Search Minerals Completes Magnetic Separation Of Bulk Samples At SGS Canada |

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce that two bulk samples of mineralization from Deep Fox and Foxtrot have been processed in our PHASE 1 magnetic separation program at SGS Canada (Lakefield) (" SGS "). The Deep Fox sample comprises 53 metric tonnes recovered from the exposed surface of the deposit. Similarly, the Foxtrot sample comprises 20 tonnes of surface material.

The SGS program involved bench scale work to test the amenability of the two samples to magnetic separation and then the execution of a continuous pilot plant operating at ~550 kg per hour of feed material over 15 separate pilot plant periods to produce a pre-concentrate of iron by Low Intensity Magnetic Separation (LIMS) and a rare earth concentrate by Wet High Intensity Magnetic Separation (WHIMS) and a final tailing material for environmental testing.

The results of the magnetic separation pilot plant on the two bulk samples were in line with expectations.

Highlights of the program were,

Dr. David Dreisinger, Director/Vice-President of Metallurgy states; "The results of the testing on the two bulk samples were in line with expectations and provide a basis for "scale up" of the commercial facility. The availability of approximately 18.9 tonnes of rare earth concentrate allows us to move to our larger scale testing of the Direct Extraction Process. The benefit of producing a concentrate, using the grinding and magnetic circuit, prior to our proprietary Direct Extraction Process, is the reduction in size of equipment and reduced chemical and energy use to obtain similar overall recoveries of saleable rare earth elements."

Greg Andrews, President/CEO states; "We continue with our "Sprint to Production" and this is a very important step to scale up and produce more material for further separation into individual oxides of the permanent magnet material, Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb). These are the key elements which create the value in the rare earth element supply chain. Upon producing the oxides, we are seeking co-funded government programs to process the 18.9 tonnes of rare earth concentrate using our proprietary Direct Extraction Process to produce approximately 1t of mixed rare earth oxide concentrate for further separation processing. Ultimately, Search will demonstrate the transformation of the permanent magnet oxides into metal as a precursor to magnet fabrication."

Dr. David Dreisinger, Ph.D., P.Eng, is the Company's Vice President, Metallurgy, and Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

SGS is the world's leading testing, inspection and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 96,000 employees, SGS operates a network of over 2,700 offices and laboratories around the world. SGS is constantly looking beyond customers' and society's expectations in order to deliver market leading services wherever they are needed. Working together to make the world a better, safer place.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. Search controls two deposits (Foxtrot and Deep Fox), two drill ready prospects (Fox Meadow and Silver Fox) and numerous other REE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64 km long belt forming a REE District in Labrador. Search has completed a preliminary economic assessment report for DEEPFOX and FOXTROT. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search has continued to optimize our patented Direct Extraction Process technology with the support from the Department of Industry, Energy ad Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.

Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service (" AGS ") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

For further information, please contact:

Greg Andrews President and CEO Tel: 604-998-3432 E-mail: info@searchminerals.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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National policies around the globe are increasingly focusing on electrification. We’ve already seen the largest automakers announce ambitious goals to produce more electric vehicles, while Western governments have committed to a greener future. The European Union aims to be climate-neutral by 2050, a goal echoed by Canada’s long-term strategy to reach net-zero emissions within the same timeframe. These goals from both the private and public sectors create an increasing global demand for the rare earth elements (REE) required for most sustainable technologies — meaning suppliers will need to pick up the pace to meet this growing demand. EVs alone will create enormous demand for these elements, considering 2022 is projected to see automakers ship 34 percent more units than 2021.

China currently dominates the REE market, producing over 85 percent of the world’s rare earth elements. This has made North American and European governments increasingly susceptible to any disruption in China’s supply chain. After all, any supply chain interruptions will directly impact the West’s ability to manufacture clean energy technology. All of this has resulted in the West developing policies that aim to reduce its dependence on Chinese REE production.

Today, the United States is well aware of its over-reliance on foreign sources of REE and has already started to create a domestic supply chain, which includes updating mining laws and prioritizing critical minerals. Additionally, the U.S Department of Defense has awarded a US$35 million contract to MP Materials to build a facility to process heavy rare earth elements (HREE) in California. Canada has also updated its list of the nation’s critical minerals to emphasize REE and HREE as vital to the country’s future. As North America continues to develop its strategic plans for REE and HREE production, it’s clear safer, domestic exploration, development and production will be required.

The company’s district-scale portfolio includes promising discoveries for extracting REE minerals for immediate processing into individual REE. Two key discoveries are the Foxtrot and Deep Fox deposits, which are awaiting a combined updated preliminary economic assessment (PEA). The new PEA takes into account, an increased resource at Deep Fox, increasing current REE prices and the increased recovery rate of Search Mineral’s proprietary technology (increased from 79% to over 90% from its pilot plant operation).

Innovative technology and impressive foresight sit at the core of what makes Search Minerals unique. In a recent interview, CEO Greg Andrews stated, “We look at our company as one of the most advanced in North America with our resources, technology that's been in development since 2010 and two pilot plants. Automobile manufacturers with ambitious goals are starting to look down the supply chain and say 'can we really do this? Where are the raw materials coming from?' There aren't many operating deposits outside of China and they'll need to secure REE to meet their goals."

Search Minerals recently entered into an offtake agreement with USA Rare Earth for 500 tonnes per year of Nd and Pr, creating immediate sales from the future production of Foxtrot and Deep Fox. This agreement advances both companies’ ongoing ambitions. Search Minerals strives to become the established provider of REE to North America’s critical mineral supply chain, while USA Rare Earth is pursuing a ‘Mine-to-Magnet’ strategy. Combined, the two companies could create a complete North American REE supply chain.

An ongoing strategy known as the “sprint to production” is guiding Search Minerals’ efforts. The sprint is focused on achieving production by 2025.

