First Helium Inc. · TSXV:HELI
First Helium — Investor Presentation (April 2026)
33 slides from First Helium's investor presentation, April 2026
Slide 1: Alberta Helium Development Play - With Oil Upside
ALBERTA HELIUM DEVELOPMENT PLAY - TSX-V: HELI WITH OIL UPSIDE OTCQB: FHELF FRA: 2MC APRIL 2026 CORPORATE PRESENTATION
Slide 2: Cautionary Notes & Forward Looking Statements
CAUTIONARY NOTES & FORWARD LOOKING STATEMENTS The information contained herein has been prepared to assist interested parties in making their own evaluation of First Helium Inc. (“First Helium” or the “Company”) and does not purport to contain all of the information that a prospective investor or pa
Slide 3: Future Oriented Financial Information
FUTURE ORIENTED FINANCIAL INFORMATION FUTURE ORIENTED FINANCIAL INFORMATION This presentation may contain future oriented financial information (“FOFI”) within the meaning of applicable Canadian securities laws and applicable United States securities laws, about prospective results of operations, pr
Slide 4: Current Market Environment
CURRENT MARKET ENVIRONMENT IRAN WAR GLOBAL SUPPLY SHORTAGE HELIUM, LNG & OIL Helium – Semi-Conductors, AI, Space Launches, Medical, Etc. • Qatar Facility Attacked ~ 1/3 Global Supply1, Spot Prices Doubled 2 • Production Suspended Since March 26th1 , ~14% Of Capacity Offline for 3 - 5 Years 2,3 • Str
Slide 5: Fast Facts – High Impact Projects "Ready to Go"
FAST FACTS – HIGH IMPACT PROJECTS “READY TO GO” 1. Test Previously Drilled “Blue Ridge” Horizontal Helium Well at West Worsley ➢ Ready Access, Lower Cost Test ➢ Success Generates 30+ Additional Helium/Natural Gas Locations – Phased Development OR Accelerate with Partner ➢ Meaningful Impact to Curren
Slide 6: Attractive Valuation
ATTRACTIVE VALUATION West Worsley “5-27” Hz Helium/Natural Gas Well - Complete and Test– Potential Upside NPV10 2 $8.3 MM Ten Additional Hz Wells at West Worsley “Blue Ridge” Helium Project - Potential Upside NPV10 2 $159.8 MM Helium Well “15-25” Independent Evaluation 1 , Un-risked Best Estimate Co
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS High Quality, Valuable Property Package Exposure to Multiple Commodities: ➢ Helium-Enriched Natural Gas – High Margin, Cash Netbacks 2-3x That Of Canadian Natural Gas ➢ Light & Heavy Oil – Optionality On Expedited Path To Production And Cash Flow Catalyst Rich High Margin Growt
Slide 8: First Helium – Unique Resource Player in Northern Alberta
FIRST HELIUM – Unique Resource Player in Northern Alberta First Helium Inc. (“FHI”) Worsley Core Area 53,000 Acres Project Highlights: • 53,000 Acres (~83 Sq. Miles) 100% - Owned Core Project, 100%-Owned • 41.4 Km2 of New “Proprietary” 3D Seismic, 60.6 Km2 Total • Multi-zone Drilling Opportunity • E
Slide 9: First Mover – Northern Alberta Helium Natural Gas Play
FIRST MOVER – NORTHERN ALBERTA HELIUM NATURAL GAS PLAY 6 Miles Approx. 10 Km Blue Ridge and Leduc INCREASING HELIUM CONTENT % 1.88% He 1.88% He WEST 26 BCF 26 BCF 46 BCF WORSLEY 22 BCF 15-25 0.62% He 0.60% He 1.04% He 1.22% He 1.32% Helium 7-28 Blue Ridge 1.71% He 0.88% Helium WORSLEY 7-30 Shallow 2
Slide 10: Helium Enriched Natural Gas Development
HELIUM ENRICHED NATURAL GAS DEVELOPMENT: - Blue Ridge Hz Regional Play - Leduc Structural Play
Slide 11: Blue Ridge Development - Summary
BLUE RIDGE DEVELOPMENT - SUMMARY ➢ Would Be First Known Helium Enriched Natural Gas Play To Be Developed With Repeatable Horizontal Drilling Technique – Enables Centralized Processing And Handling Facility For Operating Efficiencies ➢ FHI 5–27 Hz Well Drilled Between Two Vertical Offset Wells That P
Slide 12: West Worsley Blue Ridge Development Scenario
