Further leases secured in Fort Dodge

Mendell Helium is pleased to announce that M3 Helium Corp. ("M3 Helium") has signed two further leases for land in Fort Dodge, Kansas that it considers to be prospective for helium production.

The Durler and Leffert leases are located very close to M3 Helium's existing Bleumer and Enlow leases, around four miles from the Rost 1-26 and Rost 2-26 well sites, and were obtained for a modest cash consideration. Adding to M3 Helium's land holdings in Fort Dodge is consistent with the strategy set out in the Company's announcement of its fundraising on 30 April 2026, namely to accelerate the development of its production plans in Fort Dodge. As with the other leases, Mendell Helium believes that each of the Durler and Leffert leases could potentially accommodate two production wells.

Nick Tulloch, Chief Executive Officer of Mendell Helium and Chairman of M3 Helium, said: "Since raising £5 million in an institution-led fundraise, we have moved quickly to put preparations in place for our forthcoming expansion of Fort Dodge. The Durler and Leffert leases are strategically located near M3 Helium's existing land holdings which, in time, may enable M3 Helium to achieve some cost savings in its development plans by combining production facilities and access to disposal wells."

Overview of Mendell 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 option has been exercised and completion of the acquisition is expected to take place on 18 May 2026.

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. 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 (at $300/Mcf helium).

M3 Helium has subsequently drilled a second well, Rost 2-26, which is currently being completed. It also owns additional leases in the Fort Dodge area capable of supporting a further four new production wells. It has also agreed a joint venture with Ritchie Exploration, Inc. to recomplete the Schneweis Ventures 13, a well with a drill stem test of over 10,000 Mcf per day and a historic flow rate of 300 Mcf per day.