Helium Evolution Completes 3D Seismic Interpretation at Grasslands, Announces Board Changes
TSXV: HEVI
Overview
Helium Evolution Incorporated ("HEVI" or the "Company") announced an update on the advancement of its Grasslands project in southern Saskatchewan, which is operated in partnership with North American Helium Inc. ("NAH"). According to the company, HEVI and NAH have each completed their 170 km² 3D seismic interpretations across the Grasslands project and have agreed on an initial set of bottom hole drilling locations.
The company also announced changes to its Board of Directors, effective immediately, including the resignation of two directors and the appointment of a new director.
Key Highlights
- HEVI and NAH have each completed their 170 km² 3D seismic interpretations across the Grasslands project, according to the company.
- The two companies have agreed on an initial set of bottom hole drilling locations, and NAH is now advancing the surface location permitting process for up to 10 wells.
- Earliest anticipated drilling commencement is January 2027, with the total number of wells to be drilled subject to final drilling licenses and winter drilling rig availability, according to the company.
- HEVI stated it will provide additional details regarding the timing and scope of the drilling program once the permitting process is completed.
- Philip Hughes and Michael Graham have resigned as directors of the Company, and Anton du Plessis has been appointed to the Board.
Strategic/Operational Context
“Alignment with NAH on the Grassland 3D seismic interpretation and 10 initial drilling targets is a meaningful milestone for HEVI. We look forward to supporting NAH where needed as they advance the drilling location permitting process at Grasslands,” said Malcolm Adams, President and CEO of HEVI.
Regarding the Board changes, James Baker, Chair of the Board, said: “We sincerely thank Philip and Michael for their significant contributions to HEVI. Philip provided strong leadership as Chair of the Audit Committee and brought valuable financial and governance expertise to the Board. Michael’s engineering and oil and gas experience provided important technical and industry insight as HEVI advanced its helium strategy. We are pleased to welcome Anton to the Board, whose extensive corporate finance, capital markets and public company experience will further strengthen our Board as HEVI moves into its next phase of growth.”
According to the company, Mr. du Plessis is a senior corporate finance professional with approximately 30 years of experience, including as the CEO and board member of a public lithium company. Prior thereto, Mr. du Plessis held senior positions at several international investment banks.
What to Watch Next
- NAH's continued advancement of the surface location permitting process for up to 10 wells at Grasslands.
- Earliest anticipated drilling commencement in January 2027, subject to final drilling licenses and winter drilling rig availability.
- Additional details from HEVI regarding the timing and scope of the drilling program once the permitting process is completed.
About Helium Evolution Incorporated
HEVI is a Canadian-based helium exploration company 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.
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