Mendell Helium is pleased to announce that, further to the announcements made on 9 December 2025 and 27 January 2026, M3 Helium Corporation (“M3 Helium”) has entered into an agreement with Ritchie Exploration, Inc. (“Ritchie”), a family owned oil and gas operator headquartered in Wichita, Kansas, to re-complete the Schneweis Ventures 13A well (“Schneweis”) in the Fort Dodge region of Kansas, USA, a well located around four miles south of Rost 1-26 well.

Highlights

• Schneweis historically produced in excess of 300 Mcf/day before water constrained production
• M3 Helium believes the well is suitable for the same de-watering technique successfully employed at its Rost 1-26 well (“Rost”)
• M3 Helium will fund a new disposal well and recompletion of Schneweis in return for an initial 85% net profit interest in the project
• If successful, the parties may work together on further Ritchie operated wells
• Schneweis is connected to a pipeline, owned by Ritchie, so there is no requirement for helium purification facilities at surface and production revenues may include hydrocarbons as well as helium

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. The Company and M3 Helium have agreed to extend the date on which the Option should be exercised to 30 April 2026.

Recompletion of Schneweis

As previously announced, M3 Helium believes that the Rost de-watering technique could be employed elsewhere in the Fort Dodge region and, towards the end of 2025, it commenced discussions with Ritchie to recomplete Schneweis, a well located around four miles south of Rost. A significant advantage of this method of expansion is that existing wells have evidenced prior flow rates and gas compositions. The parties have now entered into a binding contract and expect that work on Schneweis will commence in May 2026 following design and approval of the new disposal well that will be required for the project.

Schneweis has previously produced consistently over 300 Mcf/day before production was shut down due to significant water production. As with Rost, the target formation is the Morrow sands.  With a sustained de-watering programme and noting that Schneweis’ drill stem test exceed 10,000 Mcf/day, M3 Helium believes there is potential to increase production from historic levels.

Helium composition has been measured at 1.39% but, unlike Rost, 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.

M3 Helium will fund the new disposal well and recompletion of Schneweis to earn an initial 85% net profit interest in the project.  Once M3 Helium has recovered 110% of its investment, the net profit interest falls to 70%. Ritchie is entitled to bring the arrangement between the parties to an equal (50%) net profit interest by reimbursing M3 Helium for 50% of the project costs.

Ritchie will remain as the operator of Schneweis.

About Ritchie Exploration

Ritchie Exploration, Inc. is a family owned oil and gas operator headquartered in Wichita, Kansas, with an operating history of almost 50 years. With 461 producing wells, 63 salt water disposal wells and monthly production of 37,900 barrels of oil and 27,800 Mcf of gas, Ritchie is one of the most significant regional operators in Kansas’ oil and gas sector.

Nick Tulloch, Chief Executive Officer of Mendell Helium and Chairman of M3 Helium, said: “We are delighted to report the collaboration between M3 Helium and Ritchie Exploration.  The de-watering successfully employed at Rost has provided a pathway to redeveloping other parts of the Fort Dodge region and, specifically, previously operational wells that have been shut in.

“Partnering with Ritchie Exploration, one of the largest oil & gas producers in Kansas, is a powerful validation of the potential of the Fort Dodge region and M3 Helium’s operations. Assuming that the recompletion of Schneweis is successful, then we hope that M3 Helium’s relationship with Ritchie Exploration may extend to further wells in the region.

“It is also important to note the value of access to a pipeline for Schneweis. With no need for complicated surface purification facilities, we expect the production time, once work begins, to be considerably shorter and more economical than it has been for Rost.”

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

ENDS

Engage with the Mendell Helium management team directly by asking questions, watching video
summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor
website here:https://mendellhelium.com/link/PKa6Ve

Enquiries:

Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor website	https://mendellhelium.com/s/a6a55a
Mendell Helium plc Nick Tulloch, CEO	Via our website investors@mendellhelium.com
Cairn Financial Advisers LLP (AQSE Corporate Adviser) Ludovico Lazzaretti / Liam Murray	Tel:  +44 (0) 20 7213 0880
SI Capital Limited (Broker) Nick Emerson	Tel:  +44 (0) 1483 413500
Stanford Capital Partners Ltd (Broker) Patrick Claridge / Bob Pountney	Tel:  +44 (0) 203 3650 3650/51
Fortified Securities Guy Wheatley	Tel: +44 (0) 203 4117773
AlbR Capital Limited Gavin Burnell / Colin Rowbury / Jon Belliss	Tel: +44 (0) 207 4690930
Brand Communications (Public & Investor Relations) Alan Green	Tel: +44 (0) 7976 431608