Pulsar Helium Inc. AGM 2026 – 17th July, 2026

Pulsar Helium Inc.’s 2026 annual general meeting set out a clear corporate and operational focus: converting the Topaz helium discovery in Minnesota from an extensive appraisal programme into a technically robust, commercially executable development.

The company’s investment case remains centred on primary helium production. Rather than recovering helium as a secondary component of hydrocarbon operations, Pulsar is pursuing projects where helium is the principal target. This distinction is strategically important at a time when global helium supply remains concentrated, vulnerable to geopolitical disruption and often dependent on natural gas production economics rather than helium demand.

Over the past year, Pulsar has expanded its Topaz technical data set through drilling, seismic acquisition, gravity work and independent studies. The next phase will require the company to demonstrate sustainable production performance, integrate its proposed processing infrastructure and define a credible route to commercial operations.

Table of Contents

• AGM Resolutions and Corporate Governance
• Why Primary Helium Matters
• Topaz: Seven Wells and an Expanding Geological Model
• The Next Milestone: Production-Quality Data
• Helium-3: Strategic Potential, but Further Work Required
• Minnesota Processing and Liquefaction Plans
• Funding, Leadership and Execution Capability
• Other Portfolio Assets: Falcon and Tunu
• Key Risks and Questions for Investors
• Outlook: From Geological Promise to Commercial Execution
• Frequently Asked Questions

AGM Resolutions and Corporate Governance

Shareholders approved the formal resolutions presented at the annual general and special meeting. The meeting was attended in person or by proxy by 85 shareholders representing 62,341,780 common shares, or 33.06% of the company’s issued shares.

The audited annual financial statements for the year ended 30 September 2025 were received. Davidson & Company LLP was reappointed as auditor until the next annual meeting, with the board authorised to determine its remuneration.

The number of directors was fixed at six, and the following directors were elected to serve until the next annual general meeting or until successors are appointed:

• Neil Herbert
• Thomas Abraham James
• Yan Fier
• Doris Meyer
• Dan O’Brien
• Steven Ranzini

Shareholders also approved the renewal of the company’s stock option plan, originally dated 6 January 2023 and subsequently amended. In addition, they approved amendments to the equity incentive plan, including an increase in the number of restricted share units, performance share units and deferred share units available for award to 18 million.

For investors, the incentive-plan approvals merit ongoing attention. Equity awards can help retain specialist technical, operational and executive talent during a critical development period. At the same time, the potential dilution from future share-based awards should be considered alongside future financing needs, capital expenditure requirements and the pace at which Topaz advances towards commercial readiness.

Why Primary Helium Matters

Helium is an essential industrial gas with uses across MRI systems, semiconductor manufacturing, fibre optics, aerospace, scientific research and quantum technologies. Its importance stems from physical properties that are difficult to replace in advanced technical applications.

However, the global helium market has a structural weakness. Much of the world’s supply is recovered as a byproduct of natural gas and liquefied natural gas operations. Consequently, new helium supply is often determined by projects designed primarily around another commodity. This can restrict supply responsiveness, particularly when demand rises or established supply routes are disrupted.

Pulsar’s strategy is to identify and develop helium occurrences in which helium is the central economic resource. The company has generated its portfolio internally and positions itself as a first mover across its project locations. Its approach is based on building geological evidence, securing prospective ground and advancing resources that may offer dedicated helium production rather than relying on associated hydrocarbon output.

The global backdrop has reinforced the relevance of this strategy. Disruption affecting Qatar’s Ras Laffan industrial complex and constraints around the Strait of Hormuz highlighted the degree to which helium availability can be exposed to geopolitical events and transport interruptions. Russia has also imposed controls on helium exports, while China introduced temporary restrictions. These developments illustrate the importance of broader, more geographically diversified sources of supply.

Topaz is particularly significant because it is a non-hydrocarbon helium discovery in the United States, located near major infrastructure, potential markets and end users. If successfully developed, it could support domestic helium supply security while addressing demand from high-specification industrial markets.

Topaz: Seven Wells and an Expanding Geological Model

The company reported that drilling of Jetstream wells three through seven was completed during the year, building on the earlier Jetstream one and two wells. All seven wells encountered gas under pressure.

This is an encouraging indicator for the continuity and repeatability of the underlying helium-bearing system. Seven gas-bearing wells provide a considerably broader technical foundation than a single discovery well. However, the company has appropriately stated that these results do not by themselves establish commercial viability.

