Operations update

Mendell Helium, the helium production company with operations in Kansas, is pleased to provide an update on the Company's operations in Fort Dodge, Kansas.

Rost 2-26

Completion operations at the Rost 2-26 ("Rost Twin") well are underway, with a rig on-site to perforate the targeted helium production zones. Once this phase of the project has been concluded, an electric submersible pump will then be installed in the wellbore for de-watering.

During drilling of the Rost Twin, the Company employed a mass spectrometer which identified several shows of helium in different potential production zones within the well. This data has been analysed and is being used in the completion operations to identify both the location and length of the perforations.

Brobee

Simultaneously with the operations at Rost Twin, Mendell Helium is also upgrading the nearby Brobee salt water disposal well ("Brobee") to access the deeper Arbuckle formation. Operations have commenced and involve removing plugs from the well to increase the disposal depth. The Company has received a permit for Brobee that doubles its water disposal capacity to 10,000 barrels per day, making it sufficient for both Rost wells. During the upgrade works at Brobee, water pumping from the Rost 1-26 well has been temporarily suspended.

Recompletion of Schneweis Ventures 13A

Work has also commenced drilling a new disposal well to support the recompletion of the Schneweis Ventures 13A well ("Schneweis"), in which Mendell Helium is partnering with Ritchie Exploration, Inc. ("Ritchie"). Similar to the Rost wells, Schneweis will also be de-watered ahead of returning to production.

Schneweis has previously produced consistently over 300 Mcf/day and recorded a drill stem test in excess of 10,000 Mcf/day. With a sustained de-watering programme, the directors believe there is potential to increase production from historic levels.

Helium composition has been measured at 1.39% but, unlike the Rost wells, there is a higher methane content of 70.06%. Significantly, Schneweis is connected to a pipeline owned by Ritchie and it is envisaged that all produced gas from the well will be delivered to that pipeline with no requirement for prior treatment. Accordingly, the economics of the well will include the sale of hydrocarbons as well as helium.

Nick Tulloch, Chief Executive Officer of Mendell Helium, said: "This month marks a significant increase in activity by Mendell Helium. For the first time in our history, we have three rigs operating at three locations. The purpose of the recently completed fundraising was to give us the ability to accelerate our growth and we have wasted no time in putting this into effect. Alongside these operations, our subsurface team is examining the locations for our next phase of production wells and we expect the new faster pace of our operations to continue during 2026."

The Directors of the Company are responsible for the release of this announcement

Overview of Mendell Helium

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 10,000 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 up to eight new production wells. It has also agreed a joint venture with Ritchie Exploration, Inc. to recomplete the Schneweis Ventures 13A, a well with a drill stem test of over 10,000 Mcf per day and a historic flow rate of 300 Mcf per day.