diff --git a/CHANGELOG.md b/CHANGELOG.md
index ead85980e..70b11c931 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,22 @@
 # Changelog
 
+## 0.34.1
+
+**Release date:** 2023-06-01
+
+This prerelease comes with a bug fix for the event metadata revision, which
+was not included when a token was already present.
+
+In addition, the source-controller dependency has been updated to v1.0.0-rc.5.
+
+Fixes:
+- Include revision and token in event metadata
+  [#695](https://github.com/fluxcd/helm-controller/pull/695)
+
+Improvements:
+- Update source-controller to v1.0.0-rc.5
+  [#696](https://github.com/fluxcd/helm-controller/pull/696)
+
 ## 0.34.0
 
 **Release date:** 2023-05-29
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 9510c76c4..e68e8b0b9 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/helm-controller
     newName: fluxcd/helm-controller
-    newTag: v0.34.0
+    newTag: v0.34.1
diff --git a/go.mod b/go.mod
index 15b965cd1..e09e2bf13 100644
--- a/go.mod
+++ b/go.mod
@@ -5,7 +5,7 @@ go 1.18
 replace github.com/fluxcd/helm-controller/api => ./api
 
 require (
-	github.com/fluxcd/helm-controller/api v0.34.0
+	github.com/fluxcd/helm-controller/api v0.34.1
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.5.0
 	github.com/fluxcd/pkg/apis/kustomize v1.1.0