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First Helium Licenses First Well on Worsley Property to Begin Drilling in Early November

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The Well is Located Near the Company's Successful Helium Discovery Well

TSXV: HELI FRA: 2MC

CALGARY, AB, Oct. 20, 2021 /CNW/ - First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), a helium exploration company with access to significant development opportunities across western Canada, is pleased to announce that it has received required licensing from the Alberta Energy Regulator ("AER") to begin drilling its first exploratory well ("First Well") on its core Worsley Property. The Company expects to commence its helium-focused drilling operations in early November, 2021.

First Helium Inc. (TSXV: HELI) (FRA: 2MC) (CNW Group/First Helium Inc.)
First Helium Inc. (TSXV: HELI) (FRA: 2MC) (CNW Group/First Helium Inc.)

"The receipt of the license from the AER is an exciting milestone for First Helium as it allows us the opportunity to build on the strong results from the Discovery Well," said Ed Bereznicki, President & CEO of First Helium. "I would like to thank our team members for their hard work and dedication leading up to this point, as well as our investors and other stakeholders for their support along the way. First Helium has a strong foundation and I look forward to begin producing and delivering helium to market," added Mr. Bereznicki.

The First Well is located near the Company's discovery well ("Discovery Well"), which was previously tested to contain 1.3% helium content based on a 10-day flow period at 2 million cubic feet per day of raw gas. The raw gas stream is comprised of approximately 65% natural gas, which will be produced along with the helium gas, sold to market and also used to generate power for facility operations. Assuming the same raw gas flow rate, approximately 22 barrels of associated liquid condensate will also be separated, collected and sold to market.

The Company expects that the First Well will be completed and then shut-in, pending tie-in along with the Discovery Well for production and processing to a new helium and natural gas processing facility. First Helium is in the process of soliciting financing alternatives to fund the cost of the processing facility, including the possibility of engaging a third-party custom processor. A detailed geological and geophysical evaluation of the Company's lands in the vicinity of the Discovery Well, the First Well and along the broader Worsley Trend has yielded additional drill locations. First Helium will incorporate the results from the drilling and testing of the First Well to strategically pursue these, and potentially new drilling locations.

ABOUT FIRST HELIUM

First Helium is a helium exploration and development company operating in the Worsley area of Alberta, Canada. In response to the shifting supply dynamics of the global helium marketplace, First Helium was founded to capitalize on the untapped potential of significant helium resources in Western Canada. Building on its successful discovery well, which has repeatedly production tested at over 1.3% of helium content and 65% natural gas content, First Helium is working to develop its land base of over 79,000 acres along the highly prospective Worsley helium trend, and 880,000 acres of exploration option lands located in southeast Alberta, near existing helium operations. To establish its operating base, First Helium seeks to market its helium gas into the North American market via term off-take marketing arrangements with established third-party distribution companies.

For more information about the Company, please visit www.firsthelium.com. The Company's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on its profile page on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznicki
President, CEO and Director

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 listing of the Common Shares on the Exchange, 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. 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.

SOURCE First Helium Inc.

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