Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) has reported significant operational progress at its flagship Topaz Project in Minnesota as the company advances towards potential helium production amid tightening global supply conditions.
During the six months ended 31 March 2026, Pulsar completed drilling of five core-hole wells across the project, with each encountering high-pressure gas. Encouraged by the results, the company has begun seeking quotations for the drilling of up to four production wells as it moves towards the next stage of development.
Management highlighted recent legislative changes in Minnesota that are expected to simplify and accelerate the permitting process for helium projects, potentially improving development timelines. The company also noted growing demand for secure domestic helium supplies as geopolitical disruptions and supply constraints continue to affect global markets.
Pulsar further strengthened its position through a series of strategic acquisitions. During the period, the company acquired surface land for US$2.48 million and completed the acquisitions of Quantum Hydrogen Inc. and Hybrid Hydrogen Inc., expanding its mineral rights portfolio and future development opportunities.
On the financial side, exploration expenditure totalled US$6.0 million as the company accelerated activity at Topaz. To fund ongoing development, Pulsar raised US$9.9 million through a private placement and received a further US$6.2 million from the exercise of warrants and options.
The company reported a net loss of US$12.25 million for the six-month period, compared with a loss of US$7.12 million in the corresponding period a year earlier, reflecting increased exploration, development and acquisition activity.
Despite the higher loss, Pulsar strengthened its balance sheet, with total assets increasing to US$10.97 million while total liabilities fell to US$1.17 million.
With drilling completed, additional production wells under consideration and supportive regulatory developments emerging in Minnesota, management believes the company is well positioned to capitalise on growing demand for domestically sourced helium in North America.
Thomas Abraham-James, CEO of Pulsar, commented: “During the Period and Post Period, Pulsar has been driven by our intention to develop Topaz into a significant primary helium producer, building on growing momentum at the project as we move decisively toward production readiness. Recent legislative progress updating Minnesota’s permitting framework for helium extraction provides a clearer pathway toward future production, and securing ownership of the surface land overlying our leased mineral rights provides Pulsar with increased operational control and long-term development certainty as we continue advancing Topaz toward production. The Company is now obtaining quotes for the drilling of up to four new production wells to supplement the two production-ready wells already drilled. With our Jetstream exploration and appraisal program complete and production-well planning underway, we are moving fast. The disruption to Qatari and Russian supply has concentrated minds across the industry. Topaz is well positioned to be part of the solution, and we intend to get there.”
On behalf of Pulsar Helium Inc.
“Thomas Abraham-James”
CEO and Director
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
https://pulsarhelium.com
https://ca.linkedin.com/company/pulsar-helium-inc.
