Pulsar Helium Inc (PLSR): Topaz multi-well drilling campaign

This situation live

PLSR Pulsar Helium Inc

£112m · 67.0p · +60% since the first step

30 Oct 2025 · Jetstream #3 drilling past 2,167 ft, gas encountered · −16% until the next step Jetstream #3, the first well in Pulsar's new multi-well program at Topaz, was spudded on October 17th.

18 Nov 2025 · Jetstream #3 at TD; Jetstream #4 drilling past 1,457 ft · −7% until the next step Jetstream #4 has currently surpassed 1,457 feet (444 meters) of depth and continues toward the planned total depth of 3,000 feet (914 meters).

3 Dec 2025 · Jetstream #4 at TD; Jetstream #5 spudded · +66% until the next step The Company is pleased to confirm that rigging-up operations commenced on Thursday, November 27, 2025, and that the Jetstream #5 well was spudded on Friday, November 28, 2025.

9 Jan 2026 · Jetstream #5 drilling; testing planned February · +51% until the next step In addition, preparations are underway for a multi-well flow testing program slated to commence in early February, 2026.

28 Jan 2026 · Jetstream #5 done but stuck pipe; #6 drilling · −5% until the next step Pulsar is preparing to move forward with a coordinated testing program on the Jetstream #3 and #4 anticipated to commence in late February 2026.

29 Jan 2026 · Jetstream #6 drilling; testing from late February · −3% until the next step The Company has completed three holes to date, with five wells expected to be completed in total.

26 Feb 2026 · Six wells drilled; Jetstream #7 underway · +6% until the next step In October 2025, the Company commenced a drilling programme aiming to drill up to ten wells, with a total of six completed to date (Jetstream #1 - #6) and drilling underway at Jetstream #7.

18 Mar 2026 · Seven wells drilled; logging underway, testing pending · +2% until the next step Flow and pressure build-up testing of the Jetstream wells is anticipated to commence in late March or early April 2026.

28 May 2026 · Appraisal complete; production-well planning · +5% until the next step Pulsar has concluded its exploration and appraisal program at Topaz and is now obtaining quotes for the drilling of up to four new production wells to supplement the two existing production ready well

29 May 2026 · Appraisal complete; production-well planning; surface land secured · −7% until the next step The Company recently concluded its Jetstream exploration and appraisal program, with all wells drilled to date having encountered gas under high pressure and is now obtaining quotes for the drilling o

2 Jun 2026 · Appraisal complete; production-well quotes being obtained · −1% until the next step 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.

30 Jun 2026 · Appraisal complete; plant reserved, production wells pending · −4% until the next step The parties have agreed to use commercially reasonable efforts to negotiate and execute the Definitive Agreement by 31 July 2026.

7 Jul 2026 · Production wells funded by proposed raise; plant unfunded · −7% until the next step the Company is targeting the preparation and drilling of an additional six production-ready wells at Topaz for Q4 2026 - Q1 2027

27 Aug 2026 · Raise completed; plant definitive agreement still pending · −11% until the next step with the final scope to be agreed in the definitive purchase agreement to be negotiated between the parties.

21 Sep 2026 · New CFO appointed; plant agreement still pending · −1% until the next step His combination of helium-sector knowledge, capital-markets experience and public-company governance expertise will strengthen our leadership team as we advance Topaz and pursue a disciplined path tow

1 Oct 2026 · Plant proposal signed; Milestone 2 funding open · −24% until the next step the next stage payment of US$8.55 million is scheduled for January 31, 2027, subject to further funding.

15 Oct 2026 · Plant site agreed; financing and approvals open · +31% since Given the anticipated timeline to commissioning, securing financing for the Plant acquisition remains a key near-term priority as referenced in Pulsar's news release dated October 12, 2026.