The company is also led by an impressive management team, which aims to turn Search Minerals’ into a vital partner in enabling North America’s REE supply chain. Greg Andrews, CEO, brings over 30 years of strategic planning and administrative management. Dr. Randy Miller, vice president of exploration, has been exploring for REE in Labrador since 1980. Meanwhile, Dr. David Dreisinger, vice president of metallurgy, holds an impressive 24 U.S. patents, including Search Mineral’s direct extraction process. Matthew Anderson, CFO, shores up the company’s corporate processes with over a decade of accounting experience. Search added Todd Burlingame, as Chief Operating Officer, who has extensive experience in mining plan development and managing the environmental process through to permitting.

Dr. David Dreisinger, VP of metallurgy, developed a process for direct REE extraction that reduces the capital requirements and operating costs of working with REE when compared to traditional methods. This patented and proprietary technology creates a clear advantage over other REE operations, both domestic and abroad.

Three phases of drilling at Foxtrot have outlined a 7.4 million tonnes indicated and 2.0 million tonnes inferred resource. A revised Preliminary Economic Assessment report to include material from both Deep Fox and Foxtrot is expected in April 2022.

Deep Fox is awaiting an updated PEA and resource estimate that accounts for the 7000m phase 3 drilling program (2021), advancements in its technology and increasing current market prices. The resource outlined below includes data to the 100m level obtained from the phase 1 and 2 drill programs – the phase 3 program provided infill data and data to the 200m level.

Greg Andrews received his Bachelor of Commerce, Finance from the University of Calgary. He has over 30 years of experience in strategic planning, financial and administrative management consulting for public and private companies. He has also held various directorships in TSX Venture listed companies since 1993, including those involved in mining, oil and gas, technology, and biotechnology.

Todd Burlingame holds a Bachelor of Science in Geology from the University of British Columbia. He has over 30 years experience in the mining sector with specific experience in developing mining and processing facilities in Newfoundland and Labrador. He has served as Chair and CEO of two Federal-Indigenous Resources Co-Management Boards and has led numerous Impact and Benefits Agreement negotiations with indigenous groups.

Randy Miller holds a Ph.D. in Geology from the University of Toronto. He has extensive experience studying rare earth elements including field mapping and supervision of diamond drilling on the Strange Lake deposit in NW Labrador for the Iron Ore Company of Canada. He spent 12 years with the Newfoundland and Labrador Geological Survey as their Rare Earth Specialist, and his work has informed the basis of Search Mineral’s REE exploration program in Labrador. Dr Miller has led the Search exploration team, since 2009, that discovered both the Foxtrot and Deep Fox deposits and other REE prospects in SE Labrador.

David Dreisinger holds the position of Industrial Research Chair, Hydrometallurgy at the University of British Columbia where he has been a Professor since 1988. He holds 24 U.S. patents, including a patent for Search’s Direct Extraction Process. He is also a director of PolyMet Mining Corp., Cascadero Copper Corporation and Euro Manganese.

Matthew Anderson holds a Bachelor of Commerce degree from McGill University. He obtained his Chartered Accountant designation in 2008 while articling at a large accounting firm. He currently works with Malaspina Consultants Inc., a company providing consulting and administrative services to junior resource companies.

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to provide an update on our 2022 exploration programs in Labrador, Canada.

Greg Andrews, President/CEO, comments: "We have had a very busy exploration season so far this year. In addition to managing the exploration program, we expanded our exploration team and expanded our facilities and infrastructure in St. Lewis, Labrador. Search renovated its modern office and core shed facilities and built an additional storage shed to manage the increased drill core. We also purchased property in St. Lewis for our 2 – six-person trailers which are being utilized for our increased need for local accommodations."

Andrews added; "We continue to work toward a feasibility study for the end of 2023, and the Deep Fox drill program should provide a measured resource category as well as expanded indicated and inferred resource for an updated mineral resource calculation expected in 2023."

The 2022 Deep Fox Exploration Program commenced in early June, following the mobilization of two diamond drilling rigs to St. Lewis, Labrador. The drill program has two main objectives: (i) further define and delineate the Deep Fox mineral resource, to update the mineral resource estimate suitable for a feasibility study, and (ii) collect the necessary geotechnical and hydrogeological data to facilitate an optimized mine planning and design process.

The first month of drilling was helicopter-supported, providing access to areas previously inaccessible due to the steep and rocky nature of the terrain. We have completed the Geotechnical and Hydrogeological drill program which utilized one of the drill rigs. The remainder of the drill program is being completed using the two track-mounted drills. The 2022 Deep Fox program is approximately 60% complete, with a total of 46 drill holes advanced to date. The remainder of the Deep Fox drilling program will focus on ensuring that the area within the currently proposed open pit has been adequately drilled, and that the mineral resource is aligned with the next phase of technical reporting. We are anticipating finishing the drill program by early November.

A summary of the 2 separate drilling initiatives are outlined below:

Our exploration team will be carrying out a 200 m channel sampling program designed to extend the mineralized zone to the SE. We will review the possibility of a smaller drill program pending available personnel and funding.

Exploration efforts in the Fox Valley area have consisted of the building of an access trail to the mineralized area, with the intention of conducting a preliminary assessment of surface mineralization. This trail is complete, exploration in this area will consist of test pitting and channel cutting, and is anticipated to be complete by the end of November.

Our exploration team is planning a two-week helicopter-supported exploration program in the Red Wine area of central Labrador. Exploration will consist of prospecting, mapping, channel cutting, and detailed drone imagery on the Two Tom Lake, Mann #1, Narnia Hill and Merlot prospects. This preliminary program will prepare these REE mineralized zones for a more extensive exploration programs in 2023-2024.

Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is a "qualified person" (as defined by NI 43-101) and has supervised the preparation of and approved all scientific and technical information herein and has conducted appropriate verification on the underlying data. The Company will endeavor to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

About Search Minerals Inc. Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. Search controls two deposits (Foxtrot and Deep Fox), two drill ready prospects (Fox Meadow and Silver Fox) and numerous other REE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64 km long belt forming a REE District in Labrador. Search has completed a preliminary economic assessment report for DEEPFOX and FOXTROT. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Cautionary Statement Regarding "Forward-Looking" Statements:

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's exploration plans and the preparation of the PEA and Definitive Feasibility Study, and the timing thereof, and other forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, results of exploration work, the ability to secure any required funding, receipt of all required regulatory approval and the ability to secure the necessary resources to complete the planned exploration work.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals.

Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com .

For further information, please contact:

Greg Andrews President and CEO Tel: 604-998-3432 E-mail: info@searchminerals.ca

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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company ") is pleased to announce that the Preliminary Economic Assessment (" PEA ") NI 43-101 Technical Report on the Deep Fox and Foxtrot Project (the "Technical Report") has been filed on SEDAR. The Technical Report, which is dated July 18, 2022, has an effective date of May 31, 2022 and is entitled "Technical Report on the Deep Fox and Foxtrot Project, Newfoundland and Labrador, Canada Report for NI 43-101".

The results of the Technical Report were previously disclosed in summary form in the Company's news release dated June 7th, 2022, "Search Minerals Announces Positive Preliminary Economic Assessment For The Deep Fox And Foxtrot Rare Earth Element Project With $2.23 Billion NPV ( 8) ."

Greg Andrews, President and CEO, states: "The release of this PEA is a milestone for Search Minerals, as it is the foundation for the next steps in our Sprint to Production. The information presented is based on our evolving understanding of the deposit, processing technology, project scope and schedule. The REE markets and demand forecast for the critical minerals, which are the primary product of the Deep Fox and Foxtrot project, remains favorable for our goal to build a secure and sustainable rare earth supply chain in Newfoundland and Labrador for Canada and our allied trading partners. We continue to advance our exploration, resource delineation and pre-feasibility work and are moving towards project development in a responsible and systematic manner."

The Technical Report is available at www.sedar.com and our corporate website at www.searchminerals.ca

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search has continued to optimize our patented Direct Extraction Process technology with support from the Department of Industry, Energy and Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed rare earth concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.

For further information, please contact:

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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce the exercise of 15,364,015 previously issued common share purchase warrants of the Company (the " Warrants ") at an exercise price of $0.07 per Warrant in July 2022 for aggregate gross proceeds of $1,075,481. Each Warrant was exercisable into one common share of the Company until July 12, 2022, as further disclosed in the Company's news release dated April 30, 2020, and an aggregate of 654,669 unexercised Warrants have now expired.

The Company anticipates using the proceeds from the exercise of the Warrants for general working capital purposes.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Cautionary Statement Regarding "Forward-Looking" Statements:

This news release contains "forward-looking information "and "forward looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to the anticipated use of proceeds by the Company. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would".

Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, change in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of minerals, unanticipated changes in key management personnel and general economic conditions. In addition, mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Reference should be made to the Company's public filings available under its profile on www.sedar.com for further risk factors.

These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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Net Present Value NPV ( 8 ) of $2.23 B (pre-tax) and NPV ( 8 ) of $1.31 B (after-tax) Internal Rate of Return (IRR) 55.3% (pre-tax) and 41.5% (after-tax) Capital Payback Period 1.5 Years (pre-tax) and 1.8 Years (after-tax) Initial Capital Costs - $ 422M Approx. Annual production- 1437t - Magnet Rare Earths Oxides (Nd+Pr:1291t Dy:125t Tb:21t)

VANCOUVER, British Columbia, June 07, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) ("Search" or the "Company"), is pleased to announce the results of its Preliminary Economic Assessment ("PEA") for the development of its Deep Fox and Foxtrot Rare Earth Element (REE) deposits located in Labrador, Canada and the establishment of a Direct Extraction Hydrometallurgical processing facility on the Island of Newfoundland. The PEA was prepared by SLR Consulting (Canada) Inc. The technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

Key Financial Metrics (Unless otherwise indicated all values expressed in CDN$, Exchange rate CDN$1 = US$0.80) :

Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.

Greg Andrews, President and CEO of Search Minerals states: "This PEA marks the achievement of a significant milestone in Search's pursuit of establishing a secure and reliable REE mining and process industry in the province of Newfoundland and Labrador. The strong economic case supports the development of mining and primary production of the Deep Fox and Foxtrot deposits in Labrador and further refining of concentrate into REE mixed oxides and carbonates on the Island of Newfoundland."

Andrews added: "We believe Search is well positioned to attract strategic partners and investment as we move forward with the next steps of development including completing a bankable feasibly study and initiating the approvals process for this project. Our goal is to be in production by 2025. The existence of other highly prospective targets within our District provides flexibility to ramp up future development to respond to increasing market demands for our permanent magnet material."

Search has completed an updated Mineral Resource estimate on Deep Fox and Foxtrot. ( April 11, 2022 - Search Minerals Announces Increased Deep Fox and Foxtrot Mineral Resource Estimates ).

Summary of Mineral Resources as of December 31, 2021 Search Minerals Inc. – Deep Fox and Foxtrot Project

Mining will be carried out using open pit and underground methods at a rate of 2,000 tpd starting at Deep Fox and followed by Foxtrot. Deep Fox will be mined over an 11 year period (7 years open pit and 4 years underground) and Foxtrot will be mined over a 16 year period (7 years open pit and 9 years underground) for a total mine life of 26 years (Foxtrot open pit and Deep Fox underground will both be mined in year 11).

A total of 18.137 million tonnes (Mt) of mineral will be mined at average grades of 1,416 ppm Nd, 379 ppm Pr, 188 ppm Dy, and 32 ppm Tb.

The open pit mines are planned to be mined using conventional truck and shovel operations.

The underground mines are planned to be mined with conventional longhole mining methods.

