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On June 15, 2026, Pulsar Helium Inc. provided a technical update for its Topaz Helium Project in Minnesota, confirming the successful drilling of all seven Jetstream exploration wells. Its operating subsidiary, Keewaydin Resources Inc., now holds approximately 690 net mineral acres in fee simple and 4,941 net mineral acres under gas leaseholds, with approximately 2,849 of these leased acres carrying a 3% royalty. Pulsar Helium Inc. is planning to initiate drilling of two to four new production-ready wells, which will complement the already production-ready Jetstream #1 and #2 wells.
| Date | 15 Jun 2026 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 2776I |
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NEWS RELEASE | JUNE 15, 2026 | CASCAIS, PORTUGAL
PULSAR HELIUM ANNOUNCES EXPANDED LAND POSITION AT TOPAZ, AND PROVIDES A PROJECT TECHNICAL UPDATE
Pulsar Helium Inc. (AIM: PLSR) (TSXV: PLSR) (OTCQB: PSRHF) ("Pulsar" or the "Company"), a primary helium company, is pleased to provide a technical update on the Company's Topaz Helium Project in Minnesota.
This update follows the Company's announcements of May 28 and May 29, 2026, in which Pulsar welcomed the signing into law of new Minnesota helium-specific development legislation and announced the acquisition of approximately 1,360 acres of strategic surface land at the Topaz Project. Investors are referred to those announcements for further detail on those matters. This press release provides an integrated technical and land position update incorporating the full context of the Company's recent developments.
Highlights
Thomas Abraham-James, CEO of Pulsar Helium, commented: "The Topaz Project has never been better positioned. We have drilled seven successful exploration wells, built a thorough understanding of our reservoir system across the acreage, and secured an expanded, strategically important land position in the immediate project area, much of it at remarkably competitive royalty rates. The passage of new Minnesota helium legislation has added a further layer of confidence, giving us a clear and supportive regulatory framework for the path ahead. We head into our production-ready well drilling campaign with real momentum, strong technical foundations, and a project that we believe has the potential to be a transformative U.S. primary helium project. The hard work of the exploration phase is complete, now it is time to build."
Land Position - Topaz Project Area of Interest
The Company has recently acquired additional mineral rights within the Topaz Project high-priority area of interest. These are a combination of mineral rights obtained for nil cost with no production royalty payable, and additional mineral rights added [at no cost] to an existing lease agreement.
The Topaz area comprises two components:
On 28 of the 34 tracts where the Company also owns a portion of the underlying minerals outright, the effective royalty burden under the lease is reduced further in proportion to Keewaydin's ownership share, improving the Company's net revenue interest on those tracts.
As announced on May 29, 2026, Keewaydin Resources Inc., Pulsar's operating subsidiary, acquired approximately 1,360 acres of surface land across 34 contiguous tracts in the priority area of the Topaz Project. The land lies directly overlying key project infrastructure, including the JS#7 well site, and provides Pulsar with full operational control over a contiguous block within the Topaz Project area of interest.
Site Activities Concluded, Development Planning Underway
Field operations at the Topaz Project have concluded, with all seven Jetstream exploration wells having been successfully drilled. The Company has now transitioned from active site operations into a planning phase focused on the next stage of Topaz Project's development.
New Production-Ready Drill Program
Planning is underway for a new drill program comprising drilling between two and four production-ready wells at the Topaz Project. These wells will twin the most successful exploration wells drilled during the Jetstream program, building directly on the geological and reservoir insights gained across all seven wells. The new production-ready wells will complement Jetstream #1 and Jetstream #2, both of which are already designated as production-ready, advancing the Company toward a multi-well production scenario.
Flow Testing Strategy
The Company has carefully assessed the merits of conducting an extended flow-testing program on the completed exploration wells (Jetstream #3 through #7) and decided not to pursue this. It is important to note that these wells were designed and drilled specifically to gather maximum subsurface data, they were not designed, nor permitted, to be converted into production wells.
