendly: green source of helium as harmless nitrogen gas is carrier Stable, safe & environmentally responsible vs other global jurisdictions Proximity to high-demand U.S. markets and existing infrastructure Identical drilling process to natural gas & access to skilled labour 21 lease terms; drilling not required to maintain permits 4.25% net provincial royalty rate 10% of global market share for helium targeted by 2030 as committed to by the SK government CORPORATE PRESENTATION | TSXV: HEVI HELIUM EVOLUTION Helium Action Plan: From Exploration to Exports North American H saskatchewan.ca Saskatchewan Canada 1 Emerging Ideas, Industrial Technology: Helium; Cormark Securities; 2020 2 Helium in Southwestern Saskatchewan: Accumulation and Geological Setting; Melinda Yurkowski; 2016 | 7#8HEVI Land Holdings HEVI is the largest publicly-traded helium land holder in North America • ● ~5.6 million acres of land permitted for helium Land offsets significant helium discoveries by North American Helium 185+ potential helium anomaly leads captured on current land holdings. RIWA L R25 R21 O R179 FLLR13 15 R5 R1W3 R25 R21 R17 R13W2 G 世 D G ם! D 0 D . 口 д f Ľ 0 On 대 a ор 2 口 E F C 0 D ם ס L D J .וד 미 94 B Ľ C 0 D Hath ם B B G G G " 0 Ell 150 S B 四九 ם Q D 0 B 19 The 凸 D E द Swift Current b 14 L= D 口 G 口 D L L ㅁ 4Battle- Cypress G Th 7 to Eastend F 日 רם 凸 G B G 4 0 0 b B Q 15 L 19 ป F B Cadillac علم - О ם G a Mankota-Mccord Area CORPORATE PRESENTATION | TSXV: HEVI F 0 D h D ☐ F D ப D ㅁ Ľ в 0 5 E ם D P P G Q לן 15 0 T d ปี 口 G 16 Gto L 1 B ם R OP D P Ell ㅁ ப To y 152 ja b D G □ ре gent HELIUM EVOLUTION North American Helium Royal Helium Global Helium HELIUM EVOLUTION TARGET AREA HELIUM EVOLUTION 8#9Target Formation HEVI's Primary Geological Target: The Deadwood Formation Regional Data Used Well logs, seismic, and aeromagnetic data on the Deadwood used to select drill targets. Targeting Basement Highs Highest concentrations of helium typically found near regional basement (Precambrian) highs, commonly found in the Deadwood.1 Shale Deadwood Sand Reservoir Simple Drilling Process Helium drilling similar to conventional natural gas drilling simple, lower-cost vertical drilling and completions. Nitrogen Carrier Gas Nitrogen is primary carrier gas in SK helium with little associated CO2, nitrogen can be environmentally vented, providing cost advantages during helium extraction and purification.2,3 Nitrogen charged resources: Rich in Helium The Deadwood formation has the highest concentrations of helium in Southern Saskatchewan² Radioactive decay of the uranium in southern Saskatchewan's basement rocks has produced significant helium resources.² CORPORATE PRESENTATION | TSXV: HEVI Basement Up to: PROVEN HELIUM CONTENT¹ 2.0% Deadwood Formation HISTORIC NITROGEN CONTENT¹ In excess of: >95% HELIUM EVOLUTION 1 Emerging Ideas, Industrial Technology: Helium; Cormark Securities; 2020 2 Helium in Southwestern Saskatchewan: Accumulation and Geological Setting; Melinda Yurkowski; 2016 3 Global Helium Market Update; Edison Investment Research; 2021 19#10Cambrian Stratigraphy Two known Helium producing zones in the Cambrian (highlighted below) • M Cambrian basal sands which tend to be thick in basement lows and thin or absent on highs • U Cambrian Earlie (below the Pika mkr) and Deadwood sands (above the Pika mkr) which exist immediately above the basal sands 15-34-43-10W4 Lloydminster Embayment Devonian