Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, FRA: Y3K, OTCQB: PSRHF) plans to substantially expand its presence in Minnesota. The company plans to acquire approximately 239 km² of exclusive gas rights in St. Louis and Itasca counties, a move that would increase its existing land position by approximately 1,000 percent. This is based on a non-binding letter of intent signed with Quantum Hydrogen Inc.
Addition to the Topaz Project
Quantum’s properties are located in St. Louis and Itasca counties, west of Pulsar’s flagship Topaz project. Geologically, they have similar structures that are ideal for helium and hydrogen deposits. This opens up opportunities to directly transfer the knowledge gained from the development of the Topaz reservoir to the new license area. Pulsar views the package as a long-term, low-cost addition to its exploration pipeline without detracting from its core objective of developing Topaz into a producer.
Thomas Abraham-James, President and CEO of Pulsar, commented: “The Proposed Transaction is a fortuitous opportunity to obtain additional non-hydrocarbon gas leases in Minnesota, complementing Pulsar’s existing portfolio. The Assets will expand our helium exploration footprint in Minnesota by approximately 1,000%, providing us with additional acreage nearby to our flagship Topaz project, with similar geology that could potentially host helium accumulations.”
Strategic and Technical Perspective
While Topaz is considered a discovery in crystalline bedrock, the Quantum package offers the opportunity to explore for helium in more conventional reservoirs – where the noble gas migrates from the granitic source rocks into overlying sediments. Pulsar has already gained a head start in analyzing such geological processes, which the company now intends to apply to the new areas.
Details of the Pulsar Helium Transaction
Pulsar initially intends to acquire 80 percent of the shares in Quantum. The consideration amounts to US$400,000, which will be paid entirely in shares and issued in tranches over a period of five months. Within 18 months, there is an option to acquire the remaining 20 percent for an additional US$400,000 in shares. The agreement is in the form of a non-binding term sheet with a 120-day exclusivity period, subject to due diligence and definitive agreement.
Progress at Topaz
n parallel with its expansion plans, Pulsar is continuing to advance the development of its Topaz project in northern Minnesota. There, in August 2025, the company achieved a production rate of approximately 1.3 million cubic feet per day of helium-rich gas from the Jetstream-1 well. An exploration and development plan involving up to ten wells is scheduled to start in September 2025, with the aim of better defining the regional potential of the gas reservoir.
