{"id":142222,"title":"Pulsar Helium: From Discovery to Delivery, Can Topaz Help Secure America’s Supply?","publisher":"Share Talk","author":"sharetalk","published":"2026-10-26T07:14:34+00:00","modified":"2026-10-26T08:18:12+00:00","canonical_url":"https://www.share-talk.com/pulsar-helium-from-discovery-to-delivery-can-topaz-help-secure-americas-supply/","markdown_url":"https://www.share-talk.com/pulsar-helium-from-discovery-to-delivery-can-topaz-help-secure-americas-supply.md","json_url":"https://www.share-talk.com/pulsar-helium-from-discovery-to-delivery-can-topaz-help-secure-americas-supply.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["AIM Market","canada","Helium","London Stock Exchange","Med Tech","Medical","OAK Securities","OTCQB Venture Market","Pulsar Helium","Thomas Abraham-James","TSX Venture Exchange","United States"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/10/PLSR-with-title-1.png?fit=1200%2C675&quality=80&ssl=1","format":"news","language":"en-GB","content":"[Pulsar Helium (AIM: PLSR)](https://pulsarhelium.com/) returned to investors’ attention with a reported [29% rise](https://www.share-talk.com/share-talk-weekly-small-cap-movers-shakers-sunday-25th-october-2026/) in its shares, alongside renewed interest following a company presentation and an interview with a helium industry expert. That expert was Pulsar’s own president, Cliff Cain, who appeared in a [60 Minutes](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/pulsar-president-interviewed-as-industry-expert/9832885) segment broadcast on 18th October, discussing helium supply challenges from the company’s Topaz project in Minnesota.\n\n[Filmed beside the Jetstream discovery well](https://www.share-talk.com/pulsar-helium-president-features-on-cbss-60-minutes/), the interview connected the search for reliable supplies with a company seeking to develop a domestic US source. The presentation and television exposure provide the immediate backdrop to the rally, while the company’s recent development announcements offer investors the substance against which to assess that renewed enthusiasm.\n\nThe attention comes as Pulsar begins putting a more substantial development framework around its exploration results. Its accepted [equipment proposal](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/signs-accepts-chart-proposal-liquefaction-plant-/9800227) for a helium purification and liquefaction plant establishes a proposed route towards processing gas into a product that can reach industrial customers. Together with the proposed [site agreement](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/two-harbors-city-council-approve-agr-rare-gas-hub/9823645) at Two Harbors, it gives investors concrete developments to assess alongside the geological evidence. Both remain steps towards a commercial operation, with financing, approvals and substantial development work still required.\n\nThat makes this an important point at which to revisit the company, because the questions facing investors are becoming broader than whether its wells contain helium. A successful business will require sufficient gas supply, dependable processing and commercial arrangements that justify the money needed to build it. Pulsar’s opportunity is to bring those elements together while customers are paying closer attention to supply security, and its challenge is to demonstrate that the proposed operation can deliver.\n\n### **The supply problem we highlighted in March**\n\nThe backdrop was explored in the [March article](https://www.share-talk.com/heliums-hidden-supply-risk-why-middle-east-tensions-are-turning-investor-attention-to-new-sources/), which examined how Middle East tensions were exposing vulnerabilities in a commodity market often overlooked by investors. The central concern was that helium supply depends heavily on a limited number of producing centres, including facilities connected to much larger natural gas operations. Pulsar featured through its appraisal work at Topaz, where drilling was helping establish whether the original discovery formed part of a broader helium system.\n\nThe scale of that dependence is illustrated by Qatar, which accounted for an estimated [35%](https://www.usgs.gov/centers/national-minerals-information-center/qatar) of global helium production in 2024 and recovered the gas as a by-product of natural gas production. That relationship means the availability of helium can be affected by events within an industrial system whose principal purpose is producing another commodity. For customers, the resulting exposure is to the reliability of processing facilities and export routes as well as the availability of gas underground.\n\nThat supply-security argument received fresh recognition on 23rd October, when the US Department of Energy added helium to its [critical material list](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/helium-added-to-u-s-doe-critical-material-list/9840048), a development highlighted by Pulsar in its 26 October announcement. The designation recognises helium’s importance to semiconductor manufacturing and advanced technologies, alongside the risks surrounding dependable supplies. For Pulsar, it reinforces the strategic relevance of developing a domestic US source, although it does not itself provide project funding, permits or commercial approval.\n\nHelium’s importance extends across [medical imaging](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026.pdf), semiconductor manufacturing and other advanced technologies, connecting its availability with industries where dependable supplies matter. Its cooling properties support superconducting equipment, while its industrial applications make the supply question relevant to manufacturers as well as hospitals and research laboratories. These practical uses explain why the presentation and interview resonated with the wider investment story, although greater attention does not itself establish a commercially successful project. For Pulsar, the next question is how its approach and the evidence accumulated at [Topaz](https://pulsarhelium.com/projects/topaz/) could translate that opportunity into dependable production.