05:32 PM EDT, 08/20/2024 (MT Newswires) -- Helium Evolution ( HEEVF ) , a Canadian-based helium explorer, after trade Tuesday reported a second-quarter loss.

The company said it lost $254,000, or nil per share, in the period, compared with a loss of $331,000, or nil, in the year-prior quarter.

The company continues to develop its 5.6-million acres of helium rights in southern Saskatchewan. With three recent helium discoveries, HEVI said it made "considerable progress on its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders."

HEVI reports a positive working capital position of $4.7 million at June 30, 2024, excluding $800,000 of tubing and casing that was pre-purchased but not yet utilized.

HEVI and North American Helium are planning to embark on a drilling program, with up to nine joint development wells that are expected to build on the three existing helium discoveries in the Mankota area of Saskatchewan.

HEVI shares closed unchanged at $0.125 on the TSX Venture Exchange.