Pulsar Helium Financial and Operating Results for the Nine Months - June 30 2025

• Jetstream #1 well achieved maximum natural flow rate of ~501,000 cubic feet per day, more than tripling 2024 performance
• Drilling contract executed with Timberline Drilling for up to ten wells, operations to begin late September 2025
• Sustained flows of 150-300 Mcf/d for 12-18 hour periods with rapid pressure recovery and no formation water
• Sproule-ERCE engaged to conduct pre-feasibility study at Tunu helium-geothermal project
• Net loss reduced 60% to $8.52 million from $21.44 million in prior year period

Pulsar Helium Inc. (AIM:PLSR) is a leading helium project development company focused on advancing primary helium resources not associated with hydrocarbon production. The company operates a unique portfolio consisting of its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland, positioning itself as the first mover in both strategic locations. The company's approach focuses on sustainable helium extraction whilst exploring potential carbon dioxide by-products that could provide additional revenue streams.

Financial Performance and Operating Results

Pulsar demonstrated improved financial management with a 60% reduction in net loss to $8.52 million for the nine months ended June 30, 2025, compared to $21.44 million in the same period of 2024. Loss per share improved to $0.07 from $0.24 in the prior year. The company invested $6.46 million in exploration and evaluation expenditures, primarily for deepening Jetstream #1 and drilling Jetstream #2 at the Topaz project.

Administration costs totalled $2.70 million, including non-cash share-based compensation of $383,000. The company benefited from a non-cash gain of $1.10 million on warrant liability revaluation, a significant improvement from the $12.37 million loss recorded in 2024. This positive adjustment reflects improved market conditions and warrant valuations.

The company strengthened its financial position through multiple funding initiatives. During the period, Pulsar accessed $2.50 million from its $4 million project finance facility with University Bancorp. Additional funding was secured through a $2.43 million private placement completed in January and March 2025, followed by a £3.72 million private placement in August 2025.

Operational Progress and Well Performance

Flow testing at Jetstream #1 in August 2025 delivered significant performance improvements, recording a maximum natural flow rate of ~501,000 cubic feet per day during open-flow testing. Testing was conducted on a 38/64-inch choke at approximately 30 psi wellhead pressure without compression assistance.

The well demonstrated consistent reservoir performance through sustained long-duration flows of 150-300 Mcf/d for periods of 12-18 hours on smaller choke sizes. Testing showed no significant decline in flow rates, followed by rapid pressure recovery. The gas flowed as dry gas with no formation water encountered throughout the testing programme.

Recent flow testing results also included Jetstream #1 flowing over 1.3 million cubic feet per day under wellhead compression. The improved performance followed wellbore clean-up and deepening operations. Flow testing was also conducted at Jetstream #2 appraisal well, with results contributing to the overall project assessment.

Project Development and Drilling Plans

Pulsar executed a drilling contract and Master Services Agreement with Timberline Drilling Inc. covering up to ten wells, with drilling operations scheduled to commence in late September 2025. The company engaged Sproule-ERCE to conduct a pre-feasibility study at the Tunu helium-geothermal project. The study will provide technical and economic analysis for future project decisions.

The Tunu pre-feasibility study represents advancement of the Greenland asset, which includes both helium and geothermal components. No contingent or prospective helium volumes have been defined for the Tunu project to date. The study will establish a technical and economic foundation for potential development planning.

University Bancorp increased its holding to 4.99% of outstanding common shares through participation in the August 2025 private placement. The company issued 16.17 million common shares at £0.23 per share for gross proceeds of £3.72 million. Pulsar maintains access to the remaining $1.50 million of its University Bancorp project finance facility.

Next Steps

Pulsar will commence its ten-well drilling programme in late September 2025 under the Timberline Drilling contract. The Sproule-ERCE pre-feasibility study for the Tunu project will advance concurrently. The company has secured funding through recent equity raises and maintains access to its University Bancorp facility for ongoing operations.

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