Pulsar Helium announced its financial and operating results for the nine months ended June 30.
Between October 2025 to March 2026, the company drilled five core-hole appraisal wells at its flagship Topaz Project in Minnesota, with all wells encountering gas under high pressure.
The company is now obtaining quotes for the drilling of up to six new production-ready wells to supplement the two production- ready wells already drilled.
In May 2026, Governor Tim Walz signed into law new legislation establishing a helium-specific framework for gas resource development in northeastern Minnesota, and the Minnesota Department of Natural Resources issued proposed expedited permanent rules for permitting gas resource development on May 18.
These developments come amid a sharp tightening of global helium supply, driven by disruption to the Strait of Hormuz, attacks on QatarEnergy’s Ras Laffan facilities (Qatar supplies 35% of the world’s helium), and new Russian export controls in place through the end of 2027.
I n M ay, t he c ompany completed the acquisition of certain surface land in Lake County, located within the Topaz Project for a purchase price of $2,480,000 cash.
I n J anuary, t wo U .S. federal laboratories independently confirmed the helium- 3 isotope concentration from the Topaz Project.
The U.S. Geological Survey Noble Gas Laboratory in Denver and Lawrence Livermore National Laboratory in California each analyzed raw gas samples from the Jetstream #1 well, both laboratories reported results consistent with prior analyses conducted by the Woods Hole Oceanographic Institution, confirming the presence of helium-3 in the gas with a concentration range of 11.2-11.9 parts-perbillion (ppb) and associated with 7.7- 8.0% helium-4, respectively.
As announced June 30, and August 3, the company entered into binding letter agreement and limited notice to proceed with an arm’s length third party vendor, for the reservation of a helium liquefaction plant and related equipment package for potential deployment in Minnesota. The equipment package includes helium purification and liquefaction equipment, CO2 capture equipment, compression, storage, controls, documentation, spares and related services, with the final scope to be agreed in the definitive purchase agreement to be negotiated between the parties.
Also, during the period, the company:
• Recorded exploration and evaluation expenditures of $8 million related to drilling at the Topaz project.
• Completed a private placement through the issuance of 9,191,175 common shares for gross proceeds of $9.9 million.
• Issued 20,029,492 common shares on the exercise of warrants for gross proceeds of $5.3 million.
• Recorded a non-cash loss on revaluation of warrant liability of $3,413,140 (2025 – gain of $1,103,615) Thomas Abraham-James, CEO of Pulsar, said, “This recent fund raise is intended to accelerate Pulsar’s transition from discovery and appraisal towards production planning at Topaz.
“Recent drilling has increased our confidence in the project, and we believe the current helium market backdrop supports the preparation of additional wells, the securing of long-lead items and the advancement of infrastructure required for first production.
“In parallel, we believe the company’s recently announced reservation of a helium liquefaction plant has the potential to strengthen our route-to-market strategy, support future Topaz production, and create the opportunity for earlier revenue from third-party gas processing while we continue to advance permitting and development activities.”
