Pulsar Helium Inc. (AIM/TSXV: PLSR, WKN: A3EP2C) has announced a key management appointment and operational progress at its Topaz helium project in Minnesota. The Company, which specialises in the development of primary helium deposits, has appointed industrial gas expert and helium strategist Cliff Cain as Manager of Commercial & External Affairs. At the same time, the Jetstream #4 well at Topaz was successfully drilled to its total depth, with an even higher reservoir pressure measured than previously recorded. The drill rig is now being prepared for use on Jetstream #5.
Pulsar Helium brings experienced helium strategist Cliff Cain into the core team
With the appointment of Cliff Cain, Pulsar Helium is significantly strengthening its commercial and strategic focus. Cain brings more than 15 years of international experience in the helium, hydrogen, CO₂, and speciality gas markets. He is a recognised expert in the industrial gas industry and is the founder of Edelgas Group, a consulting firm that supports helium and hydrogen projects worldwide and advises companies and government agencies on procurement, pricing, and supply chains.
Cain has relocated to Duluth, Minnesota, for his new role at Pulsar Helium and will serve as full-time Manager of Commercial & External Affairs. His responsibilities include expanding the commercial strategy, maintaining external partnerships, and deepening relationships with industry, government, and potential customers. The goal is to strengthen Pulsar Helium’s market position and support the transition from the exploration to the development and later production phases of the Topaz project.
Prior to his consulting work, Cain held senior positions at leading industrial gas companies. At Matheson Tri-Gas, he was responsible for cryogenic gas portfolios for customers in the medical, defence, and industrial sectors and concluded supply contracts worth approximately $70 million. Previously, at Praxair, now part of the Linde Group, he managed a speciality gas business with sales of approximately $40 million, supplying the aerospace, semiconductor, and healthcare industries, among others. In addition, he has negotiated gas supply and purchase agreements worth over $100 million during his career. In the public debate surrounding helium, Cain regularly appears as a speaker at conferences and market briefings and is perceived as a voice for transparent and resilient market structures.
Pulsar CEO Thomas Abraham-James sees the move as a clear signal for the next phase of development for Pulsar Helium and the Topaz project. With Cain on board, the company aims to strengthen its ability to form strategic partnerships and transform the helium discovery into an economically viable project, he explained.
Jetstream #4 on Topaz reaches total depth with increased reservoir pressure
In parallel with the addition of new personnel, Pulsar Helium is continuing to advance the drill program on the Topaz project. Jetstream #4, an appraisal and evaluation well in the ongoing campaign, which is expected to comprise up to ten wells, reached a total depth of 914 meters on November 25, 2025. According to the Company, the entire previously interpreted helium-bearing interval was intersected.
During the drilling process, gas was again encountered at comparatively high pressure. At a depth of approximately 578 meters, an estimated bottom hole pressure of approximately 887 psi was recorded. This value is significantly higher than the previously reported pressure of approximately 674 psi at a shallower depth, which had been announced during the drilling progress. The total values for bottomhole pressure and wellhead pressure will be determined after the test work is completed, so the current figures should be considered preliminary. For Pulsar Helium, the pressure measurements are an important parameter for assessing the potential production behaviour of the reservoir.
Having completed drilling operations at Jetstream #4, the rig will now be mobilised to the Jetstream #5 drill pad. This next well is planned approximately 2,9 kilometers northeast of the original Jetstream #1 “discovery well” and is expected to be drilled to a depth of 1,524 meters. Drilling is expected to commence in late November 2025. Jetstream #5 is part of Pulsar Helium’s campaign to systematically map the geometry, extent, and productivity of the Topaz deposit.
The Topaz project in northern Minnesota is Pulsar Helium’s flagship project. The Company has exclusive lease rights there as a first mover. The first appraisal well, Jetstream #1, reached a total depth of 1.554,48 meters in January 2025 and completely penetrated the helium-bearing reservoir. Jetstream #2 quickly followed with a total depth of 1718,462 meters. Jetstream #3 was completed in early November 2025, measuring a calculated bottom pressure of approximately 960 psi. In August, Jetstream #1 was tested with a wellhead compressor, achieving a peak production rate of approximately 1.3 million cubic feet of gas per day with a high helium (helium-4) content of around 7 to 8 percent.
Test program for Jetstream #3 and #4 and focus on Helium-3
Following the completion of drilling on Jetstream #4, Pulsar Helium is entering the next phase: detailed technical evaluation of the wells. The Company announces a comprehensive downhole evaluation program for Jetstream #3 and Jetstream #4 in parallel. Conducting the program simultaneously will reduce travel costs for service providers and streamline the data.
The test program includes open-hole wireline logging, production tests, and pressure build-up tests. These investigations are intended to provide information about the petrophysical properties of the rock, the permeability, and the pressure behaviour of the reservoir. At the same time, core and gas samples from both wells will be analysed in specialised laboratories. The focus is on accurately determining the gas composition, helium content, and other components.
Pulsar Helium is also paying particular attention to the analysis of the rare isotope helium-3. Earlier laboratory tests of samples from the Topaz field had already shown the presence of helium-3 in measurable concentrations. According to the company, these values are among the highest naturally occurring helium-3 contents that have been made public for a terrestrial gas reservoir to date. Pulsar Helium intends to use the samples from Jetstream #3 and #4 to check whether a similar isotope fingerprint is found and whether the helium-3 proportions in the field are spatially consistent.