Ordovician Red River 1-39-37-3W4 ALBERTA 55333 13-36-35-2W SASKATCHEWAN 02-47 16-36-36-25w3 16-10-34-22W3 12-21-31-21W3 j u l l l u Yeoman Deadwood Deadwood 13-20-30-14W3 (F-F) CML1-02-62-1 12-35-21-11W3 Pika mkr Midde Cambrian CORPORATE PRESENTATION | TSXV: HEVI um-top of Ealle Earlie Basal sands and conglomerates Bacal sandstone Earlie sands Datum Top of Deadwood SASKATCHEWAN 6-27-15-60W3 Deadwood 9-30-12-2W3 14-12-9-28W2 Yeoman Winnipeg 12-33-5-23W2 6-11-4-21W2 Mu Winni (0-0) A' 16-36-1-18W2 Bed Yeoman Ordovician Precambrian Upper Cambrian Deadwood sands Shale Argillaceous siltstone, silty shale Mixed carbonates and clastics Carbonates Mixed siliciclastics Mainly sandstone Crystalline rocks | 10 HELIUM EVOLUTION#11HEVI Land is Adjacent to NAH Discoveries ⚫NAH has discovered two helium pools adjacent to HEVI lands at Mankota and Cadillac ⚫ NAH has drilled 14 wells² in the Mankota area The nearby NAH Mankota pool has demonstrated a nitrogen-rich reserve with helium concentrations of 0.94% to 1.08%¹ 1 Helium in Southwestern Saskatchewan: Accumulation and Geological Setting; Melinda M. Yurkowski; 2016 2 Source: Accumap CORPORATE PRESENTATION | TSXV: HEVI R16 R15 R14 R13 R12 R11 10 R9 R8 R7 R60 R5 R3 33 L ☐ 口 Gravelbourg П L LNAH Cadillac Discovery To d 12-13 15 144 B ☐ ך L = D Л Mankota a Π Π 12-11 6-13 NAH Mankota Discovery 12-36 2-31 13-30 [ HELIUM EVOLUTION R2 R 0 ☐ O D W o McCord 9 HEVI Land North American Helium Land Joint Lands - HEVI 20% & NAH 80% HEVI seismic Sawatsky anomalies 0 ☐ ㅁ 105 11#12Farmout Progress & Upcoming Catalysts HELIUM EVOLUTION NAH Confirmed Drills: NAH carries HEVI for 100% of the drilling cost on the wells 1 • On or before Nov 1/23 (subject to surface conditions), NAH to spud a well at Mankota (12-36) Mankota 1-1 Completion & Testing: • NAH to proceed with completion and testing of the 2-31 joint well at Mankota (NAH 80% and HEVI 20%) Generating Internal Targets: • HEVI is in the process of reviewing the ~2,000 km of seismic that it owns over the basin, which may result in additional prospective locations 3000 NAH Mankota Discovery 1 The 12-36 well is an earning well under the Farmout Agreement with NAH, whereby NAH will earn an 80% interest on 10 sections of land. CORPORATE PRESENTATION | TSXV: HEVI HEVI Land North American Helium Land Joint Lands HEVI 20% & NAH 80% 12-11 12-36 2-31 13-30 ☐ | 12#13Base Economic Assumptions $600/mcf USD Commodity Price 4,000 mcf/d Raw gas production 1% Helium Concentration CORPORATE PRESENTATION | TSXV: HEVI $2.35M Drilling costs DC&T $2.0M Facilities $2.0M per 1,000 mcf/d raw 4.25% Crown Royalty 10 year Well life HELIUM EVOLUTION | 13#14Single Well Economics* - Sensitivities HELIUM EVOLUTION Helium price (US$/mcf) $ 375 $ 450 $ 525 $ 600 $ 725 $ 800 $ 875 Helium price (C$/mcf) $ 490 $ 590 $ 680 $ 780 $ 940 $ 1,040 $ 1,140 IRR (%) 43% 57% 69% 82% 103% 117% 130% Payout period (years) 2.0 1.6 1.4 1.2 0.9 0.8 0.8 NPV ($MM) Undiscounted 33.7 45.2 55.7 67.2 85.7 97.3 108.9 5% 22.7 31.4 39.2 47.9 61.9 70.6 79.3 10% 15.8 22.7 28.9 35.8 46.9 53.8 60.7 15% 11.1 16.8 21.9 27.6 36.8 42.5 48.2 20% 7.8 12.6 17.0 21.8 29.5 34.4 39.2 25% 5.3 9.5 13.3 17.4 24.1 28.3 32.5 CORPORATE PRESENTATION | TSXV: HEVI *Economic sensitivities shown above are calculated based on certain assumptions and do not represent guaranteed IRR, payout or NVP. | 14#15Successful Farmout Well Price Sensitivity* One successful exploration well + three