North American Helium Starts Production at Canada's Largest Helium Field

North American Helium Inc. ("NAH" or the "Company") announced that its Stewart Valley helium purification facility in southwest Saskatchewan is onstream as of September 20, 2026 and producing at a rate of approximately 73 million cubic feet of helium per year (MMcf/y), according to the company. The plant is built on the Stewart Valley field, which independent evaluator Ryder Scott has assigned 1.1 billion cubic feet (Bcf) of helium reserves, described by the company as the largest helium field ever discovered in Canada based on independent reserve analysis.

Production from the facility is sold under long-term contracts to major global industrial gas distributors, the company stated.

Key Highlights

Stewart Valley facility onstream as of September 20, 2026, producing at approximately 73 MMcf/y, according to the company.
Ryder Scott has assigned the Stewart Valley field 1.1 billion cubic feet (Bcf) of helium reserves on a Proved plus Probable (P-50) basis of 1.103 Bcf; Proved (P-90) reserves are estimated at 0.826 Bcf, per the release.
The Stewart Valley project progressed from an initial discovery well in the third quarter of 2025 to full production in 13 months, the company said.
The facility will process 12 MMcf/d of bulk gas, which, based on stabilized well deliverability and the Ryder Scott evaluation, is expected to result in a flat production profile for up to 9 years, according to Marlon McDougall, President and COO.
Stewart Valley is now the largest helium production facility in Canada by output, a title previously held by NAH's Battle Creek facility, and is 40% smaller than Battle Creek in terms of footprint and gross throughput, the company said.
The new plant adds permanent operator jobs, and NAH plans to target additional structures in the Stewart Valley area with exploration drilling in the fourth quarter of 2026, according to the company.

Executive Commentary

Nicholas Snyder, Chairman and Chief Executive Officer, said: "Our job is to keep helium moving to end-users who cannot pause their operations, like semiconductor lithography, rocket launches, defence manufacturing, MRI, fibre optics, and the laboratory work behind new medicines. In a market where several of the world's large production complexes are damaged and shipping in some regions is constrained, Stewart Valley is contracted supply they can count on. The industrial gas distributors continue to do a tremendous job of getting helium to customers, including from their own limited commercial storage, during this crisis, and we are doing our part by bringing on new reliable production."

Marlon McDougall, President and COO, commented: "Since bringing our first plant online in 2020, we have sold over 650 MMcf of reliable, geopolitically secure helium into the market, but our focus is on the future. With just three wells drilled into our Stewart Valley field, we have more than replaced all of the reserves from our past production. The Stewart Valley facility will process 12 MMcf/d of bulk gas which, based on the stabilized well deliverability, and the Ryder Scott evaluation, is expected to result in a flat production profile for up to 9 years."

Operational and Strategic Context

According to the company, the pace of development at Stewart Valley is possible because of the operating conditions in southwest Saskatchewan, where helium resources are trapped in underground reservoirs of nitrogen that can be processed more easily than hydrocarbon-based helium sources. The company noted the area has roads, power infrastructure, and an oilfield-services industry that operates efficiently, and that NAH's standardized and modularized plant designs complement these local advantages, allowing for rapid construction and reliable start-up. The company also cited support from the Provincial government in the form of Saskatchewan's Helium Action Plan and associated incentives.

The company stated that higher well productivity, together with higher helium content, means fewer wells are required to develop a larger helium field, and that higher helium content allows a smaller plant, measured by bulk gas processed each day, to produce more helium at essentially the same capital and operating cost.

Snyder said: "While we believe the growth of the helium production business in Western Canada is still in the early innings, we now have a critical mass of data from wells and seismic surveying to start thinking about doing more with less. Stewart Valley is the first long-term project we have brought online that we believe captures all of these efficiencies to show the potential of this region in terms of output and capital efficiency. This achievement is the result of significant investment and work by our geology and geophysical teams to identify large trends that we believe can lead to improved economic outcomes on both the drilling and production sides of the business."

Future Opportunity: Swift Current Liquefier

With Stewart Valley onstream, the company said NAH now has enough regional helium production to support construction of the first regional helium liquefier in Canada, expected to be built in Swift Current, Saskatchewan. According to the company, a regional liquefier would improve project economics and further reduce the emissions footprint of helium produced in the region by eliminating a large share of the truck-miles now required to move gaseous helium to the United States for liquefaction. NAH is working toward a final investment decision and a funding announcement for the project, the company stated.

The proposed Swift Current liquefier was selected for inclusion in the investment prospectus for the inaugural Canada Investment Summit, held September 14-15, 2026 in Toronto and hosted by the Prime Minister of Canada in partnership with CPP Investments and PSP Investments, according to the release. The company noted that inclusion places the liquefier among a curated set of government-vetted opportunities presented to participating investors.

Snyder added: "We believe that Saskatchewan is probably the only place where helium output from new discoveries can be commercialized quickly, which is important for a helium market that has demonstrated a lot of volatility and repeated shortages in recent years. Stewart Valley is a big step on the production side, and building the Swift Current liquefier is the next efficiency step. We expect this to unlock the next phase of growth of this regional industry, with an improved field-level price structure, and all from a stable region with access to infrastructure."

Resources and Financials

Stewart Valley annualized production rate: approximately 73 MMcf/y, according to the company.
Ryder Scott Proved plus Probable (P-50) reserves: 1.103 Bcf; Proved (P-90) reserves: 0.826 Bcf, effective July 1, 2026.
Facility bulk gas processing capacity: 12 MMcf/d.
Cumulative helium sales since 2020: over 650 MMcf, according to Marlon McDougall.
Facility footprint and gross throughput: 40% smaller than the Battle Creek facility, per the company.

What to Watch Next

Additional exploration drilling targeting further structures in the Stewart Valley area, planned for the fourth quarter of 2026.
A final investment decision and funding announcement for the proposed Swift Current, Saskatchewan helium liquefier.

About North American Helium

According to the company, North American Helium Inc. has been producing helium since bringing its first plant online in 2020, and has sold over 650 MMcf of what it describes as reliable, geopolitically secure helium into the market. The company operates in southwest Saskatchewan, including its Battle Creek facility and its newly onstream Stewart Valley facility, and states that it continues to pursue exploration and development in the region, including a proposed regional helium liquefier planned for Swift Current, Saskatchewan.

Read full press release here.

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