Pulsar Helium Reports Fiscal 2025 Financial Results and Drilling Progress

• Jetstream #1 well averaged 8.1% helium during flow testing with range of 5.9% to 14.5%; Jetstream #2 averaged 5.6% with range of 4.3% to 6.5%
• Raised $12.4 million during fiscal year through AIM admission ($5.0 million), January-March private placement ($2.4 million), and August private placement ($5.0 million)
• Net loss decreased to $9.6 million from $20.3 million in prior year; total assets of $2.4 million and liabilities of $2.6 million at year end
• Commenced 10-well drilling programme in October 2025 with three holes completed to date and five wells expected in total
• U.S. Geological Survey and Lawrence Livermore National Laboratory independently confirmed helium-3 concentration of 11.2 to 11.9 parts per billion in January 2026

Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) is a Canada-based primary helium exploration and development company with projects in North America and Greenland. The company's portfolio includes the Topaz Project in Minnesota, the Falcon Project in Michigan, and the Tunu Project in Greenland. 

Fiscal Year 2025 Financial Results

For the year ended 30 September 2025, Pulsar reported a net loss of $9.6 million compared to $20.3 million in the previous year. The company recorded no revenue in either period. Basic and diluted loss per share was $0.07, down from $0.22 in fiscal 2024. At year end, total assets were $2.4 million and total liabilities were $2.6 million.

The financial results include a non-cash revaluation gain on warrant liability of $1.9 million during the year, compared to a non-cash revaluation loss of $8.8 million in the prior year. These adjustments relate to changes in fair value of warrants issued in connection with financing activities.

Following the fiscal year end, the company issued 17.5 million common shares from warrant exercises generating proceeds of C$6.3 million, and issued 2.2 million common shares from option exercises for proceeds of C$990,000.

Jetstream Wells #1 and #2 Results

The Jetstream #1 appraisal well was deepened to 5,100 feet (1,555 metres) in early 2025, reaching total depth on 11 January 2025. Laboratory analysis confirmed average helium concentrations of 8.1% during flow testing, with measurements ranging from 5.9% to 14.5%. The well previously reached 2,200 feet (671 metres) on 27 February 2024, when it identified helium concentrations of up to 14.5%. Both wells encountered carbon dioxide concentrations exceeding 70%.

The Jetstream #2 appraisal well reached total depth of 5,638 feet (1,718 metres) on 1 February 2025. Laboratory analysis confirmed average helium concentrations of 5.6% during flow testing, with a range of 4.3% to 6.5%. The 0.3% helium concentration is widely accepted as the economic threshold for commercial production.

President and CEO Thomas Abraham-James stated:

"During the Year, our flagship Topaz Project in Minnesota delivered some of the highest helium concentrations ever reported from a natural gas system, with measured values of up to 14.5% helium, significantly above the 0.3% concentration generally regarded as commercially viable."

Capital Raising Activities

On 18 October 2024, the company's common shares commenced trading on the AIM market of the London Stock Exchange under the symbol PLSR. Concurrent with the listing, Pulsar issued 15.5 million common shares at £0.25 per share for gross proceeds of $5.0 million (£3.875 million).

In January and March 2025, the company completed a brokered private placement in two tranches, issuing 6.4 million common shares at $0.38 per share for gross proceeds of $2.4 million. In August 2025, Pulsar issued 16.2 million common shares at £0.23 per share for gross proceeds of $5.0 million (£3.72 million). Total gross proceeds from these three transactions during fiscal 2025 were $12.4 million.

President and CEO Abraham-James commented:

"The Company's Admission to the AIM market of the London Stock Exchange during the Year, alongside a successful £5 million fundraising, marked an important milestone for Pulsar. The dual listing has broadened our investor base and provides a strong platform as we progress toward our objective of becoming a meaningful supplier of helium into a tightening global market."

Current Drilling Programme and Next Steps

In October 2025, Pulsar began a drilling programme to drill up to 10 wells at the Topaz Project. The goal is to delineate the extent and productivity of the helium reservoir, map continuity between well locations, and identify areas for potential future production. Three holes have been completed to date, with five wells expected to be completed in total. In January 2026, the U.S. Geological Survey Noble Gas Laboratory and Lawrence Livermore National Laboratory independently confirmed helium-3 isotope concentrations of 11.2 to 11.9 parts per billion from Jetstream #1 well samples, matching results previously verified by Woods Hole Oceanographic Institution. Data from the ongoing drilling programme will be integrated into the next phase of technical evaluation.

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