Mineralized material from the Deep Fox and Foxtrot deposits will be processed through a grinding and magnetic separation primary processing operation. The operation will take place in a facility constructed near the deposits in Labrador.

Primary processing will produce a REE concentrate, by-product iron concentrate, and dry stackable tailings.

The REE concentrate will be stockpiled in Labrador and seasonally transported to a secondary hydrometallurgical processing plant on the Island of Newfoundland for further processing.

The hydrometallurgical Direct Extraction Process facility will be sited on the Island of Newfoundland and will produce a mixed carbonate precipitate as the final purified mixed rare earth product.

Operating costs for the separation of the mixed rare earth product to final saleable individual rare earth oxides are based on a tolling fee for REE separation by a third party.

Ongoing laboratory and pilot plant test work are being conducted to optimize separation processing with the goal of decreasing separation operating costs. Search will complete an engineering study to determine the feasibility of building a separation facility on the Island of Newfoundland.

Search has increased its internal capacity and is enhancing its corporate policies, procedures and practices to ensure compliance with industry Corporate Social Responsibility (CSR) best practices.

Improvements to the process flow sheet have resulted in design changes which reduce both the footprint of the operations and the potential adverse effects of processing.

Search has initiated environmental baseline studies over both deposit areas and continues to expand its baseline data set. Discussions with the NunatuKavut Community Council ("NCC") department of Environment and Natural Resources have identified opportunities to collaborate on further regional study initiatives. It is anticipated that joint environmental studies, Traditional Knowledge studies and monitoring programs will be undertaken during the 2022 field season and carry on throughout the life of the project.

All exploration permits are in place. Search continues to work directly with the St. Lewis Town Council, Port Hope Simpson Town Council and the Mary's Harbour Town Council to ensure that residents are informed of activities and that their concerns are addressed in a timely manner.

Search entered into a Mining Exploration Activities Agreement with the NCC on August 27, 2012 which remains in good standing. Additional social uplift initiatives include providing scholarships to local students, donating to community projects, and working with the NCC to provide local employment opportunities.

Search is also collaborating with government agencies to seek opportunities to provide renewable energy alternatives in the communities where we work.

After-Tax Cash Flow, Capital and Operating Costs Summary

After-Tax Cash Flow Summary Deep Fox and Foxtrot

Overall Capital Cost Summary Deep Fox and Foxtrot Project

LOM Operating Costs Deep Fox and Foxtrot Project

Pre-Tax Sensitivity Analyses Deep Fox and Foxtrot

Ian Weir, P.Eng., SLR Technical Manager - Mining, is a "qualified person" (as defined by NI 43-101) and has supervised the preparation of and approved all scientific and technical information herein and has conducted appropriate verification on the underlying data. Tudorel Ciuculescu, M. Sc., P. Geo. is a "qualified person" (as defined by NI 43-101) and has reviewed and verified all scientific and technical information herein relating to the Mineral Resource estimates.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service ("AGS") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

Cautionary Statement Regarding "Forward-Looking" Statements:

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to the timing of a technical report summarizing the results of the PEA, the development, operational and economic results of the PEA, including cash flows, capital expenditures, development costs, recovery rates, operating costs, estimation of mineral resources and anticipated advancement of the Company's exploration, production and processing plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would".

Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources, the realization of resource estimates, change in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in project parameters as plans continue to be refined, changes in relationships with local communities, changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of minerals, unexpected changes in the regulatory environment, environmental hazards, unanticipated changes in key management personnel and general economic conditions. In addition, mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Reference should be made to the Company's public filings available under its profile on www.sedar.com for further risk factors.

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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to provide the following update related to our planned 2022 activities.

Greg Andrews, President/CEO comments: "Our team will be working very hard to advance these 2022 activities. Activities needed to continue our "Sprint to Production" as Search seeks to build a secure, sustainable rare earth supply chain in Newfoundland and Labrador to supply Canada and our trading partners. Our goal is to be in production by the year 2025."

Deep Fox Drill Program, Property Purchase and Community engagement

All necessary permits and licences to commence the 2022 Deep Fox exploration program have been obtained. Our drill contractor, Springdale Forest Resources, has been mobilized on site and drilling will commence on June 1 st . Exploration and infill drilling at Deep Fox will consist of approximately 11,000m of NQ drilling; Search hopes to expand the REE resource that was recently published ( Search News Release – April 11, 2022 - Search Minerals Announces Increased DEEP FOX and FOXTROT Mineral Resource Estimates ).

In addition to the exploration drilling program, a 3,000m geotechnical drill program at Deep Fox has been planned for the 2022 season. This work will support the design of an open pit and underground mine, as well as the environmental review process.

Search has also mobilized the exploration team on site consisting of 11 geologists and 12 support staff to carry out the 2022 field program. This team led by Dr. Randy Miller, will oversee the execution of the program that will include drilling, channelling, field mapping and magnetometer surveying.

Search has completed the purchase of additional property in the community of St. Lewis. This property will be the location of a 12-person camp that will be used to support the 2022 exploration program. Permission to operate this facility has been received from the St Lewis Town Council and will be ready for occupancy on or about June 7 th .

Additional environmental baseline data collection programs, including water sampling, have been designed for this season. These programs will support the initiation of the approvals process for the proposed mine and concentrator.

The Company has also started construction of an additional 40' x 40' sample storage facility to enable the secure storage of drilling and exploration samples. This storage facility is located next to Fox Harbour House, the Company's field house, office and core facility in St. Lewis. This new infrastructure is part of the overall development planning and will accommodate the rapid growth of Search's exploration and development activities.

Search has initiated its community engagement program and will be holding community information sessions in Port Hope Simpson, St. Lewis and Mary's Harbour, in early June. Search continues to work with stakeholders and the NunatuKavut Community Council department of Environment and Natural Resources to seek opportunities to collaborate on environmental baseline data collection and regional studies.