The decision not to conduct extended flow testing on these exploration wells was further reinforced by the rapid progress of new Minnesota helium legislation through the state legislature during the drilling campaign. As the bill moved quickly toward enactment, bringing with it a clear regulatory framework for helium production in Lake, Cook and St. Louis Counties, it became the right strategic decision to preserve the helium resource and direct capital toward the development program rather than venting significant volumes of gas during the legislative process.
Current helium market conditions and pricing dynamics indicate that shareholder value is best served by directing capital toward the drilling of a further two to four production-ready wells. The Company believes this approach optimizes both the economic and strategic potential of the Topaz Project.
Strengthened Technical Confidence
Drilling results, wireline logging data, reservoir modeling, and higher-than-anticipated calculated down-hole pressures across the Jetstream program have significantly increased the Company's confidence in the scale and quality of the Topaz Project. The well data has also enabled correlation of the Topaz reservoir system across the acreage, providing a robust technical foundation from which to design and target the forthcoming production-ready wells. Together, these data points provide a compelling basis to accelerate development planning and the transition toward production.
Comprehensive Geological Modeling
Seismic interpretation of the recently conducted 2D seismic survey is now complete. Well data from the Jetstream program, the 2D seismic survey, and airborne gravity gradiometry are being integrated into a comprehensive geological model for the Topaz Project. This unified model is expected to noticabley enhance the Company's understanding of the reservoir system and inform well targeting for the forthcoming production-ready drill program.
About the Topaz Project
The Topaz Project is Pulsar's flagship primary helium project located in northern Minnesota, United States. Topaz is a non-hydrocarbon helium system being advanced as a potential domestic source of helium, with the additional opportunity to evaluate valuable by-products, including CO2 and He-3, as part of future development. The project is located in a stable U.S. jurisdiction with proximity to North American end markets and has the potential to support critical domestic supply chains, skilled employment and economic development in Northeastern Minnesota.
On behalf of Pulsar Helium Inc.
"Thomas Abraham-James"
CEO and Director
Further Information:
Pulsar Helium Inc.
+ 1 (218) 203-5301 (USA/Canada)
+44 (0)2033 55 9889 (United Kingdom)
https://ca.linkedin.com/company/pulsar-helium-inc.
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About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly traded company quoted on the AIM market of the London Stock Exchange (United Kingdom) and listed on the TSX Venture Exchange with the ticker PLSR (Canada), as well as on the OTCQB with the ticker PSRHF (United States of America). Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, the Falcon project in Michigan (both in the USA), and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person Signoff
In accordance with the AIM Note for Mining and Oil and Gas Companies, the Company discloses that Brad Cage, VP Engineering and Officer of the Company, has reviewed the technical information contained herein. Mr. Cage has approximately 25 years in the oil and gas industry, is a member of the Society of Petroleum Engineers and is a licensed professional petroleum engineer in Oklahoma, USA.
Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements. Forward-looking statements herein include, but are not limited to, statements relating to advancing the Topaz Project towards first production; the expected results of the new Minnesota helium legislation; the expectation that the results of the 2D seismic survey and airborne gravity gradiometry will enhance the Company's understanding of the reservoir system and inform well targeting for the forthcoming production-ready drill program; ; the expected drilling of up to four new production wells, the increased confidence in the scale and quality of the Topaz Project and the results of operations. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements; the ability to obtain all requisite regulatory approvals; and that the State of Minnesota will complete the requisite rulemaking, environmental review, permitting requirements and implementation steps to allow for commercial production.
No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.
Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic data for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, that Pulsar may be unsuccessful in drilling commercially productive wells; the uncertainty of resource estimation; operational risks in conducting exploration, including that drill costs may be higher than estimates; commodity prices; health, safety and environmental factors; the risk that the requisite state rulemaking, environmental review, permitting and implementation steps will not be completed; and other factors set forth above as well as risk factors included in the Company's Annual Information Form dated February 3, 2026, for the year ended September 30, 2025, found under Company's profile on www.sedarplus.ca.
Forward-looking statements contained in this news release are as of the date of this news release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.