\n\n### **Why Pulsar has entered the conversation**\n\nPulsar’s approach centres on finding deposits where helium is the main economic target, rather than a secondary product recovered during natural gas production. Known as [primary helium](https://pulsarhelium.com/about/primary-helium/), this model allows development decisions to be driven by the value of the helium itself, without requiring a commercial oil or gas operation alongside it. At Topaz, the company reports only trace hydrocarbons, giving its proposed development a different starting point from the large natural gas facilities discussed earlier.\n\nThe company’s leadership brings together experience in the geology behind these deposits and the markets into which their gas would eventually be sold. Co-founder and chief executive [Thomas Abraham-James](https://pulsarhelium.com/about/directors-and-management/) has worked on helium exploration and development across North America, Africa and Europe, while Cliff Cain’s background includes industrial gas supply and commercial agreements. That combination is relevant because identifying a promising reservoir and building a business around it require different skills, particularly when processing, transport and customer requirements must influence development plans.\n\nThe appeal of the model is straightforward, although its commercial merits still need to be demonstrated at each project. A dedicated helium development could provide an additional source of supply without depending on continued production from a much larger fuel business, but it must support its own drilling, processing and operating costs. For Pulsar, the investment case therefore rests on whether the evidence at Topaz can support an operation capable of delivering sufficient gas over a commercially useful period.\n\n### **Topaz gives the story its substance**\n\nThe starting point is the gas already encountered at Pulsar’s wholly owned [Topaz project](https://pulsarhelium.com/projects/topaz/) in Minnesota, where flow testing recorded average helium concentrations of 8.1% at Jetstream #1 and 5.6% at Jetstream #2. The company also reports that gas flowed naturally to the surface under pressure, without associated water, providing encouraging characteristics for further appraisal. Those results explain the interest in the discovery, although helium concentration alone cannot establish how much saleable gas a field will deliver or what it will cost to produce.\n\nBy June, Pulsar had completed [seven wells](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/expanded-land-position-at-topaz-and-project-update/9617111) across the Jetstream programme, giving its technical team a broader set of information than the original discovery could provide. Management reported that pressure readings, down-hole measurements and reservoir modelling had increased its confidence in the project and helped connect the geological picture across the acreage. For investors, the significance is that development planning can draw on evidence gathered from several locations, while recognising that management’s interpretation still needs to be tested through production performance.\n\nAn important distinction remains between wells drilled to understand the geology and wells designed to supply a commercial operation. Jetstream #1 and #2 are designated production-ready, whereas the [exploration wells](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/expanded-land-position-at-topaz-and-project-update/9617111) numbered #3 to #7 were neither designed nor permitted for conversion into production wells. Pulsar decided against extended flow testing of those exploration holes, choosing instead to direct capital towards additional production-ready drilling informed by the results.\n\nThe next technical question is therefore how the reservoir performs when wells are required to deliver gas consistently over time. Concentration, flow rates, pressure behaviour and recoverable volumes must together support the proposed scale of production, rather than being considered as separate encouraging indicators. Establishing that supply is one part of the development challenge, with the other being the facilities needed to turn it into a product customers can purchase.\n\n### **A discovery needs a route to market**\n\nFinding helium is only the beginning of the journey towards supplying a customer, because the gas must be separated, purified and prepared for distribution. Pulsar addressed that next stage in October by accepting an [equipment proposal](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/signs-accepts-chart-proposal-liquefaction-plant-/9800227) from Chart Energy & Chemicals, part of [Baker Hughes](https://www.bakerhughes.com/), for its proposed Minnesota Rare Gas Hub. The agreement establishes a staged equipment-supply framework covering helium purification and liquefaction alongside a carbon dioxide processing plant.\n\nThe helium system has a stated capacity of [861 litres](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852) per hour, equivalent to approximately 7.5 million litres annually if operated continuously at its design capacity. Actual output would depend on gas availability, commissioning, maintenance and operating performance, so that figure should be understood as an equipment specification rather than a production forecast. The accompanying carbon dioxide system is designed to process 300 tonnes per day, adding another potential product stream to the proposed operation.\n\nThe ambition also extends beyond processing gas from Pulsar’s own wells, with management evaluating potential [third-party supplies](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852) and a possible standalone processing business. That could broaden the hub’s commercial role, although it remains a proposition requiring supply agreements, customers and financing rather than an established source of income. For investors, the significance is that Pulsar is attempting to build the infrastructure connecting discoveries with demand, giving the development story a wider scope than drilling alone.