In a quest to revolutionize the helium industry, Helium Evolution Inc. (HEVI) has set its sights on harnessing the potential of 5.6 million acres of helium rights in southern Saskatchewan. With recent discoveries propelling the company forward, HEVI aims to produce and sell helium, generating cash flow and positive returns for its shareholders. A closer look at the highlights of HEVI’s financial performance for the three and six months ended June 30, 2024, sheds light on the company’s progress and strategic vision:
Financial snapshot:
– Net loss: $254 thousand for the three months ended June 30, 2024, compared to $331 thousand in the same period last year.
– Cash position: $4.766 million, portraying a decrease from $7.728 million in June 2023.
– Working capital: $4.708 million, down from $8.781 million in June 2023.
– Total assets: $10.863 million, a decline from $13.027 million in June 2023.
– Total liabilities: $374 thousand, relatively steady compared to $375 thousand in June 2023.
– Weighted average shares outstanding (basic and diluted): 96,033,974.
Operational Advancements:
HEVI’s strategic partnership with North American Helium Inc. (NAH) has borne fruit with the successful stimulation of the 9-18 Well at Mankota, exhibiting a last flowing rate of 685 Mscf/d with a helium concentration of 0.87%.
Key Developments:
1. Trap confirmation: The presence of a trap has de-risked HEVI’s land base and augmented the potential for future helium extraction.
2. Multiple helium-bearing zones: The discovery of three distinct helium-bearing zones in Mankota showcases the rich helium reservoir in HEVI’s land holdings.
3. Helium-charged fairway: Spanning over 20 kilometers, the helium charged fairway underscores the vast helium deposits in the Mankota region.
4. Validation of exploration strategies: The drilling success at the 9-18 Well on a structural high highlights the efficacy of HEVI’s exploration strategies.
Upcoming Initiatives:
1. New Well Drilling and Seismic Program: HEVI and NAH anticipate drilling up to nine new wells in Mankota to further tap into the helium potential in the region.
2. Expansion Plans: HEVI is exploring additional drilling locations on newly acquired land sections and planning seismic studies in the Fox area, aiming to scale up its helium production capabilities.
Looking Ahead:
HEVI’s strategic collaboration with NAH, coupled with a robust financial position and a host of upcoming catalysts, positions the company as a frontrunner in the helium industry. With a commitment to sustainability and growth, HEVI remains dedicated to providing value to its shareholders and stakeholders.
For those intrigued by the Helium Evolution opportunity, HEVI encourages you to visit their website for detailed insights and follow the company on LinkedIn and X for regular updates on their progress and industry advancements. Embrace the helium evolution journey with HEVI, where innovation meets sustainability in the quest for a brighter future.
