Company Acquires Over 25,000 Acres of Land at Worsley

Calgary, Alberta, August 24, 2022 /CNW/ – First Helium Inc. (“First Helium” or the
“Company”) (TSXV: HELI) (OTCQX: FHELF) (FRA: 2MC), today announced that it has
completed drilling and cased the 14-23 horizontal well for future completion as a potential gas
well, with helium content, that would coincide with the planned installation of a helium
processing facility at Worsley. The Company also announced that it has acquired 40 sections
(25,600 acres) of contiguous land in the Worsley area for future exploration and development.
Lastly, the Company has received regulatory approval to convert a previously abandoned well
bore to a water disposal well in order to reduce operating costs and optimize production at its
Worsley Oil Battery.


“Operational difficulties resulted in longer than expected drilling time for 14-23, however we
reached the intended target zone successfully and cased the well for future completion as a
potential gas well with timing being driven by helium processing availability,” said Ed Bereznicki,
President & CEO of First Helium. “Situated in close proximity to two vertical natural gas wells
which produced natural gas containing 0.83% and 0.88% of helium content, respectively, the
14-23 is consistent with our play concept model of a unconventional gas reservoir with helium
content that could potentially lead to more extensive regional development,” added Mr.
Bereznicki.


In addition to the successful drilling of the 14-23 well, the Company acquired 25,600 acres of
100% owned land at a recent Crown Land sale. The purchase was based on an extensive
review and assessment of existing 2D and 3D seismic data and successful results at the 1-30
and 4-29 oil wells, and 15-25 helium well. The acquired lands are contiguous with the lands on
which these successful wells were drilled. First Helium’s geoscience team will be evaluating
this land over the next 6 months to identify additional Leduc exploration and development
opportunities for natural gas with helium content, and potentially oil. This will include

undertaking a focused 3D seismic data acquisition program to facilitate identification of potential
drill targets.


In order to reduce operating costs at the Worsley Oil Battery and optimize production
operations, the Company applied for and successfully received approval from the Alberta
Energy Regulator (“AER”) to convert a previously abandoned well bore to a water disposal well.
Modification work to the facility has commenced and pending final regulatory approvals
regarding operating parameters, the Company expects the water disposal well to be fully
operational by the end of September.


As previously disclosed, First Helium has completed the FEED study of a larger scale helium
processing facility which can be applied to meet the immediate timing requirements of its 15-25
single well helium processing facility at Worsley. This facility design allows for expansion, on a
modular basis, to accept additional raw gas volumes. The Company continues to advance the
process of securing helium gas off-take sales arrangements to help support the financing,
fabrication, installation and commissioning of a single well helium gas processing facility for 15-
25, which is planned to commence later this year. Depending on the outcome of this process,
the Company may elect to expand the size of the modular processing facility and accelerate the
completion of the 14-23 well accordingly.


In order to undertake the land acquisition, oil battery modifications, disposal well conversion,
and longer duration 14-23 drilling operation in a timely manner, the Company re-allocated
capital accordingly; these activities are focused on maximizing cash flow in the short term while
increasing the Company’s longer term helium growth. Therefore, the Company has deferred
the summer drilling program’s second horizontal well, which was designed to pursue another
exploration play concept at Worsley targeting natural gas with helium content. Furthermore,
given confirmation of the Company’s play concept on the 14-23 well, the Company will be
balancing its helium well exploration drilling capital expenditures to coincide with the helium
processing buildout strategy at Worsley. This will include a focus on opportunities near the core
Worsely property which might add additional near term cash flow to facilitate development of the
15-25 project.


ABOUT FIRST HELIUM
Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas
Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one
of the leading independent providers of helium gas in North America.
Building on its successful 15-25 helium discovery well at the Worsley project, the Company has
identified numerous follow-up drill locations and acquired an expansive infrastructure system to
facilitate future exploration and development of helium across its Worsley land base. Cash flow
from its successful oil wells at Worsley will help support First Helium’s ongoing helium
exploration and development growth strategy.
First Helium holds over 104,000 acres along the highly prospective Worsley Trend in Northern
Alberta, and 276,000 acres in the Southern Alberta Helium Fairway, near existing helium
production. In addition to continuing its ongoing exploration and development drilling at
Worsley, the Company has identified a number of high impact helium exploration targets on the
prospective Southern Alberta Helium Fairway lands to set up a second core exploration growth
area for the Company.

For more information about the Company, please visit www.firsthelium.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Edward J. Bereznicki
President, CEO and Director
CONTACT INFORMATION
First Helium Inc.
Investor Relations
Email: ir@firsthelium.com
Phone: 1-833-HELIUM1 (1-833-435-4861)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of
this release.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This news release contains certain statements or disclosures relating to First Helium that are
based on the expectations of its management as well as assumptions made by and information
currently available to First Helium which may constitute forward-looking statements or
information (“forward-looking statements”) under applicable securities laws. All such statements
and disclosures, other than those of historical fact, which address activities, events, outcomes,
results, or developments that First Helium anticipates or expects may or will occur in the future
(in whole or in part) should be considered forward-looking statements. In some cases, forward-
looking statements can be identified by the use of the words “expect”, “will” and similar
expressions. In particular, but without limiting the foregoing, this news release contains forward-
looking statements pertaining to the timing and nature of future activities on the 15-25, 14-23,
and the water disposal well; facilities development; seismic acquisition; the entering into of off-
take marketing arrangements; the use of funds and the Company’s strategy. The forward-
looking statements contained in this news release reflect several material factors and
expectations and assumptions of First Helium including, without limitation: that First Helium will
continue to conduct its operations in a manner consistent with past operations; the general
continuance of current or, where applicable, assumed industry conditions; availability of debt
and/or equity sources to fund First Helium’s capital and operating requirements as needed; and
certain cost assumptions.
Forward-looking statements are based on estimates and opinions of management at the date
the statements are made and are subject to risks, uncertainties and assumptions, including
those set out in the Final Prospectus dated June 28, 2021 and filed under the Company’s profile
on SEDAR at www.sedar.com. Readers are cautioned that actual results may vary materially
from the forward-looking statements made in this news release. Risks that could cause actual
events or results to differ materially from those projected in forward-looking statements include,
but are not limited to, risks associated with the oil and gas industry; the ability of First Helium to
fund the capital and operating expenses necessary to achieve its business objectives; the
impact of the COVID-19 pandemic on the business and operations of First Helium; the state of
financial markets; increased costs and physical risks relating to climate change; loss of key
employees and those risks described in the Final Prospectus dated June 28, 2021. First Helium

does not undertake any obligation to update forward looking statements, except as required by
applicable securities laws. Investors should not place undue reliance on forward-looking
statements.