development wells HELIUM EVOLUTION Development well COS - 66% Helium price (US$/mcf) $ 375 $ 450 $ 525 $ 600 $ 725 $ 800 $ 875 Helium price (C$/mcf) $ 490 $ 590 $ 680 $ 780 $ 940 $ 1,040 $ 1,140 IRR (%) Payout period (years) 123% 169% 211% 256% 329% 375% 420% 0.8 0.6 0.5 0.4 0.3 0.3 0.2 NPV ($MM) Undiscounted 17.3 24.2 30.5 37.3 48.4 55.3 62.2 5% 12.6 17.8 22.5 27.7 36.0 41.2 46.3 10% 9.6 13.8 17.5 21.6 28.2 32.3 36.4 15% 7.6 11.0 14.1 17.5 22.9 26.3 29.7 20% 6.2 9.1 11.7 14.5 19.1 22.0 24.9 25% 5.1 7.6 9.9 12.3 16.3 18.8 21.3 CORPORATE PRESENTATION | TSXV: HEVI *Economic sensitivities shown above are calculated based on certain assumptions and do not represent guaranteed IRR, payout or NVP. 15#16Corporate Forecast* 500 mcf/d He Production 8 HELIUM EVOLUTION Helium Price (US$/mcf) Exchange Rate Helium Price (C$/mcf) Helium Sales (mcf/d) Annualized Sales (mcf) Revenue ($) Royalties ($) Operating Costs ($) Operating Income ($) $450 1.3 $590 500 182,500 107,675,000 $600 1.3 $780 $750 1.3 $980 500 182,500 500 182,500 142,350,000 178,850,000 5.75%** (6,191,313) (8,185,125) (10,283,875) $100/mcf (18,250,000) 83,233,688 (18,250,000) (18,250,000) 115,914,875 150,316,125 77% 81% 84% Operating Margin Capital Wells Drilled ($) Seismic ($) Facilities ($) Estimated Reserves (mcf) NPV10 ($) IRR **Reflects a blended royalty rate including provincial royalties + HEVI'S GORR-deductions CORPORATE PRESENTATION | TSXV: HEVI 27 58,550,000 58,550,000 $2M/MMcf 8,400,000 100,000,000 166,950,000 8,400,000 100,000,000 58,550,000 8,400,000 100,000,000 166,950,000 166,950,000 1,534,509 266,249,866 1,534,509 1,534,509 430,383,826 603,156,416 92% 223% 902% *Forecasts and economics shown above are calculated based on certain assumptions and do not represent guaranteed pricing or ultimate results. |16#17An Experienced Team Extensive resource development expertise with a history of success in Saskatchewan MANAGEMENT BOARD OF DIRECTORS Greg Robb President, Chief Executive Officer, and Director Over 35 years of experience across all facets of Western Canadian energy resource activity including exploration and development, acquisitions & dispositions, and reserve valuations. Previously held executive positions in several E&P companies and founded Salvo Energy Corp. in 2006. Extensive experience in heavy oil, shallow gas, coal bed methane, deep basin tight gas, and conventional oil and gas plays, evaluating over $500MM of acquired assets. Patrick Mills Chief Operating Officer Over 35 years of executive, managerial, and engineering & operational experience in the Western Canadian Sedimentary Basin. Previously founded Mustang Resources and Pegasus Oil & Gas where Mr. Mills held executive and board positions; also held technical and managerial positions with Texaco, Imperial Oil Ltd. and Startech Energy. James P. Baker Chairman & Independent Director Mr. Baker has over 40 years of resource development experience in Saskatchewan and Alberta in field operations, consulting, and executive level positions. Extensive experience consulting to industry and government in oil and gas, power, and paper recycling. Currently a board member of Kineticor Resource Corp. Former Director of SaskEnergy, Hanson Engineering, and Heritage Gas. Michael Graham Independent Director An independent businessman with over 35 years of energy and resource development experience. Previously served as Executive Vice President of EnCana Corporation