Pulsar Helium Announces Expanded Land Position at Topaz, and Provides a Project Technical Update

Executive Summary

• Pulsar Helium confirmed the successful completion of all seven Jetstream exploration wells at its Topaz Helium Project in Minnesota, concluding active field operations and transitioning to a development planning phase.
• The company expanded its land position to approximately 5,631 net mineral acres, combining 690 royalty-free owned acres with 4,941 leased acres, featuring a highly competitive 3% royalty structure on the majority of the leasehold.
• Planning is underway for 2-4 new production-ready wells to twin successful exploration wells and complement two existing production-ready wells, while the company opted against extended flow testing on exploration wells to preserve resources and align capital deployment with newly enacted Minnesota helium legislation.

Key Details

• Drilling Completion: All seven Jetstream exploration wells at the Topaz Project successfully drilled; field operations have concluded.
• Land Position Expansion: Operating subsidiary Keewaydin Resources Inc. now holds ~690 net mineral acres owned outright in fee simple (100% net revenue interest, royalty-free) plus ~4,941 net mineral acres under gas leaseholds.
• Royalty Structure: ~2,849 net mineral acres carry a 3% gross sales royalty (well below industry norm); the remaining leasehold carries a 20% royalty. Effective royalty burden is further reduced on 28 tracts where Keewaydin holds underlying mineral ownership.
• Surface Land Acquisition: Acquired ~1,360 acres of surface land across 34 contiguous tracts at no cost, securing full operational control over key infrastructure including the JS#7 well site.
• Production-Ready Drill Program: Planning initiated for 2-4 new production-ready wells designed to twin the most successful Jetstream exploration wells, building on geological and reservoir insights from all seven wells.
• Existing Production Wells: Jetstream #1 and Jetstream #2 are already designated as production-ready and will be complemented by the new drilling campaign.
• Flow Testing Decision: Extended flow testing on Jetstream #3 through #7 will not be pursued; these wells were engineered for subsurface data collection, not production conversion. Decision reinforced by rapid legislative progress and current helium market conditions.
• Technical Confidence & Reservoir Correlation: Calculated down-hole pressures exceeded expectations; wireline logging data and reservoir modeling have significantly increased confidence in the scale and quality of the Topaz reservoir system.
• Geological Modeling: 2D seismic survey interpretation is complete. Data from the Jetstream program, seismic survey, and airborne gravity gradiometry are being integrated into a comprehensive geological model to inform future well targeting.
• Regulatory Environment: New Minnesota helium-specific development legislation was signed into law on May 28, 2026, establishing a clear regulatory framework for helium production in Lake, Cook, and St. Louis Counties.

Notable Quotes

• Thomas Abraham-James, CEO: "The Topaz Project has never been better positioned. We have drilled seven successful exploration wells, built a thorough understanding of our reservoir system across the acreage, and secured an expanded, strategically important land position in the immediate project area, much of it at remarkably competitive royalty rates. The passage of new Minnesota helium legislation has added a further layer of confidence, giving us a clear and supportive regulatory framework for the path ahead. We head into our production-ready well drilling campaign with real momentum, strong technical foundations, and a project that we believe has the potential to be a transformative U.S. primary helium project. The hard work of the exploration phase is complete, now it is time to build."