Pulsar tests 1.3 MMcf/d at Topaz, starts drill plan

Mr. Thomas Abraham-James reports PULSAR HELIUM REPORTS JETSTREAM #1 FLOWING OVER 1.3 MILLION CUBIC FEET PER DAY AND LAUNCHES MULTI-WELL DRILLING PROGRAM AT TOPAZ Pulsar Helium Inc. has provided an operational update on its flagship Topaz helium project in Minnesota, United States. The company has executed a drilling contract and master services agreement (MSA) with Timberline Drilling Inc. to drill up to 10 wells, with drilling expected to commence in late September. Pulsar is also reporting results from recent flow testing of its Jetstream No. 1 and Jetstream No. 2 appraisal wells, that includes Jetstream No. 1 flowing over 1.3 million cubic feet per day under well-head compression. Highlights: Jetstream No. 1, high flow under compression: The Jetstream No. 1 well was flow-tested using a wellhead compressor, which resulted in a peak gas flow rate of approximately 1.3 million cubic feet per day (MMcf/d). The well produced dry gas with no formation water, confirming a clean, helium-bearing gas stream. This successful test under compression provides critical data on the well's maximum deliverability for use in production facility design. Drilling contract secured: Pulsar has signed a master services agreements (MSA) with Timberline Drilling Inc. to undertake a multiwell core drilling program at the Topaz project. The contract covers drilling of up to 10 wells, targeting helium-bearing zones at depths up to approximately 3,937 feet (approximately 1,200 metres). Drill depths will be guided by geological modelling and consistent with expectations for intersecting helium-rich zones. Drilling is scheduled to begin in late September, 2025, with continuous 24/seven operations planned until program completion. Gas sampling data: Gas samples from Jetstream No. 1 have been collected over nine-day interval, for a total of 14 samples that have been sent for laboratory analysis. Chart industries to model production: The Jetstream No. 1 data set will be delivered to Chart Industries (NYSE: GTLS) in line with Pulsar's agreement with Chart. Chart's engineering team will perform production scenario modeling for helium and co-produced CO2 (carbon dioxide) to guide the design of gas processing and liquefaction equipment. With sufficient data now collected, no further flow testing is planned for Jetstream No. 1 at this time. Thomas Abraham-James, president and chief executive officer of Pulsar, commented: "We are thrilled to kick off our multiwell drilling campaign at Topaz in the coming weeks. This program aims to significantly expand our understanding of the helium reservoir and accelerate our path toward production. Crucially, as we map the reservoir's continuity, results will be plentiful, regular and rich in insight -- providing the granular detail and real-time analysis needed to successfully guide the program across our land position, target the most prospective locations and unlock the full potential of this regional-scale opportunity. The outstanding result from Jetstream No. 1, which flowed substantial volumes of gas with minimal assistance, underscores the reservoir's exceptional potential. Armed with these well results and our partnership with Chart Industries on advanced processing solutions, we are well positioned to unlock Topaz's full value as a primary helium project." Multiwell drilling program: Timberline Drilling contract Pulsar has entered an MSA with Timberline Drilling Inc. to carry out a core drilling program at the Topaz project. Under the agreement, Timberline will drill up to 10 core wells targeting the helium-bearing formation encountered by the Jetstream wells, with each well anticipated to reach a depth of up to approximately 3,937 feet (approximately 1,200 metres). This is interpreted to allow penetration of the entire helium reservoir in each location. Drilling is slated to commence in late September, 2025, at sites stepping out from the Jetstream No. 1 and No. 2 well locations. Timberline will mobilize a CS 3000 core drill rig for the campaign. Operations will run on a continuous 24/seven basis, with rotating crews, to efficiently complete the program. Core drilling will retrieve continuous rock samples through the target zones, providing high-quality geological data to further refine the subsurface model. A mudlogging system will be utilized and down-hole logs taken upon completion, in addition to pressure and flow readings. Timberline is a specialist in surface and underground core drilling with extensive experience in North America. The firm operates a large fleet of drilling rigs and has a strong record in safety and productivity. Timberline has drilled over 6.4 million feet (1,950 kilometres) of core in the past six years and operates approximately 85 drill rigs with more than 300 employees, reflecting its capacity to execute major drilling programs efficiently. All drilling operations will be conducted using a local crew mobilizing from Virginia MN, a 40-minute drive from Topaz, and all crew members returning home at the end of each shift, emphasizing Pulsar's commitment to employing local work force. Pulsar's field representatives will designate each drill site and oversee operations throughout the campaign, ensuring alignment with the program objectives. The drilling program's primary goal is to delineate the extent and productivity of the