Pulsar receives $5.58-million from warrant exercise

Executive Summary

• Pulsar Helium announced the exercise of 15.5 million warrants held by major shareholder ABCrescent, generating net proceeds of CAD$5.6 million to strengthen the balance sheet and fund the Topaz helium project.
• The company provided an operational update on the Topaz project in Minnesota, confirming successful drilling of two appraisal wells (Jetstream No. 1 and No. 2) and the detection of measurable helium-3 concentrations.
• Major shareholder ABCrescent disclosed the sale of 200,000 common shares and reported its updated ownership stake of 13.53% following the warrant exercise and share disposition.

Key Details

• Warrant Exercise: 15.5 million warrants held by ABCrescent Cooperatief UA were exercised at an exercise price of 36 cents.
• Proceeds: The exercise generated gross proceeds of $5.58 million, with net proceeds of CAD$5.6 million.
• Use of Proceeds: Funds will be used to advance the flagship Topaz helium project in Minnesota and strengthen the company's balance sheet.
• Capital Structure Impact: The transaction eliminates virtually all outstanding warrants, removing perceived overhang and streamlining the capital structure.
• Shareholder Disposition: ABCrescent disposed of 200,000 common shares on Nov. 4-5, 2025, at an aggregated volume price of approximately 40 pence (75 cents) per share, for aggregate proceeds of ~81,700 GBP.
• Post-Transaction Ownership: Following the warrant exercise and share disposition, ABCrescent holds 22,576,316 common shares, representing 13.53% of issued and outstanding shares.
• Drilling Results (Topaz Project):
  • Jetstream No. 1: Reached total depth (TD) of 5,100 feet (1,555 meters) in Jan 2025; successfully flow-tested in Aug 2025.
  • Jetstream No. 2: Completed drilling on Feb 1, 2025, reaching TD of 5,638 feet (1,718 meters).
  • Helium-3: Recent lab analyses confirmed measurable concentrations of helium-3, described as one of the highest naturally occurring values publicly reported in a terrestrial gas reservoir.
• Director Holdings: Brice Laurent (Director) holds 450,000 stock options and 17,570 common shares personally.

Notable Quotes

• "We greatly appreciate ABCrescent's ongoing support of Pulsar by exercising their warrants, the proceeds of which put Pulsar in a strong cash position and will be used to advance our flagship Topaz helium project in Minnesota, accelerating the development of this key asset." — Thomas Abraham-James, President and CEO