Pulsar Helium Responds to Rumours Regarding Financing

• Most Recent Release (April 23, 2026): Pulsar Helium issued a clarification regarding false communications circulated by a third-party broker concerning terms of a potential private placement. The company stated these unauthorized communications have no basis in fact and is reviewing legal options to hold the responsible party accountable.
• Contextual Release (April 22, 2026): One day prior, Pulsar secured an exclusive three-year option to lease approximately 488,090 gross acres in Michigan's Upper Peninsula, consolidating with existing 5,742 acres to form the "Falcon Project." This agreement requires a US$1.0 million exploration commitment over three years and up to US$580,000 in option costs.
• Operational Progress (March-April 2026): The Topaz Helium Project in Minnesota completed drilling of Jetstream #7 with a 100% success rate across seven appraisal wells. Down-hole logging is finished, and flow/pressure build-up testing was slated for late March/early April 2026.
• Financing History: A capital raise of approximately £7.4 million (US$10 million) closed in February 2026 at £0.80 per share to fund Topaz testing and Falcon exploration. ABCrescent exercised warrants for US$5.6 million in November 2025, significantly reducing the warrant overhang.

• Rumor Clarification (April 23): The clarification of financing rumors is defensive rather than value-creating. It mitigates potential negative sentiment regarding unauthorized dilution or false deal terms but does not alter the company's fundamental asset base or cash position directly. Given the risk-averse nature of equity analysis, removing uncertainty about capital markets activity is positive for stability, yet it remains a routine administrative update rather than a material business development.
• Land Acquisition (April 22): The acquisition of nearly half a million acres in Michigan represents a significant expansion of the exploration portfolio. While the Falcon Project is currently an option agreement with low upfront costs ($580k), the scale (488,090 acres) materially increases the long-term resource potential and diversifies geographic risk beyond Minnesota. This news likely drove the market attention that necessitated the rumor clarification on April 23.
• Drilling Success: The completion of Jetstream #7 with high bottom-hole pressure (~953 psi) maintains the company's technical credibility. However, the transition from drilling to flow testing introduces execution risk; failure in testing could negate the positive sentiment from drilling results.
• Overall Assessment: The most recent news (April 23) is Routine - Neutral as it addresses market noise without changing fundamentals. The preceding day's land deal (April 22) was Material - Positive, but the focus on the April 23 release limits the rating to Routine for this specific update cycle.

• Flagship Project (Topaz): Located in northern Minnesota, USA. Focuses on primary helium extraction with significant Helium-3 concentrations.
  • Status: Appraisal drilling phase complete for 7 wells; flow testing imminent.
  • Key Metrics: Helium-4 up to 8.1%; Helium-3 confirmed at ~11-14 ppb by USGS and LLNL. Bottom-hole pressures reaching ~960 psi.
• Secondary Project (Falcon): Located in Michigan's Upper Peninsula.
  • Status: Exclusive option secured on April 22, 2026 over 488,090 acres.
  • Goal: Leverage geological expertise from Topaz to explore analogous helium-bearing reservoirs.
• Acquisitions: Acquired Quantum Hydrogen Inc. (Minnesota) and Hybrid Hydrogen Inc. (Michigan) to expand land positions with minimal cash outlay.