Pulsar Helium Inc
PLSR · AIM · Energy · mcap £112m · 67.0p 3 open situations →
Open · 3
Topaz multi-well drilling campaign
Topaz appraisal ended 28 May 2026; plant reservation announced 30 Jun, limited notice to proceed 3 Aug. The raise completed ($25.5m gross, reported 27 Aug). On 1 Oct 2026 Pulsar signed Chart's US$85.5m equipment proposal. On 15 Oct 2026 Two Harbors council approved a Purchase and Development Agreement dated 14 Oct for the plant's Rare Gas Hub site; financing is still open.
- Suspension
- If Milestone 2 is unpaid, a suspension of up to 180 days follows, with no cancellation charge arising from the suspension 1 Oct 2026 ↗
- Cancellation
- Termination for convenience: 0% at award, up to 70% of contract value after final documentation 1 Oct 2026 ↗
- Cash
- US$25.2m cash; financing for remaining payments not secured 1 Oct 2026 ↗
- Site
- Two Harbors land for US$1.00, appraised at US$143,200; boundaries set by final survey before closing 15 Oct 2026 ↗
- City support
- Up to US$1m for rail; site clearing, utilities; 90% of increased city property tax reimbursed for 15 years; total value not determined 15 Oct 2026 ↗
- Conditions
- Financing, land-use approvals, utility, rail and Canadian National arrangements, environmental review, supporting agreements, TSXV approval if required 15 Oct 2026 ↗
Next: Milestone 2 plant payment of US$8.55m; financing for remaining payments · 31 Jan 2027
- 15 Oct 2026 Plant site agreed; financing and approvals open
- 1 Oct 2026 Plant proposal signed; Milestone 2 funding open
- 21 Sep 2026 New CFO appointed; plant agreement still pending
- 27 Aug 2026 Raise completed; plant definitive agreement still pending
Falcon Project Michigan exploration option
Pulsar bought Hybrid Hydrogen (5,742 Michigan acres), announced 5 Jan 2026. On 22 Apr 2026 it announced a three-year option over about 488,090 acres from Keweenaw Land Association, with a US$1.0m minimum exploration spend. On 5 Oct 2026 it signed Xcalibur to fly a 14,727 line-km airborne survey over an initial priority area, starting mid-Q4 2026.
- Exploration commitment
- at least US$1.0 million over three years 22 Apr 2026 ↗
- Option fees
- up to about US$580,000 over three years, adjusted annually for retained acreage 22 Apr 2026 ↗
- Surrender schedule
- 25-75% of original area by end of year one; further 25% by end of year two 22 Apr 2026 ↗
- Final lease
- up to 20,000 acres at exercise; per-acre payments and royalties to KLA 22 Apr 2026 ↗
- Survey
- Airborne gravity gradiometry and magnetic survey, approximately 14,727 line km, contractor Xcalibur, announced 5 Oct 2026 5 Oct 2026 ↗
- Next milestone
- Flying expected to start mid-Q4 2026; preliminary products after flying, final products after QA and processing 5 Oct 2026 ↗
Next: Survey flying to start in mid-Q4 2026; preliminary products after flying
- 5 Oct 2026 Airborne survey contracted; flying mid-Q4 2026
- 22 Apr 2026 Option signed; exploration programme to start
UNIB stake and funding support
On 16 March 2026 CEO Thomas Abraham-James sold 1,452,538 shares off-market to University Bancorp (UNIB), restoring its stake to about 4.99% after the 27 Feb 2026 placing diluted it. UNIB's CEO Ranzini joined the board as Deputy Chair. UNIB provides a US$4m credit line and may fund up to US$12.5m for a processing plant.
- Shares sold
- 1,452,538 shares, CEO to UNIB, off-market, 16 March 2026 17 Mar 2026 ↗
- Price
- US$1.00 per share paid now; up to US$0.35 more in September 2026, tied to 20-day VWAP 17 Mar 2026 ↗
- Max consideration
- US$1.35 per share, US$1,960,926 in aggregate 17 Mar 2026 ↗
- CEO holding after
- 10,881,916 shares, about 6.0% 17 Mar 2026 ↗
- UNIB funding
- US$4m credit line; intention to potentially finance up to US$12.5m processing facility 17 Mar 2026 ↗
- Next milestone
- Second payment determined at 15 September 2026; further notification to follow 17 Mar 2026 ↗
- 17 Mar 2026 UNIB at 4.99%, Ranzini on board
Closed · 1
Company filings. Not investment advice.