Outlines Development & Strategy for Helium Plant

PULSAR HELIUM OUTLINES DEVELOPMENT AND PROJECT-FINANCING STRATEGY FOR COMMERCIAL-SCALE HELIUM & CO2 PLANT

Pulsar Helium Inc. (AIM: PLSR) (TSXV: PLSR) (OTCQB: PSRHF) ("Pulsar" or the "Company"), a primary helium company, is pleased to provide an update on the development and proposed financing of its commercial-scale helium purification and liquefaction plant and carbon dioxide processing plant in Minnesota (together, the "Plant"), which are intended to form the Company's proposed Rare Gas Hub (the "Project"). The Company's preferred financing strategy prioritizes debt and public-sector financing, supplemented by existing cash resources, with the objective of limiting reliance on new equity capital.

As announced on October 1, 2026, the Company, through its wholly owned subsidiary Pulsar Helium MN Inc., accepted a binding proposal (the "Proposal") from Chart Energy & Chemicals, Inc., a wholly owned subsidiary of Baker Hughes Company, establishing a staged framework for the supply of equipment for the Plant at an aggregate equipment-supply price of US$85.5 million.

The helium system has a stated nameplate liquefaction capacity of 861 liters per hour, equivalent to approximately 7.5 million liters of liquid helium annually at continuous nameplate operation, before allowances for commissioning, maintenance, uptime, feed-gas availability and other operating conditions. The stated design product purity is 99.999%, subject to the Proposal's design assumptions and successful performance testing.

The CO2 system has a stated processing capacity of 300 metric tonnes per day, equivalent to approximately 109,500 metric tonnes annually at continuous nameplate operation, before operating allowances. The stated design purity is 99.99%, subject to the Proposal's design assumptions and successful performance testing. CO2 storage and loading equipment and certain site-support services are outside the present equipment-supply scope and are to be addressed separately.

Project-Financing Strategy

The Company's preferred financing strategy is to fund a substantial portion of the remaining Project costs through project-level debt and public-sector financing, supplemented by a contribution from the Company's existing cash resources. The Company's objective is to limit reliance on new equity capital while retaining the flexibility to establish an appropriate financing structure once the total installed Project cost, commercial arrangements and available financing terms are sufficiently defined. The ultimate financing structure will depend on, among other matters, completion of the installed-capital-cost estimate, lender due diligence, final terms, required approvals and market conditions.

The Company is actively advancing multiple potential financing channels in parallel, including discussions with University Bank (which its parent University Bancorp is a shareholder of the Company), the Minnesota Department of Employment and Economic Development ("DEED"), the United States Department of Agriculture Rural Development ("USDA Rural Development") and Minnesota's Iron Range Resources & Rehabilitation ("IRRR").

The Company is in discussions with University Bank regarding potential part financing for the Project. These discussions relate to the current Project scope and remain subject to lender due diligence, credit and board approvals, agreement on terms, definitive documentation and the satisfaction of customary conditions precedent. No binding financing commitment has been entered into with University Bank.

The Company is also in active discussions concerning potential state level financing and federal loan-guarantee support. The prospective Project site is located within IRRR's Taconite Assistance Area, and the Company has commenced discussions with IRRR regarding potential low-interest direct or bank-participation financing and other economic-development assistance. The Company also believes the prospective Project site satisfies the geographic rural-area criterion for USDA Rural Development's Business & Industry Guaranteed Loan Program, under which USDA may provide a guarantee to an eligible commercial lender. Eligibility for any DEED, USDA Rural Development or IRRR program, and the amount and terms of any assistance, remain subject to formal agency review, underwriting, applicable program requirements, funding availability and approval. No financing commitment has been received from any of these agencies.

Thomas Abraham-James, Chief Executive Officer of Pulsar, commented: "Our preferred strategy is to finance a substantial portion of the Rare Gas Hub through debt and public-sector financing, supplemented by existing cash resources, with the objective of limiting reliance on new equity capital. We are progressing multiple financing channels in parallel, including discussions with University Bank, DEED, USDA Rural Development and IRRR."

Remaining Project Work

Development of the Project remains subject to, among other matters, payment of the applicable Proposal milestones, completion of site and utility due diligence and definitive site arrangements, detailed engineering, completion of an installed-capital-cost estimate, selection and engagement of an EPC contractor, verification and performance testing of the equipment, financing, required environmental review, permits and regulatory approvals, site development, installation and successful commissioning. The aggregate equipment-supply price of US$85.5 million does not represent the total installed Project cost.

Project Execution Plan

The Company is advancing the following interdependent workstreams, several of which will proceed in parallel:

• Equipment proposal - completed. Acceptance of Chart's binding Proposal for the supply of helium purification, liquefaction, liquid-helium storage and loading equipment and a CO2 processing plant, with certain CO2 storage, loading and site-support components to be addressed separately. TSXV approval expected shortly;
• Industrial-site arrangements - in progress. The Company is completing technical, commercial, environmental, title and utility due diligence on the currently preferred industrial site and negotiating definitive site documentation. The current site proposal contemplates a defined price for specified land and infrastructure elements, including electricity interconnection and road and rail access; final scope, cost, capacity, schedule and responsibility for delivery remain subject to verification and definitive agreements;
• Engineering and installed-cost definition - in progress. The Company is evaluating multiple parties for the EPC contractor role. The selected EPC contractor will complete the required engineering and estimate the capital expenditures, contingency and schedule for all Project infrastructure and services outside the Proposal and industrial-site scope;
• Feed-gas and product-commercialization arrangements - in progress. The Company is advancing the gas-supply, product-offtake, logistics and related commercial arrangements required to support financing and operation of the Rare Gas Hub, including the evaluation of potential supply from third-party sources;
• Project financing - in progress. Following sufficient definition of the installed Project cost, construction schedule, commercial arrangements and operating assumptions, the Company intends to seek binding financing commitments and advance toward financial close. The Company's preferred financing structure prioritizes project-level debt, public-sector financing, supplemented by a contribution from existing cash resources. The final capital structure will be determined after considering the total funding requirement, available financing terms, liquidity requirements and market conditions. As at the date of this announcement, the Company had unaudited cash resources of approximately US$24.6 million. The Company expects to preserve sufficient liquidity for its other committed work programs and corporate requirements when determining the amount of cash to contribute to the Project; and
• Manufacture, construction, installation and commissioning. Subject to funding and satisfaction of the other Project conditions, payment of Milestone 2 will authorize procurement of long-lead items. Equipment manufacture is currently expected to require approximately two years following the Milestone 2 payment. Site development, permitting, construction, installation, testing and commissioning will proceed in accordance with the final execution schedule. The Company will provide a target date for first commercial production when the installed scope, permitting path, financing timetable and EPC schedule are sufficiently defined.

Business Model and Key Dependencies

Preliminary internal modelling indicates that the Rare Gas Hub has the potential to operate as a stand-alone midstream business using gas supplied by third parties.

Helium and CO2 market conditions, including supply, demand and pricing, may change before the Plant is commissioned. The Company therefore intends to advance appropriate supply and offtake arrangements as part of the Project's commercial and financing workstreams.

On behalf of Pulsar Helium Inc.

"Thomas Abraham-James"

CEO and Director

Pulsar Helium Inc.

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