WEST WORSLEY BLUE RIDGE DEVELOPMENT SCENARIO Offset Vertical Blueridge Wells ➢ Successful Completion & Testing Of Existing 0.74 BCF Helium: 0.88% Horizontal 5-27 Well Initiates West Worsley 2.9 mbo Development Of Helium Enriched Natural Gas Play ➢ Potential Upside Development: 14 Primary & 17 Helium
Slide 13: Worsley Blue Ridge Regional Play
Re-Complete & Test Existing 1-30 Vertical Well – WORSLEY BLUE RIDGE Success Sets Up Immediate Area Development REGIONAL PLAY Horizontal Well Area Wells with Blue Development: Ridge Production 14 Primary, 17 Follow-up Complete & Test Locations Existing Horizontal Well in West – Sets Up Regional, Repe
Slide 14: Blue Ridge Forecast Horizontal Well Economics
BLUE RIDGE FORECAST HORIZONTAL WELL ECONOMICS Forecast Production & Economics - Existing 5-27 Blue Ridge Horizontal Well Capex - Completion, Equip. & Tie-in ($M) 1,400 5-27 Blueridge Horizontal Gas Production vs Time 4000 Before Tax Rate of Return 181.7% Raw Gas Production mcf/d 3500 IP: 3,000 mcf/d
Slide 15: Worsley Leduc Play – Helium, Natural Gas, & Oil Opportunity
WORSLEY LEDUC PLAY – Helium, Natural Gas, & Oil Opportunity 15-25-87-2W6 Leduc Gas 1-30-87-2W6 Direct Correlation on 3D He: 1.3% Leduc Oil Seismic: 4-29-87-2W6 ➢ Model Works – 3 Successful Leduc Oil Proprietary Wells 3D Seismic ➢ 15-25 Helium/Gas Well Ready to Produce Pending Facility ➢ 3 Drilling L
Slide 16: Economics of the 15-25 Leduc Helium Enriched Natural Gas Well
ECONOMICS OF THE “15-25” LEDUC HELIUM ENRICHED NATURAL GAS WELL $ Canadian Unless Otherwise Shown Why We Like Helium Enriched Gas: ~ 2 - 3x the Cash Flow of a Typical Natural Gas Well !! CURRENT LONG TERM HELIUM MARKET Helium Price $C / mcf $500 Natural Gas Producers1 (No Helium) Revenue per mcf of
Slide 17: Worsley Project Area Scalability
WORSLEY PROJECT AREA SCALABILITY – HELIUM ENRICHED NATURAL GAS One Vertical West Worsley Total Project Project Scale – Indicative Economics Well (Existing Repeatable Drill “Blue Vertical + Helium & Natural Gas Only “Leduc” 15-25)3 Ridge” Project2 Horizontal Helium Price ($C / mcf) $500 $500 $500 Tot
Slide 18: Helium Peer Group Comparison Highlights
HELIUM PEER GROUP COMPARISON HIGHLIGHTS As HELI Approaches Helium Production Stage, Value Expansion Potential ~10 to 15+ Times Implied Helium Trading Value Comparison - $/mcf He Resource 1 MARKET CAP./RESOURCE ($/MCF) MARKET CAPITALIZATION ($MM) 400 ~Helium Gas Resource = In Situ Raw Gas $100,000 HE
Slide 19: A Word on Helium Content or Grade
A WORD ON “HELIUM CONTENT” OR “GRADE” COMPARING ABSOLUTE HELIUM PERCENTAGE “GRADES”, OR HELIUM CONTENTS, AMONG PLAYS CAN BE MISLEADING. WHAT MATTERS IS TOTAL AMOUNT OF HELIUM VOLUME PRODUCED FOR COMMERCIAL SALE. ➢ Raw Gaseous Helium Production At Field Level Is Measured By Volume At The Well Head, A
Slide 20: Corporate Bench Depth
CORPORATE BENCH DEPTH First Helium boasts a seasoned management team, board and advisory group with successful track records and experience in oil and gas exploration and production, capital markets and finance, helium project development, construction and project management, and mining exploration
Slide 21: Independent Directors
INDEPENDENT DIRECTORS Todd Holmstrom Cal Watson B. Sc. P. Eng. 33+ years in leadership roles in Oil & Gas, 35 years Oil and Gas experience Mining, Wireless Communications, and Medical Devices ● Multiple roles across Operations, Production, and Reservoir Engineering, Gas ● Held the position of Presid
Slide 22: Share Capitalization
SHARE CAPITALIZATION COMMON SHARES OUTSTANDING AS AT JANUARY 1, 2026 Stock Symbol: TSXV - ”HELI” & OTCQB - “FHELF” Basic 213.9 (MM) Options (Wtd. Avg. Exercise Price $0.20) 12.8 (MM) Warrants (Wtd. Avg. Ex. Price $0.05, Proceeds $6.3 MM, Expire 2027) 127.5 (MM) Fully-Diluted 354.2 (MM) Management, D