Several essential questions remain unresolved:

• What are the outer limits of the gas accumulation?
• How laterally extensive and connected is the reservoir system?
• What sustainable flow rates can future production wells achieve?
• How will pressure behave during prolonged production?
• What recoverable volumes can be supported by independent engineering analysis?
• What processing capacity and field configuration will best match the reservoir’s actual performance?

Pulsar has completed a substantial two-dimensional seismic programme and is interpreting those results alongside drilling information and airborne gravity gradiometry. The gravity survey is intended to add another layer of structural understanding, rather than replacing seismic or drilling. Together, these data sets are being used to refine the geological model and identify trends across the surveyed area.

The company has noted that indications of lateral continuity should not be interpreted as proof across the full licence area. The tested zones and survey data point towards geological and gas-bearing features extending between well areas, but the ultimate boundaries of the system have not yet been established.

This measured language is important. Exploration and appraisal success can create momentum, but commercial development requires evidence that the reservoir can supply a processing facility reliably over time. The planned work programme is intended to provide that evidence.

The Next Milestone: Production-Quality Data

Pulsar’s next decisive objective is not simply another gas encounter. The priority is to generate production-quality well data that can support engineering design and commercial planning.

The company has stated its intention to drill up to six additional wells. The exact sequence and timing will depend on final well design, contractor availability, permitting, site preparation and results obtained as the programme advances.

Associated testing is expected to assess several core development parameters:

• Sustainable flow performance: whether wells can maintain productive gas rates over meaningful periods.
• Pressure behaviour: how the reservoir responds under production conditions.
• Well design: the completion and operating approach best suited to the field.
• Multi-well interaction: how production from several wells may operate together within an integrated field plan.

Investors should distinguish carefully between short-duration test rates, modelled production estimates and sustainable commercial production rates. They are not equivalent. A high initial flow reading can be encouraging, but long-duration testing and engineering work are required before it can be translated into a reliable production forecast.

If future well capacity exceeds the initial processing configuration, Pulsar believes this could offer operational flexibility. Potential options could include field expansion, additional processing capacity or other commercial uses for gas-stream components. Such decisions will depend on verified reservoir and processing data rather than assumptions made before testing is complete.

Helium-3: Strategic Potential, but Further Work Required

One of the more distinctive aspects of Topaz is the helium-3 result reported from Jetstream one. Helium-3 is a rare isotope with possible applications in quantum technologies, ultra-low-temperature cooling and future fusion energy systems.

Existing helium-3 supply is largely associated with tritium produced and managed through nuclear weapons maintenance programmes. This makes supply constrained and strategically sensitive. Pulsar reported that the Jetstream one helium-3 results were independently verified by two United States federal laboratories, as well as through commercial laboratory analysis.

The concentrations were described as broadly comparable with those discussed in relation to lunar resources. This creates the possibility that Topaz could provide a terrestrial alternative to attempting to source helium-3 from the Moon.

Nevertheless, helium-3 should currently be regarded as an additional strategic opportunity rather than the central valuation driver. The company’s primary development case remains helium-4. Technical and economic work is still needed to determine whether helium-3 can be recovered and commercialised in a practical, economically justified manner.

A key question for future disclosure is how helium-3 recovery would fit into the overall helium-4 processing design. Investors will need clarity on separation technology, additional capital requirements, recoveries, market specifications and the commercial pathway before attributing material value to this opportunity.

Minnesota Processing and Liquefaction Plans

A major enabling element of the Topaz strategy is the proposed helium purification and liquefaction facility in Minnesota. The planned facility is intended to process the Topaz gas stream and include helium purification and liquefaction, carbon dioxide capture, compression, storage and associated systems.

The project remains subject to definitive documentation, final engineering and scope, commercial arrangements, regulatory approvals and other customary conditions. This is a significant qualification. A proposed facility is an important step, but it is not yet a completed or operating asset.

The company is approaching infrastructure development as an integrated exercise. Detailed engineering must bring together reservoir performance, well design, gathering systems, site requirements, utilities, permitting, procurement, construction and commissioning. The final solution needs to reflect the actual characteristics of Topaz gas and the productive capacity demonstrated by field testing.

