Pulsar Helium Advances Topaz Toward Production as Minnesota Permitting Framework Takes Shape

• Pulsar drilled five core-hole wells at its flagship Topaz project in Minnesota between October 2025 and March 2026, all encountering gas under high pressure, and is now seeking quotes for up to four additional production wells.
• Minnesota Governor Tim Walz signed legislation in May 2026 establishing a dedicated permitting framework for helium development, alongside proposed expedited rules from the state's Department of Natural Resources.
• The company completed a $2.48 million cash purchase of surface land at Topaz in Lake County, Minnesota, in May 2026.
• Two independent United States federal laboratories confirmed helium-3 isotope concentrations at Topaz in January 2026, consistent with earlier findings from the Woods Hole Oceanographic Institution.
• The company raised a combined $16.1 million during the period through a private placement, warrant exercises, and option exercises.

Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) is a Canada-based helium exploration and development company listed in the United Kingdom, Canada, and the United States. Its portfolio includes the Topaz helium project in Minnesota, the Falcon project in Michigan, and the Tunu project in Greenland. The company identifies as an early mover in primary helium occurrences not associated with oil and gas production.

Topaz Drilling and Favorable Minnesota Legislation Advance Pulsar Toward Production Amid a Tightening Global Helium Market

Between October 2025 and March 2026, Pulsar drilled five core-hole wells at its Topaz project, with each well encountering gas under high pressure. These results add to the two production-ready wells already completed, and the company is now obtaining quotes to drill up to four further production wells.

In May 2026, Minnesota Governor Tim Walz signed legislation establishing a helium-specific framework for gas resource development in the northeastern part of the state. The Minnesota Department of Natural Resources also issued proposed expedited rules for permitting on May 18, 2026.

These developments coincide with a tightening of global helium supply, driven by disruption to the Strait of Hormuz, attacks on QatarEnergy's Ras Laffan facilities, which account for approximately 35% of world helium supply, and new Russian export controls in place through the end of 2027. Some United States helium customers have already faced allocation measures and surcharges from major industrial gas suppliers.

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."

Strategic Land and Mineral Rights Acquisitions Strengthen Operational Control Across the Topaz and Falcon Projects

In May 2026, Pulsar completed the purchase of surface land in Lake County, Minnesota, within the Topaz project area, for $2,480,000 in cash.

The company also completed two acquisitions during the period. In March 2026, Pulsar acquired 80% of Quantum Hydrogen Inc., a Texas-incorporated company holding exclusive mineral rights for non-hydrocarbon gases in Minnesota's St. Louis and Itasca Counties, located west of Topaz, through the issuance of 584,963 common shares. The company holds an option to acquire the remaining 20% of Quantum until May 3, 2027, for $400,000 payable in shares.

In January 2026, Pulsar acquired 100% of Hybrid Hydrogen Inc. for $105,000 in cash. Hybrid holds an exclusive mineral rights lease option in Michigan's Upper Peninsula targeting non-hydrocarbon gases, primarily helium. This project is now referred to as the Falcon helium project.

Strong Capital Raises Through Placements and Warrant Exercises Support Continued Development Funding

During the period, Pulsar completed a private placement that issued 9,191,175 common shares for gross proceeds of $9.9 million.

The company also recorded 18,130,793 common shares issued on the exercise of warrants for gross proceeds of $4.7 million, and 4,650,000 common shares issued on the exercise of options for gross proceeds of $1.5 million. Combined, these three sources brought in approximately $16.1 million during the six-month period.

This funding activity coincided with $6.0 million in exploration and evaluation expenditures related to drilling at Topaz. Total assets stood at $10,973,876 as of March 31, 2026, compared with $2,941,370 a year earlier. The company recorded a net loss of $12,249,858 for the period, which included a non-cash loss of $3,413,140 on the revaluation of its warrant liability.

Looking Ahead

With its exploration and appraisal drilling at Topaz complete, Pulsar's focus shifts to production-well planning, including securing quotes for up to four new wells to complement the two already production-ready. The recently enacted Minnesota legislation and proposed permitting rules are expected to provide a clearer regulatory pathway as development plans proceed, alongside the company's expanded land position and mineral rights across the Topaz and Falcon projects.

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