CALGARY, Alberta, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, announces the filing of the Company's interim condensed financial statements and associated management's discussion and analysis for the three and nine months ended September 30, 2024 (the "Q3 Report").
Complete details of the Q3 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI's website.
Three and Nine Months Ended September 30, 2024 Highlights:
| Three months ended | Nine months ended | |||
| Tabular amounts in thousands of Canadian Dollars, except share and per share amounts | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 |
| Financial | ||||
| Net loss | 185 | 592 | 678 | 1,234 |
| Net loss per share, basic and diluted | 0.00 | 0.01 | 0.01 | 0.01 |
| Cash | 4,432 | 7,072 | 4,432 | 7,072 |
| Working capital | 4,231 | 7,766 | 4,231 | 7,766 |
| Total assets | 10,816 | 12,720 | 10,816 | 12,720 |
| Total liabilities | 466 | 496 | 466 | 496 |
| Weighted average shares outstanding | ||||
| Basic and diluted1 | 96,033,974 | 96,033,974 | 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 three and nine months ended September 30, 2024, HEVI continued to execute on its focused strategy of developing the Company's 5.6 million acres of helium rights in southern Saskatchewan. With three helium discoveries, HEVI has made considerable progress toward its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. The Company remains committed to maintaining ongoing financial flexibility, evidenced by the Company's positive working capital position of $4.2 million at September 30, 2024, excluding $0.8 million of pre-purchased tubing and casing ("Casing") that was not yet utilized at quarter-end.
Operations Update
HEVI is pleased to provide an update on its joint well located at 10-1-4-9W3M (the "10-1 Well"). Drilling of the 10-1 Well, which is being drilled with North American Helium Inc. ("NAH"), commenced on November 12, 2024. The 10-1 Well is part of the previously announced development plan to drill up to nine wells in the Mankota area, as outlined in the Company's news release on April 2, 2024.
The estimated total cost for HEVI's share in the 10-1 Well is approximately $0.4 million net, with a portion of the net cost being covered in-kind through the use of HEVI's pre-purchased Casing.
HEVI would like to extend its thanks to all shareholders and stakeholders for their continued support. The Company looks forward to providing future updates on the 10-1 Well and its other exploration and development activities.
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 use of HEVI's Casing in the 10-1 Well, the cost to drill the 10-1 Well, expanding the Company's footprint in a promising sector, the anticipated nine well drilling program, the Company's expectations regarding the Company becoming a leading supplier of sustainably-produced helium, providing future updates including on the 10-1 Well, the Company's strong working capital position, 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; drill costs may be higher or lower than estimates; NAH may defer, abandon or accelerate the drilling of the 10-1 Well and/or the remainder of the nine well drill program; NAH may not accept in-kind payment; the Company may not expand its footprint; the helium sector may not be promising; the Company may not provide future updates; 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 press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press 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.