helium reservoir at Topaz. Data from these core wells, including gas shows, core samples and down-hole measurements, will enable Pulsar to map reservoir continuity between the well locations and to identify optimal areas for future production. Up to 10 planned wells provide the company with flexibility, allowing Pulsar to adjust locations as appropriate based on results obtained during the program. Pulsar has budgeted and prepared for the program, and an advance payment of $70,000 (U.S.) for the blow out preventor (BOP) has been paid to secure the rig and crew availability. All relevant permits are also in place for the initial three planned well locations. Flow test results and analysis Following the completion of drilling and deepening operations earlier this year, both Jetstream appraisal wells at Topaz underwent flow and pressure testing to evaluate their performance. Jetstream No. 1 was drilled to a total depth of 5,100 feet (1,555 metres) in January, 2025. Testing yielded a natural (unassisted) gas flow of approximately 501 thousand cubic feet per day on a 38/64-inch choke at approximately 30 psi (pounds per square inch) wellhead pressure, more than triple the peak rate recorded in 2024 from the shallower wellbore. A wellhead compressor was deployed to reduce the well's flowing pressure, in order to gauge maximum deliverability. Under compression, Jetstream No. 1's gas flow rate surged to a peak of approximately 1.3 million cubic feet per day (MMcf/d) (the highest observed rate). No water was produced during the flow test, the well flowed 100-per-cent gas, indicating a dry reservoir with no detectable formation water. The flowing pressure and rate data confirm that the reservoir can deliver significant gas volumes, especially when the wellhead pressure is artificially lowered. These results validate the outstanding productivity of the Topaz helium reservoir at this location, as the well's performance under compression far exceeded earlier benchmarks (for reference, a smaller-scale compression test in early 2024 yielded approximately 821 Mcf/d (thousand cubic feet per day)). The comprehensive data set from Jetstream No. 1's testing (flow rates, pressures and gas composition samples) is now being utilized for development planning. Pulsar is working with Chart Industries, a leading provider of gas processing technology, under an agreement to design an integrated solution for helium production and CO2 (carbon dioxide) capture at Topaz. The new flow test data will feed into Chart's engineering studies to model a full-scale production scenario, including sizing of compressors, separation units and liquefaction equipment for the helium and associated CO2 gas. With Jetstream No. 1 now thoroughly appraised, no further well testing is planned on this well. Jetstream No. 1 will likely remain shut in while development plans are finalized, and it is expected to serve as a future production well given its strong performance. The Jetstream No. 2 appraisal well (drilled to 5,638 feet/1,718 metres) exhibited an initial gas flow of roughly 40,000 to 50,000 cubic feet per day (Mcf/d) and showed a high and strong initial shut-in pressure (approximately 151 psi/10.4 bar), greater than Jetstream No. 1, confirming high reservoir potential. While sustained flow was restricted by persistent blockages in the wellbore, the data gathered is highly valuable and provides strong cause for optimism. Jetstream No. 2's performance is now under detailed review to determine the cause of these restrictions and define next steps; in the meantime, no further testing is planned pending this assessment. About the Topaz project The Topaz project is located in Northern Minnesota, United States, where Pulsar is the first mover and holds exclusive leases. Drilling at the Jetstream No. 1 appraisal well reached total depth (TD) of 5,100 feet (1,555 metres) on Jan. 11, 2025, successfully penetrating the entire interpreted helium-bearing reservoir and beyond. The Jetstream No. 1 appraisal well previously reached TD of 2,200 feet (671 metres) on Feb. 27, 2024, identifying top-tier helium concentrations of up to 14.5 per cent, well above the 0.3 per cent widely accepted economic threshold and flowed at a rate of 821,000 cubic feet per day. Drilling of, the Jetstream No. 2 appraisal well was completed on Feb. 1, 2025, reaching a TD of 5,638 feet (1,718 metres). The deepening of Jetstream No. 1 and completion of the drilling of Jetstream No. 2 are pivotal steps to progress Pulsar's strategy to become a producer of helium, addressing increasing global demand. About Pulsar Helium Inc. Pulsar Helium is a publicly traded company listed on the Alternative Investment Market of the London Stock Exchange and the TSX Venture Exchange with the ticker PLSR, as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each. Qualified person signoff In accordance with the AIM note for mining and oil and gas companies, the company discloses that Thomas Abraham-James, president, chief executive officer and director of the company, has reviewed the technical information contained herein. Mr. Abraham-James has approximately 20 years in the mineral exploration industry, is a chartered professional fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM CP (Geo)), a fellow of the Society of Economic Geologists, and a fellow of the Geological Society of London. We seek Safe Harbor.