and as President of the Canadian division of the company. Currently serves on the board of Halo Exploration Ltd. and Saguaro Resources Ltd. Jeff Barber Director Mr. Barber was a Co-founder and managing partner of a boutique M&A advisory firm in Calgary. Prior thereto, he was an investment banker with national investment firms and began his career as an economist with Deloitte LLP. Mr. Barber has served on the board of Standard Lithium Inc. since 2017 and has been an independent businessman since September 2018. Prior thereto he had been a founder, director, and Chief Financial Officer of Hiku Brands Company Ltd. since 2016. CORPORATE PRESENTATION || TSXV : HEVI John Kanderka VP, Land & Corporate Development Over 40 years in the energy and mineral sectors as both an officer and director of private and public entities. Previously founded multiple companies leading to a wide array of experience in corporate finance, mergers and acquisitions, buyouts, and corporate restructuring. Currently a Director of Orestone Mining Corp. and Chairman & Founder of Visionary Gold Corp. Kristi Kunec Chief Financial Officer Over 15 years experience in financial sector, leading corporate finance, organizational planning and financial reporting functions; served as Controller and CFO for various growing public and private resource companies including Kanata Clean Power & Climate Technologies Corp., Pine Cliff Energy Ltd., North American Oil Trust, Orion Oil & Gas Corp., and TransGlobe Energy Corp. Brad Wall Independent Director Spent 18 years in politics highlighted by a role as Premier of Saskatchewan, leading the province through record population and economic growth, export expansion, infrastructure investment, and securing a AAA credit rating. Currently a Special Advisor to the Osler Calgary office and a Director of Whitecap Resources, NexGen Energy and member of the Canada American Business Council and The Fraser Institute. Philip Hughes Independent Director Over 35 years of Canadian energy experience serving as President and CEO of five energy companies across Canada. Previously a senior executive with Fortis Inc. including CEO of Fortis Alberta, Newfoundland Power Inc., Maritime Electric Company, and FortisBC. Currently Chairman of Oceanic Wind Energy Group and Kineticor Resources Inc. Heather Isidoro Independent Director Ms. Isidoro has over 20 years of experience in the energy industry, the last 17 of which focused on business development. She is currently Senior Consultant, Voluntary Initiatives, at Highwood Emissions Management, and previously was VP, Business Development with Pine Cliff Energy Ltd. She brings a broad range of industry experience with specialization in acquisitions and divestitures, reserves valuations, and financial modeling. Ms. Isidoro is President and a Director of the Petroleum Acquisitions and Divestitures Association, and a Trustee on the University of Saskatchewan Engineering Advancement Trust. HELIUM EVOLUTION |17#18HEVI Next Steps ANALYZE SEISMIC HEVI has amassed approximately 2,000 km of seismic, which is key to selecting drilling locations on a "wildcat" exploration play APPLICATION OF LEARNINGS Leverage valuable knowledge gained through 2022/2023 exploration program TARGET SELECTION Identification of 10-12 prospective drilling targets by end of 2023/Q1-2024 LEVERAGE PARTNER DATA Development drilling and targeted exploration opportunities to be