Project milestones

Topaz multi-well drilling campaign

Plant site agreed; financing and approvals open

JAN31 Next: Milestone 2 plant payment of US$8.55m; financing for remaining payments in 99 days

Every step · 17

30 Oct 2025 Jetstream #3 drilling past 2,167 ft, gas encountered – Jetstream #3, the first well in Pulsar's new multi-well program at Topaz, was spudded on October 17th. ↗
18 Nov 2025 Jetstream #3 at TD; Jetstream #4 drilling past 1,457 ft – Jetstream #4 has currently surpassed 1,457 feet (444 meters) of depth and continues toward the planned total depth of 3,000 feet (914 meters). ↗
3 Dec 2025 Jetstream #4 at TD; Jetstream #5 spudded – The Company is pleased to confirm that rigging-up operations commenced on Thursday, November 27, 2025, and that the Jetstream #5 well was spudded on Friday,... ↗
9 Jan 2026 Jetstream #5 drilling; testing planned February – In addition, preparations are underway for a multi-well flow testing program slated to commence in early February, 2026. ↗
28 Jan 2026 Jetstream #5 done but stuck pipe; #6 drilling – Pulsar is preparing to move forward with a coordinated testing program on the Jetstream #3 and #4 anticipated to commence in late February 2026. ↗
29 Jan 2026 Jetstream #6 drilling; testing from late February – The Company has completed three holes to date, with five wells expected to be completed in total. ↗
26 Feb 2026 Six wells drilled; Jetstream #7 underway – In October 2025, the Company commenced a drilling programme aiming to drill up to ten wells, with a total of six completed to date (Jetstream #1 - #6) and... ↗
18 Mar 2026 Seven wells drilled; logging underway, testing pending – Flow and pressure build-up testing of the Jetstream wells is anticipated to commence in late March or early April 2026. ↗
28 May 2026 Appraisal complete; production-well planning – Pulsar has concluded its exploration and appraisal program at Topaz and is now obtaining quotes for the drilling of up to four new production wells to... ↗
29 May 2026 Appraisal complete; production-well planning; surface land secured – The Company recently concluded its Jetstream exploration and appraisal program, with all wells drilled to date having encountered gas under high pressure... ↗
2 Jun 2026 Appraisal complete; production-well quotes being obtained – 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. ↗
30 Jun 2026 Appraisal complete; plant reserved, production wells pending – The parties have agreed to use commercially reasonable efforts to negotiate and execute the Definitive Agreement by 31 July 2026. ↗
7 Jul 2026 Production wells funded by proposed raise; plant unfunded – the Company is targeting the preparation and drilling of an additional six production-ready wells at Topaz for Q4 2026 - Q1 2027 ↗
27 Aug 2026 Raise completed; plant definitive agreement still pending – with the final scope to be agreed in the definitive purchase agreement to be negotiated between the parties. ↗
21 Sep 2026 New CFO appointed; plant agreement still pending – His combination of helium-sector knowledge, capital-markets experience and public-company governance expertise will strengthen our leadership team as we... ↗
1 Oct 2026 Plant proposal signed; Milestone 2 funding open – the next stage payment of US$8.55 million is scheduled for January 31, 2027, subject to further funding. ↗
15 Oct 2026 Plant site agreed; financing and approvals open – Given the anticipated timeline to commissioning, securing financing for the Plant acquisition remains a key near-term priority as referenced in Pulsar's... ↗

What is happening

Pulsar Helium Inc: Topaz multi-well drilling campaign – Plant site agreed; financing and approvals open. ['Plant site agreed; financing and approvals open']

In short: 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.
Announced: 30 Oct 2025 · Jetstream #3 drilling past 2,167 ft, gas encountered
Latest: 15 Oct 2026 · Plant site agreed; financing and approvals open
Suspension: If Milestone 2 is unpaid, a suspension of up to 180 days follows, with no cancellation charge arising from the suspension
Cancellation: Termination for convenience: 0% at award, up to 70% of contract value after final documentation
Cash: US$25.2m cash; financing for remaining payments not secured
Site: Two Harbors land for US$1.00, appraised at US$143,200; boundaries set by final survey before closing
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
Conditions: Financing, land-use approvals, utility, rail and Canadian National arrangements, environmental review, supporting agreements, TSXV approval if required
Build obligation: Initial phase commercial operation within 36 months of formal commitment, subject to extensions
Plant funding: Milestone 2 US$8.55m due 31 Jan 2027, subject to further funding; financing not secured

What comes next

Milestone 2 plant payment of US$8.55m; financing for remaining payments (31 Jan 2027).

From the company's own announcements. Not investment advice.

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