First Helium

WORSLEY HELIUM PROJECT

HELIUM DISCOVERY WELL “15-25” UNDERPINS PROJECT DEVELOPMENT

Ready to produce helium gas, pending installation of scalable, modular, processing facility.
Sproule ¹ Unrisked Contingent Resource “Best” Estimate of NPV10 $15.2MM, and at current helium prices is over NPV10 $25MM.

UPSIDE DEVELOPMENT ON ADJACENT HELIUM PROSPECTIVE LANDS

Historically active oil & gas exploration area with attractive helium levels across Trend and exposure to multi-commodities including helium, oil, NGL’s and natural gas
Additional drill locations and exploration upside potential across 100%-owned land base.
Three new drilling targets for Leduc helium and oil on new Seismic lands plus 12 multi-zone highly prospective exploration & development opportunities for helium, oil, and natural gas

HELIUM PRODUCTION GROWTH VISIBILITY

Preliminary engineering on helium processing facility completed, contractors identified, next steps financing and construction.
Ten-year helium sales offtake agreement in place, first 5 years firm pricing, take-or-pay, 20% of production available for direct or alternative sales strategies.
On-stream 9-12 months from funding and kick-off.
Natural gas gathering infrastructure in place to expedite on-stream timing.
14-23 Horizontal Well, potential helium target, cased for completion and testing.

The Worsley Project is a

100% owned
60,000-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

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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