Pulsar Helium's Topaz Project: Technical Triumphs and Financing Fuel a Helium Revolution

The global helium market is on the brink of a supply crunch. With critical applications in healthcare (MRI machines), aerospace, semiconductor manufacturing, and renewable energy, helium is a strategic mineral whose demand is set to outpace supply by 2030. Enter Pulsar Helium Inc. (PULS), a company positioned to capitalize on this opportunity through its flagship Topaz Project in Minnesota—a venture now nearing a pivotal inflection point.

Drilling Success and Flow Rate Breakthroughs: A Technical Masterstroke

The Topaz Project's recent advancements are nothing short of transformative. Pulsar's Jetstream #1 and #2 wells have achieved record helium grades of up to 14.5%, far exceeding the 0.3% economic threshold. These wells, now fully drilled to depths of 5,100 feet (Jetstream #1) and 5,638 feet (Jetstream #2), are unlocking a reservoir with CO₂ byproduct potential that could further enhance project economics through carbon capture initiatives.

A critical hurdle—drilling fines (rock dust blocking gas flow)—was identified during Q2 2025 flow tests. However, Pulsar's rapid response proved decisive: preliminary cleanup using coiled tubing improved flow rates by 10%, demonstrating the feasibility of full remediation. With 6–10 weeks remaining to complete the cleanup, the company is on track to resume testing and validate unrestricted flow rates, potentially surpassing the 821,000 cubic feet per day achieved in 2024.

Strategic Financing and Partnerships: Fueling the Path to Production

Pulsar's financial agility is equally compelling. In March 2025, the company secured a $4 million project financing facility, with $2 million already drawn, to fund cleanup and testing. Combined with its $1.66 million cash balance, this positions Pulsar to advance toward production without diluting shareholders.

Crucially, Pulsar's partnership with Chart Industries—a leader in gas processing infrastructure—accelerates timelines, aiming for production within 12–18 months post-engineering. This collaboration ensures the project can scale efficiently, leveraging Minnesota's new helium-focused legislation, which streamlines permitting and reduces regulatory delays.

Why Now is the Inflection Point for Investors

1. Technical Execution Excellence: Management's rapid resolution of the drilling fines issue—despite initial challenges—demonstrates operational competence.
2. Regulatory and Geopolitical Tailwinds: Minnesota's helium-friendly policies and global helium shortages (driven by China's export controls and rising demand) create a seller's market for Pulsar.
3. High-Grade, Low-Cost Asset: Topaz's helium concentrations and proximity to infrastructure (grid power, rail access) minimize development costs, enhancing margins.

The Case for Immediate Action

Pulsar stands at the intersection of technical readiness and strategic financing, with a clear path to becoming a cornerstone helium producer. The cleanup completion and subsequent flow test results (expected by Q3 2025) will likely unlock substantial value, as investors reprice the stock based on proven production metrics.

With a net loss of $7.1 million in Q1 2025, Pulsar's near-term focus remains on execution, not profitability. However, once production begins, the economics are compelling: Topaz's 14.5% helium grades and CO₂ byproduct streams could generate $100+ million in annual revenue at current prices.

Risks and Mitigants

• Commodity Price Volatility: Mitigated by long-term contracts in helium's industrial markets.
• Cleanup Delays: Pulsar's aggressive timeline and technical expertise reduce this risk.

Conclusion: A Once-in-a-Decade Opportunity

Pulsar Helium's Topaz Project is a rare combination of high-grade reserves, strategic partnerships, and regulatory support in a market with inelastic demand. The cleanup's final phase and upcoming flow tests mark the last major hurdle before commercialization. For investors seeking exposure to a critical mineral with geopolitical significance, Pulsar offers a high-reward, near-term catalyst-driven opportunity.

Act now—before the world's helium supply crunch turns Topaz's potential into proven value.