Avanti Helium Corp. announced that it has received an updated contingent resource estimate from McDaniel & Associates Ltd. ("McDaniel") dated January 31, 2023. The updated total unrisked P50 contingent resource estimate for the Sweetgrass Pool in Greater Knappen has increased by 22% to 221MMcf of net recoverable helium.

The Company's net interests in mineral lands that contain a contingent and prospective resource estimate vary from 91% to 75%. While there are no estimates currently available, the Company has engaged a facility engineering firm to assess recovery technologies and associated costs. The Company is working toward an on-stream production target of late 2023-early 2024 but this cannot be offered as a firm estimate at this time.

Like all projects at this stage of advancement, the Greater Knappen resource is contingent on funding for development and production and, due to the standard cautions regarding resource price fluctuations and project development and construction risk, there is uncertainty that the project will be commercially viable to produce any portion of the contingent resources. The estimates presented in this news release are based on data and test results from two wells. There is potential for future drilling activity to materially impact the estimated volumes based on additional geological data and production testing.

Estimated pool volumes may increase or decrease in the future. Additionally, the contingent resources estimated for the Sweetgrass Pool and offsetting locations relies on comparisons to analogous wells, and no production data is available from the well included in this estimate. Accordingly, the reader is cautioned that disclosure of helium in place volumes is not included in NI 51-101 guidelines.

The resource provides an estimate of raw gas. In February 2023, preliminary lab results showed the raw gas composition of Cambrian zone at the WNG 10-21 well was 97.5% Nitrogen, 1.1% -1.2% Helium, 1.1% Methane, 0.3% Co2 and trace amounts of other hydrocarbons. The resource estimates presented above are subject to certain risks and uncertainties, including those associated with the drilling and completion of future wells, limited available geological data, prices of the various raw gases and geophysical data and uncertainties regarding the actual production characteristics of the reservoirs, all of which have been assumed for the preparation of the resource estimates.