The Preliminary Economic Assessment Report ("PEA"), which combines both Deep Fox and Foxtrot resource estimates, announced on April 11, 2022 is in the final stage of technical review. A news release highlighting key findings is expected on or around June 07, 2022. As previously outlined, the key variables addressed in this PEA include:

Phase 1 - 70t of bulk sample using grinding/magnetic separation.

We are nearing completion of the testing of our 70t bulk sample from Deep Fox and Foxtrot at SGS Canada, through our new grinding and magnetic flowsheet (see February 16, 2022 - Search Minerals magnetic separation of bulk samples commences at SGS Canada ). Phase 2 will process approximately 20t of the prepared concentrate through the proprietary direct extraction flowsheet. The Company will be submitting a Letter of Intent as outlined in a Call for Proposal from the Federal Government for demonstration plants from advanced critical minerals projects in Canada.

Fox Meadow 6000m drill program in Fall 2022.

The Company anticipates commencing a 6000m drill program on our highly prospective Fox Meadow Project. Mapping, prospecting, trenching, channeling, and geophysical surveys confirm the current known extent of two mineralized zones at FOX MEADOW : the NW zone is up to 175m wide , and the SE zone is up to 154m wide . Combined, known mineralization is at least 790m long , and is open to the NW and SE. The drill program will test for mineralization at depth below the current known strike length. This drill program will commence after the Deep Fox program and will require additional funding.

All matters were approved at the Company's Annual General shareholders meeting (the " Meeting ") held on May 25, 2022. At the Meeting the Company's shareholders re-elected all of the Company's current board of directors, Greg Andrews, David Dreisinger, Leo Power, Jocelyn Bennett and George Molyviatis as well as approved the re-appointment of the Company's current auditor, Mao & Ying LLP. The Company's shareholders also approved the adoption of a new 10% rolling stock option plan in accordance with the requirements of the TSX Venture Exchange.

Qualified Person: Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is a "qualified person" (as defined by NI 43-101) and has supervised the preparation of and approved all scientific and technical information herein and has conducted appropriate verification on the underlying data. The Company will endeavor to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of southeast Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search Minerals was selected to participate in the Government of Canada Accelerated Growth Service ("AGS") initiative, which supports high growth companies. AGS, as a ‘one-stop shop' model, provides Search with coordinated access to Government of Canada resources as Search continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

Cautionary Statement Regarding "Forward-Looking" Statements:

This news release contains "forward-looking information "and "forward looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to anticipated advancement of the Company's exploration, production and processing plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would".

Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources, the realization of resource estimates, change in market prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

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Ms. Kunec brings over 15 years of financial experience to HEVI, with a proven track record that includes leading the corporate finance, organizational planning and financial reporting functions for growing resource companies. Over the last 13 months, she has served as part-time Controller for Kanata Clean Power & Climate Technologies Corp., and prior thereto was Chief Financial Officer and Corporate Secretary for Pine Cliff Energy Ltd. (TSX:PNE). Ms. Kunec directly contributed to the growth of the company from approximately 100 boe/d to 24,000 boe/d, which included closing four equity offerings that raised more than $170 million, and the completion of two corporate and seven asset acquisitions. Prior to Pine Cliff, Ms. Kunec was Controller for North American Oil Trust, Corporate Controller for Orion Oil & Gas Corporation, and Manager of Financial Reporting for TransGlobe Energy Corporation. After earning a Bachelor of Commerce degree from the University of Saskatchewan, she began her career at PriceWaterhouseCoopers LLP in 2003, earning her CPA, CA designation in May of 2006.

"As a relatively new entrant to the capital markets following our TSXV listing in March, I am very pleased to welcome Kristi to the HEVI management team and to work alongside a financial executive of her calibre," said Greg Robb, President & CEO of HEVI. "We look forward to leveraging Kristi's extensive expertise in financial reporting, strategic planning and corporate finance as we continue to develop and prove up our sizeable land base, and advance our goal of achieving commercial production of helium in the next 12 to 24 months."

In concert with the above appointment, HEVI has granted 400,000 stock options (the " Options ") under the Company's stock option plan (the " Option Plan ") to Ms. Kunec (the " Option Recipient ").

Each Option represents the right to receive one common share of the Company upon vesting, exercisable at a price of $0.30. The Options will vest as to 20% on each of the 6 th , 12 th , 18 th , 24 th and 30 th month anniversaries of the date of grant. The Options will expire on September 12 th , 2027.

These grants represent compensation for service to HEVI as an officer of the Company and serve as an incentive mechanism to foster the interest of such persons in the ongoing success of the Company.

Helium Evolution is a Canadian-based helium exploration and production company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI's management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market, offering a compelling opportunity for investors.

For further information, please contact:

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company's exploration plans, including the Company's goal of achieving commercial production within the next 12 to 14 months, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may choose to defer, accelerate or abandon its exploration plans; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, today announced the filing of our unaudited financial results for the three-and six-month periods ended June 30, 2022, along with a corporate update that includes a change in management and posting of an updated corporate presentation on HEVI's website.

For complete details of the consolidated financial statements and the associated management's discussion and analysis (" MD&A "), please refer to the Company's filing on SEDAR ( www.sedar.com ).

HEVI Q2 & First Half 2022 Highlights:

1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.

The second quarter of 2022 was HEVI's first full quarter as a publicly traded company, cementing HEVI's position as the largest holder of helium exploration rights in North America among publicly-traded helium companies. The most significant highlight during the quarter was our announcement of HEVI's farmout agreement (the " Farmout Agreement ") with North American Helium Inc. (" NAH ") and associated non–brokered, brokered and strategic investor private placements that raised aggregate gross proceeds of $6.9 million. The NAH farmout agreement validates and differentiates HEVI's strategy, while aligning the Company with one of the helium industry's leading operators. The related financings enhanced HEVI's financial flexibility to fund the farmout arrangement and execution of our overall strategy, while also contributing to a cash balance of approximately $14.0 million exiting Q2/22.

