Pulsar Helium closes Hybrid Hydrogen acquisition

Executive Summary

• Pulsar Helium Inc. has completed the acquisition of 100% of Hybrid Hydrogen Inc. for $80,000 USD in cash, superseding a previously announced all-share structure.
• The acquisition provides Pulsar with an exclusive mineral rights option to lease approximately 5,742 gross acres in Michigan's Upper Peninsula, targeting non-hydrocarbon gases, primarily helium.
• This transaction marks Pulsar's first entry into Michigan, leveraging geological similarities to its flagship Topaz project in Minnesota to expand its helium exploration footprint.

Key Details

• Transaction Structure: Acquisition of 100% of issued and outstanding shares of Hybrid Hydrogen Inc.
• Consideration: $80,000 USD in cash.
• Counterparty: Arm's-length deal with no related parties involved.
• Asset Acquired: Exclusive mineral rights option to lease covering ~5,742 gross acres in Michigan's Upper Peninsula.
• Target Resource: Non-hydrocarbon gases, primarily helium.
• Strategic Rationale: The Michigan acreage is situated in a geologic setting analogous to Pulsar's Topaz project (ancient sedimentary basin underlain by crystalline basement rocks). This allows Pulsar to leverage existing expertise in helium migration pathways and trap identification.
• Company Focus: Pulsar confirms it remains solely focused on helium exploration and is not pursuing hydrogen, despite the target's name.
• Topaz Project Context (Background):
  • Located in northern Minnesota; first mover in helium exploration.
  • Contains helium-4, helium-3, and CO2.
  • Jetstream No. 1 well: Average helium concentration of 8.1%.
  • Jetstream No. 2 well: Average helium concentration of 5.6%.
  • Helium-3 confirmed in samples from Jetstream No. 1.
  • Ongoing multiwell appraisal program to map reservoir extent and pressure.

Notable Quotes

• "This is a remarkably low-cost entry into Michigan that strengthens our helium exploration portfolio. The Michigan acreage is geologically analogous to our Topaz project, offering a technically familiar growth opportunity. For a modest price, we are expanding into an area where we can leverage our team's existing expertise, all while staying true to our disciplined, helium-focused expansion strategy." — Thomas Abraham-James, President and CEO