Helium Evolution Announces Filing of First Quarter 2025 Financial Results

Core Viewpoint - Helium Evolution Incorporated (HEVI) reported its Q1 2025 financial results, highlighting a net loss and ongoing operational developments in helium exploration in southern Saskatchewan [1][3][4]. Financial Summary - The net loss for the three months ended March 31, 2025, was CAD 675,000, compared to CAD 239,000 for the same period in 2024 [3]. - Net loss per share increased to CAD 0.01 from CAD 0.00 year-over-year [3]. - Cash reserves decreased to CAD 3.0 million from CAD 5.3 million in the previous year [3]. - Working capital also declined to CAD 1.97 million from CAD 4.99 million [3]. - Total assets increased slightly to CAD 11.68 million from CAD 11.29 million, while total liabilities rose to CAD 1.5 million from CAD 872,000 [3]. Operational Highlights - During Q1 2025, HEVI drilled four wells in the Mankota area, with two wells discovering helium [6]. - The company, in partnership with North American Helium Inc. (NAH), has drilled a total of six helium discovery wells to date, indicating strong potential in the region [6]. - HEVI and NAH are advancing development plans, including the Soda Lake Facility, expected to be operational in Q4 2025, which will facilitate the tie-in of multiple wells and initiate helium sales [7]. Strategic Positioning - HEVI holds the largest helium land rights position among publicly traded companies in North America, with over five million acres under permit in southern Saskatchewan [9]. - The company aims to become a leading supplier of sustainably-produced helium to meet the growing global demand [9].