Unlock stock picks and a broker-level newsfeed that powers Wall Street.

Helium Evolution Announces Filing of Annual 2024 Financial Results

In This Article:

Helium Evolution Incorporated
Helium Evolution Incorporated

CALGARY, Alberta, April 22, 2025 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company’s annual financial statements and associated management’s discussion and analysis for the year ended December 31, 2024 (the “Annual Report”).

Complete details of the Annual Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

Three Months and Year Ended December 31, 2024 Highlights

 

Three months ended

Year ended

Tabular amounts in thousands of
Canadian Dollars, except share and per share amounts

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Financial

 

 

 

 

Net loss

713

1,719

1,391

2,953

Net loss per share, basic and diluted

0.01

0.02

0.01

0.03

Cash

3,829

6,330

3,829

6,330

Working capital

3,166

5,743

3,166

5,743

Total assets

10,601

11,639

10,601

11,639

Total liabilities

906

872

906

872

Weighted average shares outstanding

96,033,974

96,033,974

 

 

Basic and diluted1

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 year ended December 31, 2024, HEVI remained focused on operational execution and disciplined growth. The Company closed the year with a strong financial foundation, including a positive working capital position of $3.2 million. Underscoring its momentum, HEVI announced a combined $4.8 million financing on March 10, 2025 and April 7, 2025, positioning the Company for additional development and drilling activity throughout 2025.

Picture1
Picture1


Building upon past successes, HEVI, together with its partner, North American Helium Inc. (“NAH”), plan to expand its development efforts in the Mankota region, as shown in the adjacent map. To date, HEVI and NAH have successfully drilled six helium discovery wells, further validating the potential of the region. Additional drilling is scheduled for the second half of 2025.

To support future production, NAH is actively pursuing the installation of a helium facility to tie-in the wells in the northern part of the discovery. The helium facility is expected to be operational in the fourth quarter of 2025, marking a major milestone for HEVI.

“We are incredibly proud of the progress we made in 2024 and the strong foundation we’ve built for 2025,” said Greg Robb, President and CEO of HEVI. “With our helium discoveries, our strategic partnership with our newest shareholder and the anticipated commissioning of a helium facility later this year, HEVI is well-positioned to become a key player in the North American helium industry.”