Pulsar Helium's Breakthrough at Topaz: A Game-Changer for Primary Helium Supply Chains

In the race to secure critical resources for a decarbonizing global economy, few commodities are as strategically vital—and as chronically undersupplied—as helium. Pulsar Helium's Topaz Project in Minnesota has emerged as a rare beacon of progress, combining first-mover access to high-grade reserves, de-risked reservoir engineering, and a regulatory environment uniquely aligned with U.S. energy priorities. For investors seeking exposure to a sector plagued by geopolitical bottlenecks and supply chain fragility, Topaz represents a compelling case study in how technical execution and policy tailwinds can transform a niche resource play into a systemic infrastructure asset.

The Topaz Edge: High-Grade, Dry-Gas Reservoirs with Proven Flow Potential

Helium extraction is notoriously challenging. Most global reserves are trapped in low-permeability formations, requiring costly and energy-intensive processing to separate helium from nitrogen and other gases. Pulsar's Topaz Project, however, operates in a dry-gas reservoir with helium concentrations exceeding 14.5%—a figure that dwarfs the 0.3% economic threshold and places it among the world's highest-grade helium assets.

The recent drilling of the Jetstream #1 and #2 wells, reaching depths of 5,100 and 5,638 feet respectively, has further validated the project's potential. These wells not only confirmed the reservoir's high-pressure integrity (with Jetstream #2 recording 151 PSIG in 2025, up from 145 PSIG in 2024) but also demonstrated resilience in the face of operational hurdles. A Q2 2025 flow test was temporarily disrupted by drilling fines, but Pulsar's rapid deployment of coiled tubing cleanup restored flow rates by 10%. This problem-solving agility—combined with a 6–10 week timeline for full remediation—underscores the team's technical competence and the reservoir's inherent robustness.

Strategic Partnerships and Policy Tailwinds: Accelerating the Path to Production

Pulsar's collaboration with Chart Industries, a leader in gas processing infrastructure, is a critical catalyst. By leveraging Chart's expertise, the company is fast-tracking the design of a helium extraction plant, with construction expected to begin within 12–18 months post-engineering. This partnership not only de-risks capital expenditures but also aligns with the broader trend of U.S. manufacturers seeking to localize supply chains for critical materials.

Equally significant is Minnesota's 2025 helium-friendly legislation, which streamlines permitting and reduces regulatory delays. This policy shift mirrors federal efforts to bolster domestic helium production, including the 2023 Helium Stewardship Act, which aims to reduce reliance on the U.S. Federal Helium Reserve. For Pulsar, these tailwinds create a near-ideal operating environment: a high-grade asset in a jurisdiction that actively supports its development.

Dual-Value Proposition: Helium and Carbon Capture Synergies

What sets Topaz apart is its dual-value proposition. The reservoir's extracted gas contains CO₂ levels exceeding 70%, positioning it as a prime candidate for carbon capture and utilization (CCU). In an era where carbon credits and ESG-linked financing are reshaping energy economics, this characteristic transforms Topaz from a single-commodity play into a multi-asset platform. Pulsar's ability to monetize CO₂ through carbon markets—while simultaneously producing helium—adds a layer of financial resilience that few peers can match.

Investment Implications: A First-Mover in a Supply-Constrained Market

The global helium market is projected to grow at a 6% CAGR through 2030, driven by demand from semiconductor manufacturing, medical imaging, and clean energy technologies. Yet supply remains constrained by aging infrastructure and geopolitical bottlenecks, particularly in Russia and Qatar. Pulsar's Topaz Project, with its high-flow, dry-gas reservoirs and strategic partnerships, is uniquely positioned to capture a disproportionate share of this growth.

For investors, the key catalysts are clear:
1. Q3 2025 flow test results will confirm whether Topaz can achieve unimpeded flow rates exceeding 821,000 cubic feet per day.
2. Plant construction timelines will determine when production becomes a reality, with 2027 a plausible target.
3. Carbon credit monetization could unlock additional revenue streams, enhancing margins in a volatile commodity environment.

Conclusion: A Strategic Bet on Resource Security

Pulsar Helium's Topaz Project is more than a helium play—it's a case study in how technical innovation, regulatory alignment, and multi-commodity synergies can create systemic value. In a world increasingly focused on resource security and decarbonization, Topaz offers a rare combination of de-risked assets, first-mover advantages, and scalable infrastructure. For investors willing to bet on the next phase of the energy transition, the time to act is now.