Pulsar Files Financial and Operating Results for the Second Quarter Ended March 31, 2026

Executive Summary

• Pulsar Helium Inc. reported financial and operating results for the six months ended March 31, 2026, highlighting significant operational progress at its flagship Topaz Project, multiple strategic acquisitions, and substantial capital raises.
• The company successfully drilled five core-hole wells at Topaz, confirmed helium-3 isotope presence, and benefited from new Minnesota legislation establishing an expedited permitting framework for helium development amid global supply disruptions.
• Financially, the company reported a net loss of $12.25M, incurred $6.0M in exploration expenditures, and raised $16.1M gross through a private placement and the exercise of warrants and options.

Key Details

• Drilling & Operations: Drilled five core-hole wells at the Topaz Project (Oct 2025–Mar 2026), all encountering gas under high pressure. Currently obtaining quotes for up to four new production wells to supplement two existing production-ready wells.
• Regulatory & Market Context: May 2026 legislation signed by MN Governor Tim Walz established a helium-specific framework for gas development, with the MN DNR issuing proposed expedited permanent permitting rules on May 18, 2026. Context includes global helium supply tightening due to Strait of Hormuz disruptions, attacks on QatarEnergy facilities, and Russian export controls.
• Helium-3 Confirmation: Jan 2026: U.S. Geological Survey and Lawrence Livermore National Laboratory independently confirmed ³He concentration at the Jetstream #1 well at 11.2–11.9 ppb, associated with 7.7–8.0% helium-4 (⁴He).
• Surface Land Acquisition: May 2026: Acquired surface land in Lake County, MN (within the Topaz Project) for $2,480,000 cash.
• Quantum Hydrogen Acquisition: Mar 2026: Acquired 80% of Quantum Hydrogen Inc. via issuance of 584,963 common shares. Holds exclusive mineral rights for non-hydrocarbon gases in St. Louis and Itasca Counties, MN. Option to acquire remaining 20% until May 3, 2027, for $400,000 payable in common shares.
• Hybrid Hydrogen Acquisition: Jan 2026: Acquired 100% of Hybrid Hydrogen Inc. for $105,000 cash. Holds exclusive mineral rights option in Michigan’s Upper Peninsula (now referred to as the Falcon helium project).
• Exploration Expenditures: Recorded $6.0 million in exploration and evaluation expenditures related to Topaz Project drilling.
• Capital Raises & Financings:
• Private placement: Issued 9,191,175 common shares for $9.9 million gross proceeds.
• Warrant exercises: Issued 18,130,793 common shares for $4.7 million gross proceeds.
• Option exercises: Issued 4,650,000 common shares for $1.5 million gross proceeds.
• Financial Position & Results:
• Net loss: $12,249,858 (vs. $7,118,554 in prior year period).
• Basic and diluted loss per share: $0.07.
• Total assets: $10,973,876; Total liabilities: $1,173,000.
• Non-cash loss on revaluation of warrant liability: $3,413,140.

Notable Quotes

• Thomas Abraham-James, CEO: “During the Period and Post Period, Pulsar has been driven by our intention to develop Topaz into a significant primary helium producer, building on growing momentum at the project as we move decisively toward production readiness. 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. The Company is now obtaining quotes for the drilling of up to four new production wells to supplement the two production-ready wells already drilled. With our Jetstream exploration and appraisal program complete and production-well planning underway, we are moving fast. The disruption to Qatari and Russian supply has concentrated minds across the industry. Topaz is well positioned to be part of the solution, and we intend to get there.”