HEVI's internal exploration and development program is supplemented by our farmout with NAH which provides additional opportunities and further capital to prove up the Company's asset base and continue driving towards commercialization. Under the farmout, NAH will drill a total of five wells while incurring 100% of the drilling expenditures on three predetermined land blocks in Saskatchewan, representing approximately 2.3 million acres located west of the third meridian (the " Blocks "), excluding our current drilling focus at McCord. For each well drilled, NAH will earn an 80% operated interest in the section on which the well was drilled plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. HEVI will retain a 20% working interest in the earned lands and each successful well drilled by NAH (the " HEVI Working Interest ").

Capital expenditures during the second quarter totaled $1.06 million, largely directed to licensing and environmental work, the commencement of drilling the Company's first helium exploration well, along with the pre-purchase of casing to mitigate against ongoing supply chain issues. Drilling of both wells concluded during the third quarter, and although both indicated the presence of helium, the targeted geological traps did not contain sufficient quantities of helium to support production testing at this time. HEVI is committed to continued capital discipline and is in the process of conducting further analysis on logs and other information obtained through the drilling process to date. We intend to secure additional 2D seismic at McCord to facilitate and enhance visibility into the play, and may also elect to re-enter these wells in the future. We believe the NAH drilling program will also provide valuable data to support the identification of future high-quality drilling targets.

Currently, HEVI has approximately $10 million in cash and stringent cost reduction initiatives in place to optimize funds for asset development. In addition, we benefit from a valuable farmout agreement that can complement our ongoing exploration and development efforts. The HEVI team maintains full confidence in the prospectivity of our sizeable land package and due to the long tenure of helium permits granted by the Government of Saskatchewan, retain considerable flexibility in managing our capital.

Management Change and Updated Corporate Presentation

HEVI also announced today that Chief Financial Officer, Ryan Tomlinson, has resigned his position effective August 24, 2022 having accepted a new role within a different industry. HEVI is currently searching for a replacement to fulfill the duties previously discharged by Mr. Tomlinson. HEVI wishes Mr. Tomlinson the best in his future endeavours.

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company's website , which includes an updated corporate presentation , and are invited to follow the Company on LinkedIn and Twitter for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive' research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent media articles , HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

For further information, please contact:

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company's exploration program, including the purchase of 3D seismic and activities related to the Farmout Agreement, increasing shareholder value, the retention of a new chief financial officer and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may choose to defer, accelerate or abandon its drilling plans; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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E-Tech Resources Inc. (TSXV: REE) ("E-Tech" or "Company") is pleased to announce that it has appointed Professor Frances Wall as a director effective immediately. Professor Wall replaces Mr. Ed Loye on the board of directors. Mr. Loye will remain as a technical consultant to the Company.

Frances Wall is Professor of Applied Mineralogy at Camborne School of Mines, University of Exeter, has a BSc in geochemistry from Queen Mary University of London and a PhD in rare earth-rich carbonatites from the University of London. Frances has over 30 years experience researching the geology and process mineralogy of global rare earth deposits and practically linking exploration stage studies to responsible sourcing outcomes. Frances has also led large consortium research projects such as HiTech AlkCarb and SoS RARE and is currently Principal Investigator for the UK Research and Innovation Interdisciplinary Circular Economy Centre for Technology Metals (Met4Tech). Frances is Chair of the British Geological Survey Science Advisory Committee, a member of the UK Critical Minerals Expert Committee, was named in the WIM UK '100 Global Inspirational Women in Mining' 2016 edition and awarded the William Smith Medal of the Geological Society of London for applied geoscience in 2019.

Dan Whittaker, Chairman and Interim CEO of E-Tech stated, "We welcome Frances to the board and look forward to her sharing her expertise with the company. I also want to thank Mr. Loye for his service as a director and am very pleased he will continue to contribute to our efforts in Namibia as a consultant."

This press release may contain forward-looking information, such as statements regarding the appointment of directors and consultants. This information is based on current expectations and assumptions (including assumptions relating to general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results suggested in any forward-looking information. E-Tech does not assume any obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by securities laws applicable to E-Tech. Additional information identifying risks and uncertainties is contained in the filings made by E-Tech with Canadian securities regulators, which filings are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact Daniel Whittaker, Interim CEO of E-Tech Resources Inc., at (902) 488-4700 or Chris Drysdale, VP at +264 81 220 2439.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134565

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Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, today provides an update on the first two exploration wells drilled at the Company's 100% owned and operated McCord property, HEI-1 (HEI 06-12-006-05W3M) and HEI-2 (HEI 06-2-006-06W3M).

Following casing and evaluation of both wells, initial results did not return sufficient quantities of helium to warrant production testing. As such, field operations on both wells have been halted in order to conduct further analysis on the results and the Company's planned operations program. HEVI has released the contracted rig and is currently reviewing all information gathered during the drilling operations to reassess its exploration model before undertaking additional drilling.

"Although these initial results are disappointing, they do not change our positive long-term outlook for our asset base given the strong indications of helium in the area based on adjacent operators' success," said Greg Robb, President & CEO of HEVI. "We are analyzing all of the data we have collected to assist us in planning our operations program as we move forward, and will pursue the acquisition of additional seismic to support our efforts. The HEVI team maintains confidence in the prospectivity of our large land package and will regroup to determine the optimal path forward to generate maximum value for our shareholders."

With approximately $10 million in cash on the balance sheet, HEVI has sufficient liquidity to pause on its planned six-well drilling program. The Company intends to direct a portion of available funds to a seismic program that can facilitate further evaluation and drilling target identification. In addition to the Company's operations in the Mankota/McCord area, HEVI also has a five-well commitment from North American Helium Inc. (" NAH ") following the execution of a farmout agreement that was finalized on June 28 th , 2022. It is anticipated that the NAH drilling program will provide HEVI with valuable data to help expand understanding of the play. Should NAH elect to drill development wells, HEVI expects to allocate a portion of funds towards those projects and would retain a 20% working interest in both the lands earned and each successful well drilled by NAH.

