Pulsar Helium Reports Second Quarter Results, Advances Topaz Project Toward Production

• Pulsar Helium drilled five core-hole wells at its Topaz Project in Minnesota between October 2025 and March 2026, with all wells encountering gas under high pressure, and is now sourcing quotes for up to four additional production wells.
• The company recorded exploration and evaluation expenditure of 6.0 million US dollars for the six months ended March 31, 2026, primarily related to Topaz drilling activity.
• Pulsar completed the acquisitions of Quantum Hydrogen Inc. in Minnesota and Hybrid Hydrogen Inc. in Michigan, expanding its US helium project portfolio beyond Topaz.
• The company raised 9.9 million US dollars through a private placement and a further 6.2 million US dollars combined from warrant and option exercises during the period.
• New Minnesota legislation signed in May 2026 established a helium-specific regulatory framework for gas resource development in the state.

Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) is a Canada-based exploration company focused on primary helium projects, meaning helium not linked to hydrocarbon production. Its portfolio includes the Topaz project in Minnesota, the Falcon project in Michigan, and the Tunu project in Greenland, where the company holds early mover status.

Q2 FY2026 Financial Results and Increased Exploration Expenditure at Topaz Project

For the six months ended March 31, 2026, Pulsar Helium recorded a net loss of 12.2 million US dollars, compared with a net loss of 7.1 million US dollars in the same period the previous year. The wider loss was largely tied to a non-cash charge of 3.4 million US dollars related to the revaluation of a warrant liability, alongside higher spending on exploration activity. The company generated no revenue during the period, consistent with its current pre-production stage.

Exploration and evaluation expenditure reached 6.0 million US dollars for the six-month period, directed primarily toward drilling at the Topaz project. Between October 2025 and March 2026, Pulsar drilled five core-hole wells at the site, with all wells encountering gas under high pressure. Two of the wells drilled are production ready, and the company is now obtaining quotes for the drilling of up to four new production wells, which would bring its total production-ready well count to six.

Total assets stood at 10.9 million US dollars as at March 31, 2026, compared with 2.9 million US dollars a year earlier, reflecting the capital raised and the two acquisitions completed during the period.

Quantum and Hybrid Acquisitions Expanding US Helium Portfolio

In March 2026, Pulsar acquired an 80 percent interest in Quantum Hydrogen Inc., a Texas-incorporated company, through the issuance of 584,963 common shares. Quantum holds exclusive mineral rights for non-hydrocarbon gases across St. Louis and Itasca Counties in Minnesota, immediately west of Topaz. Pulsar holds an option to acquire the remaining 20 percent of Quantum for an additional 400,000 US dollars, payable in shares, until May 2027.

In January 2026, Pulsar completed the acquisition of 100 percent of Hybrid Hydrogen Inc. for total cash consideration of 105,000 US dollars. Hybrid holds an exclusive mineral rights option covering land in Michigan's Upper Peninsula, targeting non-hydrocarbon gases including helium. The company has renamed this asset the Falcon project.

Both acquisitions were completed for a combined cash outlay of 105,000 US dollars plus shares, extending Pulsar's project base into Minnesota and Michigan. Both assets remain at an early stage and will require further evaluation.

Strengthened Balance Sheet Through Private Placement and Warrant Exercises

In February 2026, Pulsar completed a private placement, issuing 9,191,175 common shares at 0.80 British pounds each for gross proceeds of 9.9 million US dollars. The exercise of warrants brought in a further 4.7 million US dollars through the issuance of 18,130,793 common shares, while the exercise of options contributed an additional 1.5 million US dollars via 4,650,000 shares.

Combined, these three funding sources delivered gross proceeds of approximately 16.1 million US dollars during the six-month period. The company's existing project financing facility with University Bancorp remained undrawn during the period.

Total liabilities stood at 1.2 million US dollars as at March 31, 2026, down from 5.3 million US dollars a year earlier, reflecting the resolution of the warrant liability following exercises during the period.

Commenting on the results, Thomas Abraham-James, CEO of Pulsar, said:

"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."

Looking Ahead

Pulsar's near-term plans include finalising quotes and commencing drilling for up to four new production wells at Topaz. In May 2026, subsequent to the period, the company completed the acquisition of surface land within the Topaz project area for 2.48 million US dollars cash. With its funding position strengthened and its US project base expanded across Minnesota and Michigan, the company's focus going forward is on advancing Topaz toward production.

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