Grand Gulf Energy Limited provided an update on the Red Helium project. Jesse#2 well site location finalised - drilling planned for Fourth Quarter 2022; Jesse#2 exclusively targets gas zone - priority to complete well above the gas/water contact to manage the risk of water ingress; Third Red Helium Project well planned for early 2023, with three proirity locations identified - permits in progress. Jesse Discovery The forthcoming drilling of the Jesse#2 well follows the highly encouraging Jesse discovery which included a >200 foot gross gas column (with 101 feet of independently audited1 net pay) and exceptional helium concentrations of up to 1% returned to surface, realising the pre-drill upside case for helium grade in the Jesse structure.

The Jesse#1A well also encountered a productive and strongly pressured reservoir at 2,465 psi. Jesse#2 Well Design. Jesse#2 is designed to minimize the risk of drilling into the water bearing zone, with the planned total well depth terminating at least 50 feet above the identified gas/water contact Jesse#1A.

The well location also uses calibration of 2D seismic data with Jesse#1A and historic well results to target a structural high location on the Jesse feature to maximise the thickness of the gas pay zone. Jesse#2 Location Jesse#2 is located 1.5 miles south-east of the Jesse#1A well and was selected as the best of three mature prioritised locations on the Jesse structure derived from an extensive review of data derived from six historic wells and Jesse#1A with calibrated 2D seismic. Jesse#2 Well Engineering and Development The engineering for the Jesse#2 well incorporates further learnings on the heterogeneous Paradox Basin carbonate rocks from the drilling of the Jesse#1A well.

The Jesse#2 well design includes a managed pressure drilling program through the primary Leadville formation, which will reduce formation damage. Furthermore, the ability to drill underbalance will allow real-time monitoring of reservoir inflow, in excess of normal mud-gas returns, with real-time monitoring of gas compositions using mass spectrometry. On identification of significant helium inflow a bottoms-up flow test will be conducted to characterise the reservoir and in the event of commercial flow rates the well will be completed for production high in the formation.

The results of Jesse#1A stimulation treatment have been used to calibrate stimulation treatment at Jesse#2 and will be implemented post initial reservoir flow characterisation. The Jesse#2 well is within close proximity of the pipeline connected with Grand Gulf's helium offtake partners, Paradox Resources LLC ("Paradox"), Lisbon Valley Helium Plant. Third Red Helium Well Planned Planning is on schedule for a third Red Helium project well following Jesse#2, with the Company currently optimising the preferred drill location, prioritising a further two mature locations on Jesse with total of three permits in progress.

The Company has multiple other locations on Jesse within leased acreage proximal to the pipeline that could be quickly matured to drill-ready. The Company has also identified and matured an optimal location on the drill-ready Earp prospect, one of three highly prospective locations independent of Jesse, testing a structurally high horst block. The independently audited 200 foot gross gas column and 101 feet of net pay at Jesse#1A, along with demonstration of productive and strongly pressured reservoir further de-risks the Red Helium Project.

These results from maiden helium exploration well are highly encouraging and represent a significant discovery given the scale of the resource in one of the most prolific proven producing helium locations on the globe. The Jesse#2 well engineering has incorporated the lessons learned from the evaluation program on the maiden helium exploration well to minimise risk of water production by staying high in the column. Coupled with the managed pressure drilling program to maximise well deliverability, which also essentially allows preliminary flow evaluation whilst drilling, Jesse#2 and Fourth Quarter 2022 in general are shaping up to be an exciting period for the Company and shareholders.

The compelling fundamental commercial pillars of the Red Helium Project remain unchanged with the ability to quickly monetise a commercial well to generate near term free cash flow with minimal time and cost.