Pulsar Helium Welcomes Landmark Minnesota Helium Regulation as Topaz Advances Toward First Production Amid Global Helium Shortage

On May 28, 2026, Pulsar Helium announced that Minnesota Governor Tim Walz had signed legislation (May 26) creating a helium‑specific regulatory framework for gas extraction in the state. The law prohibits oil wells and hydraulic fracturing, limits activity to projects whose primary purpose is helium extraction, and covers Cook, Lake, and St. Louis Counties – exactly where Pulsar’s flagship Topaz project lies.
Concurrently, the company completed down‑hole logging on its Jetstream 3‑7 appraisal program; every well intersected high‑pressure gas correlated with highly fractured reservoir zones, confirming a 100% success rate. Two wells are already production‑ready, and Pulsar is obtaining quotes to drill up to four additional production wells.
In a critical step toward processing, Pulsar signed a Letter of Intent (LOI) in March 2026 with Chart Industries for an integrated CO₂ capture and helium liquefaction facility. The LOI covers Front‑End Engineering and Design (FEED) studies, with Pulsar expected to advance a Limited Notice to Proceed payment to secure the engineering schedule.
The release places these advances in the context of a global helium supply squeeze: the Strait of Hormuz closure has disrupted Qatari exports, attacks on QatarEnergy’s Ras Laffan facilities may take 3‑5 years to repair, and Russian export controls are set to run through end‑2027, leaving North America with a severe shortage.

The announcement is a major derisking event for Pulsar. Regulatory uncertainty has been one of the largest risks hanging over the Topaz project, and the new Minnesota legislation provides a clear, helium‑specific permitting pathway – effectively a green light. The Jetstream exploration results continue to prove a high‑pressure, fracture‑controlled helium system across a wide area, supporting a robust resource. Moving from exploration to securing quotes for production wells and a liquefaction LOI with a tier‑one industrial partner signals the transition to pre‑development.
While the LOI is not yet a binding contract, pairing it with the regulatory milestone materially advances the timeline to first production and substantiates the company’s strategy. The market backdrop of helium shortages adds pricing power.
From the perspective of the prior news flow, the regulatory signature was anticipated but not guaranteed; the LOI was not previously disclosed and represents new, concrete progress. Consequently, the news is genuinely new, market‑moving, and materially positive. It does not, however, involve a first‑time investment by a “game‑changer” strategic player, so it fits the Material – Positive category.

Pulsar Helium Inc. is a pure‑play helium exploration and development company. Its flagship asset, the Topaz Project in northern Minnesota, is a primary (non‑hydrocarbon associated) helium reservoir containing both helium‑4 (4He) and exceptionally high helium‑3 (³He) concentrations – up to 14.5 ppb ³He and 8.1 % ⁴He in flow tests. The project has seen multiple successful appraisal wells (100% success rate) that consistently encounter high‑pressure gas with no formation water, indicating a clean, well‑pressure‑supported system. Dense CO₂ is also present, offering a possible complementary revenue stream. The project is progression through feasibility, permitting, and early‑stage offtake discussions.

Additionally, Pulsar holds the Falcon Project in Michigan’s Upper Peninsula (via a 488,090‑acre option) and the Tunu project in East Greenland (geothermal‑helium), though both are early‑stage exploration.