Pulsar Helium Quarterly Update - June 30 2025

• Net loss of $8.5 million for nine months ended June 30, 2025, compared to $21.4 million in prior year
• Working capital deficiency of $4.8 million at period-end, including $2.5 million non-cash warrant liability
• Secured $4 million credit facility from University Bancorp, with $2.5 million drawn at 12% interest rate
• Completed AIM listing with £3.88 million fundraising and additional £3.72 million raised post-period
• Exploration expenditure of $6.5 million invested primarily in Topaz project drilling activities

Pulsar Helium Inc (TSXV: PLSR) is a helium exploration company incorporated in British Columbia in June 2022. The company focuses on helium exploration projects in the United States and Greenland. Its primary asset is the Topaz helium project located on 3,132 net acres in Minnesota, alongside the Tunu helium project in Greenland comprising two exploration licences. The company's head office is located in Portugal, with registered offices in Canada.

Financial Performance and Operational Losses

The company recorded a comprehensive loss of $8.5 million for the nine months ended June 30, 2025, compared to $21.4 million in the corresponding prior period. The reduction in losses was primarily due to lower share-based compensation expenses, which decreased from $2.3 million to $382,512 year-over-year.

Total expenses for the nine-month period were $9.2 million, with exploration and evaluation expenditures representing $6.5 million of this amount. The majority of exploration spending occurred at the Topaz project, including $4.3 million for drilling and completions and $1.3 million for consulting fees. Administrative expenses totalled $284,256, while consulting fees were $587,750 for the period.

The company's basic and diluted loss per common share was $0.07 for the nine months, compared to $0.24 in the prior year. The weighted average number of common shares outstanding increased to 129.5 million from 88.9 million, reflecting the impact of equity financings completed during the period.

Capital Structure and Financing Activities

Cash increased to $1.23 million at June 30, 2025, from $617,626 at September 30, 2024. The company completed several financing activities during the period, raising gross proceeds of $9.5 million. This included a £3.88 million placement concurrent with AIM admission and private placements totalling $2.4 million.

In April 2025, the company secured a $4 million project financing facility from University Bancorp, secured by shares of its US subsidiary and Topaz project assets. The facility bears interest at 12% per annum plus a 2% utilisation fee, with $2.5 million drawn during the period. The maturity date was subsequently extended to November 30, 2026.

At period-end, the company had a working capital deficiency of $4.8 million, including trade payables of $1.2 million and a non-cash warrant liability of $2.5 million. Share capital increased to $24.7 million from $16.4 million, while accumulated deficit reached $31.7 million compared to $23.2 million at the prior year-end.

Helium Exploration Asset Development and Going Concern

Exploration and evaluation assets totalled $675,741 at June 30, 2025, comprising $661,679 for the Topaz project and $14,062 for the Tunu project. During the period, the company added $316,368 to these assets through continued exploration activities.

The Topaz project consists of leased acreage in Minnesota under various agreements with royalty obligations ranging from 3% to 20%. The company purchased additional land overlying the project for $242,307 in January 2025 and exercised remaining option agreements during the period.

Management has identified material uncertainties regarding the company's ability to continue as a going concern. The financial statements note that current funds may not provide sufficient resources for planned operations through the next twelve months, requiring additional financing to complete strategic objectives. Post-period, the company completed a £3.72 million fundraising in August 2025.

Outlook and Next Steps

The company continues exploration activities at both the Topaz and Tunu projects while managing working capital requirements. The secured project financing facility provides development capital specifically for the Topaz project, with the extended maturity providing additional time for project advancement.

Management expects additional financing will be required to complete strategic objectives and continue operations. The company's ability to access multiple capital markets, including recent success in UK markets through AIM admission, provides potential sources for future funding requirements.

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