For further information, please contact:

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company's exploration plans, arrangements with NAH pursuant to the farmout agreement and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may choose to defer, accelerate or abandon its exploration plans, including the proposed seismic purchase; the Company and NAH may determine to amend the farmout agreement; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that our first helium well, HEI 06-12-006-05W3M (" HEI-1 "), was spud on June 25, 2022 at the Company's 100% owned and operated McCord property in southern Saskatchewan, described in more detail below. In addition, further to our news release dated June 9, 2022 the Company has closed our non–brokered, brokered and strategic investor private placements raising aggregate gross proceeds of $6,918,200 through the issuance of 17,295,500 total units (" Units ") at $0.40 per Unit.

First Well Spud at McCord Property

Drilling of HEI-1 is expected to take approximately 15 days from the spud date to reach total depth of approximately 2,670 metres targeting the Deadwood formation. The HEI-1 well location targets a structural high, a geological characteristic typically associated with high concentrations of helium, and was selected based on detailed geological and geophysical seismic interpretation of the Deadwood formation. Offsetting wells have been drilled in the immediate area by other operators.

"Spudding our first well at McCord is another significant milestone for HEVI. The HEI-1 drill represents one of six locations already identified on the McCord property in our inaugural 2022 drilling campaign," said Greg Robb, President & CEO of HEVI. "Our drilling program is a critical step in successfully proving up our acreage at McCord and supporting our broader commercialization plans. As a result of our farmout agreement , HEVI's program will be complemented by North American Helium Inc. (" NAH ") drilling five, 100% funded wells across other land blocks in HEVI's portfolio, with the view to validating the prospective nature of our overall helium land base."

Once drilling concludes, the HEI-1 well will be completed over a 14-day period, during which the Company will conduct flow testing. Preliminary results from the flow test are anticipated by the end of July, with further wells expected to be drilled predicated on the success of HEI-1. Since the spring of 2022, HEVI has also been advancing the engineering and design required for processing facilities while also engaging in discussions to secure an offtake agreement.

F armout Agreement with North American Helium Inc.

As announced on June 9 th , the Company has entered into a farmout agreement with NAH pursuant to which NAH will drill a total of five wells, incurring 100% of the drill expenditures, on three predetermined blocks of land in Saskatchewan comprising approximately 2.3 million acres located west of the third meridian (the " Blocks "). For each well drilled, NAH will earn an 80% operated interest in the section on which the well was drilled plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. The farmout agreement specifically excludes HEVI's current drilling focus in the McCord area. The Company will retain a 20% working interest in the earned lands and each successful well drilled by NAH (the " HEVI Working Interest ").

NAH must notify HEVI of its five drilling targets within six months following the execution date of the Farmout Agreement, with a requirement to drill all five wells within 24 months. NAH must drill one well in each of the three Blocks, with no more than three wells drilled in any given Block.

In connection with the entering into of the farmout agreement, HEVI and NAH have entered into a standstill agreement pursuant to which NAH will be subject to certain standstill restrictions relating to, among other things, the acquisition of HEVI securities for a 24-month period following completion of the Offerings (as defined herein). In addition, HEVI and NAH have entered into a pro rata participation and board nomination agreement pursuant to which NAH will be permitted to maintain its pro rata undiluted percentage of HEVI Common Shares following completion of the Offering for a 24-month period. Furthermore, should NAH's ownership reach over 10% in the next two years, NAH will have a right to appoint a nominee to the HEVI board of directors.

Pursuant to the Offering, HEVI issued: (i) 8,750,000 Units to NAH for total gross proceeds of $3,500,000 (the " Strategic Investor Private Placement "); (ii) 3,175,500 Units via a non-brokered private placement for gross proceeds of $1,270,200 (the " Non-Brokered Private Placement "); and (iii) 5,370,000 Units via a brokered private placement with Peters & Co. Limited (" Peters & Co. " or the " Agent ") acting as sole bookrunner, for gross proceeds of $2,148,000 (the " Brokered Offering " and combined with the Strategic Investor Private Placement and Non-Brokered Private Placement, the " Offering s ").

Each Unit is comprised of one common share of HEVI (" Common Share ") and one third of one Common Share purchase warrant (each whole warrant, a " Warrant ") with each whole Warrant entitling the holder thereof to purchase one Common Share of the Company at a price of $0.70 at any time on or before the date which is 24 months from today (the " Expiry Date "). If the 30-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the " TSXV ") is at or above $1.20 per Common Share, the Company may accelerate the Expiry Date by giving notice thereof to the holders of the Warrants, and in such case the Expiry Date will be the day that is 30 calendar days after the date on which such notice is given by the Company. Notwithstanding any of the foregoing, the Expiry Date will be no less than six months from today.

All Common Shares (including any Common Shares issuable on exercise of the Warrants) and Warrants issued under the Offerings are subject to a hold period expiring four months and one day from closing in accordance with applicable securities laws.

Pursuant to the Offerings, a total of 17,295,500 Common Shares and 5,765,152 Warrants were issued to subscribers. In connection with the Offerings, the Company paid commissions and finders fees totalling $349,960. In addition, the Company issued 175,000 Warrants to a finder in connection with the Strategic Investor Private Placement.

The net proceeds of the Offerings will be used to fund HEVI's obligations with respect to the HEVI Working Interest (as defined below), including with respect to drilling and facilities, the ongoing drilling and development capital expenditure program of the Company and for general corporate purposes.

