Pulsar summarizes Jetstream well drilling in 2025

Executive Summary

• Pulsar Helium Inc. released its financial and operating results for the year ended September 30, 2025, highlighting significant drilling success at its Topaz helium project in Minnesota, including sustained high helium concentrations and the confirmation of helium-3 isotopes.
• The company completed multiple fundraising activities during the year, including a London Stock Exchange AIM listing, two brokered private placements, and significant warrant/option exercises, raising substantial capital to advance project appraisal.
• Post-year developments include the initiation of a 10-well drilling program to delineate reservoir continuity and independent laboratory confirmation of helium-3 presence in gas samples from the Jetstream No. 1 well.

Key Details

• Drilling Results (Jetstream No. 1):
  • Deepening operation completed in early 2025, reaching total depth of 5,100 feet (1,555 metres) on Jan. 11, 2025.
  • Successfully penetrated the entire interpreted helium-bearing reservoir.
  • Previous depth (Feb 2024) was 2,200 feet (671 metres).
  • Identified helium concentrations up to 14.5% and CO2 concentrations exceeding 70%.
  • Laboratory analysis confirmed sustained average helium concentration of 8.1% (range: 5.9% to 14.5%) during flow testing.
• Drilling Results (Jetstream No. 2):
  • Drilled in early 2025, reaching total depth of 5,638 feet (1,718 metres) on Feb. 1, 2025.
  • Successfully penetrated the entire interpreted helium-bearing interval.
  • Laboratory analysis confirmed sustained average helium concentration of 5.6% (range: 4.3% to 6.5%) during flow testing.
• Post-Year Drilling Program:
  • Began in October 2025 to drill up to 10 wells at the Topaz project.
  • Goal is to delineate reservoir extent and productivity.
  • Three holes completed to date, with five wells expected to be completed in total.
• Helium-3 Confirmation:
  • In January 2026, two U.S. federal laboratories (USGS Noble Gas Laboratory and Lawrence Livermore National Laboratory) independently confirmed helium-3 isotope concentration.
  • Values closely matched previous verification by Woods Hole Oceanographic Institution.
  • Helium-3 concentration range: 11.2 to 11.9 parts per billion.
  • Associated Helium-4 concentration: 7.7 to 8.0%.
• Financing Activities:
  • Oct 18, 2024: Common shares commenced trading on AIM (London Stock Exchange) under symbol PLSR.
  • Concurrent with Admission: Issued 15.5 million common shares at 25 pence/share for gross proceeds of $5,010,985 (£3,875,000).
  • Jan & Mar 2025: Brokered private placement (two tranches); issued 6,388,154 common shares at $0.38/share for gross proceeds of $2,427,498.
  • Aug 2025: Private placement; issued 16,174,338 common shares at 23 pence/share for gross proceeds of $5,034,846 (£3,720,100).
  • Post-Year:
    • Issued 17,490,684 common shares on exercise of warrants for proceeds of $6,332,394 (CAD).
    • Issued 2.2 million common shares on exercise of options for proceeds of $990,000 (CAD).
• Operational Outlook:
  • Data from Jetstream No. 1 and No. 2, plus the ongoing multiwell program, will inform future resource estimation, production modeling, and appraisal planning.
  • Seismic data acquisition strengthened the geological model.

Notable Quotes

• "The year was transformative for Pulsar. During the year, our flagship Topaz project in Minnesota delivered some of the highest helium concentrations ever reported from a natural gas system, with measured values of up to 14.5 per cent helium, significantly above the 0.3-per-cent concentration generally regarded as commercially viable." — Thomas Abraham-James, President and CEO
• "The company's admission to the AIM market of the London Stock Exchange during the year, alongside a successful five-million-British-pound fundraising, marked an important milestone for Pulsar. The dual listing has broadened our investor base and provides a strong platform as we progress toward our objective of becoming a meaningful supplier of helium into a tightening global market." — Thomas Abraham-James, President and CEO