Pulsar spends $2-million (U.S.) on exploration in Q1

Executive Summary

• Pulsar Helium Inc. released its financial and operating results for the first quarter ended December 31, 2025, highlighting significant progress in its Topaz helium project appraisal drilling and the acquisition of two new mineral rights entities.
• The company completed drilling of six appraisal wells (Jetstream No. 1 to No. 6) at the Topaz project, with drilling ongoing for No. 7. Independent U.S. federal laboratories confirmed helium-3 concentrations of 11.2 to 11.9 parts per billion in samples from Jetstream No. 1.
• The company executed multiple capital-raising activities, including $4.1 million from warrant exercises, $300,000 from option exercises, and a post-period announcement of a £7.4 million ($10 million) equity placing expected to close on February 27, 2026.

Key Details

• Drilling Operations (Topaz Project):
  • Commenced a drilling program in October 2025 aiming for up to 10 wells.
  • Completed drilling of Jetstream No. 3 (3,507 ft / 1,069 m) and Jetstream No. 4 (3,000 ft / 914 m) in November 2025.
  • Completed drilling of Jetstream No. 5 (3,839 ft / 1,170 m) in January 2026.
  • Completed drilling of Jetstream No. 6 (2,597 ft / 792 m) in February 2026.
  • Drilling was underway at Jetstream No. 7 at the time of the release.
  • Primary goal: Delineate reservoir extent/productivity and map continuity for future production.
• Helium-3 Confirmation:
  • In January 2026, the U.S. Geological Survey Noble Gas Laboratory and Lawrence Livermore National Laboratory independently analyzed raw gas samples from Jetstream No. 1.
  • Results confirmed helium-3 (3He) concentration range of 11.2 to 11.9 parts per billion.
  • Associated helium-4 (4He) concentration was 7.7 to 8.0 percent.
  • Results were consistent with prior analyses by the Woods Hole Oceanographic Institution.
• Acquisitions:
  • Quantum Hydrogen Inc.: Entered definitive agreement in November 2025 to acquire 80% of common shares.
    • Consideration: $400,000 in common shares, issued in five equal monthly tranches of $80,000.
    • Pricing: Based on 30-day VWAP prior to each issuance.
    • Option: Right to acquire remaining 20% within 18 months for $400,000 in shares.
    • Share Issuances:
      • Dec 2025: 292,560 shares (Tranches 1 & 2).
      • Jan 2026: 145,434 shares (Tranche 3).
      • Feb 2026: 80,947 shares (Tranche 4).
      • Final tranche due March 2026.
  • Hybrid Hydrogen Inc.: Completed acquisition of 100% of common shares in January 2026.
    • Consideration: $105,000 cash.
    • Asset: Exclusive mineral rights option to lease in Michigan's Upper Peninsula (Falcon helium project).
• Financial Highlights (Q1 Ended Dec 31, 2025):
  • Exploration and evaluation expenditures: $2 million (related to Topaz drilling).
  • Gross proceeds from warrant exercises: $4.1 million (16,150,567 common shares issued).
  • Gross proceeds from option exercises: $300,000 (800,000 common shares issued).
• Post-Period Financing:
  • Announced equity fundraising (placing) for gross proceeds of approximately £7.4 million (approx. $10 million).
  • Price: 80 pence per share.
  • Bookrunner: Oak Securities (Merlin Partners LLP).
  • Expected completion: February 27, 2026.

Notable Quotes

• "During the period and postperiod, Pulsar advanced its appraisal drilling program at the Topaz project, completing additional wells and further delineating the scale and continuity of the helium-bearing reservoir. The data gathered from drilling, pressure and gas analysis continues to strengthen our understanding of the system and supports the next phase of resource evaluation and development planning." — Thomas Abraham-James, President and CEO
• "In February, we announced a 7.4-million-British-pound (approximately $10-million) capital raise, which is expected to close on Feb. 27, 2026, completion of which significantly strengthens the company's balance sheet and provides the financial flexibility to advance Topaz and progress our broader portfolio." — Thomas Abraham-James, President and CEO