PULSAR FILES FINANCIAL AND OPERATING RESULTS FOR THE FIRST QUARTER ENDED DECEMBER 31, 2025
Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF), a primary helium company, is pleased to announce its financial and operating results for the three months ended December 31, 2025 (the “Period“).
Selected financial and operational information is outlined below and should be read in conjunction with the Company’s unaudited condensed interim consolidated financial statements and related management’s discussion and analysis (the “MD&A”) for the three months ended December 31, 2025, which are available on the Company’s website at www.pulsarhelium.com and at the following links:
• Financial Statements: http://www.rns-pdf.londonstockexchange.com/rns/5174U_1-2026-2-26.pdf
• MD&A: http://www.rns-pdf.londonstockexchange.com/rns/5174U_2-2026-2-26.pdf
All figures are in US dollars (“$”) unless otherwise stated.
Operational Highlights for the Period and Post Period
- In October 2025, the Company commenced a drilling programme aiming to drill up to ten wells, with a total of six completed to date (Jetstream #1 – #6) and drilling underway at Jetstream #7. The drilling program’s primary goal is to delineate the extent and productivity of the helium reservoir at Topaz. Data from these core wells, including gas shows, core samples, and downhole measurements, will enable Pulsar to map reservoir continuity between the well locations and to identify optimal areas for future production.
- In November 2025, the Company completed drilling of the Jetstream #3 appraisal well to a total depth of 3,507 feet (1,069 meters), and completed drilling of the Jetstream #4 appraisal well to a total depth of 3,000 feet (914 meters).
- In January 2026, two U.S. Federal laboratories independently confirmed the helium-3 (3He) 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 ³He in the gas with a concentration range of 11.2-11.9 parts-per-billion (ppb) and associated with 7.7- 8.0% helium-4 (4He), respectively.
- In January 2026, the Company completed drilling of the Jetstream #5 appraisal well to a total depth of 3,839 feet (1,170 meters), and in February 2026, the Company completed drilling of the Jetstream #6 appraisal well to a total depth of 2,597 feet (792 meters).
Acquisitions for the Period and Post Period
- In November 2025, the Company entered into a definitive agreement to acquire 80% of the common shares of Quantum Hydrogen Inc. (“Quantum”), a Texas corporation, which holds exclusive mineral rights for non-hydrocarbon gases in Minnesota that are located in the St. Louis and Itasca Counties to the west of the Company’s Topaz project. In consideration, the Company agreed to issue common shares having an aggregate value of $400,000, to be issued in five equal monthly tranches of $80,000 each over a five-month period commencing upon receipt of TSX-V approval. The number of common shares in each tranche will be determined by the thirty-day volume-weighted average price of the Company’s common shares prior to each issuance. The Company was also granted the option to acquire the remaining 20% of Quantum within eighteen months for an additional $400,000 payable in common shares of the Company, issuable under the same terms and pricing mechanism as set out above. In December 2025, the Company issued 292,560 common shares to satisfy the first and second monthly tranches of $80,000 each. In January 2026, the Company issued 145,434 common shares satisfying the third monthly tranche of $80,000, and in February 2026, the Company issued 80,947 common shares satisfying the fourth monthly tranche of $80,000. The fifth and final tranche of common shares is due in March 2026 to complete the acquisition of Quantum. Once acquired, these mineral rights will expand the Company’s land position west of the Topaz project.
- In January 2026, the Company completed the acquisition of 100% of the common shares of Hybrid Hydrogen Inc. (“Hybrid”) for total consideration of $105,000 cash. Hybrid holds an exclusive mineral rights option to lease in Michigan’s Upper Peninsula, targeting non-hydrocarbon gases (primarily helium). The Company now refers to this project as the Falcon helium project.
Financial Highlights for the Period and Post Period
- During the Period, the Company recorded exploration and evaluation expenditures of $2 million related to drilling at the Topaz project as described above.
- During the Period, the Company issued 16,150,567 common shares on the exercise of warrants for gross proceeds of $4.1 million.
- During the Period, the Company issued 800,000 common shares on the exercise of options for gross proceeds of $0.3 million.
- Post Period, the Company announced an equity fundraising (the “Placing”) for gross proceeds of approximately £7.4 million (approximately $10 million) at a price of £0.80 per share. The Placing is being conducted by way of an accelerated bookbuild process managed by OAK Securities (a trading name of Merlin Partners LLP) as exclusive bookrunner and is expected to be completed on February 27, 2026.
Thomas Abraham-James, President & CEO of Pulsar, commented: “During the Period and Post Period, Pulsar advanced its appraisal drilling program at the Topaz Project, completing additional wells and further delineating the scale and continuity of the helium-bearing reservoir. The data gathered from drilling, pressure and gas analysis continues to strengthen our understanding of the system and supports the next phase of resource evaluation and development planning.
“In February, we announced a £7.4 million (approximately $10 million) capital raise, which is expected to close on February 27, 2026, completion of which significantly strengthens the Company’s balance sheet and provides the financial flexibility to advance Topaz and progress our broader portfolio.“
On behalf of Pulsar Helium Inc.
“Thomas Abraham-James”
President, CEO and Director
Further Information:
Pulsar Helium Inc.
+ 1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
https://ca.linkedin.com/company/pulsar-helium-inc.
