Helium Evolution Incorporated reported a net loss of $717,000 for the second quarter ended June 30, 2026, compared with a net loss of $196,000 for the corresponding period in 2025.

The Canadian-based explorer closed a $25 million gross private placement on August 24, 2026. The financing included $23.7 million subscribed by new international investors alongside backing from insiders and existing shareholders. The latest funding dwarfs the company’s previous $8.3 million convertible note financing completed in August 2025.

Cash and cash equivalents stood at $2,002,000 as of June 30, 2026, marking an increase from $1,323,000 held at June 30, 2025. Working capital reached $2,037,000 at the end of the second quarter, up from $1,104,000 twelve months prior. Total assets expanded to $19,468,000 against total liabilities of $1,387,000. Net loss for the six-month period ended June 30, 2026, totaled $1,151,000, compared to $871,000 for the first half of 2025.

Helium Evolution holds over five million acres of land under permit in southern Saskatchewan, centred around its Mankota project. The company maintains a 20% working interest in joint development wells and the Soda Lake helium processing facility in the Mankota area, operating alongside North American Helium Inc. As part of its land management activity, Helium Evolution staked 22 new helium leases near the Mankota project on June 1, 2026.

“The Company would like to thank all of our shareholders, investors and other stakeholders for their continued support,” said Malcolm Adams, President and CEO of HEVI. “The completion of our $25 million financing, together with the significant reduction in our land tenure costs under Saskatchewan’s updated helium framework, has materially strengthened our financial position and allows us to focus capital on advancing our exploration and development program.

“We are now focused on executing our near-term plans, including advancing drilling and permitting activities across our most prospective Saskatchewan assets. We believe HEVI is well positioned to build on the progress achieved to date and advance toward helium production.”

— Malcolm Adams, President and CEO of HEVI

Read the full announcement: Helium Evolution Announces Filing of Second Quarter 2026 Financial Results