Helium One Regulatory News (HE1)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

22 May 2023

Helium One Global Ltd

("Helium One" or "the Company")

New CPR confirms a 61% increase in the 2U1 Helium Prospective Resources for the Tai Prospect

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to announce that the Company has completed an independent verification of the prospective resources at the Tai Prospect ("Tai"). The evaluation of the total gas and helium prospective resources, and completion of a competent person's report (CPR) for the Tai prospect has been carried out and issued by reserves auditors ERC Equipoise Ltd (ERCE).

Highlights:

· The deterministic sum of the unrisked estimates of 2U1 net helium prospective resources in the report is 2.8 billion cubic feet ("Bcf") and the deterministic sum of the unrisked 2U1 total gas prospective resources is 212.2 Bcf across the combined intervals of the Lake Bed Fm, Nsungwe Fm, Karoo Sandstone and weathered Basement.

· This demonstrates a 61% increase in the original resource estimate from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd.

· The deterministic sum of the 3U2 net helium prospective resources is 7.1 Bcf in the ERCE report, which is a 30% increase from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd.

· The deterministic sum of the unrisked 3U2 total gas prospective resources is 437.8 Bcf in the ERCE report, which is a 294% increase from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd.

· These substantial increases are the result of more detailed interpretation of the additional 2D seismic data acquired across Tai in 2021, and the Company's improved understanding of the structural closure.

· The CPR will be available on the Company's website shortly.

These results support the work completed by the Company's technical team and demonstrates our technical competency in prospect maturation and identification. Tai remains the best-defined prospect within the Company's portfolio and highlights the opportunity to maximise the economic potential of helium in the Rukwa Basin.

The current global demand for helium is 6.6 Bcf in a US $7 billion market3. Helium prices continue to rise due to the current shortage and with a global average import price4 of US $457/mscf in January 2023, the last twelve months have seen a 39% price increase, a trend set to continue given the global deficit in the interim between new supply streams coming on-line.

Lorna Blaisse, CEO of Helium One, commented:

"We are very pleased to have carried out this independent report with leading reserve auditors, ERCE as it provides us with a robust view of our drill ready prospect. The team has undertaken a huge amount of detailed technical work over the past two years and we are very confident that the Tai prospect gives us the best chance of proving up helium in the Rukwa Basin. With a substantial increase prospective resource and a Geological Chance of Success (CoS) similar to that which was concluded in the previous CPR, I remain encouraged that Tai is still our best prospect in our Rukwa Basin portfolio. I am very thankful to the team for their continued efforts in moving this project forward."

Total and Helium Gas Gross Unrisked Prospective Resources

Notes:

1. Helium One's interest in the licence blocks is 100% working interest. Therefore, gross and net working interest, unrisked Prospective Resources are equal.

2. The Prospective Resources have not been adjusted for geological chance of success (COS). The COS is an estimate of the probability that drilling the prospect would result in a discovery as defined under SPE PRMS

3. In the case of Prospective Resources, there is no certainty that any gas, including helium, will be discovered, nor if discovered will it be commercially viable to produce any portion of the resources.

4. The June 2018 SPE/WPC/AAPG/SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System (PRMS) and associated guidance notes allow for the application of PRMS principles to the estimation of non-hydrocarbon resources. Accordingly, ERCE has applied the principles of the PRMS to the estimation of the Prospective Resources presented here, noting that such application is outside the scope of the PRMS.

5. Unrisked mean totals are not representative of the expected total from the prospect and assumes a success case in all reservoir intervals.

6. The Prospective Resources have not been adjusted for the chance of development. Quantifying the chance of development (COD) requires consideration of both economic contingencies and other contingencies, such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are out-with the knowledge of ERCE they must be used with caution

12U Denotes the unrisked best estimate Prospective Resources

23U Denotes the unrisked high estimate Prospective Resources.

3 Source: Kornbluth Consulting, 2023

4 Source: AKAP Energy, 2023

For further information please visit the Company's website: www.helium-one.com

Contact

ERCE have applied the principles of the Society of Petroleum Engineers Petroleum Resource Management System ("PRMS") to the estimation of the prospective resources. The PRMS allows for the application of the PRMS principles to the estimation of non-hydrocarbon resources, such as helium.

Kai Gruschwitz, Technical Director of Helium One, who has an MSc in Geophysics and is a member of the Geoscience Energy Society of Great Britain (GESGB), the Society of Exploration Geophysicists (SEG) and the European Association of Geoscientists and Engineers (EAGE), has reviewed the information contained in this release.

Glossary:

2U Denotes the unrisked best estimate qualifying as prospective resources, which are those quantities estimated to be potentially recoverable.

3U Denotes the unrisked high estimate qualifying as Prospective Resources

Bcf Billion cubic feet

Mscf Million standard cubic feet

Notes to Editors

Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences totalling more than 2,964km2 across three distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.

The Rukwa, Balangida, and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. The assets lie near surface seeps with helium concentrations ranging up to 10.6% He by volume. All Helium One's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.

The Company's flagship Rukwa Project is located within the Rukwa Rift Basin covering 1,900km2 in south-west Tanzania. The project is considered to be an advanced exploration project with leads and prospects defined by a subsurface database including multispectral satellite spectroscopy, airborne gravity gradiometry, 2D seismic data, and QEMSCAN analysis. The Rukwa Project has been de-risked by the 2021 drilling campaign, which identified reservoir and seal with multiple prospective intervals from basin to near surface within a working helium system.

Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.