Pulsar authorizes Chart to begin Topaz engineering work

Executive Summary

• Pulsar Helium Inc. has signed a Limited Notice to Proceed (LNTP) with Chart Industries to commence early engineering and procurement for the helium recovery and CO2 capture facility at its Topaz project in Minnesota.
• Recent flow testing at the Jetstream No. 1 well confirmed strong performance, yielding a peak gas flow rate of approximately 1.3 million cubic feet per day with dry gas and no formation water, validating the helium-rich nature of the reservoir.
• The company is advancing toward a Final Investment Decision (FID) in 2026, with a multiwell drilling campaign for up to 10 new core wells scheduled to begin in late September 2025.

Key Details

• Engineering Partnership: Pulsar signed an LNTP with Chart Industries (building on a November 2024 LOI with Chart's subsidiary, Earthly Labs) to begin detailed engineering and procurement for the Topaz helium and CO2 processing plant.
• Procurement Scope: Chart is authorized to place a deposit on a full carbon capture unit (Earthly Labs' CiCi solution) to capture and liquefy co-produced CO2.
• Financial Structure: All work and payments under the LNTP will be credited toward the anticipated full plant construction contract, expected to be executed in 2026.
• Well Performance (Jetstream No. 1):
  • Peak gas flow rate: ~1.3 million cubic feet per day (under wellhead compression).
  • Gas composition: Dry gas with zero formation water; helium concentrations previously measured between 8.7% and 14.5%.
  • Significance: Confirms a clean, helium-rich stream, simplifying processing design by eliminating the need for significant dehydration equipment.
• Well Performance (Jetstream No. 2): Completed on Feb. 1, 2025, reaching a total depth (TD) of 5,638 feet (1,718 meters). Data from this well will be used alongside Jetstream No. 1 to refine plant design specifications.
• Drilling Schedule: A multiwell drilling contract is in place for up to 10 new core wells to appraise the broader field, with operations scheduled to start in late September 2025.
• Project Timeline: The company targets a Final Investment Decision (FID) in 2026, coinciding with the execution of the definitive construction and equipment purchase agreement with Chart.
• Administrative Note: The release includes a marketing engagement with GoldInvest Consulting GmbH for $42,000 ($3,500/month for 12 months starting Sept. 8, 2025). GoldInvest holds 50,000 common shares and 50,000 warrants in the company.

Notable Quotes

• Thomas Abraham-James, President and CEO: "We view this LNTP as a vote of confidence in the Topaz project's potential and a crucial step toward production. By engaging Chart Industries, the gold standard in gas processing equipment, at this early stage, we can leverage their engineering expertise and secure essential components ahead of our final investment decision."