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 unrisked contingent resource “best” estimate of NPV10 $15.2MM, and NPV10 over $30MM at current helium prices.

OIL DISCOVERY WELLS “1-30” & “4-29” PROVIDE CASH FLOW TO HELP FUND CAPEX

Sproule NI 51-101 Reserves over 500,000 barrels of light oil Proved + Probable, NPV10 ~$25MM.
Strong oil prices provide immediate cash flow to help fund Capex program and boost NAVPS.

UPSIDE DEVELOPMENT ON ADJACENT HELIUM PROSPECTIVE LANDS

Historically active oil & gas exploration area with attractive helium levels across Trend.
Additional drill locations and exploration upside potential across 100%-owned land base.
25,000+ acres of new exploration land acquired, contiguous with existing helium and oil discoveries.

HELIUM PRODUCTION GROWTH VISIBILITY

Preliminary engineering on helium processing facility completed, securing helium gas offtake, and evaluating financing alternatives.
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 drilled August ‘22, cased for completion and testing in coordination with helium processing facility.

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

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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

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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

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HELIUM DISCOVERY WELL 15-25

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

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

INDEPENDENT OIL EVALUATION

OVER 500,000 BARRELS
Proved + Probable RESERVES
NPV10 ~$25mm
Water Disposal Plan to Optimize Production and Reduce Op Costs (In Regulatory Application Process)

Worsley PIPELINE INFRASTRUCTURE ACQUIRED

Worsley-INFRASTRUCTURE

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

ECONOMICS – INDICATIVE WORSLEY DEVELOPMENT PLAN

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Well understood geology reduces exploration risk
4 additional drill locations identified on existing 3D seismic along with one re-entry candidate for the 2023 drill program
Numerous locations identified on 2D seismic over Company lands - to be further defined by 3D seismic
First Helium currently has approximately 9,500 acres of 3D seismic along the trend which has been instrumental in drill location selection and exploration success

Strategic Land Acquisition

In August ‘22, First Helium acquired an additional 25,600 acres of land contiguous with current holdings
This acquisition solidifies and concentrates the Company’s position on the Worsley Leduc Trend
A planned 6,400 acre 3D program for 2023 will potentially yield a number of drill locations similar to the Company’s 3 discoveries on the trend

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