Slide 23: Thank You
THANK YOU Contact us for more information on this investment opportunity! FIRST HELIUM INC. Corporate Office Suite 550, 800 West Pender Street Vancouver B.C. V6C 2V6 Canada Head Office Suite 950, 635 Eighth Avenue SW Calgary, AB T2P 3M3 Canada Email: ir@firsthelium.com Toll-Free: (833) HELIUM-1 (833
Slide 24: Appendix: Charlie Lake Shallow Heavy Oil Development
APPENDIX: CHARLIE LAKE SHALLOW HEAVY OIL DEVELOPMENT
Slide 25: Charlie Lake Development - Summary
CHARLIE LAKE DEVELOPMENT - SUMMARY ➢ Discovery Well 7-30 Swab Tested For 2 Calendar Days At 50 bbls Oil - Adjacent Well 1-30 Had “Free Oil” Over The Shale Shaker While Drilling ➢ Perfect Target For Latest Advances In Multi-leg, Open Hole Horizontal Drilling Being Applied In Leading Heavy Oil Plays (
Slide 26: Shallow Heavy Oil - Charlie Lake Multi-Leg Horizontal Opportunity
SHALLOW HEAVY OIL - Charlie Lake Multi-Leg Horizontal Opportunity Potential Area Development CHARLIE LAKE ATTRIBUTES • Rock Type: Slightly Sandy Dolomite Play - Keys off Recent Drilling Recent Drill 7-30 • Depth: 900-975 m Tested 50 bbls Oil Over Results at 7-30 & 7-15 2 Calendar Days • Oil: 12-16 D
Slide 27: Charlie Lake Pool Development Map – Build Off 7-30 Oil Test
CHARLIE LAKE POOL DEVELOPMENT MAP – BUILD OFF 7-30 OIL TEST ➢ Phase 1 - Initial Project Rg3W6 Rg2W6 Pool Development, Total 13 Wells First Well (1-30 to 7-30): Follow-up Wells(12): ➢ Future Land Acquisitions Will Add Locations ➢ First Horizontal Will Use Existing Vertical Wells 7- Sample with Good S
Slide 28: Shallow Heavy Oil - Charlie Lake Multi-Leg Horizontal Opportunity
SHALLOW HEAVY OIL -Charlie Lake Multi-Leg Horizontal Opportunity Attractive Indicative Play Parameters WTI Oil Price $70 BAYTEX 10 180 $US/bbl $60 $65 BASE $75 $80 @ $75 Horizontal Type Well - First 3 Years 160 IRR % 53.4 74.4 97.7 122.4 147.3 95 – 250+ 140 Payback - Years 1.5 1.2 1.0 0.9 0.8 0.7 –
Slide 29: Shallow Heavy Oil - Program Economics Phase 1
SHALLOW HEAVY OIL Charlie Lake Multi-Leg Horizontal Opportunity Program Economics – Phase 1 Initial Project – At $US 65 WTI ($C Unless Otherwise Shown) Year 1 Year 2 Year 3 Year 4 Year 5 5 Year Total AFE *Capex Per Initial Revenues Wells Producing Wells 8 15 15 15 15 Drilling $1.8 mm Oil Production
Slide 30: Charlie Lake Analog Comparison - Sparky Play
CHARLIE LAKE ANALOG COMPARISON - Sparky Play Evolution from Single Leg to Multi-Leg Horizontal (“Hz”) Boosts IP up to 23x Reservoir Parameters Baytex Sparky FHI Charlie Lake Pay Thickness - m 2-5 1.5 – 3 Depth - m 600 900 - 975 Oil Gravity - °API 11 - 12.5 12 - 16 11 – 23 x Viscosity - cP 4,000 - 6,
Slide 31: Risk Factors
RISK FACTORS Readers should carefully consider the risks and uncertainties described below and in First Helium’s Final Prospectus dated June 28, 2021, filed on First Helium’s SEDAR profile at www.sedar.com before deciding whether to invest in First Helium’s securities. These risk factors do not nece
Slide 32: Risk Factors
RISK FACTORS There is no assurance that further commercial quantities of helium, natural gas or oil will be discovered or acquired by First Helium. Helium, natural gas and oil exploration, development and production operations are subject to all the risks and hazards typically associated with such o
Slide 33: Risk Factors
RISK FACTORS Reliance on key personnel The success of First Helium will depend in large measure on certain key personnel and management. The loss of the services of such key personnel could have a material adverse effect on First Helium. The competition for qualified personnel in the helium, natural