\n\n### **Two Harbors takes the plan a step further**\n\nA processing proposal needs a suitable location, and the next development came when Two Harbors City Council approved a [development agreement](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/two-harbors-city-council-approve-agr-rare-gas-hub/9823645) for the proposed Rare Gas Hub on 14 October. The framework provides for Pulsar’s Minnesota subsidiary to acquire land within an existing industrial district for US$1, subject to closing conditions and approvals. That nominal purchase price is eye-catching, but the more consequential question is whether the site can provide the services and transport connections required by the facility.\n\nThe city’s proposed support includes up to [US$1 million](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/two-harbors-city-council-approve-agr-rare-gas-hub/9823645) towards rail construction, together with site clearing and utility extensions. It also provides for reimbursement of 90% of the qualifying increase in the city’s share of property taxes attributable to the initial phase for 15 years. These measures could help the project’s economics, although the total assistance package and the cost of delivering the required infrastructure remain to be finalised.\n\nCouncil approval does not settle every practical issue, with [utility arrangements](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/two-harbors-city-council-approve-agr-rare-gas-hub/9823645), environmental reviews, financing and other approvals still required before development can proceed. Electricity capacity, reliability and pricing are among the matters that must be resolved through studies and binding agreements, while Pulsar retains the ability to withdraw before its formal project commitment under the agreement’s conditions. Two Harbors therefore gives the plan a more defined location and a framework for local participation, bringing the story to the question of how Pulsar intends to pay for it.\n\n### **Paying for the next chapter**\n\nThe financial reports show the cost of advancing Pulsar towards development, with approximately [US$8 million](https://pulsarhelium.com/investors/financial-statements/) spent on exploration and evaluation during the nine months ended June 2026. Operating activities absorbed US$11 million in cash over that period, leaving a closing cash balance of approximately US$4 million before the subsequent financing. Those figures describe a business still investing in its projects, where access to capital remains essential to progress.\n\nThe position changed substantially with July’s [US$25.5 million](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/results-of-fundraise-and-tvr/9657225) gross fundraising, completed through the issue of new shares at 75p each. Planned uses included additional production-ready wells and flow testing at Topaz, well infrastructure, permitting and working capital, giving the proceeds several competing demands. By 12 October, Pulsar reported approximately [US$24.6 million](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852) in unaudited cash resources, while emphasising the need to preserve liquidity for its other programmes and corporate requirements.\n\nThat cash provides a stronger foundation, although the proposed processing development requires a larger financing package. The [US$85.5 million](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/signs-accepts-chart-proposal-liquefaction-plant-/9800227) equipment price excludes installation, commissioning and other costs, with a further US$8.55 million milestone payment scheduled for 31 January 2027, subject to funding. The amount shareholders ultimately need to assess is therefore the total cost of an operating facility, together with the drilling and infrastructure required to supply it.\n\nManagement’s preferred [financing strategy](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852) combines project debt, public-sector financing and existing cash, with the aim of limiting further equity issuance. Discussions with potential lenders and public agencies were continuing in October, but no binding funding commitments had been secured from those parties. For shareholders, the next important evidence will be the terms of committed finance, because the balance between debt and new shares will influence both project risk and their participation in any eventual returns.\n\n### **Helium-3 adds another dimension**\n\nAlongside the main helium development, Topaz contains a much rarer isotope whose possible recovery opens another avenue for investigation. Independent analysis by two US federal laboratories confirmed [helium-3 concentrations](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/pulsar-lunar-helium-3-mining-sign-evaluation-agr/9821363) of approximately 11.2 to 11.9 parts per billion in samples from Jetstream #1. Helium-3 has specialised cooling applications in quantum computing, giving Pulsar a reason to investigate whether these small quantities could become a useful additional product.\n\nIn October, Pulsar signed an [evaluation agreement](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/pulsar-lunar-helium-3-mining-sign-evaluation-agr/9821363) with Lunar Helium-3 Mining to assess separation and recovery technology using Topaz data and samples. The programme is intended to examine recovery performance, purity, operating requirements and preliminary economics, beginning with data assessment before a proposed laboratory phase. Successful laboratory work could lead to discussions about a controlled pilot, although both that step and any commercial deployment would require separate agreements.\n\nThe distinction between confirming an isotope’s presence and producing it economically is particularly important at such low concentrations. The opportunity depends on how much can be recovered, the cost of doing so and whether customers will support a commercially workable operation. Helium-3 consequently adds an intriguing possibility to the Topaz story, while the main development case must continue to stand on the evidence for dependable helium production.