Pulsar Helium Inc. (AIM: PLSR) (TSXV: PLSR) (OTCQB: PSRHF), a primary helium company, applauds the leadership of Minnesota lawmakers as on May 26th, Minnesota Governor Tim Walz signed into law new legislation updating the state processes for the permitting of gas extraction projects. This will specifically advance a helium-specific framework for gas resource development in Northeastern Minnesota.
Summary
- Minnesota’s new helium-specific rulemaking guidelines create a clearer pathway toward responsible helium production at Pulsar’s flagship Topaz Project.
- The framework applies specifically to helium development.
- Formation logging was successfully completed for the Jetstream wells, enabling detailed correlation and evaluation of the Topaz reservoir. Logging has shown the zones of gas influx into the wells can be accurately correlated with specific highly fractured zones.
- All Jetstream wells drilled to date have encountered gas under high pressure, as reported in the Company’s news release dated March 18, 2026.
- Pulsar has concluded its exploration and appraisal program at Topaz and is now obtaining quotes for the drilling of up to four new production wells to supplement the two existing production ready wells already drilled.
- Global helium supply has tightened sharply following the disruption to the Strait of Hormuz, attacks on QatarEnergy’s Ras Laffan facilities and Russian export controls, while U.S. customers have already been subject to allocation and surcharge measures.
- Pulsar is focused on production readiness and intends to deploy capital with the objective of realizing production during this urgent period of need for secure helium supply.
The updated legislation represents a significant and constructive milestone for Pulsar’s flagship Topaz Helium Project. It also establishes a clearer implementation pathway for future helium production, subject to the expected completion of required rulemaking, environmental review, permitting requirements and related state processes.
The legislation will advance Minnesota as it continues to support helium development while maintaining strong environmental and public-interest protections. The changes are specific to gas well development for projects whose primary purpose is helium extraction, limiting such activity to Cook, Lake and St. Louis Counties, prohibiting oil wells, prohibiting hydraulic fracturing treatment in gas wells, and preserving the ability to sell carbon dioxide extracted in the ordinary course of helium production.
Cliff Cain, President of Pulsar, commented:
“Today is a landmark day for Pulsar and for helium development in Minnesota. The Governor’s signature creates a defined, helium-specific pathway toward production at Topaz, at exactly the moment when the world needs new, secure helium supply most.
“With our Jetstream exploration 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.”
In parallel with this regulatory progress, Pulsar has now completed formation logging across Jetstream #3 through Jetstream #7 (except Jetstream #5). The logging program has enabled detailed correlation and evaluation of the Topaz reservoir, with zones of gas influx accurately correlating with specific highly fractured zones. Drill core remains under laboratory and technical evaluation for reservoir-property characterization.
All Jetstream wells drilled to date have encountered gas under high pressure, further supporting the continuity and strength of the Topaz helium system. The Company has concluded its exploration and appraisal program at Topaz and is now obtaining quotes for the drilling of up to four new production wells. The Company believes the Jetstream exploration and appraisal program has materially de-risked future drilling at Topaz and the Company is now firmly focused on production readiness, with its capital to be deployed toward that objective.
The legislative progress in Minnesota comes at a time of significant disruption in global helium markets. The current helium shortage has been driven by a combination of factors, including the closure of the Strait of Hormuz, attacks on QatarEnergy’s Ras Laffan facilities, and new Russian export controls. Qatar supplies approximately 35% of the world’s helium supply, and disruption at Ras Laffan has highlighted the vulnerability of global helium supply chains, particularly because helium is typically produced as a by-product of natural gas processing and transported in specialized cryogenic containers through limited logistics routes.
QatarEnergy has also stated that damage to its facilities may take three to five years to repair, adding to the risk of prolonged helium-market tightness. In addition, Russia has introduced helium export controls through the end of 2027, further constraining available international supply. In the United States, at least some helium customers have already been subject to allocation measures and surcharge notices from major industrial gas suppliers.
Helium is essential to industries and technologies that depend on reliable, secure supply, including semiconductor fabrication, MRI machines, aerospace, satellites, national security, quantum computing, cryogenics and advanced manufacturing. In semiconductor fabrication, helium is used for wafer cooling, thermal management, leak detection and maintaining stable process conditions, with limited or no viable substitute in certain critical applications. Pulsar believes these market conditions underscore the urgent need for secure, domestic, non-hydrocarbon-associated primary helium supply.
Topaz, located in Lake County near Babbitt in northern Minnesota, is Pulsar’s 100%-owned flagship project and one of the leading primary helium discoveries in the United States. Pulsar has reported strong helium concentrations from the Jetstream wells and has also reported the presence of helium-3, a rare isotope with applications in quantum computing, ultra-low-temperature cryogenics, neutron detection, medical imaging, national security and future fusion energy research.
Unlike most global helium production, Topaz is a high-grade primary helium discovery and is not associated with hydrocarbon production. Pulsar believes the project has the potential to support domestic supply chains, create skilled employment in Northeastern Minnesota and contribute to economic development opportunities across the state. In preparation for production, Pulsar signed a Letter of Intent in March 2026 with Chart Industries, Inc. (NYSE: GTLS) a leading global manufacturer of industrial equipment, for the supply of an integrated CO₂ capture and helium liquefaction facility. Chart will conduct Front-End Engineering and Design (FEED) studies, with Pulsar expected to advance a Limited Notice to Proceed (LNTP) payment in advance to secure Chart’s engineering schedule. The LOI also commits Chart to supporting ongoing joint public relations initiatives, underscoring the strategic and commercial alignment between both companies as Pulsar advances toward production at Topaz.
The new legislation establishes the framework for the next phase of regulatory and legislative work. Before commercial gas production can proceed, applicable state rulemaking, environmental review, permitting requirements and related implementation steps must be completed. On May 18, 2026, the Minnesota Department of Natural Resources took a significant step in this process by issuing proposed expedited permanent rules for permitting gas resource development, such as Pulsar’s Topaz Project. The Company intends to support the state’s next steps by providing technical information on primary helium development, groundwater protection, well construction, gas handling, carbon dioxide management, emergency response planning and project-specific risk controls.
On behalf of Pulsar Helium Inc.
“Thomas Abraham-James”
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.
