Financial and Operating Results Q2 2026
Pulsar Helium Inc. reported its financial and operating results for the six months ended March 31, 2026, highlighting significant exploration and acquisition activities. The company drilled five core-hole wells at its Topaz Project, encountering gas under high pressure, and is now seeking quotes for up to four new production wells. Recent legislative developments in Minnesota are expected to streamline helium resource development, while global supply disruptions in helium are increasing demand for domestic sources. Pulsar acquired surface land for $2,480,000 and completed acquisitions of Quantum Hydrogen Inc. and Hybrid Hydrogen Inc., expanding its mineral rights. Financially, the company recorded exploration expenditures of $6.0 million, raised $9.9 million through a private placement, and received $4.7 million and $1.5 million from warrant and option exercises, respectively. The net loss for the period was $12,249,858, compared to $7,118,554 in the prior year, with total assets increasing to $10,973,876 and total liabilities decreasing to $1,173,000.
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| NEWS RELEASE | JUNE 2, 2026 | CASCAIS, PORTUGAL |
PULSAR FILES FINANCIAL AND OPERATING RESULTS FOR THE SECOND QUARTER ENDED MARCH 31, 2026
Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) ("Pulsar" or the "Company"), a primary helium company, is pleased to announce its financial and operating results for the six months ended March 31, 2026 (the "Period").
Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and related management's discussion and analysis (the "MD&A") for the six months ended March 31, 2026, which are available on the Company's website at www.pulsarhelium.com and at the following links:
- Financial Statements: http://www.rns-pdf.londonstockexchange.com/rns/5485G_1-2026-6-1.pdf
- MD&A: http://www.rns-pdf.londonstockexchange.com/rns/5485G_2-2026-6-1.pdf
All figures are in US dollars ("$") unless otherwise stated.
Operational Highlights for the Period
Between October 2025 to March 2026, the Company drilled five core-hole wells at its flagship Topaz Project in Minnesota, with all wells encountering gas under high pressure. The Company is now obtaining quotes for the drilling of up to four new production wells to supplement the two production-ready wells already drilled.
In May 2026, Governor Tim Walz signed into law new legislation establishing a helium-specific framework for gas resource development in northeastern Minnesota, and the Minnesota Department of Natural Resources issued proposed expedited permanent rules for permitting gas resource development on May 18, 2026. These developments come amid a sharp tightening of global helium supply, driven by disruption to the Strait of Hormuz, attacks on QatarEnergy's Ras Laffan facilities (noting that Qatar supplies approximately 35% of the world's helium), and new Russian export controls in place through the end of 2027. In the United States, some helium customers have already been subject to allocation measures and surcharge notices from major industrial gas suppliers, underscoring the urgent need for secure, domestic, primary helium supply.
In May 2026, the Company completed the acquisition of certain surface land in Lake County, Minnesota, located within the Topaz Project for a purchase price of $2,480,000 cash.
In January 2026, two U.S. Federal laboratories independently confirmed the helium-3 (3He) isotope concentration from the Topaz Project. The U.S. Geological Survey Noble Gas Laboratory in Denver and Lawrence Livermore National Laboratory in California each analyzed raw gas samples from the Jetstream #1 well, both laboratories reported results consistent with prior analyses conducted by the Woods Hole Oceanographic Institution, confirming the presence of ³He in the gas with a concentration range of 11.2-11.9 parts-per-billion (ppb) and associated with 7.7- 8.0% helium-4 (4He), respectively.
Acquisitions for the Period
In March 2026, the Company completed the acquisition of 80% of the common shares of Quantum Hydrogen Inc. ("Quantum"), a Texas corporation, through the issuance of 584,963 common shares. Quantum holds exclusive mineral rights for non-hydrocarbon gases in Minnesota that are located in the St. Louis and Itasca Counties to the west of the Company's Topaz Project. The Company has the option to acquire the remaining 20% of Quantum until May 3, 2027, for an additional $400,000 payable in common shares of the Company.
In January 2026, the Company completed the acquisition of 100% of the common shares of Hybrid Hydrogen Inc. ("Hybrid") for total consideration of $105,000 cash. Hybrid holds an exclusive mineral rights option to lease in Michigan's Upper Peninsula, targeting non-hydrocarbon gases (primarily helium). The Company now refers to this project as the Falcon helium project.
Financial Highlights for the Period
During the Period, the Company recorded exploration and evaluation expenditures of $6.0 million related to drilling at the Topaz project as described above.
During the Period, the Company completed a private placement through the issuance of 9,191,175 common shares for gross proceeds of $9.9 million.
During the Period, the Company issued 18,130,793 common shares on the exercise of warrants for gross proceeds of $4.7 million.
During the Period, the Company issued 4,650,000 common shares on the exercise of options for gross proceeds of $1.5 million.
Selected Financial Results
Selected Financial Results
| Six months ended March 31, 2026 | Six months ended March 31, 2025 | |
|---|---|---|
| Statement of Loss: | ||
| Revenue | $Nil | $Nil |
| Net loss | $12,249,858 | $7,118,554 |
| Basic and diluted loss per common share | $0.07 | $0.06 |
| Financial Position: | ||
| Total assets | $10,973,876 | $2,941,370 |
| Total liabilities | $1,173,000 | $5,349,970 |
* During the Period, the Company recorded a non-cash loss on revaluation of warrant liability of $3,413,140 (2025 - gain of $963,066)
Thomas Abraham-James, CEO of Pulsar, commented: "During the Period and Post Period, Pulsar has been driven by our intention to develop Topaz into a significant primary helium producer, building on growing momentum at the project as we move decisively toward production readiness. Recent legislative progress updating Minnesota's permitting framework for helium extraction provides a clearer pathway toward future production, and securing ownership of the surface land overlying our leased mineral rights provides Pulsar with increased operational control and long-term development certainty as we continue advancing Topaz toward production. The Company is now obtaining quotes for the drilling of up to four new production wells to supplement the two production-ready wells already drilled. With our Jetstream exploration and appraisal program complete and production-well planning underway, we are moving fast. The disruption to Qatari and Russian supply has concentrated minds across the industry. Topaz is well positioned to be part of the solution, and we intend to get there."
On behalf of Pulsar Helium Inc.
"Thomas Abraham-James"
CEO and Director
Pulsar Helium Inc.
+ 1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
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(Nominated & Financial Adviser, and Broker)
Ritchie Balmer / Rob Patrick
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(Financial PR)
Charles Goodwin / Annabelle Wills
About Pulsar Helium Inc.
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