Pulsar has emphasised that reaching initial production should not be regarded as the only measure of success. The company is seeking to avoid operational and commercial failures that have affected some helium projects after start-up. Its intended approach is to align specialist personnel, engineering providers, contractors, suppliers and operating partners around a single coherent development plan.

The facility is intended to produce helium at purity levels required by the semiconductor industry. Medical, scientific and aerospace applications are also potential markets. High-value end markets require stringent purification, quality assurance and product certification, so detailed engineering and customer engagement will determine the final product specifications and route to certification.

Funding, Leadership and Execution Capability

During the year, Steven Ranzini was appointed deputy chairman. He is the founder and principal of University Bank in Michigan. University Bank holds 4.99% of Pulsar and has provided a US$4 million line of credit, alongside an expression of interest for a further US$12.5 million. Neither facility had been drawn at the time of the update.

The company also recruited helium specialist Cliff Kane, who relocated to Minnesota to support the long-term development of Topaz and the company’s United States operations.

These appointments strengthen the company’s US financial, governance, industrial and operational capabilities. They also support Pulsar’s stated ambition to build an American company centred on US assets, personnel and operations.

However, funding remains a central investor consideration. A full development requires expenditure on drilling, testing, engineering, permitting, gathering infrastructure, processing equipment, construction and commissioning. The availability, terms and timing of capital will be as important as technical progress. The existing credit line and expression of interest are supportive signals, but investors should seek continued transparency on expected capital requirements, financing sources and potential equity dilution.

Other Portfolio Assets: Falcon and Tunu

While Topaz is the company’s central near-term asset, Pulsar retains a broader primary helium portfolio.

At Falcon in Michigan, the company continues to assess the most appropriate technical route and expects to provide further updates when material work or results warrant disclosure.

At Tunu in Greenland, the present focus is disciplined, early-stage exploration. Work will involve field data collection and refinement of the geological model to determine whether the evidence supports a future drilling programme. No drilling decision should be assumed until technical work and required approvals are complete.

The company has stated that its strategy is not based on selling an asset by a defined date or pursuing a predetermined exit. Instead, it intends to create value through technical de-risking and responsible execution. The board may consider opportunities that are demonstrably in shareholders’ interests, but the operating plan is focused on advancing projects rather than depending on a transaction.

Key Risks and Questions for Investors

The Topaz programme has generated meaningful progress, but it remains at an appraisal and development-planning stage. The commercial case will depend on a series of technical, regulatory and financial milestones being achieved.

The principal risks and dependencies include:

• Demonstrating sustainable gas production through properly designed long-duration well tests.
• Defining reservoir limits, pressure behaviour and recoverable volumes with sufficient confidence.
• Completing independent engineering and economic studies.
• Securing permits and regulatory approvals for wells, gathering systems and processing infrastructure.
• Finalising facility engineering, commercial arrangements and procurement.
• Managing contractor, equipment, weather and supply-chain risks.
• Funding the development programme on acceptable terms.
• Achieving product quality and certification suitable for premium end markets.

Government support may also form part of the development pathway, given US policy interest in helium, critical minerals, domestic industrial capacity and supply security. Pulsar is evaluating relevant programmes and engaging with appropriate agencies. However, the company has made clear that it will not assume subsidised funding in its base plan.

The central question is whether Pulsar can convert an increasingly substantial exploration data set into an integrated, financeable and durable helium production operation. The coming year should provide important evidence through additional drilling, production-focused testing, engineering studies and progress towards executable infrastructure plans.

Outlook: From Geological Promise to Commercial Execution

The past 12 months have delivered seven gas-bearing wells, a major seismic data set, an improved geological model, continued independent engineering and regulatory work, further helium-3 investigation and a proposed route towards purification and liquefaction infrastructure.

The next 12 months are intended to be a period of conversion. Pulsar aims to convert geological success into reliable production data, subsurface knowledge into engineering and economic analysis, and a proposed processing concept into an executable development programme.

Topaz’s location in a stable jurisdiction, its non-hydrocarbon character and its proximity to potential US customers are favourable strategic attributes. Yet technical promise must be followed by sustained well performance, proven processing integration, credible project economics and disciplined capital deployment.

For investors, the most meaningful future updates will be those that quantify sustainable flow performance, define development scale, clarify capital requirements and demonstrate tangible progress towards a permitted, engineered and financeable helium production system.

Frequently Asked Questions