explored CAPITAL MANAGEMENT Supported by strong working capital position of $8.8M (Jun/23) CORPORATE PRESENTATION | TSXV: HEVI HELIUM EVOLUTION#19HELIUM EVOLUTION Developing Canada's Helium Resources Corporate Presentation October 2023 Contact [email protected] TSXV : HEVI#20Appendix CORPORATE PRESENTATION | TSXV: HEVI HELIUM EVOLUTION#21Capital Structure HEVI Share Capitalization @ September 29/23 Total Basic Shares Outstanding 96.0MM Basic Market Cap (@ $0.16/share) (Sept 29/23) C$15.4M 18.4MM • Total Options & Warrants Outstanding Total Fully Diluted Shares Outstanding 114.4MM Shares & Dilutives Held by Management¹ ~23% Fully Diluted Valuation (Sept 25/23) Positive Working Capital Position (Jun 30/23) CORPORATE PRESENTATION | TSXV: HEVI C$18.3MM C$8.8MM HELIUM EVOLUTION Private placement financing in June 2022 raised aggregate gross proceeds of $6.9 million Strategic equity investment by NAH for gross proceeds $3.5 million Insider private placement of $1.27 million Brokered private placement of $2.15 million 1 Includes shares and dilutives held by management and board of directors | 21#22What is Helium (He)? • 2nd most abundant element in the universe (after hydrogen) and the most stable • Inert gas to -269 C • Non-renewable: recoverable quantities only in a few locations globally • High thermal conductivity helps control silicon temperatures during chip manufacturing & semiconductor miniaturization atomic weight electron configuration symbol name 4.002602 2 atomic number 1s² crystal structure He Melting point (°C): <-272.2 Boiling point (°C): -268.93 HELIUM physical state at 20 °C (60 °F) Non-combustible Inert Lightest noble gas High thermal conductivity Lowest boiling point Odourless Tasteless Colourless Noble gases Hexagonal Gas CORPORATE PRESENTATION | TSXV: HEVI ☑ HELIUM EVOLUTION | 22#23How is Helium Formed & Extracted? HELIUM EVOLUTION Most helium is formed from the radioactive decay of Uranium and Thorium² He²+ Helium Nucleus "Since the transfer of drilling knowledge from the O&G industry should be seamless, we do not envision undue risks as it pertains to drilling vertical Helium wells," Beacon Securities³ Atomic Number 238 U Atomic Mass Uranium 92 Decay CORPORATE PRESENTATION | TSXV: HEVI Atomic Number 234 Th Thorium 90 Ionization Atomic Number 4 He Atomic Mass 2 Helium Helium escapes into the atmosphere >95% of helium produced as by- product of natural gas or NGL production¹ Helium extracted from natural gases at >0.3% concentrations are commercial https://www.acs.org/content/acs/en/greenchemistry/research-innovation/endangered-elements/helium.html 2 https://www.lenntech.com/periodic/elements/he.htm#ixzz7e70NZalo 3 https://markets.businessinsider.com/news/stocks/how-a-helium-shortage-could-put-the-brakes-on-the-tech-boom-1030423491 | 23#24What is Helium Used For? Tech, Tech & Tech . Known as safe, non-flammable gas to fill balloons • Cooling properties: boiling point near absolute zero There are no substitutes for Helium, and it cannot be synthesized MEDICAL & RESEARCH AEROSPACE & DEFENSE INDUSTRIAL Helium-ion Microscope MRI Machines Space Exploration - Fuel Purging Systems Defense Guidance Systems Welding - Shield Masks Gas Leak Detection Laser Eye Surgery CORPORATE PRESENTATION | TSXV: HEVI Cryogenics Rocket Guidance Systems Nuclear Reactor Coolant Crystal Growth HELIUM EVOLUTION | 24#25A Growing Need for Helium • Technology industry demand for helium has