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

Helium Evolution Announces Filing of Q3 2024 Financial Results and Provides Operations Update

In This Article:

Helium Evolution Incorporated
Helium Evolution Incorporated

CALGARY, Alberta, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, announces the filing of the Company’s interim condensed financial statements and associated management’s discussion and analysis for the three and nine months ended September 30, 2024 (the “Q3 Report”).

Complete details of the Q3 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

Three and Nine Months Ended September 30, 2024 Highlights:

 

Three months ended

Nine months ended

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

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Financial

 

 

 

 

Net loss

185

592

678

1,234

Net loss per share, basic and diluted

0.00

0.01

0.01

0.01

Cash

4,432

7,072

4,432

7,072

Working capital

4,231

7,766

4,231

7,766

Total assets

10,816

12,720

10,816

12,720

Total liabilities

466

496

466

496

Weighted average shares outstanding

 

 

 

 

Basic and diluted1

96,033,974

96,033,974

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 three and nine months ended September 30, 2024, HEVI continued to execute on its focused strategy of developing the Company’s 5.6 million acres of helium rights in southern Saskatchewan. With three helium discoveries, HEVI has made considerable progress toward its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. The Company remains committed to maintaining ongoing financial flexibility, evidenced by the Company’s positive working capital position of $4.2 million at September 30, 2024, excluding $0.8 million of pre-purchased tubing and casing (“Casing”) that was not yet utilized at quarter-end.

Operations Update

HEVI is pleased to provide an update on its joint well located at 10-1-4-9W3M (the “10-1 Well”). Drilling of the 10-1 Well, which is being drilled with North American Helium Inc. (“NAH”), commenced on November 12, 2024. The 10-1 Well is part of the previously announced development plan to drill up to nine wells in the Mankota area, as outlined in the Company’s news release on April 2, 2024.

The estimated total cost for HEVI’s share in the 10-1 Well is approximately $0.4 million net, with a portion of the net cost being covered in-kind through the use of HEVI’s pre-purchased Casing.