Pulsar Helium (TSX.V: PLSR, WKN: A3EP2C) is currently shining with a whole series of success announcements. When reading these, it is easy to forget that the fourth quarter of 2025 was already marked by major achievements. This becomes clear when taking a closer look at the financial and operational results for the final quarter of 2025 published this week, as the Jetstream appraisal drilling program began in early October and comprises a total of ten wells, six of which have now been successfully completed.
The primary objective of the Jetstream drilling program is to more precisely define the extent and productivity of the helium reservoir at Topaz. The data from these core wells, including gas samples, core samples, and well logs, will enable Pulsar Helium to map reservoir continuity between wells and identify optimal areas for future production.
In November, the company completed the exploration wells Jetstream #3 and Jetstream #4, reaching drilling depths of 1,069 and 914 meters (Jetstream #4). Two months later in January 2026, the company announced the completion of the Jetstream #5 well, and in February 2026, Jetstream #6 advanced to a total depth of 792 meters.
Not only the speed at which the individual wells were drilled and the final depths reached demonstrate the intensity of the ongoing drilling program. This development is also reflected in the financial metrics, as Pulsar Helium recorded exploration and evaluation expenditures of $2 million on the Topaz project during the fourth quarter of 2025 alone.
Two Renowned U.S. Laboratories Confirm Pulsar’s Helium Discoveries
The results already available for the wells drilled and completed to date confirm how right the decision was to design and execute this groundbreaking drilling program. Even more valuable, however, was the validation Pulsar received in recent weeks through the reports of two independent U.S. laboratories.
Both the Noble Gas Laboratory of the U.S. Geological Survey in Denver and the Lawrence Livermore National Laboratory in California independently analyzed two raw gas samples each from the Jetstream #1 well during the fourth quarter of 2025. Both laboratories subsequently reported results consistent with earlier analyses by the Woods Hole Oceanographic Institution. They confirmed the presence of ³He in the gas at a concentration of 11.2 to 11.9 parts per billion (ppb).
Share Acquisition Significantly Expands Pulsar Helium’s Properties in Minnesota
Not only have the company’s helium discoveries grown substantially. The mineral rights controlled by the company have also increased significantly since Pulsar completed a definitive agreement in November 2025 to acquire 80 percent of the common shares of Quantum Hydrogen Inc. Through this acquisition, Pulsar Helium secured Quantum’s exclusive mineral rights for non-hydrocarbon gases in Minnesota. These are located west of the Topaz project and expand the company’s portfolio with deposits in St. Louis and Itasca Counties.
To finance this acquisition, Pulsar Helium is issuing new common shares worth $80,000 each in a series of five capital raises. The private placement for the February tranche is currently underway. It is expected to be completed by the end of the month, leaving only the final March tranche to be placed. Once the final tranche is paid and the acquisition is completed, these mineral rights will significantly expand the company’s land position west of the Topaz project.
Thomas Abraham-James, President and CEO of Pulsar Helium, therefore looks back with satisfaction on the past five months, as in the fourth quarter of 2025 and the first two months of the current year, Pulsar not only vigorously advanced its appraisal drilling program on the Topaz project. The new wells also succeeded in further expanding the size and continuity of the helium-bearing reservoir and identifying new pressurized gas zones.
The data obtained from the drilling and subsequent analyses deepen the understanding of the geological system and support Pulsar in advancing the next phase of resource assessment and development planning. This lays the foundation for further success in the future.