\n\n### **Beyond Topaz, room for further discoveries**\n\nTopaz remains the centre of Pulsar’s development plans, but the company is also building a pipeline of exploration opportunities that could extend its business beyond a single discovery. At [Falcon](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/signs-airborne-geophysical-survey-falcon-project/9805349) in Michigan, an exclusive exploration option covers approximately 488,090 gross acres, with an airborne survey contracted to help identify and rank targets. The programme is intended to test whether geological features supporting Pulsar’s exploration approach at Topaz can guide further discoveries, with survey work expected to begin in the middle of the fourth quarter.\n\nCloser to Topaz, [Torino](https://pulsarhelium.com/investors/financial-statements/) provides exposure to a different potential reservoir setting through Quantum Hydrogen, in which Pulsar acquired an 80% interest. Quantum holds an exploration option over approximately 59,105 acres in Minnesota, where the company is targeting helium that may have migrated from ancient basement rocks into overlying sedimentary formations. That offers another way to apply its geological knowledge, although exploration rights and a plausible geological model still require fieldwork and drilling to establish a discovery.\n\nIn Greenland, the wholly owned [Tunu](https://pulsarhelium.com/projects/tunu/) project combines helium exploration with an assessment of geothermal potential, following hot-spring sampling that recorded helium concentrations of up to 0.8%. Seismic work, thermal drone surveys and surface mapping have helped develop targets ahead of drilling, but these observations should not be treated as equivalent to a tested production well. Together, the wider projects provide further exploration possibilities, while their value will depend on the evidence generated and the discipline with which Pulsar allocates capital between them.\n\n### **The milestones that matter now**\n\nFor investors following the next stage, the most useful announcements will be those that connect the technical work with a fully costed and financed development. Pulsar’s October [execution plan](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852) identifies engineering, an installed-cost estimate and the selection of a contractor to manage engineering, procurement and construction as outstanding tasks. These should help clarify the full funding requirement and provide a firmer basis for judging whether the proposed facility can generate an acceptable return.\n\nCommercial arrangements are another important part of that process, because equipment capacity has limited value without dependable gas supplies and customers for the finished products. Pulsar is advancing [supply agreements](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852), product sales arrangements and logistics planning alongside its financing discussions, including the evaluation of gas from third parties. Progress here would help investors assess how the proposed hub might operate in practice, rather than relying on its maximum design capacity as a guide to future revenue.\n\nThe timetable also deserves careful attention, particularly when separating equipment procurement from the start of commercial operations. The latest [development update](https://www.investegate.co.uk/announcement/rns/pulsar-helium-inc--plsr/outlines-development-strategy-for-helium-plant/9816852) indicates that equipment manufacture is expected to take approximately two years after the second milestone payment, with construction, installation and commissioning subject to the final project schedule. Pulsar says it will provide a first-commercial-production target once the scope, permitting, financing and construction timetable are sufficiently defined, making those confirmations more useful than assumptions based on earlier ambitions.\n\n### **Can Pulsar turn attention into lasting value?**\n\nThe story has moved forward since the [March assessment](https://www.share-talk.com/heliums-hidden-supply-risk-why-middle-east-tensions-are-turning-investor-attention-to-new-sources/), when the emphasis was on helium supply vulnerability and the appraisal evidence emerging from Topaz. Pulsar now has an accepted equipment-supply proposal and a proposed industrial site, giving its development ambitions a more tangible framework. Those steps provide more substance for investors to examine, while leaving the central commercial questions open.\n\nThe potential upside lies in bringing a reliable source of helium to market and, if the wider strategy succeeds, establishing processing infrastructure that can serve more than one gas supplier. The risks are equally practical, including reservoir performance, capital costs, financing terms, construction delays and the prices available when production eventually begins. For shareholders, a strategically important commodity is only part of the equation, because lasting value also depends on development costs and how much additional capital must be raised.\n\nPulsar therefore presents an investment case that should become easier to assess as plans turn into binding commitments and operating evidence. A clearer cost estimate, committed financing and demonstrated gas deliverability would each give investors a stronger basis for judging its prospects. The opportunity is to turn Topaz into a dependable commercial operation, and delivery against those milestones will determine whether the attention it has attracted translates into lasting shareholder value.\n\n**Disclaimer:** *The information presented in this article represents the opinions and research of the author and is provided for informational purposes only. It is not intended to be, nor should it be interpreted as, financial, investment, or legal advice. Investors are encouraged to perform their own due diligence and consult with qualified financial advisors before making any investment decisions. Investing in small-cap stocks involves significant risks, and past performance is not indicative of future results. The author and publisher are not liable for any financial losses or actions taken based on the content of this article.*\n\n \n\n \n\n \n\n \n\n \n\n "}