First Helium

A PREMIUM HELIUM PROJECT

WORSLEY AREA

53,000 Acres on Core Project, 100%-Owned, multi-zone drilling opportunities for helium, natural gas and oil
“15-25” Discovery Well Tested 1.3% Helium, 3rd Party Evaluation, peer-group-leading helium resource
Two Key Plays:
- Blue Ridge Play - Regional horizontal repeatable natural gas play with associated helium content which increases netback economics by 3 – 4x of a typical natural gas well.
- Leduc Play - Large inventory of Leduc drilling targets identified on proprietary 3D seismic, including a recently interpreted, significant structure on trend with past discoveries.
Ten-year, take-or-pay, with first 5 years firm price, helium offtake sales agreement and 20% volume availability for direct/alternative sales strategies
“5-27” Horizontal Helium Target, ready to test and complete, Sets Up Potential Regional Play

First Helium Contingent resources report | Discovery well 15-25

Volumes
Helium mmcf	Natural Gas mmcf	Natural Gas Liquids mbbl
323	12,632	372

Net Present Values
0% $MM	5% $MM	10% $MM
$78,282	$32,158	$15,243

Sproule Associates Ltd. (“Sproule”) Report Unrisked Best Estimate Contingent Resources ¹

Capital required: $10.5MM for single well facility to produce Discovery Well
Helium pricing assumption: constant $340/mcf adjusted for transportation

Other product pricing: Sproule March 31, 2021 forecast

NPV 10%
$300 / mcf $MM	$340 / mcf $MM	$400 / mcf $MM	$500 / mcf $MM	$600 / mcf $MM
$12.1	$15.2	$19.9	$27.7	$35.5

Sproule Unrisked Best Estimate Contingent Resources

Sensitivity to helium pricing prepared by First Helium Management
Helium Prices in Canadian Dollars, Base Case $340 per mcf

_{1. See First Helium’s Final Prospectus dated June 28, 2021, filed on First Helium’s SEDAR profile at www.sedar.com for additional information.}

WORSLEY HELIUM PROJECT

HELIUM DISCOVERY WELL “15-25” UNDERPINS PROJECT DEVELOPMENT

Ready to produce helium gas, pending installation of scalable, modular, processing facility.
Helium sales offtake agreement in place, first 5 years fixed pricing, take-or-pay, 20% of production available for direct or alternative sales strategies.

UPSIDE DEVELOPMENT ON ADJACENT HELIUM PROSPECTIVE LANDS

Historically active oil & gas exploration area with attractive helium levels across Trend.
12 additional multi-zone, multi-commodity prospective drill locations and exploration upside potential across 100%-owned land base.
New, large structural Leduc feature identified on recent 3D seismic.
Highly prospective, untested Leduc helium potential on eastern side of land base.

HELIUM PRODUCTION GROWTH VISIBILITY

Preliminary engineering on helium processing facility completed, evaluating financing alternatives.
On-stream 9-12 months from funding and kick-off.
Natural gas gathering infrastructure in place to expedite on-stream timing.
5-27 Horizontal Well in Blueridge zone, potential helium target, cased for completion and testing. Sets up for regional, repeatable play. Multiple follow up locations.

The Worsley Project is a

100% owned
53,000-acre

land package covering the prolific Leduc Reef Trend in Northern Alberta, Canada.

WORSLEY UNDEVELOPED LANDS

Along the Worsley Trend, oil and gas companies have drilled over 270 wells into the Leduc Formation or deeper. This provides First Helium with an excellent data set to pursue the exploration for helium and hydrocarbons along the trend.

WORSLEY AREA POTENTIAL

The Leduc Formation consists of a series of patch reefs and associated marine rock units that were deposited along the northern flank of the Peace River Arch. Pools along this trend have produced more than 140 billion cubic feet of natural gas. Approximately 80% of the Leduc wells produced natural gas along with helium, and 20% produced oil.

The Company estimates that the Leduc Formation has produced about 1 billion cubic feet of unrecovered helium in historical natural gas production.

First Helium’s discovery well 15-25, drilled in 1999, contains 1.3% helium and 26% nitrogen. The operator shut the well in and didn’t produce it due to high nitrogen content, and lower heating value natural gas. However, today the value of the helium changes the economics of these wells.

The granitic rocks underlying the area generate helium from natural radioactive decay. The helium has migrated up into the same rocks that trap hydrocarbons. The Peace River Arch and the Worsley Trend in particular, host multiple formations in addition to the Leduc that contain such traps.

Worsley discovery wells

HELIUM DISCOVERY WELL 15-25

1.3% HELIUM
10 DAY FLOW TEST @2MMCF/D
65% NATURAL GAS & 12 BBLS/MMCF OF CONDENSATE
CONFIRMS 3D SEISMIC MODEL

HELIUM TARGET WELL 14-23 (NEW ID "5-27")

HORIZONTAL WELL
CASED, AWAITING COMPLETION
SUCCESSFUL TEST SETS UP POTENTIAL REGIONAL PLAY

LIGHT OIL DISCOVERY WELL 1-30

DRILLED ON 3D SEISMIC
ON-STREAM JANUARY 23, 2022
WELL PAY-OUT < 2 MONTHS

LIGHT OIL DISCOVERY WELL 4-29

DRILLED ON 3D SEISMIC
ON-STREAM APRIL 8TH, 2022

Worsley PIPELINE INFRASTRUCTURE ACQUIRED

Legend:

Acquired Gathering Lines
Natural Gas Sales Line (TC Energy)
3rd Party Gathering & Processing

NATURAL GAS GATHERING SYSTEM

46 km of natural gas gathering lines
Facilitates development across entire Worsley Trend
Estimate replacement cost of $7 - 9 mm

Includes ~ 3,700 net acres of undeveloped land
All-in acquisition cost < $750k

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