Update on new production wells at Fort Dodge

Mendell Helium is pleased to announce an update on drilling of further production wells proximate to M3 Helium Corporation's ("M3 Helium") Rost 1-26 well ("Rost") in Fort Dodge, Kansas.

Highlights

• Drill permits granted for both the Rost (twin well) and Enlow leases
• Surface preparations commencing this week
• Rig expected to be on site in the week commencing 16 March 2026

As announced on 27 June 2024, the Company has an option (the "Option") to acquire M3 Helium, a producer of helium which is based in Kansas and holds an interest in six producing wells. There is no certainty that the Company's option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete a re-admission. As announced today, the Company and M3 Helium have agreed to extend the date on which the Option should be exercised to 30 April 2026.

Mendell Helium has received notification that the Kansas Corporation Commission has approved drill permits for both of M3 Helium's proposed new production wells in Fort Dodge. These are for a twin well on the Rost lease and a new well on the Enlow lease to the north of Rost. Both new wells will target the Morrow sands, the production zone of Rost, and both are planned to be drilled with 7 inch casing to enable greater water removal and, it is anticipated, greater gas production. As announced on 2 March 2026, a drilling contractor has been secured and a drilling contract has been executed by M3 Helium. Surface works in preparation for drilling are commencing this week and the rig itself is expected to be on site in the week of 16 March 2026.

Nick Tulloch, Chief Executive Officer of Mendell Helium and Chairman of M3 Helium, said: "We are very pleased to report a rapid advance of the next phase of our operations. Both drill permits were secured within a week and our preparations to drill M3 Helium's next production well are now in place. This marks the beginning of M3 Helium's field development plan in Fort Dodge, a region which has been validated as a potentially significant helium opportunity by the operations to date at Rost."

Overview of M3 Helium

Mendell Helium announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium's shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.

M3 Helium's flagship well, Rost 1-26, is in Fort Dodge, just to the east of Dodge City, Kansas. It has been tested as containing 5.1% helium composition and a drill stem test yielded a maximum flow rate of approximately 2,900 Mcf per day. M3 Helium owns a mobile Pressure Swing Adsorption production plant which has been installed on site and will be used to purify the produced helium. The plant is capable of processing up to 800 Mcf per day of raw gas and purifying it up to 99.999% helium although management believes on-site purification to around 75% will be more practical.

Water removed from Rost 1-26 is delivered to Brobee, a nearby disposal well that has been permitted at 5,000 barrels of water per day at 1,200 psi.

Production at Rost 1-26 commenced in early November 2025 and the most recently recorded flow rate in December 2025 was 250 Mcf per day equating to approximately $1.4 million of helium per year.