been increasing 1,2 The helium market is expected to grow 11.2% (CAGR) over 2021 - 2026³ Annual helium demand reached 6.5Bcf in 20214 Several countries, including Canada, have now classified helium as a critical mineral5 KEY DRIVERS¹ ✓Medicine ✓ Aerospace ✓Computing ✓ Green technology Cryogenics / MRI Semiconductor & Fiber Optics Pressurization & Purging 56% 30% 14% 43% 47% 9% Technology Analytics 3% Industrial 8% Lifting Diving Other CORPORATE PRESENTATION | TSXV: HEVI 43% TECHNOLOGY 20192 10% 14% 22% USE INCREASE 53% 20211 3% 6% 8% 15% 15% HELIUM EVOLUTION 1 Global Helium Market Update; Edison Investment Research; 2021 2 Helium Macro View Update; Edison Investment Research; 2019 3 Global Helium Market Report; Research and Markets; 2021 4 Helium Market - Growth, Trends, COVID-19 Impact, and Forecasts; Mordor Intelligence 5 Critical Minerals; Government of Canada; 2021 | 25#26Recent Headlines IER ⑥He INSTITUTE FOR ENERGY RESEARCH. I be Helium Instrumental en's in Semiconductor Manufacturings. - January 2021 HELIUM EVOLUTION OILPRICES The No. 1 Source for Oil & Energy News Unprecedented Helium Shortage Could Send Prices Sky-High - February 2022 ⑥He Bloomberg Helium: The Most Important Resource No One is Talking About - February 2022 gasworld President Biden signs $52bn CHIPS Act into law - August 2022 npr Bi Biden's plan to boost semiconductor chip manufacturing in the U.S. is critical - August 2022 CORPORATE PRESENTATION | TSXV: HEVI "T OILPRICES The No. 1 Source for Oil & Energy News The Gas Shortage That Could Kill Space Exploration -July 2021 | 26#27Billion Cubic Feet The New Market Landscape ⚫ U.S. Strategic Reserve (BLM) now depleted, free market pricing now in effect North American supply has significantly weakened with the elimination of the U.S. strategic reserve • As the helium market continues to evolve, greater transparency into market pricing for helium is expected Supply Estimates USGS World Helium Production (billion cubic feet) 7.00 5.25 3.5 1.75 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: US Geological Society, Mineral Commodity Summaries RESULT CORPORATE PRESENTATION | TSXV: HEVI HELIUM EVOLUTION Canada Poland Russia Australia Pricing Reported by Industry Competitors 1,2 $500 USD per mcf wholesale helium pricing -$1,090 USD per mcf retail helium pricing Algeria Qatar Bureau of Land Mgmt US Helium Pricing Used in HEVI's Forecasts $450 USD per mcf wholesale Pure-play Canadian helium development is now economically viable and deemed critically important for Canada's economic development.³ 1 Total Helium May 2023 Investor Presentation 2 NASA news release dated September 29, 2022 3Critical Minerals; Government of Canada; 2021 | 27#28McCord Prospect 2 Earlie Structure 36, 31 25 S 935 925 915 925 On 9.35 HELIUM EVOLUTION Seismic cross section area on 935 935 935 CORPORATE PRESENTATION | TSXV: HEVI 935 925 936 T5 R5 W3 935- 935 935 next slide | 28#29McCord Prospect 2 Line 22 MCD 113 1550 SOURIS 1600 WINNIPE 1650 WINNIPE HEADWOO 1700 Deadwo EADWOO 1750 1800 Ear Deadwe PRECAME 1850 1900 12 402 T6-50.00 PRES 422 442 -$5 462 482 502 522 542 CORPORATE PRESENTATION | TSXV : HEVI LINE 22-MCD-113 PRESTM-NA-MA.FYO 582 Shot Point 1602 622 642 662 682 702 722 742 762 782 802 1550 SOURIS 1600 WINNIPE 1650 WINNIPE DEADWO 1700 HELIUM EVOLUTION Deadwoo DEADWO 1750 1800 EARLIE Earlle Deadwoo PRECAM 1850 Targeting the bumps, where helium tends to be trapped 1900 | 29