Certain directors and officers of the Company (the " Related Parties ") subscribed for an aggregate of 2,130,000 Units pursuant to the Non-Brokered Private Placement, with such subscriptions constituting, in each case, a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (" MI 61-101 "). The Company intends to rely on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the subject matter of, and the consideration paid in the Offerings, in relation to the Related Parties, does not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101. The participation by each of the Related Parties in the Offerings has been approved by directors of the Company who are independent with respect to such transactions. The Company did not file a material change report more than 21 days before the expected closing of the Offerings, as the details of the Offerings were not finalized until immediately prior to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.

For further information, please contact:

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company 's drilling plans , timing for completion of the HEI-1 well, the arrangements with NAH pursuant to the farmout agreement , the use of proceeds from the Offering and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may reallocate the proceeds of the Offering for reasons that management believes are in the Company's best interests; the Company may choose to defer, accelerate or abandon its drilling plans ; the Company and NAH may determine to amend the farmout agreement; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

This press release is not for distribution to U.S. news services or for dissemination in the United States. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), announced today a correction to its press release issued June 8, 2022 under the same headline to include the price per Unit at $0.40. Complete and corrected text follows.

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, has entered into an agreement with North American Helium Inc. (" NAH ") with respect to a proposed farmout agreement (the " Farmout Agreement ").

NAH is a private helium company which is engaged in the exploration, development, production, refining and marketing of helium in North America. Concurrently with the entering into of the Farmout Agreement, the Company intends to complete (i) a private placement of units (" Units ") at a price of $0.40 per Unit (the " Offering Price ") to NAH for total gross proceeds of $3.5 million (the " Strategic Investor Private Placement "), (ii) an insider private placement of Units at the Offering Price to directors, officers and employees of the Company for gross proceeds of approximately $500,000 (the " Insider Private Placement "), and (iii) a brokered commercially reasonable efforts private placement, with Peters & Co. Limited (" Peters & Co. " or the " Agent ") at the Offering Price for up to $4.5 million (the " Brokered Offering ", and combined with the Strategic Investor Private Placement and Insider Private Placement, the " Offering "), for combined aggregate gross proceeds of up to $8.5 million. In connection with the Brokered Offering, the Company has granted the Agent an option to sell up to an additional 15% of the Units issued under the Brokered Offering (up to 1,687,500 Units) at the Offering Price, exercisable in whole or in part at any time until 48 hours prior to the time of closing of the Brokered Offering. The Offering will close on or about June 28, 2022 (the " Closing Date ").

Each Unit will consist of one common share of the Company (a " Common Share ") and one third of one Common Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant shall entitle the holder thereof to purchase one Common Share of the Company at a price of $0.70 at any time on or before the date which is 24 months after the Closing Date (the " Expiry Date "). If the 30-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the " TSXV ") is at or above $1.20 per share, the Company may accelerate the Expiry Date by giving notice thereof to the holders of the Warrant, and in such case the Expiry Date will be the day that is 30 calendar days after the date on which such notice is given by the Company. Notwithstanding any of the foregoing, the Expiry Date will be no less than six months from the Closing Date.

Farmout Agreement with North American Helium

NAH will drill a total of five wells, incurring 100% of the drill expenditures, on three predetermined blocks of land in Saskatchewan comprising approximately 2.3 million acres located west of the third meridian (the " Blocks "). For each well, NAH shall have earned an 80% operated interest in the section on which the well was drilled plus nine contiguous sections of land adjoining to the well, up to a maximum of 32,000 acres. The Farmout Agreement specifically excludes HEVI's current drilling focus in the McCord area. The Company will retain a 20% working interest in the earned lands and each successful well drilled by NAH (the " HEVI Working Interest ").

"This Farmout Agreement with North American Helium truly sets us apart, as we are able to work with one of the helium industry's leading operators, and to welcome them as a strategic equity investor," said HEVI CEO, Greg Robb. "Having this Farmout Agreement validates our original strategy to acquire sizeable acreage in Saskatchewan in regions featuring a high probability of helium reserves, while the Offering allows HEVI to successfully fund the farmout arrangement with North American Helium and provides substantial financial flexibility to continue executing our overall strategy."

Pursuant to the Strategic Investor Private Placement, NAH will subscribe for 8.75 million Units for total gross proceeds of $3.5 million. In connection with the Strategic Investor Private Placement, the Company will pay a finder's fee on terms compliant with the policies of the TSXV.

HEVI and NAH will enter into a standstill agreement pursuant to which NAH will be subject to certain standstill restrictions relating to, among other things, the acquisition of HEVI securities for a 24-month period following completion of the Offering. In addition, HEVI and NAH have entered into a pro rata participation and board nomination agreement pursuant to which NAH will be permitted to maintain its pro rata undiluted percentage of HEVI Common Shares following completion of the Offering for a 24-month period. Furthermore, should NAH's ownership reach over 10% in the next two years, NAH will have a right to appoint a nominee to the HEVI board of directors.

Use of Proceeds of the Offering

The Offering is integral to funding the Company's obligations with respect to the HEVI Working Interest and as such the Company will be relying on the 'part and parcel pricing' exemption allowed by the TSXV with respect to the pricing of the Offering. The net proceeds of the Offering will be used to fund HEVI's obligations with respect to the HEVI Working Interest, including with respect to drilling and facilities, the ongoing drilling and development capital expenditure program of the Company and for general corporate purposes.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV.

The Common Shares, Warrants and any Common Shares issued upon exercise of the Warrants will be subject to a four month and one day hold period under applicable Canadian securities laws from the Closing Date.

For further information, please contact:

Forward-looking statements in this document include statements regarding the Company's expectations regarding the commencement of drilling by the Company, the closing of the transactions disclosed in the press release, including the completion of the Offering (including the approval of the TSXV with respect thereto) and the entering into of the Farmout Agreement, the use of proceeds from the Offering and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the TSXV may refuse to grant approval of the Offering; the transactions described in this press release may not close; the Company may reallocate the proceeds of the Offering for reasons that management believes are in the Company's best interests; the Company may choose to defer, accelerate or abandon its drilling plans; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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